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FuelCell Energy, Inc.

FCEL Industrials Electrical Equipment & Parts

FuelCell Energy, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $158.2 million, up 41.0% from fiscal 2024.

Revenue
−29.4%
EPS
+83.1%
Free cash flow
+45.8%
Total debt
+21.6%

Quarter to July 2026, against a year earlier

8.95 1.59 −15.09%
Market cap
$714.0M
P/E
0.0×
Fwd P/E
−3.9×
Dividend yield
—
F-score
5/9
Altman Z
−2.24
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.74
Sold, $m 0.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — 1 — 1 — —
Sell 1 — — — 1 — — 1 — — 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 713.99
Revenue ttm 154.14
Net income ttm (178.30)
Free cash flow ttm (113.23)
Net debt Q (517.52)
Valuation
P/E 0.00
Forward P/E (3.93) (negative: loss-making)
Price / sales 4.09
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.64
Financial health
Current ratio Q 8.67 (at or above 1.5: strong)
Debt / equity Q 0.17 (at or below 0.5: strong)
Interest coverage Q (16.07)
Growth
Revenue growth Q −29.40% (below 0%: shrinking)
Operating income growth Q +51.07% (above 0%: growing)
EPS, this year +61.83% (at or above 15%: strong)
EPS, next year A +58.47% (at or above 15%: strong)
Revenue, next year A −5.67% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +55.85% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 1.9×; over the ten years it ranged from 0.1× in 2025 to 74.6× in 2021.
P/S against its own 10 years 57.46%
10-year low 10-year high
P/B against its own 10 years 32.86%
10-year low 10-year high
EV/Sales against its own 10 years 13.93%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 359 269 295 683
Receivables 20 49 53 47
Inventory 84 114 86 86
Other 13 13 16 17
476 444 450 833
2023 2024 2025 Q'26
Payables 27 23 17 16
ST’ Debt 10 16 16 19
Other — — — —
66 74 68 96

Compound Annual Growth %

10y 5y 3y
Sales (0.31%) 17.42% 6.62%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 21.63% 28.11% (0.98%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.32 Actual −0.64

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.97 −0.83 Beat by 0.14
Q1 FY26 −0.68 −0.52 Beat by 0.16
Q2 FY26 −0.44 −0.53 Miss by 0.09
Q3 FY26 −0.32 −0.64 Miss by 0.32
Q4 FY26 −0.28 — Reports 17 December 2026

EPS $

Jan Apr Jul Oct Year
’26 (0.49) (1.45) (0.64) — —
’25 (1.42) (1.79) (3.78) (0.85) (7.42)
’24 (1.50) (2.10) (2.10) (2.21) (7.83)
’23 (1.50) (2.70) (1.80) (2.10) (7.81)
’22 (3.30) (2.40) (2.40) (3.30) (11.41)
’21 (4.50) (1.80) (1.20) (2.10) (9.31)
’20 (6.01) (2.10) (2.10) (2.40) (12.61)
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 31 36 33 — —
’25 19 37 47 55 158
’24 17 22 24 49 112
’23 37 38 26 22 123
’22 32 16 43 39 130
’21 15 14 27 14 70
’20 16 19 19 17 71
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 (34) (27) (12) — —
’25 (46) (30) (27) (23) (125)
’24 (58) (37) (63) 6 (153)
’23 (53) (35) (36) (16) (140)
’22 (48) (17) (23) (24) (112)
’21 (30) (11) (19) (10) (70)
’20 (7) (8) (10) (12) (37)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 (37) (33) (19) — —
’25 (53) (35) (36) (24) (148)
’24 (76) (51) (80) (5) (212)
’23 (63) (62) (63) (45) (233)
’22 (64) (30) (34) (31) (159)
’21 (35) (28) (41) (39) (144)
’20 (15) (14) (20) (20) (69)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 108 96 89 61 71 70 130 123 112 158 154 +4.3% 149 242 419 +38.4%
Gross margin, % (0.33) 2.86 3.46 (35.01) (10.90) (22.47) (22.67) (8.54) (32.03) (16.70) (32.39) (16.4) pt
EBT (51) (54) (50) (77) (89) (101) (146) (107) (157) (191) (178) +15.9%
EBT margin, % (46.83) (56.30) (56.30) (127.50) (125.67) (145.18) (112.21) (87.10) (139.79) (120.91) (115.70) (74.1) pt
Net income (51) (54) (47) (78) (89) (101) (147) (108) (157) (191) (178) +15.8%
Per share, $
Per share, $ Revenue 1,310.56 690.73 389.53 33.12 9.59 6.24 10.22 8.82 6.79 6.14 2.19 (44.9%)
Earnings (656.12) (410.97) (270.38) (54.65) (12.61) (9.31) (11.41) (7.81) (7.83) (7.42) (3.43) (39.2%)
Cash flow (564.10) (518.74) 71.09 (16.67) (4.98) (6.32) (8.78) (10.02) (9.26) (4.87) (1.37) (41.0%)
Capex (501.84) (231.60) (223.26) (18.44) (4.32) (6.57) (3.65) (6.60) (3.61) (0.88) (0.24) (50.6%)
Free cash flow (1,065.94) (750.34) (152.17) (35.11) (9.29) (12.89) (12.44) (16.63) (12.87) (5.74) (1.61) (44.0%)
Book value 1,384.94 731.09 357.99 41.29 26.32 57.63 54.14 50.06 40.45 26.08 13.96 (35.7%)
Shares, m 0 0 0 2 7 11 13 14 17 26 50 +89.3%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 0.92 1.14 0.78 0.22 6.73 45.80 9.16 3.71 1.52 1.46 4.09 7.1
P/B 0.87 1.08 0.85 0.17 2.45 4.96 1.73 0.65 0.26 0.34 0.64 1.3
EV/Sales 0.85 1.54 1.27 1.85 6.91 40.71 6.35 1.85 0.43 0.42 0.73 6.2
EV/FCF (1.04) (1.42) (3.26) (1.74) (7.13) (19.72) (5.22) (0.98) (0.22) (0.45) (0.99) (4.1)
Cash, $m
Cash, $m Operating cash flow (47) (72) 16 (31) (37) (70) (112) (140) (153) (125) (96) +11.6%
Capex (41) (32) (51) (34) (32) (73) (47) (92) (60) (23) (17) (6.5%)
Free cash flow (88) (104) (35) (64) (69) (144) (159) (233) (212) (148) (113) +5.9%
Balance, $m
Balance, $m Working capital 150 105 70 22 175 491 494 410 371 382 737 +10.9%
Net debt (8) 38 44 99 13 (355) (366) (229) (123) (164) (518) +40.3%
Shareholders’ equity 114 101 82 76 195 642 691 700 668 671 983 +21.7%
Returns, %
Returns, % ROA (17.53) (15.76) (17.17) (29.75) (21.57) (14.91) (16.08) (11.69) (13.60) (20.37) (16.65) (2.8) pt
ROIC (27.17) (20.15) (22.08) (23.92) (11.80) (14.10) (27.63) (18.05) (18.18) (23.68) (24.06) +3.5 pt
ROE (51.79) (52.96) (67.78) (126.95) (68.40) (24.91) (21.88) (15.92) (18.89) (28.55) (23.03) +23.2 pt
People
People Employees 580 458 489 301 316 382 513 591 584 424 — (3.4%)
Revenue/emp, $m 0.19 0.21 0.18 0.20 0.22 0.18 0.25 0.21 0.19 0.37 — +8.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026 · fundamentals updated 26 Oct 2026

FuelCell Energy, Inc. vs peers in Electrical Equipment & Parts (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AMPX Amprius Technologies, Inc. $1.1B — (loss-making) — (loss-making) +125.87% (above 0%: growing) n/m +6.24% (above 0%: growing) 27.27% (12.63%) Compare
FOIL Londian Wason New Energy Tech Inc. - Sponsored ADR $977.8M — — — — — — — Compare
FCEL FuelCell Energy, Inc. $714.0M — (loss-making) — (loss-making) −29.40% (below 0%: shrinking) n/m +45.78% (above 0%: growing) (74.25%) (141.39%)
ADSE ADS-TEC Energy PLC $692.5M — (loss-making) 12.6× — n/m −62.65% (below 0%: shrinking) (1.39%) 0.00% Compare
EOSE Eos Energy Enterprises, Inc. $684.6M 1.8× 1.2× +171.14% (above 0%: growing) n/m −27.19% (below 0%: shrinking) (53.43%) (95.88%) Compare
TE T1 Energy Inc $682.9M — (loss-making) — (loss-making) +88.40% (above 0%: growing) n/m −1,334.38% (below 0%: shrinking) 19.63% (9.11%) Compare
ENVX Enovix Corporation $526.7M — (loss-making) — (loss-making) +20.84% (above 0%: growing) n/m +7.17% (above 0%: growing) 14.43% (479.79%) Compare
KE Kimball Electronics, Inc. $490.6M 24.5× 20.3× +6.89% (above 0%: growing) −73.17% (below 0%: shrinking) −1,463.73% (below 0%: shrinking) 7.90% 3.17% Compare
HYLN Hyliion Holdings Corp. $469.7M — (loss-making) — (loss-making) +226.34% (above 0%: growing) n/m +48.39% (above 0%: growing) 7.40% (309.43%) Compare
Median of peers $683.8M — 12.6× +107.14% — −27.19% 7.90% (12.63%)

All 55 Electrical Equipment & Parts stocks →

Pay and ownership Proxy statement filed 18 February 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.75m 2.37m 15.00
2024 4.17m 817.72k 17.00
2023 4.81m 1.44m 55.00
2022 2.46m (3.69m) 156.00
2021 3.59m 11.73m 400.00

Ownership

Directors and executive officers, together less than 1%
Legal & General Ltd. 5.46%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

FuelCell Energy, Inc. (FCEL) Latest News

29 Oct

Impact 4 · · GlobeNewswire

28 Oct

Impact 4 · · GlobeNewswire

26 Oct

Impact 3 · · Trefis

25 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · Zacks

22 Oct

Impact 3 · · StockStory

21 Oct

Impact 4 · · GlobeNewswire

16 Oct

Impact 3 · · 24/7 Wall St.

15 Oct

Impact 3 · · Trefis

14 Oct

Impact 3 · · Trefis

13 Oct

Impact 3 · · Trefis

12 Oct

Impact 4 · · InvestorsHub
Impact 4 · · GlobeNewswire
Impact 3 · · The Motley Fool

10 Oct

Impact 4 · · Simply Wall St.

9 Oct

Impact 4 · · Simply Wall St.

8 Oct

Impact 3 · · Trefis

7 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · StockStory
Impact 3 · · Barchart
Impact 3 · · The Motley Fool
Impact 3 · · Proactive Investors
Impact 3 · · Stocktwits
Impact 3 · · Investing.com
Impact 3 · · GlobeNewswire

6 Oct

Impact 3 · · StockStory
Impact 3 · · 24/7 Wall St.
Impact 3 · · PR Newswire

2 Oct

Impact 4 · · Zacks
Impact 3 · · 24/7 Wall St.
stockrow.com/FCEL · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com