Saturday 17 October 2026 Export FCEL’s income statement to Excel — free account

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. In the quarter to July 2026, revenue fell 29.4%, EPS grew 83.1%, free cash flow grew 45.8% and total debt rose 21.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

13.00 1.09 −7.74%

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Market cap: $1.1B
P/E: 0.0×
Fwd P/E: −8.5×
Dividend yield: —
F-score: 5/9
Altman Z: −2.24
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Oct '16	Oct '17	Oct '18	Oct '19	Oct '20	Oct '21	Oct '22	Oct '23	Oct '24	Oct '25
Piotroski F-Score Full definition →	2	3	4	1	4	4	3	3	0	5
P/E ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
P/S ratio Full definition →	0.92	1.14	0.79	0.22	6.73	45.80	9.16	3.71	1.50	1.46
Altman Z-Score Full definition →	(2.99)	(3.02)	(3.83)	(4.89)	(2.01)	5.37	1.06	(0.97)	(2.03)	(2.24)
P/FCF ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z″-Score (non-manufacturers) Full definition →	(6.00)	(6.62)	(8.68)	(11.13)	(4.94)	1.36	0.46	(0.43)	(1.69)	(2.39)
Beneish M-Score Full definition →	—	(0.94)	(3.93)	—	—	—	—	—	—	—
P/Operating CF Full definition →	(1,185.90)	(7.79)	(5.39)	(1.08)	(39.06)	(323.44)	(49.64)	(28.91)	28.80	(10.08)
P/B ratio Full definition →	0.87	1.08	0.85	0.17	2.45	4.96	1.73	0.65	0.25	0.34
Price to Tangible BV Full definition →	0.99	1.25	1.03	0.26	2.80	5.14	1.78	0.67	0.26	0.35
EV/Sales Full definition →	0.85	1.54	1.28	1.85	6.91	40.70	6.35	1.85	0.41	0.42
EV/EBITDA Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EV/Operating CF Full definition →	(1.97)	(2.05)	7.01	(3.68)	(13.31)	(40.21)	(7.39)	(1.63)	(0.30)	(0.53)
EV/FCF Full definition →	(1.04)	(1.42)	(3.27)	(1.74)	(7.13)	(19.71)	(5.22)	(0.98)	(0.22)	(0.45)
Quick Ratio Full definition →	2.27	1.25	1.13	0.38	3.00	8.85	5.58	5.75	4.30	5.13
Current Ratio Full definition →	3.89	2.08	2.17	1.34	3.97	10.30	6.76	7.23	6.01	6.63
Net Debt/EBITDA Full definition →	0.20	(1.05)	(1.23)	(1.82)	(0.65)	7.88	2.99	2.07	1.00	1.08
Debt/Assets Full definition →	25.20%	23.98%	26.21%	33.61%	32.86%	10.14%	10.22%	13.57%	15.55%	14.06%
Debt/Equity Full definition →	0.75	0.91	1.09	1.48	0.88	0.14	0.14	0.19	0.22	0.20
Asset Turnover Full definition →	0.35	0.26	0.25	0.18	0.17	0.10	0.14	0.13	0.12	0.17
Operating CF/Net income Full definition →	0.86	1.26	(0.26)	0.31	0.40	0.68	0.77	1.27	1.18	0.66
Capex/Depreciation Full definition →	(5.08)	(3.77)	(5.93)	(2.74)	(1.65)	(3.69)	(2.19)	(3.64)	(1.65)	(0.56)
Interest Coverage Full definition →	(9.35)	(4.90)	(4.93)	(6.30)	(2.56)	(8.81)	(22.48)	(18.78)	(16.36)	(18.53)
ROE Full definition →	(51.79%)	(52.96%)	(67.78%)	(126.95%)	(68.40%)	(24.91%)	(21.88%)	(15.92%)	(18.89%)	(28.55%)
ROA Full definition →	(17.53%)	(15.76%)	(17.17%)	(29.75%)	(21.57%)	(14.91%)	(16.08%)	(11.69%)	(13.60%)	(20.37%)
ROIC Full definition →	(27.17%)	(20.15%)	(22.08%)	(23.92%)	(11.80%)	(14.10%)	(27.63%)	(18.05%)	(18.18%)	(23.68%)
Return on Tangible Assets Full definition →	(28.98%)	(38.32%)	(52.51%)	(159.83%)	(43.72%)	(19.67%)	(26.41%)	(22.15%)	(25.78%)	(39.94%)
Average Days of Receivables Full definition →	82.92	261.43	94.02	65.94	90.66	124.07	44.49	59.47	158.20	122.33
Research and Development Expense of Revenue Full definition →	19.26%	21.32%	25.51%	22.69%	6.77%	16.26%	26.46%	49.45%	49.41%	21.55%
Selling, General and Administrative Expense of Revenue Full definition →	23.23%	27.09%	27.85%	52.47%	37.60%	54.53%	61.02%	52.29%	57.61%	38.41%
Intangible Assets out of Total Assets Full definition →	0.04	0.04	0.04	0.08	0.05	0.03	0.02	0.02	0.02	0.00
Share Based Compensation of Revenue Full definition →	3.16%	4.79%	3.62%	4.62%	2.64%	6.17%	5.21%	9.69%	10.49%	7.01%
Graham Net Nets Full definition →	(0.24)	(0.72)	(1.82)	(13.13)	(0.20)	0.10	0.28	0.48	1.00	0.82
Graham Number Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Yield Full definition →	(54.70%)	(54.87%)	(87.18%)	(2,682.52%)	(19.55%)	(3.36%)	(12.19%)	(24.80%)	(77.60%)	(87.60%)
Free Cash Flow Yield Full definition →	(88.39%)	(95.17%)	(49.73%)	(487.63%)	(14.41%)	(4.51%)	(13.29%)	(50.84%)	(126.20%)	(64.16%)
Revenue per Share Full definition →	1,310.56	690.73	389.53	33.12	9.59	6.24	10.22	8.82	6.79	6.14
Operating CF per Share Full definition →	(564.10)	(518.74)	71.09	(16.67)	(4.98)	(6.32)	(8.78)	(10.02)	(9.26)	(4.87)
Capex per Share Full definition →	(501.84)	(231.60)	(223.26)	(18.44)	(4.32)	(6.57)	(3.65)	(6.60)	(3.61)	(0.88)
Free Cash Flow per Share Full definition →	(1,065.94)	(750.34)	(152.17)	(35.11)	(9.29)	(12.89)	(12.44)	(16.63)	(12.87)	(5.74)
Cash per Share Full definition →	1,133.46	389.33	196.42	7.04	21.53	39.79	36.21	25.65	16.32	11.45
Shareholders Equity per Share Full definition →	1,384.94	731.09	357.99	41.29	26.32	57.63	54.14	50.06	40.45	26.08
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	1,384.94	731.09	357.99	41.29	26.32	57.63	54.14	50.06	40.45	26.08
Free Cash Flow Full definition →	(88.05)	(103.92)	(34.94)	(64.40)	(68.69)	(143.67)	(158.82)	(232.61)	(212.46)	(147.83)
Working Capital Full definition →	150.21	105.43	70.18	21.59	175.08	490.62	494.48	410.41	370.55	381.97
Capital Expenditures Full definition →	(41.45)	(32.08)	(51.26)	(33.83)	(31.91)	(73.23)	(46.65)	(92.36)	(59.55)	(22.54)
Net Current Asset Value Full definition →	(24.13)	(79.02)	(127.92)	(173.39)	(95.01)	310.58	332.06	221.24	167.94	188.95
EV/EBIT Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capex to Sales Full definition →	0.38	0.34	0.57	0.56	0.45	1.05	0.36	0.75	0.53	0.14
Price to Operating Income Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other line items
Depreciation/Fixed assets Full definition →	0.22	0.20	0.18	0.30	0.53	0.50	0.37	0.28	0.28	0.42
Cash ROIC Full definition →	(29.96%)	(42.04%)	(16.14%)	(32.09%)	(13.07%)	(12.23%)	(12.71%)	(19.56%)	(19.60%)	(13.48%)
Accounts Receivable Turnover Full definition →	2.54	2.05	1.95	3.57	4.96	3.37	6.60	6.85	3.26	3.11
Accounts Payable Turnover Full definition →	6.35	3.04	2.65	4.15	5.93	5.91	6.74	4.90	6.03	9.32
Inventory Turnover Full definition →	1.56	1.25	1.35	1.52	1.49	1.44	2.03	1.53	1.49	1.85
Average Days of Payables Full definition →	62.09	167.38	95.51	75.40	44.47	82.52	64.30	72.27	55.68	33.64
Days of Inventory on Hand Full definition →	248.04	292.59	226.48	242.60	236.71	287.27	207.31	230.17	280.32	170.46
Average Receivables Full definition →	42.69	46.56	45.78	17.01	14.29	20.63	19.78	18.00	34.35	50.80
Average Payables Full definition →	17.11	30.55	32.61	19.77	13.26	14.42	23.73	27.36	24.55	19.80
Average Inventory Full definition →	69.78	74.15	64.04	54.05	52.74	59.02	78.99	87.68	99.08	99.95
Average Assets Full definition →	308.98	362.26	362.10	336.93	428.49	699.39	907.48	947.62	949.82	938.14
Average Common Equity Full definition →	104.58	107.83	91.73	78.97	135.14	418.49	666.97	695.97	684.03	669.45

Fold the line items

Columns are period end dates

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