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

Insider Decisions trades per month

Total buys 0.74

Total sells 0.21

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	1	—	1	—
Sell	—	1	—	—	—	1	—	—	1	—	—	1

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 1,130.00

Revenue 154.14

Net Income (178.30)

Free Cash Flow (113.23)

Net Debt (517.52)

Current Ratio 8.67

Debt/Equity 0.17

P/E ratio 0.00

Fwd P/E (8.45)

P/S ratio 5.94

P/B ratio 0.93

Past 5Y EPS Growth —

This Y EPS Growth 61.84%

Next Y EPS Growth 58.46%

Next Y revenue growth (8.01%)

Next 5Y EPS Growth 55.85%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 66.79%

10-year low 10-year high

P/B against its own 10 years 45.67%

10-year low 10-year high

EV/Sales against its own 10 years 57.69%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	576.00	288.00	169.20	3.90	30.00	144.90	74.10	29.40	5.45	3.58	Analyst estimates 2026–2028 Powerpack
	High	3,196.80	896.40	781.20	338.40	417.30	883.20	219.90	130.80	49.80	13.98
People
People	Employees	580	458	489	301	316	382	513	591	584	424
	Revenue/emp, $m	0.19	0.21	0.18	0.20	0.22	0.18	0.25	0.21	0.19	0.37
Income, $m
Income, $m	Revenue	108	96	89	61	71	70	130	123	112	158
	Gross margin, %	(0.33)	2.86	3.46	(35.01)	(10.90)	(22.47)	(22.67)	(8.54)	(32.03)	(16.70)
	EBT	(51)	(54)	(50)	(77)	(89)	(101)	(146)	(107)	(157)	(191)
	EBT margin, %	(46.83)	(56.30)	(56.30)	(127.50)	(125.67)	(145.18)	(112.21)	(87.10)	(139.79)	(120.91)
	Net income	(51)	(54)	(47)	(78)	(89)	(101)	(147)	(108)	(157)	(191)
	Depreciation	8	9	9	12	19	20	21	25	36	40
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
	Earnings	(656.12)	(410.97)	(270.38)	(54.65)	(12.61)	(9.31)	(11.41)	(7.81)	(7.83)	(7.42)
	Cash flow	(564.10)	(518.74)	71.09	(16.67)	(4.98)	(6.32)	(8.78)	(10.02)	(9.26)	(4.87)
	Capex	(501.84)	(231.60)	(223.26)	(18.44)	(4.32)	(6.57)	(3.65)	(6.60)	(3.61)	(0.88)
	Free cash flow	(1,065.94)	(750.34)	(152.17)	(35.11)	(9.29)	(12.89)	(12.44)	(16.63)	(12.87)	(5.74)
	Book value	1,384.94	731.09	357.99	41.29	26.32	57.63	54.14	50.06	40.45	26.08
	Shares, m	0	0	0	2	7	11	13	14	17	26
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	0.92	1.14	0.79	0.22	6.73	45.80	9.16	3.71	1.50	1.46
	P/B	0.87	1.08	0.85	0.17	2.45	4.96	1.73	0.65	0.25	0.34
	EV/Sales	0.85	1.54	1.28	1.85	6.91	40.70	6.35	1.85	0.41	0.42
	EV/FCF	(1.04)	(1.42)	(3.27)	(1.74)	(7.13)	(19.71)	(5.22)	(0.98)	(0.22)	(0.45)
Cash, $m
Cash, $m	Operating cash flow	(47)	(72)	16	(31)	(37)	(70)	(112)	(140)	(153)	(125)
	Capex	(41)	(32)	(51)	(34)	(32)	(73)	(47)	(92)	(60)	(23)
	Free cash flow	(88)	(104)	(35)	(64)	(69)	(144)	(159)	(233)	(212)	(148)
Balance, $m
Balance, $m	Working capital	150	105	70	22	175	491	494	410	371	382
	Total debt	86	92	89	112	172	89	96	130	147	131
	Net debt	(8)	38	44	99	13	(355)	(366)	(229)	(123)	(164)
	Shareholders’ equity	114	101	82	76	195	642	691	700	668	671
Returns, %
Returns, %	ROA	(17.53)	(15.76)	(17.17)	(29.75)	(21.57)	(14.91)	(16.08)	(11.69)	(13.60)	(20.37)
	ROIC	(27.17)	(20.15)	(22.08)	(23.92)	(11.80)	(14.10)	(27.63)	(18.05)	(18.18)	(23.68)
	ROE	(51.79)	(52.96)	(67.78)	(126.95)	(68.40)	(24.91)	(21.88)	(15.92)	(18.89)	(28.55)

Negative figures in brackets.

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PLUG Plug Power, Inc.	$2.1B	— (loss-making)	— (loss-making)	+2.49% (above 0%: growing)	n/m	+56.89% (above 0%: growing)	(0.94%)	(35.96%)	Compare
PLPC Preformed Line Products Company	$1.8B	39.6×	37.2×	+25.40% (above 0%: growing)	+74.81% (above 0%: growing)	−1.41% (below 0%: shrinking)	34.33%	13.12%	Compare
ENR Energizer Holdings, Inc.	$1.5B	18.2×	— (loss-making)	+1.21% (above 0%: growing)	−73.15% (below 0%: shrinking)	−111.39% (below 0%: shrinking)	38.22%	12.22%	Compare
AMPX Amprius Technologies, Inc.	$1.2B	— (loss-making)	— (loss-making)	+125.87% (above 0%: growing)	n/m	+6.24% (above 0%: growing)	27.27%	(12.63%)	Compare
FCEL FuelCell Energy, Inc.	$1.1B	— (loss-making)	— (loss-making)	−29.40% (below 0%: shrinking)	n/m	+45.78% (above 0%: growing)	(74.25%)	(141.39%)
TE T1 Energy Inc	$877.5M	— (loss-making)	— (loss-making)	+88.40% (above 0%: growing)	n/m	−1,334.38% (below 0%: shrinking)	19.63%	(9.11%)	Compare
EOSE Eos Energy Enterprises, Inc.	$786.6M	— (loss-making)	2.3×	+351.40% (above 0%: growing)	n/m	−46.84% (below 0%: shrinking)	(70.96%)	(121.86%)	Compare
ADSE ADS-TEC Energy PLC	$751.9M	— (loss-making)	12.6×	—	n/m	−62.65% (below 0%: shrinking)	(1.39%)	0.00%	Compare
KE Kimball Electronics, Inc.	$635.8M	22.7×	23.3×	−2.34% (below 0%: shrinking)	+29.63% (above 0%: growing)	−50.46% (below 0%: shrinking)	8.87%	7.83%	Compare
Median of peers	$1.1B	22.7×	18.0×	+25.40%	+29.63%	−48.65%	14.25%	(4.55%)

All 52 Electrical Equipment & Parts stocks →

FuelCell Energy, Inc. (FCEL) key facts

Strength: FuelCell Energy, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $158.2 million, up 41.0% from fiscal 2024.
FuelCell Energy, Inc. (FCEL) is an Electrical Equipment & Parts company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, FCEL traded at $13.00, a market capitalization of $1.1 billion.
Return on equity was −28.6% and debt-to-equity 0.17.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is −2.24 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.