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Monday 2 November 2026
Export FTEK’s income statement to Excel — free account
Fuel Tech, Inc.
FTEK Industrials Pollution & Treatment Controls
Fuel Tech, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.7 million, up 6.14% from fiscal 2024.
- Revenue
- +16.7%
- EPS
- −100.0%
- Free cash flow
- −1,603.5%
Quarter to June 2026, against a year earlier
1.43
0.02
−1.38%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 55 | 45 | 57 | 30 | 23 | 24 | 27 | 27 | 25 | 27 | 27 | (7.8%) | 28 | 33 | 39 | +13.3% | |
| Gross margin, % | 34.07 | 39.90 | 35.49 | 35.55 | 47.18 | 49.04 | 43.22 | 43.04 | 42.27 | 46.42 | 44.74 | +12.4 pt | ||||||
| EBT | (13) | (7) | 0 | (8) | (4) | 0 | (1) | (1) | (2) | (2) | (3) | (17.4%) | ||||||
| EBT margin, % | (23.43) | (15.75) | 0.21 | (25.72) | (18.72) | 0.28 | (5.15) | (5.42) | (7.42) | (8.66) | (12.68) | +14.8 pt | ||||||
| Net income | (17) | (10) | 0 | (8) | (4) | 0 | (1) | (2) | (2) | (2) | (3) | (20.0%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 2.36 | 1.89 | 2.34 | 1.26 | 0.91 | 0.82 | 0.89 | 0.89 | 0.82 | 0.86 | 0.88 | (10.6%) | |||||
| Earnings | (0.74) | (0.46) | 0.00 | (0.32) | (0.17) | 0.00 | (0.05) | (0.05) | (0.06) | (0.08) | (0.11) | (21.9%) | ||||||
| Cash flow | (0.12) | (0.15) | 0.20 | (0.14) | (0.11) | 0.03 | (0.14) | 0.02 | (0.11) | 0.10 | (0.01) | n/m | ||||||
| Capex | (0.04) | (0.02) | (0.02) | (0.02) | (0.01) | 0.00 | (0.01) | (0.01) | (0.01) | (0.02) | (0.03) | (6.5%) | ||||||
| Free cash flow | (0.16) | (0.17) | 0.18 | (0.16) | (0.12) | 0.02 | (0.14) | 0.01 | (0.12) | 0.08 | (0.04) | n/m | ||||||
| Book value | 1.86 | 1.43 | 1.41 | 1.08 | 0.90 | 1.56 | 1.48 | 1.44 | 1.37 | 1.29 | 1.20 | (4.0%) | ||||||
| Shares, m | 23 | 24 | 24 | 24 | 25 | 30 | 30 | 30 | 31 | 31 | 31 | +3.2% | ||||||
| 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 | 0.51 | 0.57 | 0.51 | 0.75 | 4.25 | 1.71 | 1.43 | 1.18 | 1.28 | 1.81 | 1.63 | 1.4 | ||||||
| P/B | 0.65 | 0.75 | 0.84 | 0.88 | 4.29 | 0.90 | 0.86 | 0.73 | 0.77 | 1.21 | 1.19 | 1.2 | ||||||
| EV/Sales | 0.20 | 0.38 | 0.20 | 0.36 | 3.82 | 0.29 | 0.54 | 0.17 | 0.63 | 0.97 | 1.01 | 0.8 | ||||||
| EV/FCF | (2.99) | (4.24) | 2.64 | (2.81) | (29.14) | 10.54 | (3.37) | 16.74 | (4.17) | 11.05 | (23.21) | (0.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (3) | (4) | 5 | (3) | (3) | 1 | (4) | 1 | (3) | 3 | 0 | n/m | |||||
| Capex | (1) | 0 | (1) | (1) | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (3.6%) | ||||||
| Free cash flow | (4) | (4) | 4 | (4) | (3) | 1 | (4) | 0 | (4) | 2 | (1) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 27 | 18 | 24 | 17 | 16 | 38 | 31 | 33 | 24 | 26 | 20 | (0.4%) | |||||
| Net debt | (18) | (9) | (18) | (13) | (11) | (37) | (26) | (30) | (19) | (25) | (20) | +3.8% | ||||||
| Shareholders’ equity | 43 | 34 | 34 | 26 | 22 | 46 | 45 | 44 | 42 | 40 | 37 | (0.9%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (25.99) | (19.30) | (0.05) | (18.85) | (13.87) | 0.13 | (2.88) | (3.06) | (3.92) | (4.84) | (7.72) | +21.2 pt | |||||
| ROIC | (29.34) | (17.76) | 0.43 | (38.33) | (23.28) | (9.88) | (5.15) | (11.87) | (12.63) | (15.29) | (16.13) | +14.0 pt | ||||||
| ROE | (33.97) | (26.94) | (0.08) | (26.07) | (17.64) | 0.16 | (3.17) | (3.47) | (4.54) | (5.68) | (8.92) | +28.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 146 | 122 | 113 | 82 | 73 | 73 | 66 | 72 | 72 | 77 | — | (6.9%) | |||||
| Revenue/emp, $m | 0.38 | 0.37 | 0.50 | 0.37 | 0.31 | 0.33 | 0.41 | 0.38 | 0.35 | 0.35 | — | (1.0%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Fuel Tech, Inc. vs peers in Pollution & Treatment Controls (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 |
|---|---|---|---|---|---|---|---|---|---|
| ARQ Arq, Inc. | $77.3M | — (loss-making) | — (loss-making) | +4.54% (above 0%: growing) | n/m | +46.21% (above 0%: growing) | 38.52% | (0.23%) | Compare |
| FTEK Fuel Tech, Inc. | $45.3M | — (loss-making) | — (loss-making) | +16.68% (above 0%: growing) | n/m | −1,603.51% (below 0%: shrinking) | 41.25% | (24.13%) | |
| SCWO 374Water Inc. | $43.4M | — (loss-making) | — | +280.17% (above 0%: growing) | n/m | +85.28% (above 0%: growing) | 87.67% | (71.70%) | Compare |
| BCHT Birchtech Corp. | $29.7M | — (loss-making) | — (loss-making) | +16.50% (above 0%: growing) | n/m | −68.00% (below 0%: shrinking) | 27.24% | (42.81%) | Compare |
| CLIR ClearSign Technologies Corporation | $15.7M | — (loss-making) | — (loss-making) | +321.05% (above 0%: growing) | n/m | −137.48% (below 0%: shrinking) | 40.71% | (267.50%) | Compare |
| TOMZ TOMI Environmental Solutions, Inc. | $15.7M | — (loss-making) | — (loss-making) | +117.91% (above 0%: growing) | n/m | −531.53% (below 0%: shrinking) | 61.65% | (10.86%) | Compare |
| CLWT Euro Tech Holdings Company Limited | $9.9M | 16.8× | — | −20.86% (below 0%: shrinking) | n/m | −164.72% (below 0%: shrinking) | 18.83% | 0.00% | Compare |
| LIQT LiqTech International, Inc. | $9.9M | — (loss-making) | — (loss-making) | −11.98% (below 0%: shrinking) | n/m | −99.23% (below 0%: shrinking) | 8.38% | (53.44%) | Compare |
| RAIN Rain Enhancement Technologies Holdco, Inc. | $6.2M | — (loss-making) | — | — | n/m | −19.67% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $15.7M | — | — | +16.50% | — | −83.61% | 32.88% | (26.83%) |
Pay and ownership Proxy statement filed 13 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 788.34k | 833.31k | 148.57 |
| 2024 | 449.48k | 316.31k | 82.68 |
| 2023 | 913.49k | 810.08k | 82.68 |
Ownership
Directors and executive officers, together
9.80%
Bettye J. Bailey
7.40%
Douglas G. Bailey
6.20%
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