stockrowFuel 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
Follow FTEK
Alert me
Fuel Tech, Inc. (FTEK) Piotroski F-score
Fuel Tech, Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 1 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 5.00 |
| FY2024 | 1 | (3.00) |
| FY2023 | 4 | 3.00 |
| FY2022 | 1 | (6.00) |
| FY2021 | 7 | 4.00 |
| FY2020 | 3 | 0.00 |
| FY2019 | 3 | (2.00) |
| FY2018 | 5 | 1.00 |
| FY2017 | 4 | 3.00 |
| FY2016 | 1 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (4.84%) | (3.92%) | Fail | 0 |
| Positive operating cash flow | 3.02m | (3.43m) | Pass | 1 |
| Rising return on assets | (4.84%) | (3.92%) | Fail | 0 |
| Cash flow above net income | 5.34m | (1.49m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 5.09 | 5.06 | Pass | 1 |
| No new shares issued | 30,937,000 | 30,572,000 | Fail | 0 |
| Rising gross margin | 46.42% | 42.27% | Pass | 1 |
| Rising asset turnover | 0.56 | 0.51 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FTEK Fuel Tech, Inc. | 6 |
| BCHT Birchtech Corp. compare | 5 |
| LIQT LiqTech International, Inc. compare | 4 |
| CLIR ClearSign Technologies Corporation compare | 4 |
| ARQ Arq, Inc. compare | 3 |
| TOMZ TOMI Environmental Solutions, Inc. compare | 3 |
| CLWT Euro Tech Holdings Company Limited compare | 3 |
| SCWO 374Water Inc. compare | 1 |
| RAIN Rain Enhancement Technologies Holdco, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover