Clean Energy Fuels (CLNE)
Market Price (9/19/2026): $1.69 | Market Cap: $372.2 MilSector: Energy | Industry: Oil & Gas Refining & Marketing
Clean Energy Fuels (CLNE)
Market Price (9/19/2026): $1.69Market Cap: $372.2 MilSector: EnergyIndustry: Oil & Gas Refining & Marketing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Sustainable Infrastructure, and Future of Freight. Themes include Renewable Fuel Production, Show more. | Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -133% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.3% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -29% Key risksCLNE key risks include [1] its persistent history of unprofitability and financial instability, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Sustainable Infrastructure, and Future of Freight. Themes include Renewable Fuel Production, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -133% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.3% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -29% |
| Key risksCLNE key risks include [1] its persistent history of unprofitability and financial instability, Show more. |
Qualitative Assessment
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Clean Energy Fuels (CLNE) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Q2 Fiscal Year 2026 Earnings Impacted by Commodity Prices.
Clean Energy Fuels reported its fiscal Q2 2026 (ending June 30, 2026) results on August 6, 2026. While revenue reached $106.4 million, exceeding analyst expectations of $104.7 million, and the GAAP net loss narrowed to $(14.9) million (or $(0.07) per share), the adjusted EBITDA declined to $16.0 million compared to $17.5 million in fiscal Q2 2025. This sequential decline in revenue from fiscal Q1 2026 was primarily attributed to lower natural gas prices and reduced gas trading volatility, overshadowing the growth in Renewable Natural Gas (RNG) gallons sold, which increased by 2.9% to 63.2 million gallons.
2. Increased Loss Per Share Forecasts and Projected Revenue Deceleration.
Following the fiscal Q2 2026 earnings report, analysts adjusted their financial outlook for Clean Energy Fuels, slightly increasing loss per share forecasts for the fiscal year 2026. Analysts also projected a notable slowdown in revenue growth, with estimates implying an annualized revenue decline of 2.8% by the end of fiscal year 2026. This projection signals a significant reduction from the company's 8.8% average annual growth over the preceding five years, raising concerns about its near-term financial trajectory and long-term growth prospects.
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Clean Energy Fuels (CLNE) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Q2 Fiscal Year 2026 Earnings Impacted by Commodity Prices.
Clean Energy Fuels reported its fiscal Q2 2026 (ending June 30, 2026) results on August 6, 2026. While revenue reached $106.4 million, exceeding analyst expectations of $104.7 million, and the GAAP net loss narrowed to $(14.9) million (or $(0.07) per share), the adjusted EBITDA declined to $16.0 million compared to $17.5 million in fiscal Q2 2025. This sequential decline in revenue from fiscal Q1 2026 was primarily attributed to lower natural gas prices and reduced gas trading volatility, overshadowing the growth in Renewable Natural Gas (RNG) gallons sold, which increased by 2.9% to 63.2 million gallons.
2. Increased Loss Per Share Forecasts and Projected Revenue Deceleration.
Following the fiscal Q2 2026 earnings report, analysts adjusted their financial outlook for Clean Energy Fuels, slightly increasing loss per share forecasts for the fiscal year 2026. Analysts also projected a notable slowdown in revenue growth, with estimates implying an annualized revenue decline of 2.8% by the end of fiscal year 2026. This projection signals a significant reduction from the company's 8.8% average annual growth over the preceding five years, raising concerns about its near-term financial trajectory and long-term growth prospects.
3. Deterioration in Analyst Sentiment and Price Target Revisions.
In the wake of the fiscal Q2 2026 results, the average analyst price target for CLNE experienced a 10% dip to approximately US$4.34. This revision, along with a wide divergence in individual analyst estimates ranging from US$2.30 to US$7.00, suggested increased uncertainty regarding the company's valuation. Concurrently, some analyst ratings shifted towards a "Hold" recommendation from previous "Buy" stances, reflecting a more cautious investor sentiment post-earnings.
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Stock Movement Drivers
Fundamental Drivers
The -17.2% change in CLNE stock from 5/31/2026 to 9/18/2026 was primarily driven by a -17.6% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.04 | 1.69 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 439 | 442 | 0.9% |
| P/S Multiple | 1.0 | 0.8 | -17.6% |
| Shares Outstanding (Mil) | 220 | 220 | -0.3% |
| Cumulative Contribution | -17.2% |
Market Drivers
5/31/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| CLNE | -17.2% | |
| Market (SPY) | 0.9% | 0.8% |
| Sector (XLE) | 14.2% | 22.1% |
Fundamental Drivers
The -25.2% change in CLNE stock from 2/28/2026 to 9/18/2026 was primarily driven by a -27.9% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.26 | 1.69 | -25.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 425 | 442 | 4.1% |
| P/S Multiple | 1.2 | 0.8 | -27.9% |
| Shares Outstanding (Mil) | 219 | 220 | -0.4% |
| Cumulative Contribution | -25.2% |
Market Drivers
2/28/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| CLNE | -25.2% | |
| Market (SPY) | 11.6% | -13.4% |
| Sector (XLE) | 15.8% | 27.0% |
Fundamental Drivers
The -35.7% change in CLNE stock from 8/31/2025 to 9/18/2026 was primarily driven by a -38.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.63 | 1.69 | -35.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 421 | 442 | 5.2% |
| P/S Multiple | 1.4 | 0.8 | -38.9% |
| Shares Outstanding (Mil) | 220 | 220 | 0.1% |
| Cumulative Contribution | -35.7% |
Market Drivers
8/31/2025 to 9/18/2026| Return | Correlation | |
|---|---|---|
| CLNE | -35.7% | |
| Market (SPY) | 19.4% | 2.3% |
| Sector (XLE) | 45.7% | 31.7% |
Fundamental Drivers
The -60.3% change in CLNE stock from 8/31/2023 to 9/18/2026 was primarily driven by a -59.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.26 | 1.69 | -60.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 462 | 442 | -4.3% |
| P/S Multiple | 2.1 | 0.8 | -59.0% |
| Shares Outstanding (Mil) | 223 | 220 | 1.2% |
| Cumulative Contribution | -60.3% |
Market Drivers
8/31/2023 to 9/18/2026| Return | Correlation | |
|---|---|---|
| CLNE | -60.3% | |
| Market (SPY) | 75.6% | 31.7% |
| Sector (XLE) | 58.1% | 35.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLNE Return | -22% | -15% | -26% | -34% | -16% | -17% | -78% |
| Peers Return | 52% | -19% | -29% | -20% | -13% | 5% | -36% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| CLNE Win Rate | 58% | 50% | 33% | 42% | 50% | 56% | |
| Peers Win Rate | 60% | 50% | 52% | 42% | 42% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CLNE Max Drawdown | -68% | -50% | -47% | -42% | -63% | -43% | |
| Peers Max Drawdown | -46% | -50% | -49% | -55% | -66% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OPAL, MNTK, AMRC, GEVO, GPRE. See CLNE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | CLNE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -55.7% | -18.8% |
| % Gain to Breakeven | 125.8% | 23.1% |
| Time to Breakeven | 199 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.4% | -24.5% |
| % Gain to Breakeven | 57.2% | 32.4% |
| Time to Breakeven | 83 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.6% | -33.7% |
| % Gain to Breakeven | 167.6% | 50.9% |
| Time to Breakeven | 119 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.9% | -19.2% |
| % Gain to Breakeven | 61.1% | 23.8% |
| Time to Breakeven | 79 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -48.7% | -3.7% |
| % Gain to Breakeven | 94.8% | 3.9% |
| Time to Breakeven | 1275 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -52.3% | -12.2% |
| % Gain to Breakeven | 109.8% | 13.9% |
| Time to Breakeven | 1751 days | 62 days |
In The Past
Clean Energy Fuels's stock fell -55.7% during the 2025 US Tariff Shock. Such a loss loss requires a 125.8% gain to breakeven.
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| Event | CLNE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -55.7% | -18.8% |
| % Gain to Breakeven | 125.8% | 23.1% |
| Time to Breakeven | 199 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.4% | -24.5% |
| % Gain to Breakeven | 57.2% | 32.4% |
| Time to Breakeven | 83 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.6% | -33.7% |
| % Gain to Breakeven | 167.6% | 50.9% |
| Time to Breakeven | 119 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.9% | -19.2% |
| % Gain to Breakeven | 61.1% | 23.8% |
| Time to Breakeven | 79 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -48.7% | -3.7% |
| % Gain to Breakeven | 94.8% | 3.9% |
| Time to Breakeven | 1275 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -52.3% | -12.2% |
| % Gain to Breakeven | 109.8% | 13.9% |
| Time to Breakeven | 1751 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -77.4% | -6.8% |
| % Gain to Breakeven | 343.1% | 7.3% |
| Time to Breakeven | 1794 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -34.0% | -0.2% |
| % Gain to Breakeven | 51.5% | 0.2% |
| Time to Breakeven | 2532 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -38.0% | -17.9% |
| % Gain to Breakeven | 61.2% | 21.8% |
| Time to Breakeven | 121 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -29.3% | -15.4% |
| % Gain to Breakeven | 41.4% | 18.2% |
| Time to Breakeven | 636 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -77.0% | -53.4% |
| % Gain to Breakeven | 334.4% | 114.4% |
| Time to Breakeven | 397 days | 1085 days |
In The Past
Clean Energy Fuels's stock fell -55.7% during the 2025 US Tariff Shock. Such a loss loss requires a 125.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clean Energy Fuels (CLNE)
Clean Energy Fuels Corp. (CLNE) is a leading provider of natural gas as an alternative fuel for vehicle fleets, primarily serving customers across the United States and Canada. The company specializes in supplying Renewable Natural Gas (RNG), Compressed Natural Gas (CNG), and Liquefied Natural Gas (LNG) for medium and heavy-duty vehicles. Beyond fuel supply, CLNE offers comprehensive fueling solutions, including the design, construction, operation, and maintenance of public and private fueling stations, and also sells and services related equipment like compressors.
In addition to fuel and infrastructure, CLNE's business encompasses transporting natural gas through virtual pipelines, and it actively sells and obtains U.S. federal, state, and local government credits, such as Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits, tied to RNG as a vehicle fuel. The company is increasingly focused on developing, owning, and operating projects that produce RNG from dairy and other livestock waste. Its primary customer segments include heavy-duty trucking, public transit, refuse collection, airports, industrial users, and government fleets.
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- The ChargePoint for natural gas trucks.
- A greener Shell for commercial fleets powered by natural gas.
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- Fuel Supply: Provides renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicle fleets.
- Fueling Station Solutions: Designs, builds, operates, and maintains natural gas fueling stations for public and private vehicle fleet customers.
- Equipment Sales and Service: Sells and services compressors and other equipment integral to RNG production and fueling stations.
- Environmental Credit Sales: Sells U.S. federal, state, and local government credits, such as Renewable Identification Numbers (RINs) and Low Carbon Fuel Standards (LCFS) credits, generated by RNG as a vehicle fuel.
- RNG Project Development: Develops, owns, and operates projects focused on producing renewable natural gas from dairy and other livestock waste.
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Clean Energy Fuels (CLNE) sells its products and services primarily to other companies and organizations, referred to as fleet customers. The provided background information does not list specific customer company names or their symbols.
Based on the description, Clean Energy Fuels' major customer categories include:
- Heavy-duty trucking
- Airports
- Refuse (waste management)
- Public transit
- Industrial energy users
- Institutional energy users
- Government fleets
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Andrew J. Littlefair, President and CEO
Andrew J. Littlefair is a co-founder, President, and CEO of Clean Energy, which he established with T. Boone Pickens in 1997, initially as Pickens Fuel Corp. He served as President of Pickens Fuel Corp. from 1996 to 2001. Prior to co-founding Clean Energy, Mr. Littlefair was Vice President of Public Affairs at MESA Inc., a major independent natural gas producer, where he managed natural gas vehicle activities and was a special assistant to T. Boone Pickens for a decade. From 1983 to 1987, he served in the Reagan Administration as a Staff Assistant to the President. He also served as Chairman of NGVAmerica for eight years from 2003 to 2011.
Robert Vreeland, Chief Financial Officer
Robert Vreeland has served as Clean Energy's Chief Financial Officer since October 2014, having previously been the Vice President of Finance and Accounting for the company from 2012 to 2014. Before joining Clean Energy, he worked as a consultant at RV CPA Services, PLLC. From 1997 to 2009, Mr. Vreeland held various finance and accounting leadership roles, including Interim CFO, Senior Vice President and Corporate Controller, and Senior Vice President, Operations at Hypercom, a global electronic payment and transaction equipment manufacturer. He began his career with twelve years at the accounting firm Coopers & Lybrand.
Clay Corbus, SVP Strategic Development and Head of Renewable Fuels
Clay Corbus is responsible for developing and executing strategic growth opportunities, financing strategies, and acquisitions, and leads Clean Energy's Renewable Fuels business. He was previously Co-CEO of WR Hambrecht + Co, the firm that managed Clean Energy's 2007 IPO. Before that, he worked at Donaldson, Lufkin & Jenrette starting in 1989. Mr. Corbus currently serves as a Director of Overstock.com and a Trustee of the College of the Atlantic, and has previously served on the boards of Alaska Energy and Resources Co., Niman Ranch, WR Hambrecht + Co, and Goodwill of San Francisco.
Chad M. Lindholm, Senior Vice President, Sales
Chad M. Lindholm leads Clean Energy's sales initiatives and develops strategic growth opportunities, including station development and fueling programs for renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG). He manages a department of 50 employees overseeing business development across over 40 states and Canada. Since joining Clean Energy in 2003, Mr. Lindholm has been actively involved in all markets the company serves, including trucking, refuse, transit, and airport sectors.
Gary Foster, Senior Vice President, Corporate Communications
Gary Foster oversees Clean Energy's marketing and communications. Before joining Clean Energy, he served as Senior Vice President for Corporate Communications at The Walt Disney Company for a decade. Earlier in his career, he held positions in various industries, federal and state government agencies, and political campaigns, and served as an Assistant to the President and Deputy Press Secretary for President George H.W. Bush's Administration.
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The clear emerging threat to Clean Energy Fuels (CLNE) is the accelerating transition towards electrification and alternative zero-emission powertrains (such as battery-electric and hydrogen fuel cell electric) for medium and heavy-duty vehicles. CLNE's business is centered on providing natural gas (including renewable natural gas, CNG, and LNG) as an alternative fuel for vehicle fleets, alongside building and operating related fueling infrastructure. As fleet operators increasingly adopt electric or hydrogen-powered vehicles to meet emissions targets and operational goals, the demand for natural gas as a transportation fuel for internal combustion engines, even renewable natural gas, could diminish significantly. This trend directly challenges CLNE's core business model of supplying natural gas and its associated infrastructure.
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- Renewable Natural Gas (RNG) Market (North America): The North American renewable natural gas market was valued at approximately USD 6.82 billion in 2024. A significant portion of this market is for transportation fuel, with RNG constituting over 69% of all on-road natural gas vehicle fuels in the U.S. in 2023.
- Compressed Natural Gas (CNG) for Vehicles (U.S.): The U.S. light and heavy-duty natural gas vehicle market, which includes CNG, was valued at USD 13.53 billion in 2024. CNG held nearly 70% of the market share within this segment in the same year, indicating an addressable market of approximately USD 9.47 billion for CNG vehicles in the U.S.
- Liquefied Natural Gas (LNG) for Heavy-Duty Trucks (North America): The global LNG heavy-duty truck market was valued at USD 6.8 billion in 2025. North America, encompassing the U.S. and Canada, accounted for approximately 32.24% of this global market in 2025, translating to an addressable market of about USD 2.19 billion for LNG heavy-duty trucks in the region. North America's fleet includes more than 50,000 LNG trucks.
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Here are 3-5 expected drivers of future revenue growth for Clean Energy Fuels (CLNE) over the next 2-3 years:
- Increased Renewable Natural Gas (RNG) Production and Sales: Clean Energy Fuels is significantly investing in and expanding its RNG production capabilities, particularly through dairy RNG projects. The company anticipates substantial growth from scaling these projects, such as the South Fork and East Valley Dairy initiatives, which are expected to drive higher fuel volumes and contribute to overall revenue growth.
- Expansion of Fueling Station Network and Customer Base: The company continues to grow its network of natural gas fueling stations and secure new contracts with large fleet operators across various sectors, including heavy-duty trucking, public transit, and airports. Recent expansions, such as new fueling stations and partnerships with major cities and companies like Amazon, indicate an ongoing effort to broaden its service reach and customer volume.
- Adoption of Advanced Natural Gas Engine Technologies: The introduction and wider adoption of new engine technologies, such as the Cummins X15N natural gas engine, are expected to be a significant driver of fuel volume growth. Positive feedback from demo programs and testing with major fleets suggests a potential surge in demand for natural gas fuel at CLNE's stations in the coming years.
- Favorable Regulatory Environment and Credit Markets: Revenues from environmental credits, such as Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits, are crucial for Clean Energy Fuels. While LCFS prices have seen volatility, strong D3 RIN prices and a generally more constructive outlook on regulatory signals and policy stability are expected to positively impact revenue generation from these credits.
- Geographic Market Expansion: Clean Energy Fuels is also looking to expand its presence in new geographic markets. An example of this is the company's partnership in Canada to develop a natural gas fueling corridor for heavy-duty trucks, indicating a strategy to tap into new regions for revenue growth.
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Share Repurchases
- Clean Energy Fuels announced in March 2025 that it would resume share repurchases under its existing program.
- The Share Repurchase Program was initiated in March 2020 and expanded to $50 million in December 2021.
- As of March 2025, approximately $26.5 million of the authorized capacity remained available for future buybacks.
Share Issuance
- The number of outstanding shares was approximately 219.30 million as of March 13, 2026.
- As of December 31, 2025, there were 219 million shares outstanding.
- As of February 14, 2025, there were 223,605,152 shares of common stock issued and outstanding.
Outbound Investments
- Clean Energy Fuels has made investments in dairy Renewable Natural Gas (RNG) production facilities, partnering with entities like TotalEnergies, bp, and Maas.
- Initial operations at two large dairy RNG projects in Texas and Idaho began in Q3 2025, increasing the total operational projects to eight.
- The company broke ground on three new dairy RNG projects under a development agreement with Maas Energy Works, which are expected to produce 3 million gallons of RNG annually when fully operational.
Capital Expenditures
- Capital expenditures were $44 million in 2022, $101 million in 2023, and $64 million in 2024.
- For 2026, the company projects approximately $25 million for fuel distribution capital expenditures and $40 million for RNG upstream investments.
- RNG upstream capital expenditures for 2026 are primarily focused on the continued construction and completion of the three Moss Energy Works dairy projects.
Peer Outperformance in Oil & Gas Refining & Marketing
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CLNE | Clean Energy Fuels | -1.1% | -4.0x | -37.2% | -58.6% | -79.1% | — |
| MPC | Marathon Petroleum | -0.1% | 14.4x | 133.5% | 196.3% | 706.9% | +786pp |
| VLO | Valero Energy | -3.3% | 16.8x | 157.6% | 214.6% | 635.5% | +715pp |
| CVI | CVR Energy | -3.9% | 78.2x | 59.5% | 80.7% | 510.0% | +589pp |
| PSX | Phillips 66 | 0.0% | 15.4x | 114.1% | 150.8% | 396.1% | +475pp |
| DINO | HF Sinclair | -2.8% | 10.9x | 125.3% | 121.4% | 348.3% | +427pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing ← | 11 | 125.3% | 121.4% | 456.5% | PBF 730% · MPC 707% · VLO 635% |
| Integrated Oil & Gas | 7 | 40.4% | 53.8% | 253.3% | IMO 441% · SU 345% · CVE 328% |
| Oil & Gas Storage & Transportation | 18 | 30.2% | 115.0% | 209.4% | INSW 1023% · LPG 1001% · TRGP 621% |
| Oil & Gas Equipment & Services | 34 | 46.9% | 17.8% | 104.3% | SEI 1017% · FTI 943% · TDW 701% |
| Oil & Gas Drilling | 7 | 58.7% | 1.8% | 90.0% | VAL 167% · PDS 157% · NE 95% |
| Oil & Gas Exploration & Production | 51 | 25.0% | 9.2% | 88.4% | KGEI 9827% · OBE 7421% · EP 2332% |
| Coal & Consumable Fuels | 14 | -12.5% | 31.8% | 78.7% | EU 799% · CNR 316% · CCJ 313% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.06 |
| Mkt Cap | 0.4 |
| Rev LTM | 391 |
| Op Inc LTM | 5 |
| FCF LTM | -54 |
| FCF 3Y Avg | -50 |
| CFO LTM | 41 |
| CFO 3Y Avg | 44 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.7% |
| Rev Chg 3Y Avg | 8.1% |
| Rev Chg Q | 5.4% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 59.3% |
| Op Inc Chg 3Y Avg | 25.8% |
| Op Mgn LTM | 1.9% |
| Op Mgn 3Y Avg | 1.9% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 9.5% |
| CFO/Rev 3Y Avg | 9.0% |
| FCF/Rev LTM | -19.1% |
| FCF/Rev 3Y Avg | -20.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.4 |
| P/S | 0.7 |
| P/Op Inc | 8.2 |
| P/EBIT | 7.2 |
| P/E | 5.7 |
| P/CFO | 4.1 |
| Total Yield | 2.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -27.4% |
| D/E | 0.7 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.8% |
| 3M Rtn | 1.2% |
| 6M Rtn | -10.1% |
| 12M Rtn | -18.7% |
| 3Y Rtn | -55.3% |
| 1M Excs Rtn | -1.0% |
| 3M Excs Rtn | -0.8% |
| 6M Excs Rtn | -31.2% |
| 12M Excs Rtn | -30.3% |
| 3Y Excs Rtn | -130.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fuel sales | 288 | 259 | 287 | 281 | |
| Operate and Maintain (O&M) services | 57 | 57 | 53 | 46 | 197 |
| Station Construction Sales | 34 | 25 | 26 | 22 | 16 |
| Renewable Identification Numbers (RIN) Credits | 32 | 39 | 26 | 35 | |
| Low Carbon Fuel Standard (LCFS) Credits | 13 | 10 | 10 | 13 | |
| Other services | 3 | 2 | 3 | 1 | |
| Alternative fuel excise tax credit (AFTC) | 0 | 24 | 21 | 22 | |
| Change in fair value of derivative instruments | -2 | -0 | -0 | 1 | |
| Service revenue | 43 | ||||
| Total | 425 | 416 | 425 | 420 | 256 |
Price Behavior
| Market Price | $1.69 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 05/25/2007 | |
| Distance from 52W High | -44.8% | |
| 50 Days | 200 Days | |
| DMA Price | $1.82 | $2.13 |
| DMA Trend | down | down |
| Distance from DMA | -7.4% | -20.6% |
| 3M | 1YR | |
| Volatility | 63.9% | 53.7% |
| Downside Capture | 32.78 | 36.24 |
| Upside Capture | -21.48 | -24.39 |
| Correlation (SPY) | 0.7% | 2.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.96 | -0.41 | 0.05 | -0.56 | 0.11 | 1.32 |
| Up Beta | -1.22 | 0.38 | -0.60 | -1.27 | -0.25 | 1.92 |
| Down Beta | 3.64 | -0.27 | 0.59 | -0.15 | 0.56 | 0.96 |
| Up Capture | -234% | -145% | -46% | -49% | -15% | 51% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 20 | 30 | 55 | 110 | 329 |
| Down Capture | 86% | 44% | 71% | -4% | 48% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 20 | 29 | 61 | 124 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLNE | |
|---|---|---|---|---|
| CLNE | -35.9% | 53.6% | -0.63 | - |
| Sector ETF (XLE) | 46.5% | 21.8% | 1.66 | 29.9% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 2.4% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 1.9% |
| Commodities (DBC) | 46.9% | 20.6% | 1.76 | 20.1% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 0.3% |
| Bitcoin (BTCUSD) | -34.5% | 43.9% | -0.84 | 3.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLNE | |
|---|---|---|---|---|
| CLNE | -26.0% | 63.9% | -0.21 | - |
| Sector ETF (XLE) | 26.3% | 25.7% | 0.89 | 39.7% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 41.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 8.4% |
| Commodities (DBC) | 11.3% | 19.5% | 0.45 | 25.7% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 36.9% |
| Bitcoin (BTCUSD) | 11.2% | 52.5% | 0.39 | 25.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLNE | |
|---|---|---|---|---|
| CLNE | -9.3% | 71.3% | 0.17 | - |
| Sector ETF (XLE) | 10.3% | 29.6% | 0.38 | 41.4% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 40.9% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 4.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 26.6% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 33.4% |
| Bitcoin (BTCUSD) | 61.7% | 66.1% | 1.02 | 18.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -15.3% | -3.8% | -11.3% |
| 5/7/2026 | -4.3% | -11.3% | -14.7% |
| 2/24/2026 | -5.9% | -12.6% | -9.1% |
| 11/4/2025 | -15.8% | -18.0% | -17.6% |
| 8/7/2025 | 12.3% | 11.8% | 20.6% |
| 5/8/2025 | -6.4% | 14.6% | 11.7% |
| 2/24/2025 | -25.5% | -29.5% | -38.7% |
| 11/6/2024 | 0.3% | -13.8% | -14.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 6.2% | 14.6% | 11.3% |
| Median Negative | -7.3% | -12.6% | -14.7% |
| Max Positive | 22.7% | 31.4% | 64.1% |
| Max Negative | -25.5% | -29.5% | -38.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -15.3% | -3.8% | -11.3% |
| 5/7/2026 | -4.3% | -11.3% | -14.7% |
| 2/24/2026 | -5.9% | -12.6% | -9.1% |
| 11/4/2025 | -15.8% | -18.0% | -17.6% |
| 8/7/2025 | 12.3% | 11.8% | 20.6% |
| 5/8/2025 | -6.4% | 14.6% | 11.7% |
| 2/24/2025 | -25.5% | -29.5% | -38.7% |
| 11/6/2024 | 0.3% | -13.8% | -14.8% |
| 8/7/2024 | 22.7% | 31.4% | 9.9% |
| 5/9/2024 | 3.3% | 8.7% | 19.9% |
| 2/27/2024 | -3.9% | -9.2% | -13.5% |
| 11/9/2023 | -4.5% | -6.8% | 2.5% |
| 8/9/2023 | -6.7% | -9.1% | -2.0% |
| 5/9/2023 | 2.9% | 3.0% | 2.1% |
| 2/28/2023 | -13.3% | -20.9% | -24.8% |
| 11/8/2022 | 1.5% | 6.7% | -17.2% |
| 8/4/2022 | 19.8% | 30.9% | -1.4% |
| 5/5/2022 | -13.6% | -25.9% | -4.4% |
| 2/24/2022 | 6.6% | 12.3% | 21.5% |
| 11/4/2021 | -7.8% | -6.3% | -29.4% |
| 8/5/2021 | 5.8% | 17.4% | 11.3% |
| 5/6/2021 | -9.9% | -19.6% | 5.8% |
| 3/9/2021 | 15.2% | 26.8% | 11.0% |
| 11/5/2020 | -5.7% | 29.6% | 64.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 6.2% | 14.6% | 11.3% |
| Median Negative | -7.3% | -12.6% | -14.7% |
| Max Positive | 22.7% | 31.4% | 64.1% |
| Max Negative | -25.5% | -29.5% | -38.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/09/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/10/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Loss | Reported | -71.00 Mil | -68.50 Mil | -66.00 Mil | 0 | Affirmed | Guidance: -68.50 Mil for 2026 | |
| 2026 Net loss attributable to fuel distribution | Reported | -54.30 Mil | -52.85 Mil | -51.40 Mil | 0 | Affirmed | Guidance: -52.85 Mil for 2026 | |
| 2026 Net loss attributable to RNG upstream | Reported | -16.70 Mil | -15.65 Mil | -14.60 Mil | 0 | Affirmed | Guidance: -15.65 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 70.00 Mil | 72.50 Mil | 75.00 Mil | 0 | Affirmed | Guidance: 72.50 Mil for 2026 | |
| 2026 Adjusted EBITDA attributable to fuel distribution | Reported | 67.00 Mil | 68.45 Mil | 69.90 Mil | 0 | Affirmed | Guidance: 68.45 Mil for 2026 | |
| 2026 Adjusted EBITDA attributable to RNG upstream | Reported | 3.00 Mil | 4.05 Mil | 5.10 Mil | 0 | Affirmed | Guidance: 4.05 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Loss | Reported | -71.00 Mil | -68.50 Mil | -66.00 Mil | 0 | Affirmed | Guidance: -68.50 Mil for 2026 | |
| 2026 Net Loss attributable to fuel distribution | Reported | -54.30 Mil | -52.85 Mil | -51.40 Mil | ||||
| 2026 Net Loss attributable to RNG upstream | Reported | -16.70 Mil | -15.65 Mil | -14.60 Mil | ||||
| 2026 Adjusted EBITDA | Reported | 70.00 Mil | 72.50 Mil | 75.00 Mil | 0 | Affirmed | Guidance: 72.50 Mil for 2026 | |
| 2026 Adjusted EBITDA attributable to fuel distribution | Reported | 67.00 Mil | 68.45 Mil | 69.90 Mil | ||||
| 2026 Adjusted EBITDA attributable to RNG upstream | Reported | 3.00 Mil | 4.05 Mil | 5.10 Mil | ||||
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net loss attributable to Clean Energy Fuels Corp. | Reported | -71.00 Mil | -68.50 Mil | -66.00 Mil | -68.1% | Higher New | Actual: -214.70 Mil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 70.00 Mil | 72.50 Mil | 75.00 Mil | 16.0% | Higher New | Actual: 62.50 Mil for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net Loss | Reported | -217.20 Mil | -214.70 Mil | -212.20 Mil | Affirmed | Guidance: -214.70 Mil for 2025 | ||
| 2025 Adjusted EBITDA | Reported | 60.00 Mil | 62.50 Mil | 65.00 Mil | Affirmed | Guidance: 62.50 Mil for 2025 | ||
Insider Activity
Updated 8/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Corbus, Barclay | PRESIDENT AND CEO | Direct | Buy | 8102026 | 1.62 | 25,000 | 40,500 | 2,227,534 | Form |
| 2 | Scully, Stephen | Family Trust | Buy | 6252026 | 1.75 | 25,000 | 43,725 | 630,067 | Form | |
| 3 | Corbus, Barclay | PRESIDENT AND CEO | Direct | Buy | 6242026 | 1.77 | 14,000 | 24,811 | 2,392,507 | Form |
| 4 | Littlefair, Andrew J | Direct | Sell | 5192026 | 2.05 | 165,000 | 337,640 | 3,918,650 | Form | |
| 5 | Littlefair, Andrew J | CEO AND PRESIDENT | Direct | Sell | 8152025 | 2.25 | 250,000 | 562,500 | 3,362,933 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Corbus, Barclay | PRESIDENT AND CEO | Direct | Buy | 8102026 | 1.62 | 25,000 | 40,500 | 2,227,534 | Form |
| 2 | Scully, Stephen | Family Trust | Buy | 6252026 | 1.75 | 25,000 | 43,725 | 630,067 | Form | |
| 3 | Corbus, Barclay | PRESIDENT AND CEO | Direct | Buy | 6242026 | 1.77 | 14,000 | 24,811 | 2,392,507 | Form |
| 4 | Littlefair, Andrew J | Direct | Sell | 5192026 | 2.05 | 165,000 | 337,640 | 3,918,650 | Form | |
| 5 | Littlefair, Andrew J | CEO AND PRESIDENT | Direct | Sell | 8152025 | 2.25 | 250,000 | 562,500 | 3,362,933 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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