Fuel Tech (FTEK)
Market Price (11/11/2026): $1.375 | Market Cap: $42.9 MilSector: Industrials | Industry: Environmental & Facilities Services
Fuel Tech (FTEK)
Market Price (11/11/2026): $1.375Market Cap: $42.9 MilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Sustainable Infrastructure. Themes include Industrial Emissions Control, Combustion Optimization, Show more. | Weak multi-year price returns3Y Excs Rtn is -38% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% 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 -15% Key risksFTEK key risks include [1] a history of declining revenues and negative operating profits stemming from a volatile business model, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Sustainable Infrastructure. Themes include Industrial Emissions Control, Combustion Optimization, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -38% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% |
| 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 -15% |
| Key risksFTEK key risks include [1] a history of declining revenues and negative operating profits stemming from a volatile business model, Show more. |
Qualitative Assessment
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Nov 5: down 7.6% in one day (S&P 500 down 4.4%)
The market drove the decline, with headlines citing a "sea of red" and growing concerns about AI.
Down 30.4% from its Sep 15 high to Nov 5, up 3.0% since (S&P 500 down 3.2%)
The decline was largely driven by broad market weakness and concerns, evident on its largest down days. These included Sep 16 without company news, and Oct 14 due to CPI and Fed rate hike fears, alongside Nov 5's market "sea of red."
Nov 4: up 1.4% the day after its Nov 3 earnings report (S&P 500 up 1.7%)
The stock rose after reporting Q3 2026 revenue topped estimates, despite a net loss in line with consensus. This move occurred as the broader market also saw a significant rise, described as a "Blue Wave" painting the market green.
Nov 5: down 7.6% in one day (S&P 500 down 4.4%)
The market drove the decline, with headlines citing a "sea of red" and growing concerns about AI.
Down 30.4% from its Sep 15 high to Nov 5, up 3.0% since (S&P 500 down 3.2%)
The decline was largely driven by broad market weakness and concerns, evident on its largest down days. These included Sep 16 without company news, and Oct 14 due to CPI and Fed rate hike fears, alongside Nov 5's market "sea of red."
Nov 4: up 1.4% the day after its Nov 3 earnings report (S&P 500 up 1.7%)
The stock rose after reporting Q3 2026 revenue topped estimates, despite a net loss in line with consensus. This move occurred as the broader market also saw a significant rise, described as a "Blue Wave" painting the market green.
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Stock Movement Drivers
Fundamental Drivers
The -2.8% change in FTEK stock from 7/31/2026 to 11/10/2026 was primarily driven by a -9.7% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.41 | 1.37 | -2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 28 | 8.0% |
| P/S Multiple | 1.7 | 1.5 | -9.7% |
| Shares Outstanding (Mil) | 31 | 31 | -0.4% |
| Cumulative Contribution | -2.8% |
Market Drivers
7/31/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| FTEK | -2.8% | |
| Market (SPY) | 0.4% | 47.3% |
| Sector (XLI) | -6.2% | 37.1% |
Fundamental Drivers
The -12.7% change in FTEK stock from 4/30/2026 to 11/10/2026 was primarily driven by a -17.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.57 | 1.37 | -12.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27 | 28 | 6.8% |
| P/S Multiple | 1.8 | 1.5 | -17.9% |
| Shares Outstanding (Mil) | 31 | 31 | -0.4% |
| Cumulative Contribution | -12.7% |
Market Drivers
4/30/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| FTEK | -12.7% | |
| Market (SPY) | 4.6% | 17.5% |
| Sector (XLI) | -3.1% | 14.8% |
Fundamental Drivers
The -44.8% change in FTEK stock from 10/31/2025 to 11/10/2026 was primarily driven by a -50.8% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.48 | 1.37 | -44.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 28 | 13.6% |
| P/S Multiple | 3.1 | 1.5 | -50.8% |
| Shares Outstanding (Mil) | 31 | 31 | -1.1% |
| Cumulative Contribution | -44.8% |
Market Drivers
10/31/2025 to 11/10/2026| Return | Correlation | |
|---|---|---|
| FTEK | -44.8% | |
| Market (SPY) | 10.9% | 22.7% |
| Sector (XLI) | 9.8% | 18.6% |
Fundamental Drivers
The 34.3% change in FTEK stock from 10/31/2023 to 11/10/2026 was primarily driven by a 34.9% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.02 | 1.37 | 34.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28 | 28 | 2.5% |
| P/S Multiple | 1.1 | 1.5 | 34.9% |
| Shares Outstanding (Mil) | 30 | 31 | -2.9% |
| Cumulative Contribution | 34.3% |
Market Drivers
10/31/2023 to 11/10/2026| Return | Correlation | |
|---|---|---|
| FTEK | 34.3% | |
| Market (SPY) | 85.5% | 16.4% |
| Sector (XLI) | 78.4% | 16.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FTEK Return | -64% | -9% | -18% | 0% | 49% | -12% | -65% |
| Peers Return | 31% | 4% | 13% | 47% | -6% | 26% | 169% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| FTEK Win Rate | 25% | 50% | 33% | 50% | 58% | 45% | |
| Peers Win Rate | 65% | 42% | 55% | 62% | 48% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| FTEK Max Drawdown | -79% | -26% | -43% | -26% | -58% | -40% | |
| Peers Max Drawdown | -16% | -23% | -20% | -15% | -29% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WM, CWST, GEO, RSG, WCN.
[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 11/10/2026 (YTD)
How Low Can It Go
| Event | FTEK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.4% | -18.8% |
| % Gain to Breakeven | 12.8% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.4% | -9.5% |
| % Gain to Breakeven | 30.6% | 10.5% |
| Time to Breakeven | 194 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.6% | -6.7% |
| % Gain to Breakeven | 15.7% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.0% | -24.5% |
| % Gain to Breakeven | 33.3% | 32.4% |
| Time to Breakeven | 55 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.4% | -33.7% |
| % Gain to Breakeven | 124.4% | 50.9% |
| Time to Breakeven | 36 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.2% | -19.2% |
| % Gain to Breakeven | 16.5% | 23.8% |
| Time to Breakeven | 14 days | 105 days |
In The Past
Fuel Tech's stock fell -11.4% during the 2025 US Tariff Shock. Such a loss loss requires a 12.8% gain to breakeven.
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Asset Allocation
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| Event | FTEK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.4% | -9.5% |
| % Gain to Breakeven | 30.6% | 10.5% |
| Time to Breakeven | 194 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.0% | -24.5% |
| % Gain to Breakeven | 33.3% | 32.4% |
| Time to Breakeven | 55 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.4% | -33.7% |
| % Gain to Breakeven | 124.4% | 50.9% |
| Time to Breakeven | 36 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -45.7% | -3.7% |
| % Gain to Breakeven | 84.2% | 3.9% |
| Time to Breakeven | 307 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.2% | -12.2% |
| % Gain to Breakeven | 52.0% | 13.9% |
| Time to Breakeven | 1136 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -65.9% | -6.8% |
| % Gain to Breakeven | 192.9% | 7.3% |
| Time to Breakeven | 1750 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -45.8% | -17.9% |
| % Gain to Breakeven | 84.4% | 21.8% |
| Time to Breakeven | 841 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.2% | -15.4% |
| % Gain to Breakeven | 43.3% | 18.2% |
| Time to Breakeven | 197 days | 125 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -30.4% | -8.6% |
| % Gain to Breakeven | 43.7% | 9.5% |
| Time to Breakeven | 34 days | 47 days |
In The Past
Fuel Tech's stock fell -11.4% during the 2025 US Tariff Shock. Such a loss loss requires a 12.8% 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 Fuel Tech (FTEK)
Fuel Tech (FTEK) is an environmental technology company that provides solutions for optimizing combustion processes and reducing air pollution for utility and industrial customers worldwide. The company operates through two main segments: Air Pollution Control Technology and FUEL CHEM Technology, both aimed at improving the efficiency and environmental compliance of large-scale combustion units.
The Air Pollution Control Technology segment focuses on reducing harmful nitrogen oxide (NOx) emissions from various stationary combustion sources such as boilers, incinerators, and furnaces. Fuel Tech offers a comprehensive suite of technologies, including low and ultra-low NOx burners, over-fire air systems, selective non-catalytic reduction (SNCR) systems like NOxOUT and HERT, and selective catalytic reduction (SCR) systems. These solutions help customers meet stringent air quality regulations by cleaning flue gas.
The FUEL CHEM Technology segment is dedicated to enhancing the operational efficiency, reliability, and environmental performance of combustion units. This is achieved through proprietary chemical treatment programs, often utilizing TIFI targeted in-furnace injection technology, to control issues such as slagging, fouling, corrosion, and the formation of various pollutants including sulfur oxides and particulate matter. Fuel Tech primarily serves a diverse customer base, including electric utilities, industrial plants, pulp and paper mills, waste-to-energy facilities, and university and district heating markets globally.
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Here are 1-3 brief analogies for Fuel Tech (FTEK):
- Imagine **Nalco Water (Ecolab)**, but specializing in chemical programs to make industrial boilers and furnaces more efficient and less polluting.
- Think of a specialized version of **Babcock & Wilcox**, focused on advanced systems and upgrades for air pollution control in existing industrial and utility combustion units.
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- NOx Emission Reduction Technologies: Solutions including specialized burners, over-fire air, and selective catalytic/non-catalytic reduction systems designed to significantly decrease nitrogen oxide emissions from industrial and utility combustion sources.
- FUEL CHEM Technology Programs: Chemical injection programs utilizing TIFI targeted in-furnace injection to enhance boiler efficiency, reliability, and fuel flexibility while controlling harmful byproducts like slag, corrosion, and various pollutants.
- Flue Gas Conditioning and Particulate Control Systems: Technologies such as Electrostatic Precipitator (ESP) processes, ULTRA technology, and flue gas conditioning systems aimed at improving the removal of particulate matter and optimizing flue gas properties.
- Industrial Burner Systems: Specialized burner systems for various industrial and utility combustion applications, contributing to overall combustion efficiency and emission control.
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Fuel Tech (FTEK) sells primarily to other companies and institutions, not to individuals. The provided background information does not list the specific names of major customer companies or their public symbols.
Based on the company description, Fuel Tech's major customers operate in the following sectors and include:
- Electric utility plants
- Industrial facilities
- Pulp and paper markets
- Waste-to-energy markets
- University and district heating markets
- Owners of boilers, furnaces, and other stationary combustion units
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Vincent J. Arnone, Chairman of the Board, President and Chief Executive Officer
Mr. Arnone was appointed Chairman of the Board of Directors of Fuel Tech, Inc. on September 1, 2017. He has served as President and Chief Executive Officer and a director of the Company since April 1, 2015. Prior to that, he was Executive Vice President and Chief Operating Officer from January 2014 through March 2015, and Executive Vice President, Worldwide Operations since September 2010. Mr. Arnone also previously held positions as a consultant to Fuel Tech, Senior Vice President, Treasurer and Chief Financial Officer, Vice President, Treasurer and Chief Financial Officer, and Controller and Financial Director, with his tenure at Fuel Tech beginning in May 1999.
Ellen T. Albrecht, Vice President, Chief Financial Officer and Treasurer
Ms. Albrecht is the Vice President, Chief Financial Officer and Treasurer of Fuel Tech, Inc. She joined Fuel Tech in July 1996 as an Accountant and has since held various roles in finance and operations, both domestically and internationally. Ms. Albrecht served as Fuel Tech's Acting Treasurer and Controller, and Principal Financial Officer since March 2020.
William E. Cummings, Jr., Senior Vice President, Sales
Mr. Cummings serves as the Senior Vice President, Sales for Fuel Tech.
Bradley W. Johnson, Vice President, General Counsel and Secretary
Mr. Johnson holds the position of Vice President, General Counsel and Secretary at Fuel Tech.
William (Bill) Decker, Vice President, Water and Wastewater Treatment Technologies
Mr. Decker was appointed Vice President of Water and Wastewater Treatment Technologies in March 2023. In this role, he is responsible for leading the growth and development of Fuel Tech's Dissolved Gas Infusion (DGI) technology. He brings over 30 years of engineering, operational, and financial experience, having served industrial and municipal water and wastewater clients globally. Before joining Fuel Tech, Mr. Decker was Vice President & General Manager Equipment Service Group at Aqua-Aerobic Systems since 2012. His prior experience includes serving as President of Aquionics, a supplier of UV disinfection systems, and holding various positions at Ashbrook Simon-Hartley, a global provider of water and wastewater treatment services. Mr. Decker was elected chairman of the Water & Wastewater Equipment Manufacturers Association (WWEMA) in November 2022.
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Key Risks to Fuel Tech (FTEK)
- Changes in Environmental Regulations: Fuel Tech's business is fundamentally driven by the need for utility and industrial customers to comply with and improve upon environmental standards related to air pollution and combustion efficiency. Any relaxation of existing environmental regulations, delays in the implementation or enforcement of new standards, or a shift in governmental priorities away from stringent pollution control could directly reduce the demand for both its Air Pollution Control Technology and FUEL CHEM Technology segments.
- Reliance on Capital Expenditures and Operational Budgets of Industrial and Utility Customers: The demand for Fuel Tech's air pollution reduction and efficiency improvement solutions, whether through capital projects for new equipment or ongoing chemical programs, is heavily dependent on the investment cycles and operational budgets of its customers in the electric utility, industrial, pulp and paper, waste-to-energy, and university and district heating markets. Economic downturns, reduced industrial output, or shifts in energy policy (e.g., accelerated retirement of certain types of power generation plants) can lead to deferred or canceled projects and reduced program participation, directly impacting the company's revenue and profitability.
- Competition and Technological Obsolescence: The markets for air pollution control and combustion optimization are competitive, with both established players and potential new entrants. Fuel Tech faces the risk that competitors may develop more effective, lower-cost, or fundamentally different technologies for emissions reduction and efficiency improvement. Additionally, the rapid pace of technological innovation means that Fuel Tech's current solutions could become less competitive or potentially obsolete if new, superior methods for optimizing combustion or controlling emissions emerge.
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The accelerating global transition towards renewable energy sources and away from fossil-fuel-based combustion for power generation and industrial processes presents an emerging threat to Fuel Tech. As utilities and industrial clients increasingly adopt cleaner energy alternatives and retire existing combustion units, the overall addressable market for Fuel Tech's boiler optimization, efficiency improvement, and air pollution control solutions designed for these traditional combustion sources is expected to gradually shrink.
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Air Pollution Control Technology
This segment focuses on reducing nitrogen oxide (NOx) emissions and other air pollutants from various combustion sources.- Selective Catalytic Reduction (SCR) Systems: The global selective catalytic reduction (SCR) market size was estimated at approximately USD 14.4 billion in 2024 and is projected to reach around USD 19.7 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.5% from 2025 to 2030. This market encompasses automotive, industrial, and power generation sectors.
- Selective Non-Catalytic Reduction (SNCR) Systems: The global Selective Non-Catalytic Reduction Device market size was valued at USD 1.8 billion in 2025 and is projected to grow to USD 3.1 billion by 2034, exhibiting a CAGR of 6.2% during the forecast period.
- Overall Nitrogen Oxide (NOx) Control Systems: The broader global nitrogen oxide (NOx) control systems market, which includes technologies like SCR, SNCR, and low NOx burners, was valued at approximately USD 6.72 billion in 2024 and is projected to reach USD 12.71 billion by 2034, with a CAGR of roughly 6.1% between 2025 and 2034. Another estimate places the global market at USD 4.9 billion in 2024, expected to reach USD 6.1 billion by 2030.
- Flue Gas Treatment Systems: The global flue gas treatment systems market, which includes DeNOx technologies, was worth approximately USD 82.69 billion in 2024 and is predicted to grow to around USD 150.84 billion by 2035, at a CAGR of 5.62% from 2025 to 2035.
- General Air Pollution Control Systems: The overall global air pollution control systems market, a broader category that includes Fuel Tech's offerings, was valued at USD 97.47 billion in 2024. This market is projected to grow to USD 158.53 billion by 2032, with a CAGR of 6.3% during the forecast period.
FUEL CHEM Technology
This segment focuses on improving the efficiency, reliability, and environmental performance of combustion units through chemical additions.- Industrial Boiler Optimization (related to the broader industrial boiler market): The global industrial boiler market size was estimated at approximately USD 16.55 billion in 2024 and is projected to reach USD 22.71 billion by 2033, growing at a CAGR of 3.6% from 2025 to 2033. This market is relevant as Fuel Tech provides solutions to improve boiler efficiency.
- Fuel Additives (for combustion units): The global fuel additives market size was valued at USD 571 million in 2025 and is projected to grow to USD 911 million by 2034, exhibiting a CAGR of 7.7% during the forecast period. These additives include combustion catalysts, sludge dispersants, and asphaltene stabilizers, which are directly relevant to Fuel Tech's FUEL CHEM technology. Other sources estimate the global fuel additives market size to be around USD 9.51 billion in 2024.
- Boiler Water Treatment Chemicals: The global boiler water treatment chemicals market size is USD 4.35 billion in 2024 and is expected to expand at a CAGR of 10.1% from 2024 to 2031. These chemicals address issues such as corrosion, scaling, and microbial growth, contributing to boiler efficiency and longevity.
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Fuel Tech (NASDAQ: FTEK) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market opportunities.
One primary driver is the continued expansion and strong performance of its FUEL CHEM Technology segment. This segment, focused on improving combustion unit efficiency and environmental performance, has shown significant growth, with revenues exceeding expectations and reaching their highest levels since 2018 in 2025. Fuel Tech anticipates improved performance in 2025 for this segment, fueled by increased chemical program utilization and new program opportunities.
Another key driver is the company's strategic push into the burgeoning data center market with its Air Pollution Control (APC) solutions. Fuel Tech is actively pursuing opportunities in this emergent market, which requires significant power generation capabilities and stringent emissions control. The company has reported a substantial sales pipeline, ranging from $80 million to $100 million, in bids for projects involving SCR technology for emissions control in data center power generation.
The commercialization of its Dissolved Gas Infusion (DGI®) technology is also expected to contribute to future revenue. This new offering targets the water treatment market, with demonstrations planned and anticipated first commercial revenues in 2025. Continued strategic expenditures are being made to advance and commercialize DGI technology throughout 2025 and 2026.
Furthermore, an increasing Air Pollution Control (APC) backlog and new contract awards are set to bolster revenue. Despite some fluctuations, Fuel Tech has announced new APC contracts and expects to recognize revenue from its growing backlog. The company secured $8.8 million in APC awards during 2025 from new and existing customers across the US, Europe, and Southeast Asia.
Finally, strategic growth through acquisitions to enhance its APC portfolio, such as the acquisition of intellectual property and customer-related assets from Wahlco, Inc., is expected to strengthen Fuel Tech's technology base and attract new customers, thereby contributing to the APC segment's revenue growth.
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Share Repurchases
- Fuel Tech's treasury stock at cost was reported as $2.6 million at December 31, 2025, and $2.3 million at December 31, 2024.
Share Issuance
- The number of common shares outstanding increased from 24.16 million in 2018 to 30.57 million in 2024, with a significant increase of approximately 20% in 2021.
- As of December 31, 2025, Fuel Tech had 31,074,438 shares outstanding, compared to 30,708,273 shares outstanding at December 31, 2024.
Inbound Investments
- Fuel Tech, Inc. has 49 institutional owners holding a total of 7,609,337 shares.
- Major institutional shareholders include Grace & White Inc, Renaissance Technologies Llc, and Vanguard Group Inc.
Outbound Investments
- No information is available regarding outbound investments made by Fuel Tech, Inc. in the last 3-5 years.
Capital Expenditures
- The Capital Expenditures Margin for Fuel Tech was 0.35% as of December 31, 2021.
- Based on 2021 revenue of $24.3 million, estimated capital expenditures were approximately $0.085 million.
- Capital expenditures are primarily focused on the development and application of proprietary technologies for air pollution control, process optimization, and water treatment, including ongoing demonstrations of Dissolved Gas Infusion (DGI) technology.
Peer Outperformance in Environmental & Facilities Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FTEK | Fuel Tech | 1.3% | -10.6x | -33.8% | 30.5% | -26.3% | — |
| ABM | ABM Industries | 4.5% | 19.4x | 33.1% | 45.8% | 26.0% | +52pp |
| GFL | GFL Environmental | 0.6% | -51.4x | -3.0% | 48.2% | 8.6% | +35pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 28 | -15.0% | 99.1% | 112.8% | FIX 1049% · STRL 915% · AGX 632% |
| Marine Transportation | 5 | 27.7% | 30.8% | 110.4% | MATX 143% · KEX 114% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 12.9% | 68.3% | 100.2% | ALSN 273% · WAB 224% · CAT 207% |
| Aerospace & Defense | 54 | 3.3% | 60.2% | 63.1% | ATI 959% · FTAI 919% · HWM 588% |
| Industrial Machinery & Supplies & Components | 71 | 4.2% | 53.3% | 34.7% | CRS 852% · MLI 303% · SYM 276% |
| Rail Transportation | 7 | 37.1% | 73.5% | 29.3% | CSX 54% · UNP 39% · NSC 29% |
| Trading Companies & Distributors | 19 | 11.1% | 36.8% | 27.9% | DXPE 340% · URI 203% · AIT 200% |
| Diversified Support Services | 34 | 14.3% | 46.9% | 21.6% | CXW 198% · OPLN 139% · CACI 128% |
| Building Products | 34 | -3.6% | 10.7% | 19.0% | MOD 792% · GFF 352% · TT 137% |
| Cargo Ground Transportation | 16 | 35.3% | 17.4% | 6.7% | XPO 306% · R 270% · ARCB 29% |
| Office Services & Supplies | 10 | 18.3% | 24.5% | 0.0% | PBI 151% · HNI 45% · MSA 21% |
| Industrial Conglomerates | 17 | 17.6% | 11.1% | -3.7% | CSW 105% · DD 80% · CSL 78% |
| Electrical Components & Equipment | 39 | -5.6% | 61.1% | -5.6% | POWL 1500% · VRT 632% · BE 461% |
| Data Processing & Outsourced Services | 6 | -7.1% | 3.2% | -11.9% | EXLS 65% · BR 18% · G -7% |
| Research & Consulting Services | 13 | 0.4% | -13.7% | -23.7% | HURN 216% · FCN 38% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 13.3% | -2.4% | -25.1% | DE 108% · TTC 15% · AGCO 7% |
| Environmental & Facilities Services ← | 29 | -19.1% | 30.5% | -26.3% | GEO 249% · CLH 169% · RSG 96% |
| Passenger Airlines | 11 | 11.7% | 83.0% | -27.8% | LTM 3364% · UAL 133% · DAL 119% |
| Security & Alarm Services | 9 | -44.1% | 42.7% | -29.7% | BCO 89% |
| Air Freight & Logistics | 12 | -30.0% | -5.6% | -39.4% | FDX 77% · EXPD 60% · CHRW 56% |
| Human Resource & Employment Services | 22 | 24.1% | -13.6% | -39.8% | ADP 49% · FA 17% · PAYX 11% |
| Passenger Ground Transportation | 3 | -25.6% | 35.8% | -48.6% | UBER 61% · CAR -49% · LYFT -69% |
| Airport Services | 4 | -39.0% | -57.3% | -82.7% | JOBY -36% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Fuel Tech Earnings Notes | 12/16/2025 | |
| With Fuel Tech Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 142.03 |
| Mkt Cap | 27.0 |
| Rev LTM | 6,425 |
| Op Inc LTM | 1,160 |
| FCF LTM | 698 |
| FCF 3Y Avg | 681 |
| CFO LTM | 1,433 |
| CFO 3Y Avg | 1,350 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.7% |
| Rev Chg 3Y Avg | 7.3% |
| Rev Chg Q | 9.9% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 7.6% |
| Op Inc Chg 3Y Avg | 6.0% |
| Op Mgn LTM | 15.8% |
| Op Mgn 3Y Avg | 15.6% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 20.9% |
| CFO/Rev 3Y Avg | 21.0% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 8.4% |
Price Behavior
| Market Price | $1.37 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/07/1993 | |
| Distance from 52W High | -38.0% | |
| 50 Days | 200 Days | |
| DMA Price | $1.56 | $1.47 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -12.4% | -7.1% |
| 3M | 1YR | |
| Volatility | 61.3% | 70.2% |
| Downside Capture | 186.66 | 134.37 |
| Upside Capture | 191.48 | 70.13 |
| Correlation (S&P 500) | 45.1% | 23.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.09 | 2.31 | 2.34 | 0.65 | 1.08 | 0.61 |
| Up Beta | -4.87 | 2.12 | 1.52 | 0.55 | 0.96 | 0.28 |
| Down Beta | 1.44 | 2.56 | 1.83 | 0.77 | 1.29 | 0.59 |
| Up Capture | 193% | 275% | 318% | 51% | 57% | 57% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 18 | 27 | 46 | 96 | 305 |
| Down Capture | 302% | 193% | 238% | 94% | 131% | 96% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 22 | 32 | 69 | 130 | 357 |
[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 FTEK | |
|---|---|---|---|---|
| FTEK | -35.2% | 70.2% | -0.34 | - |
| Sector ETF (XLI) | 11.0% | 18.2% | 0.42 | 19.1% |
| Equity (SPY) | 12.7% | 13.7% | 0.62 | 22.8% |
| Gold (GLD) | 0.3% | 28.9% | 0.00 | 5.0% |
| Commodities (DBC) | 34.5% | 21.3% | 1.28 | -0.0% |
| Real Estate (VNQ) | 11.7% | 14.2% | 0.53 | 2.5% |
| Bitcoin (BTCUSD) | -27.7% | 43.5% | -0.63 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FTEK | |
|---|---|---|---|---|
| FTEK | -7.5% | 59.6% | 0.09 | - |
| Sector ETF (XLI) | 11.5% | 17.8% | 0.48 | 20.7% |
| Equity (SPY) | 11.6% | 17.3% | 0.50 | 20.7% |
| Gold (GLD) | 17.2% | 19.1% | 0.72 | 9.0% |
| Commodities (DBC) | 7.4% | 19.6% | 0.26 | 7.9% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.04 | 12.1% |
| Bitcoin (BTCUSD) | 3.4% | 51.5% | 0.25 | 15.4% |
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 FTEK | |
|---|---|---|---|---|
| FTEK | 0.7% | 95.4% | 0.36 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 15.3% |
| Equity (SPY) | 15.2% | 18.0% | 0.71 | 14.8% |
| Gold (GLD) | 11.7% | 16.6% | 0.58 | -0.4% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 9.1% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 8.2% |
| Bitcoin (BTCUSD) | 59.5% | 66.3% | 0.99 | 6.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | 1.4% | -3.5% | |
| 8/4/2026 | -5.2% | -8.5% | -9.2% |
| 5/5/2026 | -13.2% | -8.2% | -8.2% |
| 3/3/2026 | -10.1% | -6.5% | -8.7% |
| 11/4/2025 | -12.7% | -17.9% | -32.9% |
| 8/5/2025 | -0.7% | 3.0% | -2.4% |
| 5/12/2025 | 11.8% | 54.6% | 103.8% |
| 3/4/2025 | 5.2% | 1.0% | 3.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 15 | 14 | 13 |
| Median Positive | 5.0% | 5.1% | 8.1% |
| Median Negative | -5.2% | -7.1% | -8.7% |
| Max Positive | 64.3% | 54.6% | 419.1% |
| Max Negative | -13.2% | -17.9% | -34.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | 1.4% | -3.5% | |
| 8/4/2026 | -5.2% | -8.5% | -9.2% |
| 5/5/2026 | -13.2% | -8.2% | -8.2% |
| 3/3/2026 | -10.1% | -6.5% | -8.7% |
| 11/4/2025 | -12.7% | -17.9% | -32.9% |
| 8/5/2025 | -0.7% | 3.0% | -2.4% |
| 5/12/2025 | 11.8% | 54.6% | 103.8% |
| 3/4/2025 | 5.2% | 1.0% | 3.1% |
| 11/6/2024 | -1.0% | 0.0% | -1.0% |
| 8/6/2024 | 1.1% | 5.1% | 1.3% |
| 5/7/2024 | 1.6% | -5.5% | -16.4% |
| 3/11/2024 | -6.0% | -6.8% | 0.0% |
| 11/7/2023 | 7.0% | 7.0% | 4.0% |
| 8/8/2023 | -4.1% | -7.3% | -7.3% |
| 5/9/2023 | 0.0% | 3.1% | 6.2% |
| 3/7/2023 | -4.1% | -14.9% | -16.2% |
| 11/8/2022 | 4.8% | 4.8% | 23.0% |
| 8/10/2022 | -0.7% | -4.3% | 11.5% |
| 5/10/2022 | -8.9% | -3.3% | 8.1% |
| 3/8/2022 | -8.5% | -4.9% | -3.5% |
| 11/9/2021 | -2.9% | 9.7% | -20.1% |
| 8/10/2021 | -3.5% | -11.9% | -7.0% |
| 5/12/2021 | 13.9% | 7.2% | 27.8% |
| 3/15/2021 | -9.4% | -13.4% | -34.8% |
| 11/10/2020 | 64.3% | 24.2% | 419.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 15 | 14 | 13 |
| Median Positive | 5.0% | 5.1% | 8.1% |
| Median Negative | -5.2% | -7.1% | -8.7% |
| Max Positive | 64.3% | 54.6% | 419.1% |
| Max Negative | -13.2% | -17.9% | -34.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/07/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/07/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/08/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/15/2021 | 10-K |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 08/11/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Environmental & Facilities Services Resources |
| Waste360 |
| Waste Dive |
| FacilitiesNet |
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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