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Clean Energy Fuels (CLNE)

Market Price (4/11/2026): $2.255 | Market Cap: $494.5 Mil
Sector: Energy | Industry: Oil & Gas Refining & Marketing

Clean Energy Fuels (CLNE)

Market Price (4/11/2026): $2.255
Market Cap: $494.5 Mil
Sector: Energy
Industry: Oil & Gas Refining & Marketing

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%

Attractive yield
FCF Yield is 5.2%

Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, Sustainable Infrastructure, and Future of Freight. Themes include Renewable Fuel Production, Show more.

Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -112%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -96 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -22%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -49%

Key risks
CLNE key risks include [1] its persistent history of unprofitability and financial instability, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%
1 Attractive yield
FCF Yield is 5.2%
2 Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, Sustainable Infrastructure, and Future of Freight. Themes include Renewable Fuel Production, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -112%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -96 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -22%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -49%
8 Key risks
CLNE key risks include [1] its persistent history of unprofitability and financial instability, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Clean Energy Fuels (CLNE) stock has gained about 10% since 12/31/2025 because of the following key factors:

1. Strong Q4 2025 Financial Performance and Positive 2026 Outlook.

Clean Energy Fuels reported Q4 2025 revenue of $112.3 million, surpassing analyst expectations by 14.3%. The company achieved break-even earnings per share (EPS), beating the Zacks Consensus Estimate of a loss of $0.03 by 100%. Additionally, adjusted EBITDA for the full year 2025 reached $67.6 million, exceeding its guidance of $65 million. For 2026, the company provided optimistic guidance, projecting revenues between $420 million and $440 million and adjusted EBITDA of $70 million to $75 million, with a target of 250 million gallons in Renewable Natural Gas (RNG) deliveries.

2. Significant Expansion in Renewable Natural Gas (RNG) Projects and New Supply Agreements.

The company began injecting pipeline-quality RNG into an interstate pipeline from its South Fork Dairy project in Texas in December 2025, which is capable of producing approximately 2.6 million gallons of low-carbon RNG annually. Furthermore, Clean Energy Fuels announced multiple new RNG fueling and operations agreements on March 4, 2026, expanding supply and maintenance across various trucking, refuse, and transit fleets nationwide. These agreements include an extended partnership with Ecology Transportation Services for an estimated 2.1 million gallons of RNG annually and a new operations and maintenance contract with the Washington Metropolitan Area Transit Authority (WMATA) covering five million gallons of fuel for over 400 buses. The company also anticipates nearly doubling its RNG production in 2026 as more new dairy projects come online.

Show more

Stock Movement Drivers

Fundamental Drivers

The 7.6% change in CLNE stock from 12/31/2025 to 4/10/2026 was primarily driven by a 6.9% change in the company's P/S Multiple.
(LTM values as of)123120254102026Change
Stock Price ($)2.102.267.6%
Change Contribution By: 
Total Revenues ($ Mil)4224250.7%
P/S Multiple1.11.26.9%
Shares Outstanding (Mil)2192190.0%
Cumulative Contribution7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/10/2026
ReturnCorrelation
CLNE7.6% 
Market (SPY)-5.4%18.1%
Sector (XLE)27.4%47.6%

Fundamental Drivers

The -12.4% change in CLNE stock from 9/30/2025 to 4/10/2026 was primarily driven by a -13.7% change in the company's P/S Multiple.
(LTM values as of)93020254102026Change
Stock Price ($)2.582.26-12.4%
Change Contribution By: 
Total Revenues ($ Mil)4214251.0%
P/S Multiple1.41.2-13.7%
Shares Outstanding (Mil)2202190.5%
Cumulative Contribution-12.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/10/2026
ReturnCorrelation
CLNE-12.4% 
Market (SPY)-2.9%23.6%
Sector (XLE)28.6%37.1%

Fundamental Drivers

The 45.8% change in CLNE stock from 3/31/2025 to 4/10/2026 was primarily driven by a 40.1% change in the company's P/S Multiple.
(LTM values as of)33120254102026Change
Stock Price ($)1.552.2645.8%
Change Contribution By: 
Total Revenues ($ Mil)4164252.2%
P/S Multiple0.81.240.1%
Shares Outstanding (Mil)2232191.9%
Cumulative Contribution45.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/10/2026
ReturnCorrelation
CLNE45.8% 
Market (SPY)16.3%43.4%
Sector (XLE)25.0%46.6%

Fundamental Drivers

The -48.2% change in CLNE stock from 3/31/2023 to 4/10/2026 was primarily driven by a -49.5% change in the company's P/S Multiple.
(LTM values as of)33120234102026Change
Stock Price ($)4.362.26-48.2%
Change Contribution By: 
Total Revenues ($ Mil)4204251.1%
P/S Multiple2.31.2-49.5%
Shares Outstanding (Mil)2222191.4%
Cumulative Contribution-48.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/10/2026
ReturnCorrelation
CLNE-48.2% 
Market (SPY)63.3%38.6%
Sector (XLE)50.6%37.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CLNE Return-22%-15%-26%-34%-16%9%-71%
Peers Return52%-19%-29%-20%-13%3%-38%
S&P 500 Return27%-19%24%23%16%-0%82%

Monthly Win Rates [3]
CLNE Win Rate58%50%33%42%50%75% 
Peers Win Rate60%50%52%42%42%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CLNE Max Drawdown-23%-32%-39%-42%-47%0% 
Peers Max Drawdown-18%-33%-41%-54%-60%-16% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[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 4/10/2026 (YTD)

How Low Can It Go

Unique KeyEventCLNES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-83.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven489.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-62.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven167.6%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven119 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-59.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven145.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven700 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-82.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven467.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven476 days1,480 days

Compare to OPAL, MNTK, AMRC, GEVO, GPRE

In The Past

Clean Energy Fuels's stock fell -83.0% during the 2022 Inflation Shock from a high on 2/9/2021. A -83.0% loss requires a 489.9% gain to breakeven.

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About Clean Energy Fuels (CLNE)

Clean Energy Fuels Corp. provides natural gas as an alternative fuel for vehicle fleets and related fueling solutions, primarily in the United States and Canada. It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and offers operation and maintenance services for public and private vehicle fleet customer stations. The company also designs, builds, operates, and maintains fueling stations; and sells and services compressors and other equipment that are used in RNG production and fueling stations. In addition, it transports and sells CNG, RNG, and LNG through virtual natural gas pipelines and interconnects; sells U.S. federal, state, and local government credits, such as RNG as a vehicle fuel, including Renewable Identification Numbers and Low Carbon Fuel Standards credits; and obtains federal, state, and local credits, grants, and incentives. Further, the company focuses on developing, owning, and operating dairy and other livestock waste RNG projects. It serves heavy-duty trucking, airports, refuse, public transit, industrial, and institutional energy users, as well as government fleets. As of December 31, 2021, the company served approximately 1,000 fleet customers operating approximately 48,000 vehicles; and owned, operated, or supplied approximately 548 fueling stations in 42 states in the United States and 25 fueling stations in Canada. Clean Energy Fuels Corp. was incorporated in 2001 and is headquartered in Newport Beach, California.

AI Analysis | Feedback

Here are 1-3 brief analogies for Clean Energy Fuels (CLNE):
  • The ChargePoint for natural gas trucks.
  • A greener Shell for commercial fleets powered by natural gas.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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

AI Analysis | Feedback

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AI Analysis | Feedback

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.

AI Analysis | Feedback

Clean Energy Fuels (CLNE) faces several key risks to its business, primarily stemming from its reliance on governmental support, challenges in achieving consistent profitability, and competition within the evolving alternative fuels market. 1. **Reliance on Government Credits and Regulatory Volatility.** A significant portion of Clean Energy Fuels' revenue and operating margins is dependent on government credits and incentives, such as Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits. The volatility of prices for these environmental credits and potential shifts, delays, or reductions in federal or state policies and regulations introduce substantial uncertainty and can directly impact the company's financial performance. This heavy reliance on fluctuating governmental programs is considered a major structural risk to the business model. 2. **Persistent Operating Losses and Financial Uncertainty.** Clean Energy Fuels has struggled to achieve sustained profitability, consistently reporting operating losses and negative net profit margins. This ongoing challenge to translate sales into consistent profits raises concerns about the company's long-term financial stability. Analysts project continued losses in the near term, highlighting issues with high selling, general, and administrative costs, as well as significant depreciation and amortization charges. The company's financial health, including its working capital and debt levels, suggests a potential need for future financing, which could lead to dilution or other financial distress if profitability is not achieved. 3. **Competition and Evolving Market Dynamics.** Clean Energy Fuels operates in a competitive landscape, facing rivals from traditional diesel fuel suppliers, other alternative fuel providers, and a growing number of electric vehicle (EV) charging infrastructure companies. While Clean Energy Fuels primarily targets heavy-duty vehicle fleets with renewable natural gas (RNG), the broader shift towards decarbonization and the increasing adoption of electric vehicles, even in commercial segments over the long term, could influence the demand for natural gas as a vehicle fuel. Additionally, the company is exposed to volatility in the prices of natural gas, crude oil, diesel, and renewable diesel, which can affect its operating margins and the cost competitiveness of its fuel offerings.

AI Analysis | Feedback

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.

AI Analysis | Feedback

Clean Energy Fuels (CLNE) operates primarily in the United States and Canada, providing renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) as alternative fuels for various vehicle fleets, particularly heavy-duty trucks, buses, and refuse vehicles. The addressable markets for their main products and services in these regions are substantial. The addressable markets for Clean Energy Fuels' main products or services are as follows:
  • 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.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Clean Energy Fuels (CLNE) over the next 2-3 years:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

AI Analysis | Feedback

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.

Better Bets vs. Clean Energy Fuels (CLNE)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Clean Energy Fuels Earnings Notes12/16/2025
2With Clean Energy Fuels Stock Climbed 8.0% In A Week, How Confident Are You?10/17/2025
3Clean Energy Fuels vs. ODP: Neither Seems Like A Good Bet03/04/2025
4Clean Energy Fuels vs. ACCO Brands: Neither Seems Like A Good Bet03/04/2025
5Clean Energy Fuels vs. 1-800-Flowers.com: With Return Forecast Of 11%, 1-800-Flowers.com Is A Better Bet03/04/2025
6Day 14 of Loss Streak for Clean Energy Fuels Stock with -46% Return (vs. -23% YTD) [2/27/2025]02/27/2025
7Clean Energy Fuels vs. Delek US: Both Seem Similar Bets02/26/2025
8Clean Energy Fuels vs. Green Plains: With Return Forecast Of 11%, Clean Energy Fuels Is A Better Bet02/26/2025
9Day 13 of Loss Streak for Clean Energy Fuels Stock with -43% Return (vs. -20% YTD) [2/26/2025]02/26/2025
10Clean Energy Fuels vs. Gogo: With Return Forecast Of 23%, Clean Energy Fuels Is A Better Bet02/12/2025
11ARTICLES 
12What’s Happening With Clean Energy Fuels Stock?10/21/2021
13Is Clean Energy Fuels Stock A Buy After Declining 8% Last Week?08/17/2021
14Is Clean Energy Fuels Stock Worth A Look After Recent Sell Off?07/06/2021
15Is A Correction In The Cards For Clean Energy Fuels Stock?06/21/2021
16Clean Energy Fuels: A Meme Stock Worth Investing In?06/07/2021
Title
0DASHBOARDS
1Clean Energy Fuels Earnings Notes
2With Clean Energy Fuels Stock Climbed 8.0% In A Week, How Confident Are You?
3Clean Energy Fuels vs. ODP: Neither Seems Like A Good Bet
4Clean Energy Fuels vs. ACCO Brands: Neither Seems Like A Good Bet
5Clean Energy Fuels vs. 1-800-Flowers.com: With Return Forecast Of 11%, 1-800-Flowers.com Is A Better Bet
6Day 14 of Loss Streak for Clean Energy Fuels Stock with -46% Return (vs. -23% YTD) [2/27/2025]
7Clean Energy Fuels vs. Delek US: Both Seem Similar Bets
8Clean Energy Fuels vs. Green Plains: With Return Forecast Of 11%, Clean Energy Fuels Is A Better Bet
9Day 13 of Loss Streak for Clean Energy Fuels Stock with -43% Return (vs. -20% YTD) [2/26/2025]
10Clean Energy Fuels vs. Gogo: With Return Forecast Of 23%, Clean Energy Fuels Is A Better Bet
11ARTICLES
12What’s Happening With Clean Energy Fuels Stock?
13Is Clean Energy Fuels Stock A Buy After Declining 8% Last Week?
14Is Clean Energy Fuels Stock Worth A Look After Recent Sell Off?
15Is A Correction In The Cards For Clean Energy Fuels Stock?
16Clean Energy Fuels: A Meme Stock Worth Investing In?

Trade Ideas

Select ideas related to CLNE.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
KGS_3312026_Insider_Buying_45D_2Buy_200K03312026KGSKodiak Gas ServicesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K03312026KOSKosmos EnergyInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
TPL_12262025_Dip_Buyer_ValueBuy12262025TPLTexas Pacific LandDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		65.2%65.2%-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025NOVNOVInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		15.3%15.3%-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025RIGTransoceanInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		60.5%60.5%-7.0%

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Peer Comparisons

Peers to compare with:

Financials

CLNEOPALMNTKAMRCGEVOGPREMedian
NameClean En.OPAL Fue.Montauk .Ameresco Gevo Green Pl. 
Mkt Price2.262.441.2026.401.9315.232.35
Mkt Cap0.50.10.21.40.51.10.5
Rev LTM4253491761,9321612,092387
Op Inc LTM-9654130-19-84-7
FCF LTM26-34-86-436-4474-39
FCF 3Y Avg-22-69-42-460-89-34-55
CFO LTM863630-80-1311133
CFO 3Y Avg653538-11-424637

Growth & Margins

CLNEOPALMNTKAMRCGEVOGPREMedian
NameClean En.OPAL Fue.Montauk .Ameresco Gevo Green Pl. 
Rev Chg LTM2.2%16.3%0.4%9.2%849.3%-14.9%5.7%
Rev Chg 3Y Avg0.4%14.1%-4.7%4.4%737.2%-16.8%2.4%
Rev Chg Q2.7%24.7%56.7%9.1%695.6%-26.6%16.9%
QoQ Delta Rev Chg LTM0.7%6.0%9.8%2.6%32.8%-6.9%4.3%
Op Mgn LTM-22.5%1.4%2.3%6.7%-11.7%-4.0%-1.3%
Op Mgn 3Y Avg-15.8%1.8%8.9%5.8%-331.8%-3.1%-0.7%
QoQ Delta Op Mgn LTM-1.2%1.6%5.1%1.3%11.6%1.3%1.5%
CFO/Rev LTM20.1%10.5%17.2%-4.2%-8.3%5.3%7.9%
CFO/Rev 3Y Avg15.3%12.0%21.9%-0.9%-220.0%1.9%6.9%
FCF/Rev LTM6.0%-9.8%-48.9%-22.6%-27.1%3.5%-16.2%
FCF/Rev 3Y Avg-5.3%-23.8%-24.0%-28.6%-445.9%-1.0%-23.9%

Valuation

CLNEOPALMNTKAMRCGEVOGPREMedian
NameClean En.OPAL Fue.Montauk .Ameresco Gevo Green Pl. 
Mkt Cap0.50.10.21.40.51.10.5
P/S1.20.21.00.72.80.50.8
P/EBIT-2.96.273.810.5-30.2-15.81.7
P/E-2.24.798.331.5-13.5-8.71.2
P/CFO5.81.95.7-17.4-34.09.53.8
Total Yield-44.8%21.4%1.0%3.2%-7.4%-11.5%-3.2%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-2.1%-67.9%-13.7%-30.6%-25.2%-4.4%-19.4%
D/E0.75.10.81.40.40.40.7
Net D/E0.34.70.71.30.20.30.5

Returns

CLNEOPALMNTKAMRCGEVOGPREMedian
NameClean En.OPAL Fue.Montauk .Ameresco Gevo Green Pl. 
1M Rtn2.7%16.2%-12.1%2.2%-16.1%-3.1%-0.4%
3M Rtn6.1%-4.3%-18.9%-12.8%-3.0%44.1%-3.7%
6M Rtn-11.0%-2.4%-40.6%-30.9%-11.9%67.7%-11.4%
12M Rtn53.7%78.1%-43.4%158.3%77.1%285.6%77.6%
3Y Rtn-50.1%-68.4%-83.4%-42.8%54.4%-52.8%-51.4%
1M Excs Rtn2.1%15.6%-12.7%1.6%-16.7%-3.7%-1.0%
3M Excs Rtn5.2%3.2%-22.5%-8.3%-1.5%49.4%0.8%
6M Excs Rtn-14.7%-0.9%-49.4%-32.5%-16.7%47.2%-15.7%
12M Excs Rtn34.4%43.9%-71.6%147.7%52.4%289.8%48.2%
3Y Excs Rtn-112.4%-134.0%-149.5%-108.7%-33.1%-116.9%-114.7%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Fuel sales287    
Volume-related, Operate and Maintain (O&M) services53351197245274
Station Construction Sales2622162723
Renewable Identification Numbers (RIN) Credits26    
Alternative fuel excise tax credit (AFTC)21  2047
Low Carbon Fuel Standard (LCFS) Credits10    
Other services3    
Change in fair value of derivative instruments-0    
Service revenue 4743  
Other    0
Total425420256292344


Price Behavior

Price Behavior
Market Price$2.26 
Market Cap ($ Bil)0.5 
First Trading Date05/25/2007 
Distance from 52W High-26.1% 
   50 Days200 Days
DMA Price$2.39$2.36
DMA Trendupup
Distance from DMA-5.3%-4.4%
 3M1YR
Volatility53.2%60.3%
Downside Capture0.260.69
Upside Capture120.81147.53
Correlation (SPY)14.9%34.3%
CLNE Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta0.430.580.680.921.411.59
Up Beta-0.842.672.082.161.952.22
Down Beta-0.67-0.790.060.860.701.02
Up Capture164%104%108%42%185%165%
Bmk +ve Days7162765139424
Stock +ve Days9162854117329
Down Capture33%38%36%82%115%110%
Bmk -ve Days12233358110323
Stock -ve Days11233165120392

[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
CLNE76.7%62.5%1.15-
Sector ETF (XLE)53.0%22.2%1.8348.0%
Equity (SPY)31.2%17.3%1.4743.1%
Gold (GLD)60.1%27.8%1.693.7%
Commodities (DBC)29.8%16.6%1.5825.0%
Real Estate (VNQ)21.3%15.2%1.0723.6%
Bitcoin (BTCUSD)-5.7%43.7%-0.0120.6%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CLNE
CLNE-29.7%67.4%-0.24-
Sector ETF (XLE)22.6%26.1%0.7839.4%
Equity (SPY)11.1%17.0%0.5041.8%
Gold (GLD)22.1%17.8%1.028.8%
Commodities (DBC)11.8%18.8%0.5224.9%
Real Estate (VNQ)3.7%18.8%0.1035.5%
Bitcoin (BTCUSD)4.0%56.5%0.2924.9%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CLNE
CLNE-2.1%71.6%0.28-
Sector ETF (XLE)10.8%29.5%0.4041.9%
Equity (SPY)13.8%17.9%0.6642.3%
Gold (GLD)14.2%15.9%0.745.7%
Commodities (DBC)8.6%17.6%0.4127.4%
Real Estate (VNQ)5.1%20.7%0.2234.3%
Bitcoin (BTCUSD)67.4%66.9%1.0718.8%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity5.4 Mil
Short Interest: % Change Since 3152026-2.0%
Average Daily Volume1.8 Mil
Days-to-Cover Short Interest3.0 days
Basic Shares Quantity219.3 Mil
Short % of Basic Shares2.5%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/24/2026-5.9%-12.6%-9.1%
11/4/2025-15.8%-18.0%-17.6%
8/7/202512.3%11.8%20.6%
5/8/2025-6.4%14.6%11.7%
2/24/2025-25.5%-29.5%-38.7%
11/6/20240.3%-13.8%-14.8%
8/7/202422.7%31.4%9.9%
5/9/20243.3%8.7%19.9%
...
SUMMARY STATS   
# Positive111110
# Negative121213
Median Positive5.8%14.6%11.5%
Median Negative-7.3%-13.2%-13.5%
Max Positive22.7%31.4%64.1%
Max Negative-34.7%-29.5%-38.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/24/202610-K
09/30/202511/04/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/24/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net loss attributable to Clean Energy Fuels Corp.-71.00 Mil-68.50 Mil-66.00 Mil-68.1% Higher NewActual: -214.70 Mil for 2025
2026 Adjusted EBITDA70.00 Mil72.50 Mil75.00 Mil16.0% Higher NewActual: 62.50 Mil for 2025

Prior: Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Net Loss-217.20 Mil-214.70 Mil-212.20 Mil0 AffirmedGuidance: -214.70 Mil for 2025
2025 Adjusted EBITDA60.00 Mil62.50 Mil65.00 Mil0 AffirmedGuidance: 62.50 Mil for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Littlefair, Andrew JCEO AND PRESIDENTDirectSell81520252.25250,000562,5003,362,933Form
2Vreeland, Robert MCHIEF FINANCIAL OFFICERDirectBuy32420251.6710,00016,7301,082,327Form
3Vreeland, Robert MCHIEF FINANCIAL OFFICERDirectBuy30620251.8310,00018,3001,165,597Form

Industry Resources

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