FuelCell Energy (FCEL)
Market Price (9/14/2025): $6.8 | Market Cap: $166.2 MilSector: Industrials | Industry: Electrical Components & Equipment
FuelCell Energy (FCEL)
Market Price (9/14/2025): $6.8Market Cap: $166.2 MilSector: IndustrialsIndustry: Electrical Components & Equipment
Investment Highlights
| 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 -16% | Weak multi-year price returns2Y Excs Rtn is -132%, 3Y Excs Rtn is -160% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -132 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -87% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 79% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -84% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44% | 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 -123% | |
| High stock price volatilityVol 12M is 107% |
| 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 -16% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 79% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44% |
| Weak multi-year price returns2Y Excs Rtn is -132%, 3Y Excs Rtn is -160% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -132 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -87% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -84% |
| 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 -123% |
| High stock price volatilityVol 12M is 107% |
Market Valuation
| 9/14/25 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Share Price CYE | $6.80 | $9.04 | $48.00 | $83.40 | $156.00 |
| Market Cap CYE ($ Mil) | 166.2 | 172.5 | 721.4 | 1,127.7 | 1,908.5 |
| Total Debt ($ Mil) | 148.5 | 156.5 | 139.2 | 104.3 | 97.8 |
| Total Cash ($ Mil) | 174.7 | 257.3 | 353.7 | 458.1 | 432.2 |
| Enterprise Value ($ Mil) | 140.1 | 329.0 | 860.6 | 1,232.0 | 2,006.3 |
| Valuation Ratios | |||||
| P/S TTM | 1.1 | 1.3 | 5.4 | 8.2 | 25.0 |
| P/EBIT TTM | -0.9 | -1.0 | -6.7 | -7.6 | -18.6 |
| P/E TTM | -0.8 | -1.2 | -6.2 | -7.5 | -17.2 |
| Sector Ratios | |||||
| P/S TTM (Sector) | 1.6 | 1.4 | 1.4 | 1.1 | 1.6 |
| P/EBIT TTM (Sector) | 11.4 | 10.2 | 10.0 | 8.3 | 12.1 |
| P/E TTM (Sector) | 16.6 | 13.7 | 14.0 | 11.2 | 15.6 |
| 9/14/25 | 2024 | 2023 | |
|---|---|---|---|
| Share Price CYE | $6.80 | $9.04 | $48.00 |
| Market Cap CYE ($ Mil) | 166.2 | 172.5 | 721.4 |
| Total Debt ($ Mil) | 148.5 | 156.5 | 139.2 |
| Total Cash ($ Mil) | 174.7 | 257.3 | 353.7 |
| Enterprise Value ($ Mil) | 140.1 | 329.0 | 860.6 |
| Valuation Ratios | |||
| P/S TTM | 1.1 | 1.3 | 5.4 |
| P/EBIT TTM | -0.9 | -1.0 | -6.7 |
| P/E TTM | -0.8 | -1.2 | -6.2 |
| Sector Ratios | |||
| P/S TTM (Sector) | 1.6 | 1.4 | 1.4 |
| P/EBIT TTM (Sector) | 11.4 | 10.2 | 10.0 |
| P/E TTM (Sector) | 16.6 | 13.7 | 14.0 |
Business Description
FuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation. It offers SureSource1500, a 1.4-megawatt (MW) platform; SureSource 3000, a 2.8 MW platform; SureSource 4000, a 3.7 MW platform; SureSource 250, a 250- kilowatt (kW) platform; SureSource 400, a 400-kW platform; and SureSource Hydrogen, a 2.3 MW platform that is designed to produce up to 1,200 kilograms of hydrogen per day for multi-megawatt utility, microgrid, and distributed hydrogen applications, as well as on-site heat and chilling applications. It also provides SureSource Capture system that separates and concentrates carbon dioxide from the flue gases of natural gas, biomass, or coal-fired power plants, as well as industrial facilities; solid oxide fuel cell/solid oxide electrolysis cell stack technology.
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Price Returns Compared
Expand for Detailed View| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FCEL Return | 345% | -53% | -47% | -42% | -81% | -24% | -91% |
| Peers Return | 53% | 11% | -19% | 115% | 63% | 32% | 538% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 12% | 104% |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: AMSC, THR, ETN, EMR, VRT. See FCEL Returns vs. Peers.
[3] 2025 data is for the year up to 9/12/2025 (YTD)
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for FuelCell Energy
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 95.58 |
| Mkt Cap | 26.8 |
| Rev LTM | 4,793 |
| Op Inc LTM | 829 |
| FCF LTM | 646 |
| FCF 3Y Avg | 453 |
| CFO LTM | 744 |
| CFO 3Y Avg | 536 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.0% |
| Rev Chg 3Y Avg | 22.5% |
| Rev Chg Q | 22.9% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Mgn LTM | 16.4% |
| Op Mgn 3Y Avg | 14.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 14.2% |
| CFO/Rev 3Y Avg | 12.8% |
| FCF/Rev LTM | 12.1% |
| FCF/Rev 3Y Avg | 10.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.8 |
| P/S | 4.9 |
| P/EBIT | 26.4 |
| P/E | 32.5 |
| P/CFO | 29.5 |
| Total Yield | 2.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.4% |
| 3M Rtn | 13.7% |
| 6M Rtn | 23.6% |
| 12M Rtn | 27.9% |
| 3Y Rtn | 121.5% |
| 1M Excs Rtn | -0.4% |
| 3M Excs Rtn | 1.0% |
| 6M Excs Rtn | 8.0% |
| 12M Excs Rtn | 13.8% |
| 3Y Excs Rtn | 57.9% |
Comparison Analyses
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/9/2025 | 22.7% | ||
| 6/6/2025 | 24.4% | 21.5% | 7.7% |
| 3/11/2025 | 3.6% | -3.3% | -38.2% |
| 11/15/2024 | -12.1% | 13.0% | 54.8% |
| 9/5/2024 | 1.9% | 9.0% | -12.0% |
| 6/10/2024 | 12.6% | -5.7% | -31.0% |
| 3/7/2024 | -9.0% | -15.6% | -7.4% |
| 12/19/2023 | -4.6% | 15.0% | -23.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 6 |
| # Negative | 14 | 15 | 17 |
| Median Positive | 9.8% | 9.0% | 16.7% |
| Median Negative | -10.1% | -11.1% | -17.7% |
| Max Positive | 24.4% | 21.5% | 54.8% |
| Max Negative | -22.9% | -37.2% | -39.4% |
SEC Filings
Expand for More| Report Date | Filing |
|---|---|
| 7312025 | 10-Q 7/31/2025 |
| 4302025 | 10-Q 4/30/2025 |
| 1312025 | 10-Q 1/31/2025 |
| 10312024 | 10-K 10/31/2024 |
| 7312024 | 10-Q 7/31/2024 |
| 4302024 | 10-Q 4/30/2024 |
| 1312024 | 10-Q 1/31/2024 |
| 10312023 | 10-K 10/31/2023 |
| 7312023 | 10-Q 7/31/2023 |
| 4302023 | 10-Q 4/30/2023 |
| 1312023 | 10-Q 1/31/2023 |
| 10312022 | 10-K 10/31/2022 |
| 7312022 | 10-Q 7/31/2022 |
| 4302022 | 10-Q 4/30/2022 |
| 1312022 | 10-Q 1/31/2022 |
| 10312021 | 10-K 10/31/2021 |
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
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