FCEL
FUELCELL ENERGY INC
Technology • CIK: 0000886128
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Market Cap
$268.03M
P/E (TTM)
-1.3x
Rev Growth (TTM)
+48.3%
Net Margin (TTM)
-109.4%
FCF Yield (TTM)
-46.9%
FCF Margin (TTM)
-74.2%
Filing Intelligence
5.0/10
10-Q filed Mar 9, 2026 • Q1 2026
Executive Summary
Operating expenses decreased due to restructuring efforts, leading to a reduced operating loss compared to the prior year.. Strategic focus remains on advancing fuel cell and hydrogen electrolysis...
Key Concerns
- ●The company continues to face risks and uncertainties inherent in forward-looking statements and the clean energy sector.
- ●Certain footnote disclosure information was reclassified to conform to current year presentation, impacting period-over-period...
- ●The company has $82.6 million in unconditional purchase commitments for materials, supplies, and services.
Key Strengths
- ●The company reported increased revenues driven by new product and service agreements, but this was outpaced by higher costs, resulting in a...
- ●Liquidity has improved with higher cash balances, bolstered by new financing and substantial equity sales, though operating cash flow...
Cash Flow Health
Free Cash Flow0/8 positive
TTM$-126M
Q1 '26
$-35M-45%
Q4 '25
$-24M+26%
FCF Margin
TTM-74.2%
Q1 '26-113.7%-162%
Sector: 9.1%Below Avg
OCF Margin-66.9%
OCF/NI0.61x
CapEx Coverage-9.2x
FCF Yield-46.9%
FCF Growth (2Y)–
Cash Conversion Cycle
179 days
DSO: 17+DIO: 196−DPO: 34
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-125.8M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-24.9%
Volatile
-0.1% YoY-20.8%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-109.9%
8Q: -118.9%
Asset Turnover
0.19x
8Q: 0.15x
Leverage (1+D/E)
1.20x
D/E: 0.20x
DuPont: -24.9% ≈ -24.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.52x
8Q:1.18x
+89.6%
Invested Cap Turn
0.35x
8Q:0.27x
+18.6%
CapEx Intensity
2.6%
8Q:5.1%
CapEx/Depreciation
0.30x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $169.7M | $30.5M↓44.5% | $55.0M↑17.7% | $46.7M↑25.0% | $37.4M↑96.9% | $19.0M | $0↓100.0% | $23.7M↑5.7% | $22.4M |
Operating Income | $-185.8M | $-26.3M↑7.2% | $-28.3M↑70.3% | $-95.4M↓166.3% | $-35.8M↓9.0% | $-32.9M | $0↑100.0% | $-33.6M↑18.7% | $-41.4M |
Net Income | $-185.6M | $-23.7M↑22.9% | $-30.7M↑66.8% | $-92.5M↓138.0% | $-38.8M↓33.4% | $-29.1M | $0↑100.0% | $-33.5M↓1.6% | $-32.9M |
Operating Cash Flow | $-113.5M | $-33.9M↓48.4% | $-22.9M↑14.8% | $-26.8M↑10.2% | $-29.9M↑34.6% | $-45.7M | $0↑100.0% | $-63.4M↓70.7% | $-37.1M |
Free Cash Flow | $-125.8M | $-34.7M↓45.4% | $-23.9M↑25.6% | $-32.1M↑8.8% | $-35.2M↑33.4% | $-52.8M | $0↑100.0% | $-76.8M↓52.5% | $-50.3M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-1.3x
Volatile
8Q: -1.8x-2807%
Valuation Lenses
Earnings
-1.3x
vs – sector
Cash Flow
-0.9x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -24.9%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$268.03M
EV$107.80M
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-36/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
-29.8%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-24.9%
8Q:–
-20.8%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -109.9%
Asset Turnover: 0.19x
Earnings Quality
Cash Conversion
0.61x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin-15.9%
Capital Efficiency
Invested Capital Turnover0.35x
Working Capital
Cash Conversion Cycle179 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
48.3%
OpInc Growth YoY
20.0%
EPS Growth YoY
20.4%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
-15.9%
Operating
-109.5%
Top 25% in sector
Net
-109.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+35.2 pts
FCF: -74.2% | Net: -109.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $241.39M
Interest Coverage
–
+Net cash position: $241.39M
Balance sheet risk & solvency analysis