FCEL
FUELCELL ENERGY INC
Technology • CIK: 0000886128
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Market Cap
$230.40M
P/E (TTM)
-1.2x
Rev Growth (TTM)
+41.0%
Net Margin (TTM)
-1.2%
FCF Yield (TTM)
-62.5%
FCF Margin (TTM)
-91.0%
Cash Flow Health
Free Cash Flow0/8 positive
TTM$-144M
Q4 '25
$-24M+26%
Q '25
$-32M+9%
FCF Margin
TTM-91.0%
Q4 '25-43.4%+37%
Sector: 14.5%Below Avg
OCF Margin-79.2%
OCF/NI0.66x
CapEx Coverage-6.7x
FCF Yield-62.5%
FCF Growth (2Y)–
Cash Conversion Cycle
208 days
DSO: 21+DIO: 224−DPO: 38
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-143.9M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-40.8%
Volatile
-0.6% YoY-9.9%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-121.7%
8Q: -130.0%
Asset Turnover
0.18x
8Q: 0.13x
Leverage (1+D/E)
1.18x
D/E: 0.18x
DuPont: -25.5% ≈ -40.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.31x
8Q:0.98x
+155.5%
Invested Cap Turn
0.34x
8Q:0.25x
+33.8%
CapEx Intensity
3.9%
8Q:7.4%
CapEx/Depreciation
0.46x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q 2025 | Q2 2025 | Q 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $158.2M | $55.0M↑17.7% | $46.7M↑25.0% | $37.4M↑96.9% | $19.0M↓61.5% | $49.3M↑108.2% | $23.7M↑5.7% | $22.4M↑34.3% | $16.7M |
Operating Income | $-192.3M | $-28.3M↑70.3% | $-95.4M↓166.3% | $-35.8M↓9.0% | $-32.9M↑19.9% | $-41.0M↓22.1% | $-33.6M↑18.7% | $-41.4M↑2.6% | $-42.5M |
Net Income | $-191.1M | $-30.7M↑66.8% | $-92.5M↓138.0% | $-38.8M↓33.4% | $-29.1M↑31.0% | $-42.2M↓26.2% | $-33.5M↓1.6% | $-32.9M↓60.0% | $-20.6M |
Operating Cash Flow | $-125.3M | $-22.9M↑14.8% | $-26.8M↑10.2% | $-29.9M↑34.6% | $-45.7M↓882.0% | $5.8M↑109.2% | $-63.4M↓70.7% | $-37.1M↑36.3% | $-58.3M |
Free Cash Flow | $-143.9M | $-23.9M↑25.6% | $-32.1M↑8.8% | $-35.2M↑33.4% | $-52.8M↓1022.8% | $-4.7M↑93.9% | $-76.8M↓52.5% | $-50.3M↑26.9% | $-68.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-1.2x
Valuation Lenses
Earnings
-1.2x
vs – sector
Cash Flow
-0.1x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -40.8%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$230.40M
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-52/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
-31.1%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-40.8%
8Q:–
-9.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -121.7%
Asset Turnover: 0.18x
Earnings Quality
Cash Conversion
0.66x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin-16.7%
Capital Efficiency
Invested Capital Turnover0.34x
Working Capital
Cash Conversion Cycle208 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
41.0%
OpInc Growth YoY
31.0%
EPS Growth YoY
7.9%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
-16.7%
Operating
-121.6%
Below Avg in sector
Net
-120.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+29.8 pts
FCF: -91.0% | Net: -120.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $222.15M
Interest Coverage
–
+Net cash position: $222.15M
Leverage Metrics
Debt-to-Equity
0.18x
Balance sheet risk & solvency analysis