FuelCell Energy (FCEL) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

FuelCell Energy

NasdaqGM•Industrials•Electrical Equipment & Parts

$17.60-0.11(-0.01%)Market open

Market Cap

$1.22B

P/S

7.9x

P/B

1.2x

FuelCell Energy, Inc., together with its subsidiaries, engages in the design, development, production, construction, operation, and servicing of high temperature fuel cells for clean electric power generation. The company engages in the provision of carbonate fuel cell technology; and commercialization of solid oxide electrolysis technology for distributed hydrogen. It also offers carbonate fuel cell products in various configurations and applications of its platform, including on-site power, grid support, and microgrid; carbon capture, recovery, and utilization technologies; and carbonate-based Tri-gen system that produces zero-carbon hydrogen. In addition, the company sells electricity, heat, steam, capacity, and renewable energy credits. In addition, the company provides turn-key solutions, including development, engineering, procurement, construction, interconnection, and operation services for fuel cell projects. It serves utilities and independent power producers, data centers, wastewater treatment, commercial and hospitality, and microgrids; and industrial, commercial, municipal, and government customers, including manufacturing facilities, pharmaceutical processing facilities, universities, and healthcare facilities. The company primarily operates in the United States, South Korea, Europe, and Canada. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.

How this company scores

WeakMetricSide Score: 54/100

Grade capped at D — Interest coverage below 1× (-15.4x) — earnings cannot cover interest. Strongest: Profitability (17/25); weakest: Cash & Earnings Quality (6/25).

Profitability17/25

Growth14/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality6/25

Strengths

Long cash runwayLow leverageProfit converts from growthImproving leverage

Grade capped at D

Interest coverage below 1× (-15.4x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 7.9x5y range 0.7x – 1264.4x

Currently below its 20-quarter median.

P/B · 1.2x5y range 0.1x – 137.0x

Currently below its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.22B

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $154.14M
Q. Revenue: $33.00M
TTM EBITDA: $-117.98M
TTM Op. Income: $-179.19M
Q. Op. Income: $-46.66M
TTM Net Income: $-175.10M
Q. Net Income: $-44.47M
EPS: $-0.64
Shares Out.: $70.41M

$154.14M in TTM revenue grew 1.1% YoY, reaching $33.00M last quarter. TTM EBITDA of $-117.98M and TTM operating income of $-179.19M show growth is flowing through to the bottom line. However, net income is negative at $175.10M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: -74.2%
EBITDA Margin: -112.9%
Op. Margin: -141.4%
Net Margin: -134.7%

Op. margin of -141.4% is up 62.6% YoY — cost efficiency is improving. Net margin at -134.7% and gross margin of -74.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 31% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 7.9x
P/B Ratio: 1.2x

P/S of 7.9x and P/B of 1.2x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.31B
Cash: $658.08M
Long-Term Debt: $134.78M
Book Value: $982.90M
D/E Ratio: 0.1
Debt/EBITDA: N/A

With $1.31B in assets and $134.78M in long-term debt, D/E is 0.1and book value is $982.90M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-12.20M
TTM Free Cash Flow: $-101.11M
FCF Margin: -65.6%
FCF / Net Income: 0.6

TTM FCF of $-101.11M on $-12.20M in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.