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Clean Energy Fuels Corp. (CLNE) stock

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NASDAQ: CLNE Nasdaq Gas Utilities Next results ~November 5, 2026

D Fundamentals grade

Clean Energy Fuels Corp. is a US-listed company in the gas utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 2849% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 2849% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Clean Energy Fuels Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 1 selling3 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds85 adding, 92 cuttingOf 39 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Clean Energy Fuels files

Where Clean Energy Fuels stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $442m, up 5.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 5.2% from 13.6% a year earlier. Operating margin widened to -7.3% from -37.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks.

Our model value for Clean Energy Fuels is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Clean Energy Fuels Corp.'s trailing-twelve-month revenue grew 5.2% year on year, with a free-cash-flow margin of 5.2%. Where it stands out: long-term debt as % of assets of 22.3% ranks 2 of 12 gas utilities companies we cover. Where it lags: operating margin of -7.3% ranks 12 of 12 gas utilities companies we cover.

Our discounted-cash-flow model values the business at ~$2.4 per share in the base case (~$1.6–$3.3 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 60.1% while net income grew 53.8%: a 114pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 30.0 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -7.3%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 53% and a beta of -0.1 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.0% ranks 6 of 6 gas utilities companies we cover (median 0.8%).
  • Below peers: days sales outstanding. Days sales outstanding of 76 days ranks 8 of 8 gas utilities companies we cover (median 35 days).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 186.7% over 90 days.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.01 against an average estimate of -$0.01: beat by 0.0%
Revenue
$106m, up 3.7% on a year earlier
Share reaction
-16.0% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
GAAP net loss $-71m to $-66m (2026); adjusted EBITDA $70m to $75m (2026)
Next report
November 5, 2026; average EPS estimate -$0.04

Clean Energy Fuels' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+7.9%
  • 1 week+7.2%
  • 1 month+0.3%
  • This year-31.0%
  • 1 year-45.8%
  • 5 years-83.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$442M
Operating margin
-7.3%
Net margin
-21.3%
EPS (TTM, diluted)
$-0.43

Growth

Revenue growth
+5.2%
Change in growth rate
−0.3 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$22.9M
FCF margin
5.2%
Stock pay % of revenue
2.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Clean Energy Fuels Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 2849% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Our value per share comes from a discounted-cash-flow model of Clean Energy Fuels Corp.'s free cash flow after stock-based pay ( $39.8M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$3.60$2.86$2.03$1.72$2.34$7.86$6.13$5.20$3.83$2.51$2.10$1.45
Market value$330m$341m$305m$311m$482m$1.6bn$1.3bn$1.2bn$854m$561m$463m$318m
+ Net debt (− = net cash)$523m$276m$224m$54m$40m−$23m−$63m$26m$195m$211m$95m$193m
Enterprise value$853m$618m$529m$365m$522m$1.6bn$1.2bn$1.2bn$1.0bn$771m$558m$512m
Multiples
Price / sales 0.9x0.8x0.9x0.9x1.4x5.4x5.1x2.8x2.0x1.3x1.1x0.7x
Price / earnings ————23.6x———————
Price / free cash flow —15.1x—24.4x—33.0x71.7x52.1x——7.7x13.9x
EV / EBITDA 62.8x14.8x—6.5x8.8x41.1x—n/m—92.0x—32.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

38 /100

Weak moat

How hard Clean Energy Fuels's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -6.8% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -11.0%; its worst year was -40.7%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 2.2% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 9.5% over five years; stock-based pay has been a median 2.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $104m and EPS of −$0.04 (range −$0.09 to −$0.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.09 −1025% $432m +2%
Next −$0.04 +54% $436m +1%

Next year's EPS estimate has moved −186.7% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +326.9% on 90 days ago. In the last 30 days, 0 analysts raised Clean Energy Fuels Corp.'s forecast and 0 cut it.

Consensus EPS forecast Clean Energy Fuels Corp., last 90 days
−$0.10 −$0.05 $0.00 $0.05 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.02 Current fiscal year, 60 days ago: −$0.09 Current fiscal year, 30 days ago: −$0.09 Current fiscal year, 7 days ago: −$0.09 Current fiscal year, Now: −$0.09 −$0.09 Next fiscal year, 90 days ago: $0.05 Next fiscal year, 60 days ago: −$0.04 Next fiscal year, 30 days ago: −$0.04 Next fiscal year, 7 days ago: −$0.04 Next fiscal year, Now: −$0.04 −$0.04

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.02$0.05
60 days ago −$0.09−$0.04
30 days ago −$0.09−$0.04
7 days ago −$0.09−$0.04
Now −$0.09−$0.04

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.01 −$0.01 0.0%
Mar 2026 −$0.03 −$0.01 +63.6%
Dec 2025 −$0.04 $0.00 +100.0%
Sept 2025 −$0.04 $0.00 +100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • GAAP net loss 2026 $-71m to $-66m GAAP
    “Our GAAP net loss for 2026 is expected to range from approximately $(71) million to $(66) million, assuming no unrealized gains or losses on customer contracts relating to the Company's truck financing program and Amazon warrant charges estimated to be approximately $47 million.” source
  • Adjusted EBITDA 2026 $70m to $75m Non-GAAP
    “Adjusted EBITDA for 2026 is estimated to range from approximately $70 million to $75 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Clean Energy Fuels Corp.'s revenue by -0.5% next year and +1.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-1.9%, weight 62%) and the company's own record (+2.0%, weight 38%) . How the weights are set.

Analyst recommendations

6 analysts, Oct 2026
Buy467%
Hold233%
Sell00%

Monthly trend

  1. Oct 2026426
  2. Sep 2026426
  3. Aug 2026426
  4. Jul 2026426

Counts of recommendations published by analysts covering Clean Energy Fuels Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.5%
of tradable shares
Days to cover
3.8
at average volume
Short interest, 1 month
−25%
to October 15, 2026
Held by institutions
51%
of shares
Held by insiders
22.0%
of shares
Employees
503
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −49.3%

$2.86 on October 31, 2025 to $1.45

ThenNowEffect
Revenue (last 12 months) $421m $442m +5.2%
P/S multiple 1.5x 0.7x −52.5%
Share count 223m 220m +1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −62.4%

$3.86 on November 3, 2023 to $1.45

ThenNowEffect
Revenue (last 12 months) $462m $442m −4.3%
P/S multiple 1.9x 0.7x −61.3%
Share count 223m 220m +1.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CLNE−22%−15%−26%−35%−16%−31%
Industry peers (median)+16%+2%−7%+13%+16%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CLNE58%50%33%42%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CLNE−68%−50%−47%−42%−63%−51%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 93% from February 9, 2021 to April 8, 2025. Getting back needed a 1312% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.35 – $2.89
From 52-week high
−49.8%
vs 50-day average
−7.0%
vs 200-day average
−28.0%
Volatility (1 year)
53%
Beta vs S&P 500
-0.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±10.1%
After a week
4 up, 8 down
typical move ±14.8%
After a month
5 up, 7 down
typical move ±15.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −16.0% +0.5% −4.8% −12.2%
May 7, 2026 −1.3% +0.5% −8.5% −12.1%
February 24, 2026 −6.3% +1.6% −12.9% −9.4%
November 4, 2025 −19.0% −0.8% −21.1% −18.7%
August 7, 2025 +12.8% +0.7% +12.3% +21.2%
May 8, 2025 0.0% +0.6% +22.5% +19.4%
February 24, 2025 −27.9% −1.0% −31.8% −40.7%
November 6, 2024 +5.2% +3.3% −9.7% −10.6%
August 7, 2024 +19.8% +1.6% +28.2% +7.3%
May 9, 2024 +5.1% +0.7% +10.5% +21.9%
February 27, 2024 −1.4% +0.1% −6.8% −11.1%
November 9, 2023 −6.1% +0.8% −8.4% +0.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Clean Energy Fuels Corp. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Clean Energy Fuels Corp.
$380M $400M $420M $440M $460M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $432.1M Revenue (TTM), FY23 Q4: $425.2M Revenue (TTM), FY24 Q1: $396.7M Revenue (TTM), FY24 Q2: $404.1M Revenue (TTM), FY24 Q3: $413.4M Revenue (TTM), FY24 Q4: $415.9M Revenue (TTM), FY25 Q1: $415.9M Revenue (TTM), FY25 Q2: $420.6M Revenue (TTM), FY25 Q3: $421.8M Revenue (TTM), FY25 Q4: $424.8M Revenue (TTM), FY26 Q1: $438.6M Revenue (TTM), FY26 Q2: $442.4M $442.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $432.1M
FY23 Q4 $425.2M
FY24 Q1 $396.7M
FY24 Q2 $404.1M
FY24 Q3 $413.4M
FY24 Q4 $415.9M
FY25 Q1 $415.9M
FY25 Q2 $420.6M
FY25 Q3 $421.8M
FY25 Q4 $424.8M
FY26 Q1 $438.6M
FY26 Q2 $442.4M
Revenue growth, TTM YoY Clean Energy Fuels Corp.
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 8.5% Revenue growth, TTM YoY, FY23 Q4: 1.2% Revenue growth, TTM YoY, FY24 Q1: -15.4% Revenue growth, TTM YoY, FY24 Q2: -12.6% Revenue growth, TTM YoY, FY24 Q3: -4.3% Revenue growth, TTM YoY, FY24 Q4: -2.2% Revenue growth, TTM YoY, FY25 Q1: 4.8% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 2.0% Revenue growth, TTM YoY, FY25 Q4: 2.2% Revenue growth, TTM YoY, FY26 Q1: 5.5% Revenue growth, TTM YoY, FY26 Q2: 5.2% 5.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 8.5%
FY23 Q4 1.2%
FY24 Q1 -15.4%
FY24 Q2 -12.6%
FY24 Q3 -4.3%
FY24 Q4 -2.2%
FY25 Q1 4.8%
FY25 Q2 4.1%
FY25 Q3 2.0%
FY25 Q4 2.2%
FY26 Q1 5.5%
FY26 Q2 5.2%
Operating margin (TTM) Clean Energy Fuels Corp.
-40% -30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -18.7% Operating margin (TTM), FY23 Q4: -18.0% Operating margin (TTM), FY24 Q1: -12.7% Operating margin (TTM), FY24 Q2: -10.6% Operating margin (TTM), FY24 Q3: -7.3% Operating margin (TTM), FY24 Q4: -8.7% Operating margin (TTM), FY25 Q1: -36.9% Operating margin (TTM), FY25 Q2: -37.3% Operating margin (TTM), FY25 Q3: -38.4% Operating margin (TTM), FY25 Q4: -37.6% Operating margin (TTM), FY26 Q1: -8.3% Operating margin (TTM), FY26 Q2: -7.3% -7.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -18.7%
FY23 Q4 -18.0%
FY24 Q1 -12.7%
FY24 Q2 -10.6%
FY24 Q3 -7.3%
FY24 Q4 -8.7%
FY25 Q1 -36.9%
FY25 Q2 -37.3%
FY25 Q3 -38.4%
FY25 Q4 -37.6%
FY26 Q1 -8.3%
FY26 Q2 -7.3%
FCF margin (TTM) Clean Energy Fuels Corp.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -10.9% FCF margin (TTM), FY23 Q4: -13.4% FCF margin (TTM), FY24 Q1: -9.1% FCF margin (TTM), FY24 Q2: -4.5% FCF margin (TTM), FY24 Q3: -0.3% FCF margin (TTM), FY24 Q4: -0.1% FCF margin (TTM), FY25 Q1: 7.5% FCF margin (TTM), FY25 Q2: 13.6% FCF margin (TTM), FY25 Q3: 15.1% FCF margin (TTM), FY25 Q4: 14.1% FCF margin (TTM), FY26 Q1: 6.5% FCF margin (TTM), FY26 Q2: 5.2% 5.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -10.9%
FY23 Q4 -13.4%
FY24 Q1 -9.1%
FY24 Q2 -4.5%
FY24 Q3 -0.3%
FY24 Q4 -0.1%
FY25 Q1 7.5%
FY25 Q2 13.6%
FY25 Q3 15.1%
FY25 Q4 14.1%
FY26 Q1 6.5%
FY26 Q2 5.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 132 212 293 334 352 429 384 403 342 346 344 292 256 420 425 416 425 442
EBITDA −16 17 −8 −34 −9 −5 14 42 −78 56 60 38 −50 3 −31 8 −61 16
Operating income −33 −6 −39 −71 −52 −54 −42 −18 −134 4 10 −10 −95 −52 −76 −36 −160 −32
Net income −33 −3 −48 −101 −67 −90 −134 −12 −79 −4 20 −10 −93 −59 −99 −83 −222 −94
Diluted EPS −$0.60 −$0.04 −$0.68 −$1.16 −$0.71 −$0.96 −$1.47 −$0.10 −$0.53 −$0.02 $0.10 −$0.05 −$0.44 −$0.26 −$0.45 −$0.37 −$1.01 −$0.43
Growth (year on year)
Revenue — +61.1% +38.2% +14.1% +5.5% +21.7% −10.4% +4.8% −15.2% +1.4% −0.7% −15.2% −12.4% +64.4% +1.2% −2.2% +2.2% +5.2%
EBITDA — — −148.1% — — — — +206.2% −287.0% — +6.8% −36.5% −231.8% — — — −830.7% —
Operating income — — — — — — — — — — — −199.2% — — — — — —
Net income — — — — — — — — — — — −148.3% — — — — — —
Diluted EPS — — — — — — — — — — — −150.0% — — — — — —
Margins
EBITDA margin −12.4% 8.0% −2.8% −10.3% −2.7% −1.2% 3.5% 10.3% −22.8% 16.1% 17.3% 13.0% −19.5% 0.7% −7.2% 2.0% −14.4% 3.5%
Operating margin −25.3% −2.6% −13.2% −21.1% −14.7% −12.7% −10.8% −4.4% −39.4% 1.1% 2.9% −3.4% −37.2% −12.3% −18.0% −8.7% −37.6% −7.3%
Net margin −25.3% −1.2% −16.3% −30.3% −19.0% −20.9% −34.9% −3.0% −23.2% −1.1% 5.9% −3.4% −36.4% −14.0% −23.4% −20.0% −52.3% −21.3%
Free-cash-flow margin −13.1% −24.3% −32.1% −63.7% −25.9% −38.4% −16.5% 5.6% −11.9% 3.7% −4.3% 16.4% 7.1% 5.3% −13.4% −0.1% 14.1% 5.2%
Cash flow
Cash from operations 13 −11 −27 −20 −5 −76 −12 46 −4 38 12 61 41 67 44 65 86 47
Capital spending 30 41 67 193 87 89 51 24 36 25 27 13 23 45 101 65 26 24
Free cash flow −17 −52 −94 −213 −91 −165 −64 23 −41 13 −15 48 18 22 −57 −0 60 23
Stock-based pay 14 12 13 22 23 12 11 8 8 5 4 3 15 26 23 11 9 9
Free cash flow after stock pay −31 −63 −107 −235 −114 −176 −74 15 −49 7 −19 45 3 −4 −80 −11 51 14
Balance sheet
Cash 67 55 238 109 240 92 44 36 36 30 49 109 99 124 105 90 156 57
Total debt 0 64 289 331 620 571 567 312 260 84 89 86 36 150 300 300 250 250
Net debt (negative = net cash) −67 9 51 223 380 478 523 276 224 54 40 −23 −63 26 195 211 95 193
Diluted shares 55m 63m 70m 87m 94m 94m 92m 119m 150m 181m 206m 201m 213m 222m 223m 223m 221m 220m
Returned to shareholders
Buybacks — — — — — — 0 0 9 0 — 15 3 6 0 0 8 0
Total returned — — — — — — 0 0 9 0 — 15 3 6 0 0 8 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $1.0bn
Short-term assets $324mLonger-term assets $702m
What it owes, and who funded it · $1.0bn
Short-term liabilities $131mLonger-term liabilities $336mShareholders' equity $553m
  • Short-term assets cover short-term liabilities $324m of assets due within a year against $131m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $324m short-term assets against $336m of longer-dated liabilities.
  • More cash than debt $57m of cash against $229m of debt.
  • Debt below 40% of shareholders' equity Debt is 41% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 3% to 41% over five years.
  • A year's operating cash flow covers at least 20% of debt $47m of operating cash flow against $229m of debt.
  • Operating profit covers interest at least five times over Operating income of −$32m against $49m of interest.

From Clean Energy Fuels Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$7.9M
Diluted share count
−1.4%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
Sales & admin spending
24.0%
of revenue
Days sales outstanding
76 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in gas utilities
Last 12 months unless stated CLNE OPAL CPK NWN SPH RGCO Median
Revenue, last 12 months $442m $340m $994m $1.3bn $1.4bn $107m $1.7bn
Revenue growth, last 12 months 5.2% 3.0% 14.6% 4.4% −2.5% 13.8% 6.4%
Revenue growth, 3-year average −1.4% 13.7% 13.9% 2.7% −1.1% 2.6% 0.8%
Revenue growth, latest quarter 3.7% 3.7% 4.7% 3.1% 0.5% −0.9% 3.7%
Gross margin — — — — 63.1% 50.0% 56.6%
Operating margin −7.3% 0.7% 27.3% 22.8% 15.1% 17.3% 19.4%
Operating margin, 3-year average −18.4% 5.0% 27.1% 19.6% 14.6% 19.5% 19.6%
Net margin −21.3% −0.1% 15.1% 9.7% 9.4% 13.1% 11.4%
Cash from operations / revenue 10.5% 11.3% 31.0% 16.5% 13.0% 21.5% 19.0%
Free-cash-flow margin 5.2% −15.2% −20.9% −20.6% 7.3% 1.9% 2.2%
Free-cash-flow margin, 3-year average 4.8% −17.6% −16.4% −16.2% 8.1% 1.1% 2.6%
Stock pay / revenue 2.0% 2.0% 0.8% — — 0.7% 0.8%
Change in share count −1.4% 4.7% −65.7% 4.3% 1.2% 1.0% 1.3%

Median of all 12 companies we cover in gas utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 gas utilities companies
Measure Company Peer median Rank
Revenue growth Growth 5.2% 6.5% 8 of 12
Change in growth rate Growth -0.3pp -1.1pp 4 of 12
Operating margin Profitability -7.3% 21.6% 12 of 12
Net margin Profitability -21.3% 13.1% 12 of 12
Free-cash-flow margin Cash generation 5.2% 2.6% 4 of 12
Stock pay as % of revenue Cash generation 2.0% 0.8% 6 of 6
Long-term debt as % of assets Balance sheet 22.3% 39.9% 2 of 12
Change in share count Balance sheet -1.4% 2.0% 3 of 10
Days sales outstanding Balance sheet 76 days 35 days 8 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $365M ▲ 2.5%
Volume Related Product Revenue $331M 0.0%
Volume Related Fuel Sales $288M ▲ 11.1%
Services $59.4M ▲ 0.4%
Volume Related Operations and Maintenance Service Revenue $56.7M ▼ 0.3%
Station Construction Sales $34M ▲ 34.9%
Volume Related Renewable Identification Number Credits $32.2M ▼ 17.4%
Volume Related Low Carbon Fuel Standard Credits $13.1M ▲ 31.1%
Other Service Revenue Source $2.6M ▲ 16.0%
Federal Alternative Fuels Tax Credit $198,000 ▼ 99.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $418M 98.4% ▲ 1.9%
Canada $7M 1.6% ▲ 22.6%

From Clean Energy Fuels Corp.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$223M
Institutions reporting
190
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
15 / 35

Top buyers and sellers, Q2 2026: 85 institutions bought and 92 sold ; the biggest buyer was Global Alpha Capital Management Ltd (+2.4M shares) and the biggest seller Millennium Management LLC (−910K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $30.8M 15.0M 13.8% ▼ 2.5%
Grantham, Mayo, Van Otterloo & Co. LLC $22.4M 10.9M 10.1% ▼ 2.3%
Global Alpha Capital Management Ltd. $19.5M 9.5M 8.8% ▲ 33.5%
Vanguard Capital Management LLC $15.1M 7.4M 6.8% ▲ 1.8%
State Street Corp $13.1M 6.4M 5.9% ▲ 9.1%
Dimensional Fund Advisors LP $11.6M 5.7M 5.2% ▼ 13.4%
Geode Capital Management, LLC $9.2M 4.5M 4.1% ▲ 2.4%
Vanguard Portfolio Management LLC $8.1M 3.9M 3.6% ▼ 0.3%
D. E. Shaw & Co., Inc. $6.3M 3.1M 2.8% ▼ 5.3%
Ecp Controlco, LLC $5.3M 2.6M 2.4% 0.0%
Arrowstreet Capital, Limited Partnership $4.9M 2.4M 2.2% ▲ 89.5%
Sir Capital Management, L.P. $4.3M 2.1M 1.9% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Clean Energy Fuels Corp.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $109,030 3 trades by 2 insiders, last 12 months Insider sales History → $338,250 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $229,220 net selling
Insider Date Trade Shares Price Value
Corbus Barclay PRESIDENT AND CEO August 10, 2026 Buy 25,000 $1.62 $40,500
Scully Stephen Director June 25, 2026 Buy 25,000 $1.75 $43,750
Corbus Barclay PRESIDENT AND CEO June 23, 2026 Buy 14,000 $1.77 $24,780
Littlefair Andrew J Director May 18, 2026 Sell 165,000 $2.05 $338,250

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

No trades in Clean Energy Fuels Corp. disclosed in the last 12 months; 10 earlier trades on record.

  • Austin Scott(R-GA 8):Sale (full), $1,001 - $15,000, traded July 15, 2024, filed August 13, 2025
  • Austin Scott(R-GA 8):Sale (full), $1,001 - $15,000, traded October 21, 2021, filed October 21, 2021
  • Katherine M. Clark(D-MA 5):Sale (full), $1,001 - $15,000, traded September 16, 2021, filed October 14, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 24, 2026
  • November 4, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Clean Energy Fuels Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Clean Energy Fuels Corp. in brief

What does Clean Energy Fuels Corp. do?
Clean Energy Fuels Corp. is a US-listed company in the gas utilities industry. Its financial year ends in December.
What is Clean Energy Fuels Corp.'s stock ticker?
Clean Energy Fuels Corp. trades under the ticker CLNE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Clean Energy Fuels Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Clean Energy Fuels Corp. reported revenue of $442M, 5.2% higher than a year earlier, according to its SEC filings.
What is Clean Energy Fuels Corp.'s free cash flow?
Clean Energy Fuels Corp.'s free-cash-flow margin is 5.2% of revenue over the trailing twelve months, ranking 4 of the 12 gas utilities companies we cover.
Who are Clean Energy Fuels Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Grantham, Mayo, Van Otterloo & Co. LLC and Global Alpha Capital Management Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Clean Energy Fuels Corp. buying back stock, and does it pay a dividend?
Clean Energy Fuels Corp. spent $0 on share repurchases over the trailing twelve months, and its diluted share count fell 1.4% over the year.
What is Clean Energy Fuels Corp.'s market cap?
On November 2, 2026, Clean Energy Fuels Corp.'s market capitalisation was about $318M and net debt of $193M. Market figures come from third-party market data and may be delayed.
How much debt does Clean Energy Fuels Corp. have?
Clean Energy Fuels Corp.'s debt-to-equity ratio is 41.4%, from its latest balance sheet (3.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Clean Energy Fuels Corp.'s competitors?
In our Gas Utilities peer group, the companies closest to Clean Energy Fuels Corp. are Opal Fuels Inc., Chesapeake Utilities Corp, Northwest Natural Holding Co, Suburban Propane Partners LP and RGC Resources Inc. The side-by-side comparison below sets their revenue, margins and growth against Clean Energy Fuels Corp.'s.
Are insiders buying or selling Clean Energy Fuels Corp. stock?
Over the last 12 months, Clean Energy Fuels Corp.'s directors and officers reported 3 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Clean Energy Fuels Corp.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Clean Energy Fuels Corp. announces its own schedule.