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Fuelcell Energy Inc (FCEL) stock

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NASDAQ: FCEL Nasdaq Electrical Components & Equipment Next results ~December 17, 2026

D Fundamentals grade

Fuelcell Energy Inc is a US-listed company in the electrical components & equipment industry. Its financial year ends in October.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$4.8

Valuation models combined (2)

Base case. Range ~$3.6–$5.1. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Fuelcell Energy Inc 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.

  • Insiders1 buying, 2 selling2 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds157 adding, 61 cuttingOf 41 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Fuelcell Energy files

Where Fuelcell Energy stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $154m, up 1.1% on a year earlier, slower than the 29.7% growth a quarter earlier. That puts it 27 of 29 for growth among the electrical components & equipment companies we cover. Free-cash-flow margin rose to -65.6% from -81.8% a year earlier. Operating margin widened to -116.3% from -134.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 7 financial-health checks. Our price-to-sales vs peers value is $3.11 a share, against a share price of $12.36.

Source: 10-Q filed September 2, 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 ~December 17, 2026 (estimated)

Fuelcell Energy Inc's trailing-twelve-month revenue grew 1.1% year on year, with a free-cash-flow margin of -65.6%. Where it stands out: days sales outstanding of 17 days ranks 4 of 50 electrical components & equipment companies we cover. Where it lags: gross margin of -32.4% ranks 52 of 54 electrical components & equipment companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 58% year over year while revenue grew 1% — the balance sheet is expanding 57 points faster than the business it supports.

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 18.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Growth slowing. The growth rate is 28.6 points lower than a quarter earlier.
  • Loss-making. Operating margin is -116.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -65.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 21.6% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 135% and a beta of 3.8 against the S&P 500.
  • Gross margin slipping. Gross margin is down 12.3 points on a year ago.

Latest results: FY2026 Q3

Filed September 2, 2026
Earnings per share
-$0.64 against an average estimate of -$0.39: missed by 62.2%
Revenue
$33m, down 29.4% on a year earlier
Share reaction
-14.1% in the first session after the results on September 2, 2026, against +1.5% for the S&P 500
Next report
September 2, 2026; average EPS estimate -$0.35

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

Price chart

  • 1 day-6.4%
  • 1 week-8.4%
  • 1 month-43.2%
  • This year+43.6%
  • 1 year+17.3%
  • 5 years-96.3%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$154M
Operating margin
-116.3%
Net margin
-113.6%
EPS (TTM, diluted)
$-8.17

Growth

Revenue growth
+1.1%
Change in growth rate
−28.6 pts

Cash

Free cash flow (TTM)
-$101M
FCF margin
-65.6%
Stock pay % of revenue
6.4%

Earnings

Last results
September 2, 2026
Next results (est.)
December 17, 2026

News & updates

Updated October 31, 2026

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

  1. Leadership
  2. Leadership
  3. Results
  4. Announcement
  5. Agreement

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

Fuelcell Energy Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Fuelcell Energy Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.1 ~$3.2–$6.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.6 ~$3.2–$12 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.8 ~$3.6–$5.1 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fuelcell Energy Inc with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025
Share price$1206.00$788.40$306.00$7.20$60.00$239.70$93.60$32.70$10.20$8.95
Market value$3.2bn$3.5bn$2.3bn$53m$444m$2.7bn$1.2bn$458m$168m$230m
+ Net debt (− = net cash)−$1m$38m$49m$97m$15m−$345m−$376m−$130m−$16m−$158m
Enterprise value$3.2bn$3.5bn$2.3bn$150m$459m$2.3bn$820m$327m$152m$72m
Multiples
Price / sales 29.5x36.6x25.2x0.9x6.3x38.4x9.2x3.7x1.5x1.5x
Price / earnings ——————————
Price / free cash flow ——n/m———————
EV / EBITDA ——————————

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

16 /100

Weak moat

How hard Fuelcell Energy'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

    Cash operating profit has been a median -9.0% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median -20.6%, moving by 14.2 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -93.2%; its worst year was -180.4%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -102.2% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 52129.8% over five years; stock-based pay has been a median 5.8% 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.10 +72% $149m −6%
Next −$1.02 +51% $242m +62%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +21.0% on 90 days ago. In the last 30 days, 0 analysts raised Fuelcell Energy Inc's forecast and 1 cut it.

Consensus EPS forecast Fuelcell Energy Inc, last 90 days
−$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.73 Current fiscal year, 60 days ago: −$1.76 Current fiscal year, 30 days ago: −$2.17 Current fiscal year, 7 days ago: −$2.17 Current fiscal year, Now: −$2.10 −$2.10 Next fiscal year, 90 days ago: −$1.19 Next fiscal year, 60 days ago: −$1.09 Next fiscal year, 30 days ago: −$0.97 Next fiscal year, 7 days ago: −$1.02 Next fiscal year, Now: −$1.02 −$1.02

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.73−$1.19
60 days ago −$1.76−$1.09
30 days ago −$2.17−$0.97
7 days ago −$2.17−$1.02
Now −$2.10−$1.02

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 −$0.39 −$0.64 −62.2%
Apr 2026 −$0.43 −$0.53 −21.8%
Jan 2026 −$0.68 −$0.52 +23.1%
Oct 2025 −$1.03 −$0.93 +9.7%

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

Management guidance

Earnings release, September 2, 2026

No numeric guidance in Fuelcell Energy Inc's latest earnings release (filed September 2, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

11 analysts, Oct 2026
Buy655%
Hold327%
Sell218%

Monthly trend

  1. Oct 2026631111
  2. Sep 2026641112
  3. Aug 202642118
  4. Jul 202642118

Counts of recommendations published by analysts covering Fuelcell Energy Inc, 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
32.3%
of tradable shares
Days to cover
3.89
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
58%
of shares
Held by insiders
7.8%
of shares
Employees
424
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 +17.3%

$8.95 on October 31, 2025 to $10.50

ThenNowEffect
Revenue (last 12 months) $152m $154m +1.1%
P/S multiple 2.5x 3.8x +50.0%
Share count 43m 55m −22.6%

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
FCEL−53%−47%−42%−81%−19%+44%
Industry peers (median)−4%−30%−16%−7%+14%−36%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FCEL42%33%50%8%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FCEL−82%−63%−76%−88%−72%−71%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 100% from November 4, 2015 to April 22, 2025. Getting back needed a 111085% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.00 – $36.01
From 52-week high
−70.8%
vs 50-day average
−33.3%
vs 200-day average
−29.8%
Volatility (1 year)
135%
Beta vs S&P 500
3.82

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
9 up, 3 down
typical move ±13.1%
After a week
7 up, 5 down
typical move ±14.3%
After a month
6 up, 6 down
typical move ±30.7%
Results releasedNext dayS&P 500 next day5 days21 days
September 2, 2026 −14.1% +1.5% −8.7% +8.1%
June 8, 2026 +0.9% −0.1% +1.0% +32.7%
March 9, 2026 −7.2% +0.7% −9.1% −15.7%
December 18, 2025 +5.6% +1.7% +7.3% +18.4%
September 9, 2025 +35.1% +0.5% +60.9% +142.4%
June 6, 2025 +43.7% +1.1% +16.0% +7.7%
March 11, 2025 +8.2% −0.3% −12.0% −36.2%
December 19, 2024 +6.1% +1.2% +2.2% −11.5%
November 15, 2024 +15.7% −0.9% +18.1% +50.4%
September 5, 2024 +7.3% −1.9% +9.8% −14.6%
June 10, 2024 +5.7% +0.6% −8.0% −25.3%
March 7, 2024 −7.4% +0.4% −18.0% −5.7%

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.

Fuelcell Energy Inc 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) Fuelcell Energy Inc
$50M $100M $150M $200M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $123.4M Revenue (TTM), FY24 Q1: $103M Revenue (TTM), FY24 Q2: $87.1M Revenue (TTM), FY24 Q3: $85.3M Revenue (TTM), FY24 Q4: $112.1M Revenue (TTM), FY25 Q1: $114.4M Revenue (TTM), FY25 Q2: $129.4M Revenue (TTM), FY25 Q3: $152.5M Revenue (TTM), FY25 Q4: $158.2M Revenue (TTM), FY26 Q1: $169.7M Revenue (TTM), FY26 Q2: $167.9M Revenue (TTM), FY26 Q3: $154.1M $154.1M

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

View chart data
Period Revenue (TTM)
FY23 Q4 $123.4M
FY24 Q1 $103M
FY24 Q2 $87.1M
FY24 Q3 $85.3M
FY24 Q4 $112.1M
FY25 Q1 $114.4M
FY25 Q2 $129.4M
FY25 Q3 $152.5M
FY25 Q4 $158.2M
FY26 Q1 $169.7M
FY26 Q2 $167.9M
FY26 Q3 $154.1M
Revenue growth, TTM YoY Fuelcell Energy Inc
-50% 0% 50% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -5.4% Revenue growth, TTM YoY, FY24 Q1: -24.1% Revenue growth, TTM YoY, FY24 Q2: -44.8% Revenue growth, TTM YoY, FY24 Q3: -39.2% Revenue growth, TTM YoY, FY24 Q4: -9.1% Revenue growth, TTM YoY, FY25 Q1: 11.1% Revenue growth, TTM YoY, FY25 Q2: 48.6% Revenue growth, TTM YoY, FY25 Q3: 78.8% Revenue growth, TTM YoY, FY25 Q4: 41.0% Revenue growth, TTM YoY, FY26 Q1: 48.3% Revenue growth, TTM YoY, FY26 Q2: 29.7% Revenue growth, TTM YoY, FY26 Q3: 1.1% 1.1%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -5.4%
FY24 Q1 -24.1%
FY24 Q2 -44.8%
FY24 Q3 -39.2%
FY24 Q4 -9.1%
FY25 Q1 11.1%
FY25 Q2 48.6%
FY25 Q3 78.8%
FY25 Q4 41.0%
FY26 Q1 48.3%
FY26 Q2 29.7%
FY26 Q3 1.1%
Operating margin (TTM) Fuelcell Energy Inc
-200% -150% -100% -50% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -110.3% Operating margin (TTM), FY24 Q1: -151.5% Operating margin (TTM), FY24 Q2: -185.6% Operating margin (TTM), FY24 Q3: -180.4% Operating margin (TTM), FY24 Q4: -141.3% Operating margin (TTM), FY25 Q1: -130.1% Operating margin (TTM), FY25 Q2: -110.7% Operating margin (TTM), FY25 Q3: -134.5% Operating margin (TTM), FY25 Q4: -121.6% Operating margin (TTM), FY26 Q1: -109.5% Operating margin (TTM), FY26 Q2: -135.7% Operating margin (TTM), FY26 Q3: -116.3% -116.3%

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

View chart data
Period Operating margin (TTM)
FY23 Q4 -110.3%
FY24 Q1 -151.5%
FY24 Q2 -185.6%
FY24 Q3 -180.4%
FY24 Q4 -141.3%
FY25 Q1 -130.1%
FY25 Q2 -110.7%
FY25 Q3 -134.5%
FY25 Q4 -121.6%
FY26 Q1 -109.5%
FY26 Q2 -135.7%
FY26 Q3 -116.3%
FCF margin (TTM) Fuelcell Energy Inc
-300% -200% -100% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -145.6% FCF margin (TTM), FY24 Q1: -181.8% FCF margin (TTM), FY24 Q2: -221.9% FCF margin (TTM), FY24 Q3: -261.5% FCF margin (TTM), FY24 Q4: -178.9% FCF margin (TTM), FY25 Q1: -161.3% FCF margin (TTM), FY25 Q2: -130.9% FCF margin (TTM), FY25 Q3: -81.8% FCF margin (TTM), FY25 Q4: -91.0% FCF margin (TTM), FY26 Q1: -74.2% FCF margin (TTM), FY26 Q2: -71.3% FCF margin (TTM), FY26 Q3: -65.6% -65.6%

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

View chart data
Period FCF margin (TTM)
FY23 Q4 -145.6%
FY24 Q1 -181.8%
FY24 Q2 -221.9%
FY24 Q3 -261.5%
FY24 Q4 -178.9%
FY25 Q1 -161.3%
FY25 Q2 -130.9%
FY25 Q3 -81.8%
FY25 Q4 -91.0%
FY26 Q1 -74.2%
FY26 Q2 -71.3%
FY26 Q3 -65.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 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 Oct 2009 2010 Oct 2010 2011 Oct 2011 2012 Oct 2012 2013 Oct 2013 2014 Oct 2014 2015 Oct 2015 2016 Oct 2016 2017 Oct 2017 2018 Oct 2018 2019 Oct 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Oct 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 88 70 123 121 188 180 163 108 96 89 61 71 70 130 123 112 158 154
Gross profit −30 −19 −13 0 7 14 13 −0 3 3 −21 −8 −16 −30 −11 −36 −26 −50
EBITDA −58 −47 −39 −27 −26 −23 −25 −42 −41 −36 −55 −20 −45 −122 −111 −122 −152 −139
Operating income −66 −54 −46 −32 −30 −27 −29 −46 −45 −45 −67 −39 −65 −144 −136 −158 −192 −179
Net income −69 −56 −46 −35 −34 −38 −29 −51 −54 −47 −78 −89 −101 −143 −108 −126 −188 −175
Diluted EPS −$133.65 −$85.05 −$63.45 −$2.59 −$27.23 −$22.73 −$1.25 −$1.71 −$12.87 −$8.45 −$13.65 −$12.60 −$9.30 −$11.43 −$7.92 −$7.83 −$7.42 —
Growth (year on year)
Revenue — −20.7% +75.7% −1.6% +55.6% −3.9% −9.5% −33.6% −11.6% −6.5% −32.1% +16.7% −1.8% +87.5% −5.4% −9.1% +41.0% +1.1%
Margins
Gross margin −34.1% −26.7% −10.3% 0.4% 3.8% 7.6% 7.8% −0.3% 2.9% 3.5% −35.0% −10.9% −22.5% −22.7% −8.5% −32.0% −16.7% −32.4%
EBITDA margin −65.6% −67.3% −32.0% −22.3% −13.7% −12.7% −15.2% −38.8% −42.4% −40.2% −89.8% −27.9% −64.7% −93.8% −89.7% −109.1% −96.1% −89.9%
Operating margin −75.4% −77.9% −37.3% −26.6% −15.9% −15.1% −17.7% −42.8% −47.0% −49.9% −110.2% −55.3% −93.3% −110.1% −110.3% −141.3% −121.6% −116.3%
Net margin −78.0% −79.8% −37.3% −29.4% −18.3% −21.1% −18.0% −47.1% −56.3% −52.9% −127.7% −125.7% −145.2% −109.4% −87.2% −112.4% −118.8% −113.6%
Free-cash-flow margin −77.0% −53.7% −9.7% −52.3% −12.4% −35.4% −31.4% −50.2% −88.0% 7.0% −53.9% −52.4% −110.4% −102.1% −145.6% −178.9% −91.0% −65.6%
Cash flow
Cash from operations −65 −35 −8 −59 −17 −57 −44 −47 −72 16 −31 −37 −70 −112 −140 −153 −125 −96
Capital spending 3 2 3 4 7 6 7 8 12 10 2 0 6 21 39 48 19 5
Free cash flow −68 −37 −12 −63 −23 −64 −51 −54 −84 6 −33 −37 −77 −133 −180 −201 −144 −101
Stock-based pay 5 3 3 2 2 3 3 3 5 3 3 2 4 7 12 12 11 10
Free cash flow after stock pay −73 −40 −14 −65 −25 −67 −54 −58 −89 3 −36 −39 −81 −140 −192 −212 −155 −111
Balance sheet
Cash 58 11 43 47 68 84 59 84 49 39 9 150 432 458 250 148 278 658
Total debt 0 5 9 9 54 11 16 83 88 88 106 165 88 82 119 132 120 154
Net debt (negative = net cash) −58 −6 −34 −38 −14 −73 −43 −1 38 49 97 15 −345 −376 −130 −16 −158 −505
Diluted shares — — — 1m 1m 2m 2m 3m 4m 7m 7m 7m 11m 13m 14m 17m 26m —

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

4 of 7 checks passed · July 31, 2026
What it owns · $1.3bn
Short-term assets $833mLonger-term assets $478m
What it owes, and who funded it · $1.2bn
Short-term liabilities $96mLonger-term liabilities $172mShareholders' equity $975m
  • Short-term assets cover short-term liabilities $833m of assets due within a year against $96m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $833m short-term assets against $172m of longer-dated liabilities.
  • More cash than debt $658m of cash against $154m of debt.
  • Debt below 40% of shareholders' equity Debt is 16% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 13% to 16% over five years.
  • A year's operating cash flow covers at least 20% of debt −$96m of operating cash flow against $154m of debt.
  • Operating profit covers interest at least five times over Operating income of −$179m against $11m of interest.

From Fuelcell Energy Inc'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

R&D spending
18.6%
of revenue
Sales & admin spending
37.0%
of revenue
Days sales outstanding
17 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated FCEL WBX ULBI TYGO EOSE AMPX Median
Revenue, last 12 months $154m $164m $187m $111m $214m $109m $154m
Revenue growth, last 12 months 1.1% −7.5% 4.7% 49.5% 533.9% 143.6% 10.6%
Revenue growth, 3-year average 3.2% — 9.2% −13.6% 129.1% 203.2% 9.2%
Revenue growth, latest quarter −29.4% — −1.3% 5.6% 351.4% 125.9% 10.2%
Gross margin −32.4% — 24.4% 42.4% −84.7% 22.3% 29.3%
Operating margin −116.3% −68.4% −4.5% −2.8% −142.6% −37.7% −17.7%
Operating margin, 3-year average −143.7% — 2.7% −47.7% −604.8% −155.0% −32.6%
Net margin −113.6% −71.1% −3.5% 9.0% −246.8% −33.4% −23.4%
Cash from operations / revenue −62.5% 6.9% 2.7% −6.5% −143.7% −48.4% −6.5%
Free-cash-flow margin −65.6% 6.5% 1.1% −7.3% −196.1% −53.5% −11.0%
Free-cash-flow margin, 3-year average −136.3% — 4.6% — −652.9% −180.5% −6.8%
Stock pay / revenue 6.4% 1.4% 0.3% 6.3% 10.4% 7.6% 2.5%
Change in share count 21.6% — −0.7% 17.9% 49.9% 17.2% 10.0%

Median of all 57 companies we cover in electrical components & equipment. 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

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 1.1% 10.6% 42 of 57
Change in growth rate Growth -28.6pp +0.0pp 49 of 57
Gross margin Profitability -32.4% 29.3% 52 of 54
Operating margin Profitability -116.3% -20.0% 44 of 53
Net margin Profitability -113.6% -23.4% 45 of 57
Free-cash-flow margin Cash generation -65.6% -8.8% 44 of 56
Stock pay as % of revenue Cash generation 6.4% 2.8% 35 of 50
Long-term debt as % of assets Balance sheet 10.3% 17.8% 13 of 40
Days sales outstanding Balance sheet 17 days 72 days 4 of 50

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

Where the revenue comes from

Fiscal year to October 31, 2025
Products and services
Line of business Revenue Share YoY
Products $69.1M 43.7% ▲ 169.2%
Electricity Generation $48M 30.4% ▼ 3.9%
Advanced Technologies $20.6M 13.0% ▼ 22.2%
Services $20.4M 12.9% ▲ 104.6%
Geography
Region Revenue Share YoY
United States $82.4M 52.1% ▼ 5.2%
South Korea $75.2M 47.6% ▲ 229.4%
Europe $428,000 0.3% ▼ 77.7%
Canada $115,000 0.1% ▼ 72.3%

From Fuelcell Energy Inc's 10-K filed December 18, 2025, 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
$1.5B
Institutions reporting
221
Shares held vs prior quarter
▲ 67.0%
Positions opened / closed
106 / 23

Top buyers and sellers, Q2 2026: 157 institutions bought and 61 sold ; the biggest buyer was Blackrock, Inc (+3.3M shares) and the biggest seller Susquehanna International Group, LLP (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $155M 4.3M 10.5% ▲ 316.3%
Legal & General Group PLC $87.1M 2.4M 5.9% ▼ 15.6%
Vanguard Capital Management LLC $84M 2.3M 5.7% ▲ 6.9%
State Street Corp $77.2M 2.1M 5.2% ▲ 818.0%
Two Sigma Investments, LP $74.2M 2.1M 5.0% ▲ 60.9%
Geode Capital Management, LLC $50.7M 1.4M 3.4% ▲ 142.2%
Encompass Capital Advisors LLC $49.2M 1.4M 3.3% New
UBS Group AG $45.9M 1.3M 3.1% ▲ 112.2%
Renaissance Technologies LLC $45.8M 1.3M 3.1% ▲ 43.5%
Anatole Investment Management Ltd $42M 1.2M 2.8% New
T. Rowe Price Investment Management, Inc. $40.4M 1.1M 2.7% New
Driehaus Capital Management LLC $36.5M 1.0M 2.5% New

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 Fuelcell Energy Inc'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 → $741,868 2 trades by 1 insider, last 12 months Insider sales History → $211,365 4 trades by 2 insiders · 65% under pre-set plans
Net ▲ $530,503 net buying
Insider Date Trade Shares Price Value
Achanta Shankar EVP, Chf. Product &Tech Ofc. October 6, 2026 Sell pre-set plan 2,500 $18.50 $46,250
Livingston Iii Homer John Director September 14, 2026 Buy 16,404 $15.05 $246,883
Livingston Iii Homer John Director July 16, 2026 Buy 26,343 $18.79 $494,985
Achanta Shankar EVP, Chf. Product &Tech Ofc. July 6, 2026 Sell pre-set plan 2,500 $28.71 $71,775
Achanta Shankar EVP, Chf. Product &Tech Ofc. April 20, 2026 Sell pre-set plan 2,500 $8.00 $20,000
Bingham Betsy B Director December 22, 2025 Sell 8,608 $8.52 $73,340

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 20 trades and filings

No trades in Fuelcell Energy Inc disclosed in the last 12 months; 20 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023
  • Austin Scott(R-GA 8):Purchase, $1,001 - $15,000, traded September 7, 2021, filed October 15, 2021
  • Austin Scott(R-GA 8):Sale (partial), $1,001 - $15,000, traded July 16, 2021, filed August 13, 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 December 17, 2026 estimated from the company's past filing pattern, not announced

  • September 2, 2026
  • June 8, 2026
  • March 9, 2026
  • December 18, 2025
  • September 9, 2025
  • June 6, 2025

Recent SEC filings

Data status

When each part of this page on Fuelcell Energy Inc 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.

Fuelcell Energy Inc in brief

What does Fuelcell Energy Inc do?
Fuelcell Energy Inc is a US-listed company in the electrical components & equipment industry. Its financial year ends in October.
What is Fuelcell Energy Inc's stock ticker?
Fuelcell Energy Inc trades under the ticker FCEL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fuelcell Energy Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fuelcell Energy Inc reported revenue of $154M, 1.1% higher than a year earlier, according to its SEC filings.
What is Fuelcell Energy Inc's free cash flow?
Fuelcell Energy Inc's free-cash-flow margin is -65.6% of revenue over the trailing twelve months, ranking 44 of the 56 electrical components & equipment companies we cover.
Who are Fuelcell Energy Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Legal & General Group PLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Fuelcell Energy Inc's market cap?
On October 31, 2025, Fuelcell Energy Inc's market capitalisation was about $230M and net debt of -$158M. Market figures come from third-party market data and may be delayed.
How much debt does Fuelcell Energy Inc have?
Fuelcell Energy Inc's debt-to-equity ratio is 15.8%, from its latest balance sheet (12.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Fuelcell Energy Inc's competitors?
In our Electrical Components & Equipment peer group, the companies closest to Fuelcell Energy Inc are Wallbox N.V., Ultralife Corp, Tigo Energy, Inc., Eos Energy Enterprises, Inc. and Amprius Technologies, Inc. The side-by-side comparison below sets their revenue, margins and growth against Fuelcell Energy Inc's.
Are insiders buying or selling Fuelcell Energy Inc stock?
Over the last 12 months, Fuelcell Energy Inc's directors and officers reported 2 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Fuelcell Energy Inc's next earnings date?
Around December 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fuelcell Energy Inc announces its own schedule.