Fuelcell Energy Inc key statistics and ratios

In fiscal 2025, Fuelcell Energy Inc had return on equity of -28.5%, an operating margin of -121.6%, debt equal to 18.1% of equity and a current ratio of 6.63. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fuelcell Energy Inc: financial ratios, annual
Fiscal year	2009Oct 2009	2010Oct 2010	2011Oct 2011	2012Oct 2012	2013Oct 2013	2014Oct 2014	2015Oct 2015	2016Oct 2016	2017Oct 2017	2018Oct 2018	2019Oct 2019	2020Oct 2020	2021Oct 2021	2022Oct 2022	2023Oct 2023	2024Oct 2024	2025Oct 2025	LTMJul 2026
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%
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%
Return on equity	—	—	—	—	—	−87.1%	−30.1%	−48.6%	−50.0%	−51.6%	−98.2%	−65.9%	−24.1%	−21.5%	−15.7%	−18.8%	−28.5%	−21.4%
Return on assets	—	−37.0%	−27.4%	−18.9%	−16.0%	−14.7%	−10.5%	−16.5%	−14.9%	−13.1%	−23.0%	−20.8%	−14.4%	−15.7%	−11.4%	−13.3%	−20.0%	−15.6%
Asset turnover	—	0.46	0.73	0.64	0.87	0.70	0.58	0.35	0.26	0.25	0.18	0.17	0.10	0.14	0.13	0.12	0.17	0.14
Current ratio	—	1.89	1.16	1.66	1.78	2.89	2.72	3.89	2.08	2.17	1.34	3.97	10.30	6.76	7.23	6.01	6.63	8.67
Debt to equity	0.0%	60.3%	—	58.9%	—	10.8%	17.1%	72.7%	86.7%	106.9%	140.4%	85.0%	13.7%	12.0%	17.5%	20.0%	18.1%	15.8%
Interest cover (operating income ÷ interest)	n/m	—	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	21.8%	26.6%	13.7%	11.9%	8.4%	10.1%	10.7%	19.3%	21.3%	25.5%	22.7%	6.8%	16.3%	26.5%	49.5%	49.4%	21.5%	18.6%
SG&A as % of revenue	19.5%	24.6%	13.3%	15.1%	11.3%	12.6%	14.9%	23.2%	27.1%	27.8%	52.5%	37.6%	54.5%	61.0%	52.3%	57.6%	38.4%	37.0%
Capital spending as % of revenue	2.9%	3.6%	2.7%	3.7%	3.5%	3.5%	4.2%	7.1%	12.9%	11.2%	3.5%	0.5%	9.1%	16.2%	31.9%	42.6%	11.8%	3.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Fuelcell Energy Inc: financial ratios, quarterly
Quarter	2024 Q4Oct 2024	2025 Q1Jan 2025	2025 Q2Apr 2025	2025 Q3Jul 2025	2025 Q4Oct 2025	2026 Q1Jan 2026	2026 Q2Apr 2026	2026 Q3Jul 2026
Gross margin	−22.1%	−27.4%	−25.2%	−11.0%	−12.1%	−19.2%	−36.3%	−74.2%
Operating margin	−83.2%	−172.9%	−95.7%	−204.0%	−51.5%	−86.1%	−218.9%	−141.4%
Net margin	−84.0%	−149.1%	−101.7%	−196.1%	−54.3%	−74.9%	−218.9%	−134.7%
Free-cash-flow margin	−9.5%	−277.8%	−94.0%	−68.6%	−43.4%	−113.7%	−81.5%	−41.0%
Current ratio	6.01	6.34	5.62	5.37	6.63	7.96	8.59	8.67
Debt to equity	20.0%	20.3%	20.8%	22.1%	18.1%	19.9%	18.7%	15.8%
R&D as % of revenue	23.5%	58.3%	26.5%	16.4%	9.9%	22.8%	21.7%	25.8%
SG&A as % of revenue	32.3%	79.1%	44.0%	30.1%	27.6%	44.1%	41.3%	41.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Fuelcell Energy Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Fuelcell Energy Inc.