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Fuel Tech, Inc. (FTEK) stock

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NASDAQ: FTEK Nasdaq Industrial Machinery & Supplies & Components Next results ~November 3, 2026

C Fundamentals grade

Fuel Tech, Inc. is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.8

Revenue-to-maturity cash-flow model

Base case. Range ~$1.5–$2.1 across our lower- and higher-growth cases (3.9000000000000004%–13.9% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Fuel Tech, 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.

  • Insiders2 buying, 0 selling2 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds16 adding, 17 cuttingOf 4 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Fuel Tech files

Where Fuel Tech stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $27m, up 8.9% on a year earlier, against a decline of 0.7% a quarter earlier. Free-cash-flow margin fell to -4.3% from 1.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $1.80 a share, against a share price of $1.52.

Source: 10-Q filed August 4, 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 3, 2026 (estimated)

Fuel Tech, Inc.'s trailing-twelve-month revenue grew 8.9% year on year, with a free-cash-flow margin of -4.3%. Where it stands out: change in growth rate of +9.6pp ranks 11 of 75 industrial machinery & supplies & components companies we cover. Where it lags: operating margin of -16.8% ranks 67 of 75 industrial machinery & supplies & components companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 8.9% (+9.6pp vs the prior quarter).

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

  • Growth speeding up. The growth rate is 9.6 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

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 -16.8%: costs exceed revenue.
  • Burning cash. Free cash flow was -4.3% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 1.1 against the S&P 500.

Latest results: FY2026 Q2

Filed August 4, 2026
Revenue
$6m, up 16.7% on a year earlier
Share reaction
-3.3% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 3, 2026; average EPS estimate -$0.01

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

Price chart

  • 1 day-1.4%
  • 1 week-2.1%
  • 1 month-13.9%
  • This year-8.3%
  • 1 year-42.3%
  • 5 years-27.8%
  • 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)
$27.3M
Operating margin
-16.8%
Net margin
-12.8%
EPS (TTM, diluted)
$-0.11

Growth

Revenue growth
+8.9%
Change in growth rate
+9.6 pts
Share count change
+1.5%

Cash

Free cash flow (TTM)
-$1.2M
FCF margin
-4.3%
Stock pay % of revenue
0.8%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

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

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

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

Fuel Tech, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Fuel Tech, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.13 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.8 ~$1.5–$2.1 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. ~$0.0 Left out: out of range vs price (0.01x)
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
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.9 ~$1.0–$3.0 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity 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. ~$1.6 ~$0.9–$1.8 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fuel Tech, Inc. with Industrial Machinery & Supplies & Components 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 20152016201720182019202020212022202320242025Now
Share price$1.89$1.15$1.12$1.19$0.95$3.88$1.40$1.27$1.05$1.05$1.56$1.43
Market value$44m$27m$27m$29m$23m$96m$42m$38m$32m$32m$48m$44m
+ Net debt (− = net cash)−$22m−$12m−$8m−$12m−$11m−$9m−$36m−$23m−$18m−$9m−$12m−$8m
Enterprise value$22m$15m$18m$17m$12m$87m$6m$15m$14m$24m$36m$37m
Multiples
Price / sales 0.6x0.5x0.6x0.5x0.8x4.2x1.7x1.4x1.2x1.3x1.8x1.6x
Price / earnings ——————n/m—————
Price / free cash flow 7.1x——6.6x——61.4x—114.6x—20.6x—
EV / EBITDA ———21.9x————————

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

34 /100

Weak moat

How hard Fuel Tech'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 -0.7% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 42.8%, moving by 7.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -9.5%; its worst year was -57.3%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -4.4% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 15.8% over five years; stock-based pay has been a median 1.1% 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 3, 2026, after the close. Analysts expect revenue of $8m and EPS of −$0.01 (range −$0.01 to −$0.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.13 −63% $28m +6%
Next −$0.05 +62% $33m +18%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.3% on 90 days ago. In the last 30 days, 0 analysts raised Fuel Tech, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Fuel Tech, Inc., last 90 days
−$0.15 −$0.10 −$0.05 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.12 Current fiscal year, 60 days ago: −$0.12 Current fiscal year, 30 days ago: −$0.12 Current fiscal year, 7 days ago: −$0.12 Current fiscal year, Now: −$0.13 −$0.13 Next fiscal year, 90 days ago: −$0.05 Next fiscal year, 60 days ago: −$0.05 Next fiscal year, 30 days ago: −$0.05 Next fiscal year, 7 days ago: −$0.05 Next fiscal year, Now: −$0.05 −$0.05

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.12−$0.05
60 days ago −$0.12−$0.05
30 days ago −$0.12−$0.05
7 days ago −$0.12−$0.05
Now −$0.13−$0.05

Earnings against estimates

Quarter toEstimateActualSurprise
Mar 2026 $0.00 −$0.04 0.0%
Dec 2025 −$0.03 −$0.04 −33.3%
Sept 2025 $0.01 $0.01 0.0%

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

Management guidance

Earnings release, August 4, 2026

No numeric guidance in Fuel Tech, Inc.'s latest earnings release (filed August 4, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Fuel Tech, 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
0.3%
of tradable shares
Days to cover
0.46
at average volume
Short interest, 1 month
−77%
to October 15, 2026
Held by institutions
24%
of shares
Held by insiders
23.3%
of shares
Employees
77
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 −42.3%

$2.48 on October 31, 2025 to $1.43

ThenNowEffect
Revenue (last 12 months) $25m $27m +8.9%
P/S multiple 3.0x 1.6x −46.3%
Share count 31m 31m −1.4%

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

Last 3 years +41.6%

$1.01 on November 3, 2023 to $1.43

ThenNowEffect
Revenue (last 12 months) $28m $27m −1.7%
P/S multiple 1.1x 1.6x +47.9%
Share count 30m 31m −2.6%

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
FTEK−64%−9%−17%0%+49%−8%
Industry peers (median)+19%−15%+21%+2%+9%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FTEK25%50%33%50%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FTEK−79%−26%−43%−26%−58%−39%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 86% from April 9, 2019 to April 2, 2020. Getting back needed a 618% gain, reached on November 23, 2020, 235 days after the low.

Price behaviour

52-week range
$1.19 – $2.64
From 52-week high
−45.8%
vs 50-day average
−8.9%
vs 200-day average
−3.3%
Volatility (1 year)
71%
Beta vs S&P 500
1.08

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
6 up, 6 down
typical move ±7.3%
After a week
6 up, 6 down
typical move ±11.5%
After a month
5 up, 7 down
typical move ±16.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −3.3% +1.6% −6.7% −7.3%
May 5, 2026 −15.3% +2.2% −10.4% −10.4%
March 3, 2026 −16.8% −0.2% −13.4% −15.4%
November 4, 2025 −16.7% −0.8% −21.6% −32.2%
August 5, 2025 +5.0% +0.3% +8.9% +3.2%
May 12, 2025 +10.3% +4.0% +52.6% +101.0%
March 4, 2025 +5.2% −0.1% +1.0% +3.1%
November 6, 2024 0.0% +3.3% +1.0% 0.0%
August 6, 2024 +1.0% +0.2% +5.2% +1.0%
May 7, 2024 +2.4% +0.1% −4.7% −15.7%
March 11, 2024 −6.0% +1.0% −6.8% 0.0%
November 7, 2023 +5.9% +0.4% +5.9% +3.0%

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.

Fuel Tech, Inc. in five measures

Fundamentals grade C
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) Fuel Tech, Inc.
$24M $25M $26M $27M $28M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $27.8M Revenue (TTM), FY23 Q4: $27.1M Revenue (TTM), FY24 Q1: $24.8M Revenue (TTM), FY24 Q2: $26.3M Revenue (TTM), FY24 Q3: $26.2M Revenue (TTM), FY24 Q4: $25.1M Revenue (TTM), FY25 Q1: $26.6M Revenue (TTM), FY25 Q2: $25.1M Revenue (TTM), FY25 Q3: $24.7M Revenue (TTM), FY25 Q4: $26.7M Revenue (TTM), FY26 Q1: $26.4M Revenue (TTM), FY26 Q2: $27.3M $27.3M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $27.8M
FY23 Q4 $27.1M
FY24 Q1 $24.8M
FY24 Q2 $26.3M
FY24 Q3 $26.2M
FY24 Q4 $25.1M
FY25 Q1 $26.6M
FY25 Q2 $25.1M
FY25 Q3 $24.7M
FY25 Q4 $26.7M
FY26 Q1 $26.4M
FY26 Q2 $27.3M
Revenue growth, TTM YoY Fuel Tech, Inc.
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.3% Revenue growth, TTM YoY, FY23 Q4: 0.5% Revenue growth, TTM YoY, FY24 Q1: -13.7% Revenue growth, TTM YoY, FY24 Q2: -5.2% Revenue growth, TTM YoY, FY24 Q3: -5.6% Revenue growth, TTM YoY, FY24 Q4: -7.2% Revenue growth, TTM YoY, FY25 Q1: 7.3% Revenue growth, TTM YoY, FY25 Q2: -4.8% Revenue growth, TTM YoY, FY25 Q3: -5.7% Revenue growth, TTM YoY, FY25 Q4: 6.1% Revenue growth, TTM YoY, FY26 Q1: -0.7% Revenue growth, TTM YoY, FY26 Q2: 8.9% 8.9%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.3%
FY23 Q4 0.5%
FY24 Q1 -13.7%
FY24 Q2 -5.2%
FY24 Q3 -5.6%
FY24 Q4 -7.2%
FY25 Q1 7.3%
FY25 Q2 -4.8%
FY25 Q3 -5.7%
FY25 Q4 6.1%
FY26 Q1 -0.7%
FY26 Q2 8.9%
Operating margin (TTM) Fuel Tech, Inc.
-20% -15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -7.6% Operating margin (TTM), FY23 Q4: -9.8% Operating margin (TTM), FY24 Q1: -14.9% Operating margin (TTM), FY24 Q2: -11.7% Operating margin (TTM), FY24 Q3: -12.9% Operating margin (TTM), FY24 Q4: -18.7% Operating margin (TTM), FY25 Q1: -14.9% Operating margin (TTM), FY25 Q2: -18.2% Operating margin (TTM), FY25 Q3: -17.7% Operating margin (TTM), FY25 Q4: -13.8% Operating margin (TTM), FY26 Q1: -16.4% Operating margin (TTM), FY26 Q2: -16.8% -16.8%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 -7.6%
FY23 Q4 -9.8%
FY24 Q1 -14.9%
FY24 Q2 -11.7%
FY24 Q3 -12.9%
FY24 Q4 -18.7%
FY25 Q1 -14.9%
FY25 Q2 -18.2%
FY25 Q3 -17.7%
FY25 Q4 -13.8%
FY26 Q1 -16.4%
FY26 Q2 -16.8%
FCF margin (TTM) Fuel Tech, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -5.0% FCF margin (TTM), FY23 Q4: 1.0% FCF margin (TTM), FY24 Q1: -7.6% FCF margin (TTM), FY24 Q2: -9.5% FCF margin (TTM), FY24 Q3: -7.7% FCF margin (TTM), FY24 Q4: -15.2% FCF margin (TTM), FY25 Q1: -4.4% FCF margin (TTM), FY25 Q2: 1.8% FCF margin (TTM), FY25 Q3: 10.7% FCF margin (TTM), FY25 Q4: 8.8% FCF margin (TTM), FY26 Q1: -1.0% FCF margin (TTM), FY26 Q2: -4.3% -4.3%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 -5.0%
FY23 Q4 1.0%
FY24 Q1 -7.6%
FY24 Q2 -9.5%
FY24 Q3 -7.7%
FY24 Q4 -15.2%
FY25 Q1 -4.4%
FY25 Q2 1.8%
FY25 Q3 10.7%
FY25 Q4 8.8%
FY26 Q1 -1.0%
FY26 Q2 -4.3%

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 71 82 94 98 109 79 74 55 45 57 30 23 24 27 27 25 27 27
Gross profit 29 35 44 41 47 35 29 19 18 20 11 11 12 12 12 11 12 12
EBITDA 1 7 12 7 10 −23 −3 −10 −6 1 −7 −4 −1 −1 −2 −4 −3 −4
Operating income −3 4 10 5 8 −25 −5 −12 −7 0 −8 −4 −1 −2 −3 −5 −4 −5
Net income −2 2 6 3 5 −18 −12 −17 −10 −0 −8 −4 0 −1 −2 −2 −2 −3
Diluted EPS −$0.10 $0.07 $0.25 $0.12 $0.23 −$0.78 −$0.54 −$0.74 −$0.44 $0.00 −$0.32 −$0.17 $0.00 −$0.05 −$0.05 −$0.06 −$0.08 −$0.11
Growth (year on year)
Revenue — +14.6% +14.5% +4.2% +12.0% −27.7% −6.8% −25.1% −18.1% +25.2% −46.1% −26.0% +7.6% +11.0% +0.5% −7.2% +6.1% +8.9%
EBITDA — — +74.7% −40.7% +37.7% −328.4% — — — — — — — — — — — —
Operating income — — +145.1% −46.1% +53.8% −414.5% — — — — — — — — — — — —
Net income — — +250.7% −54.8% +83.8% −447.5% — — — — — — — — — — — —
Diluted EPS — — +257.1% −52.0% +91.7% −439.1% — — — — — — — — — — — —
Margins
Gross margin 40.6% 42.8% 46.8% 41.7% 42.8% 44.5% 38.8% 34.1% 39.9% 35.5% 35.5% 47.2% 49.0% 43.2% 43.0% 42.3% 46.4% 44.7%
EBITDA margin 1.0% 8.7% 13.3% 7.6% 9.3% −29.4% −4.6% −18.6% −12.7% 1.4% −24.4% −16.3% −3.7% −4.4% −8.8% −17.1% −11.3% −14.3%
Operating margin −4.3% 4.8% 10.3% 5.3% 7.3% −31.8% −7.4% −21.8% −15.6% 0.2% −27.0% −19.2% −6.1% −5.7% −9.8% −18.7% −13.8% −16.8%
Net margin −3.2% 2.1% 6.6% 2.8% 4.7% −22.4% −16.8% −31.5% −23.1% −0.0% −25.8% −19.0% 0.2% −5.4% −5.7% −7.7% −8.7% −12.8%
Free-cash-flow margin 16.3% 12.2% 2.6% 6.3% 1.0% 3.3% 8.3% −6.7% −9.0% 7.7% −12.9% −13.1% 2.8% −16.1% 1.0% −15.2% 8.8% −4.3%
Cash flow
Cash from operations 14 12 5 9 3 5 7 −3 −4 5 −3 −3 1 −4 1 −3 3 −0
Capital spending 2 2 2 3 2 3 1 1 0 1 1 0 0 0 0 0 1 1
Free cash flow 12 10 2 6 1 3 6 −4 −4 4 −4 −3 1 −4 0 −4 2 −1
Stock-based pay 6 4 3 1 2 2 2 2 1 0 1 0 0 0 0 0 0 0
Free cash flow after stock pay 6 6 −0 5 −1 0 4 −6 −5 4 −5 −3 1 −5 −0 −4 2 −1
Balance sheet
Cash 21 31 28 24 28 19 22 12 8 12 11 11 36 23 18 9 12 8
Total debt 0 2 1 0 2 2 0 0 0 0 0 2 0 0 0 0 0 0
Net debt (negative = net cash) −21 −28 −27 −24 −26 −17 −22 −12 −8 −12 −11 −9 −36 −23 −18 −9 −12 −8
Diluted shares 24m 24m 25m 24m 23m 23m 23m 23m 24m 24m 24m 25m 30m 30m 30m 31m 31m 31m
Returned to shareholders
Buybacks — — 4 8 0 0 — — — — 0 1 0 0 0 0 0 0
Total returned — — 4 8 0 0 — — — — 0 1 0 0 0 0 0 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 2 checks passed · June 30, 2026
What it owns · $43m
Short-term assets $25mLonger-term assets $18m
What it owes, and who funded it · $43m
Short-term liabilities $5mLonger-term liabilities $1mShareholders' equity $37m
  • Short-term assets cover short-term liabilities $25m of assets due within a year against $5m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $25m short-term assets against $919,000 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Fuel Tech, 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

FY2026 Q2 TTM
Buybacks (TTM)
$45,000
Returned to shareholders
-4%
of free cash flow
Buybacks, last 3 fiscal years
$317,000
Diluted share count
+1.5%
year over year
Total shareholder yield
0.1%
dividends 0.0% + buybacks 0.1% of market value
R&D spending
7.8%
of revenue
Sales & admin spending
53.7%
of revenue
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated FTEK CVR TGEN AETR CPSH TPCS Median
Revenue, last 12 months $27m $27m $25m $23m $32m $33m $1.4bn
Revenue growth, last 12 months 8.9% 7.1% −6.5% −42.7% 25.6% −0.2% 8.3%
Revenue growth, 3-year average −0.6% −5.2% 1.8% −47.8% 5.7% 1.7% 4.0%
Revenue growth, latest quarter 16.7% −0.8% −21.2% — 2.9% 23.3% 9.1%
Gross margin 44.7% 11.0% 36.2% 11.5% 14.1% 16.0% 35.2%
Operating margin −16.8% −8.3% −42.8% −61.0% −1.9% −1.9% 13.1%
Operating margin, 3-year average −15.5% −13.0% −25.9% −27.5% −5.7% −7.5% 13.7%
Net margin −12.8% −8.9% −42.3% −264.3% −0.1% −3.7% 8.9%
Cash from operations / revenue −0.8% −3.6% −47.2% −61.1% −5.2% 3.8% 11.9%
Free-cash-flow margin −4.3% −5.2% −48.2% −72.6% −8.6% −9.6% 8.8%
Free-cash-flow margin, 3-year average −4.0% −5.3% −18.7% −34.8% −9.7% −9.3% 9.8%
Stock pay / revenue 0.8% — 1.8% 3.5% 1.0% 2.0% 0.8%
Change in share count 1.5% 0.0% 18.6% 0.6% 19.1% 3.6% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. 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

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 8.9% 8.3% 36 of 75
Change in growth rate Growth +9.6pp +1.2pp 11 of 75
Gross margin Profitability 44.7% 35.4% 12 of 70
Operating margin Profitability -16.8% 13.0% 67 of 75
Net margin Profitability -12.7% 8.9% 64 of 76
Free-cash-flow margin Cash generation -4.3% 9.1% 63 of 76
Stock pay as % of revenue Cash generation 0.8% 0.8% 33 of 70
Change in share count Balance sheet 1.5% -0.0% 54 of 73
Days sales outstanding Balance sheet 52 days 63 days 13 of 65

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
Segments
Line of business Revenue Share YoY
FUELCHEM $17.8M 66.6% ▲ 27.9%
Air Pollution Control $8.9M 33.4% ▼ 20.8%
All Other Segments $0 0.0% —
Geography
Region Revenue Share YoY
United States $21M 78.8% ▲ 18.1%
Outside the US $5.7M 21.2% ▼ 22.9%
Pacific Rim and Other Geographical Areas $2.4M 42.3% ▲ 41.4%
Europe $2.2M 39.6% ▲ 4.3%
Americas $707,000 12.5% ▼ 23.5%
ZA $318,000 5.6% ▼ 87.6%
China $0 0.0% —

From Fuel Tech, Inc.'s 10-K filed March 3, 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
$16.3M
Institutions reporting
42
Shares held vs prior quarter
▼ 2.7%
Positions opened / closed
6 / 8

Top buyers and sellers, Q2 2026: 16 institutions bought and 17 sold ; the biggest buyer was Peapod Lane Capital LLC (+342K shares) and the biggest seller Renaissance Technologies LLC (−305K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Grace & White Inc $3.4M 1.5M 21.0% 0.0%
Renaissance Technologies LLC $2.4M 1.1M 15.0% ▼ 21.7%
Vanguard Capital Management LLC $2.2M 1.0M 13.7% ▲ 1.8%
Peapod Lane Capital LLC $1.8M 821K 11.2% ▲ 71.4%
Geode Capital Management, LLC $1.2M 523K 7.1% ▼ 1.8%
Blackrock, Inc. $1.1M 496K 6.7% ▲ 21.0%
Us Bancorp $673,555 305K 4.1% 0.0%
Gsa Capital Partners LLP $652,000 295K 4.0% ▲ 19.9%
Two Sigma Investments, LP $372,290 168K 2.3% ▼ 29.2%
Beartown Capital Management, LLC $324,183 147K 2.0% 0.0%
Vanguard Fiduciary Trust Co $294,944 133K 1.8% ▲ 0.7%
State Street Corp $269,280 122K 1.7% 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 Fuel Tech, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $14,400 2 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $14,400 net buying
Insider Date Trade Shares Price Value
Nuggihalli Ramesh President & CEO September 1, 2026 Buy 1,471 $1.36 $2,000
Arnone Vincent J President & CEO March 6, 2026 Buy 10,000 $1.24 $12,400

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.

Earnings dates and SEC filings

Results announcements

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

  • August 4, 2026
  • May 5, 2026
  • March 3, 2026
  • November 4, 2025
  • August 5, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Fuel Tech, 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.

Fuel Tech, Inc. in brief

What does Fuel Tech, Inc. do?
Fuel Tech, Inc. is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Fuel Tech, Inc.'s stock ticker?
Fuel Tech, Inc. trades under the ticker FTEK on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fuel Tech, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fuel Tech, Inc. reported revenue of $27.3M, 8.9% higher than a year earlier, according to its SEC filings.
What is Fuel Tech, Inc.'s free cash flow?
Fuel Tech, Inc.'s free-cash-flow margin is -4.3% of revenue over the trailing twelve months, ranking 63 of the 76 industrial machinery & supplies & components companies we cover.
Who are Fuel Tech, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Grace & White Inc, Renaissance Technologies LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Fuel Tech, Inc. buying back stock, and does it pay a dividend?
Fuel Tech, Inc. spent $45,000 on share repurchases over the trailing twelve months, and its diluted share count still rose 1.5% over the year.
What is Fuel Tech, Inc.'s market cap?
On November 2, 2026, Fuel Tech, Inc.'s market capitalisation was about $44.5M and net debt of -$7.6M. Market figures come from third-party market data and may be delayed.
Who are Fuel Tech, Inc.'s competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Fuel Tech, Inc. are Chicago Rivet & Machine Co, Tecogen Inc., Aetherion Technologies Inc., CPS Technologies Corp and Techprecision Corp. The side-by-side comparison below sets their revenue, margins and growth against Fuel Tech, Inc.'s.
Are insiders buying or selling Fuel Tech, Inc. stock?
Over the last 12 months, Fuel Tech, Inc.'s directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Fuel Tech, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fuel Tech, Inc. announces its own schedule.