What is FuelCell Energy Inc NEW (DE)'s earnings per share (EPS)?

FuelCell Energy Inc NEW (DE) (FCEL) reported diluted earnings per share of -$7.42 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

FuelCell Energy Inc NEW (DE) (FCEL) Financials

FCEL

Trailing 12 months to July 31, 2026

Revenue $154.1M +1.1% YoY

Net Income -$175.1M +12.2% YoY

EPS (Diluted) -$7.42 FY2025 annual

Free Cash Flow -$101.1M +18.9% YoY

Market Cap $1.1B as of Oct 14, 2026

Price / Sales 7.3x on $154.1M revenue, trailing 12 months to July 31, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to July 31, 2026

Price / Book 1.2x on $975.1M equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jul 31, 2026 Reported Sep 2, 2026 Currency USD FYE October

Newest figures come from the 10-Q for Q3 FY2026, filed Sep 2, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FCEL SEC filings page.

FuelCell Energy Inc NEW (DE) (FCEL) reported $154.1M in revenue over the twelve months to Jul 31, 2026, up 1.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FCEL FY2025 2026-10-04

FuelCell Energy’s revenue recovery has not produced a self-funding operation: losses and cash outflows remain large, with financing filling the gap.

The FY2025 revenue rebound did not translate into operating leverage: gross margin improved from -32.0% to -16.7%, yet operating margin remained deeply negative at -121.6%. Operating cash outflow narrowed to $125M while free cash flow was -$144M; the difference shows that capital spending still absorbed cash even as operations consumed less.

FY2025’s equity-heavy balance sheet showed a 6.6x current ratio and 0.2x debt-to-equity, so short-term obligations were small relative to current assets and debt was modest relative to equity. That financial cushion did not translate into operating returns: net loss was $188M and return on assets was -20.2%.

External financing was larger than the year’s operating cash outflow: financing cash flow supplied $169M versus $125M consumed by operations, so reported cash needs were being met outside the business itself. The reported liquidity measure was 26.6 months of annual outflow, a balance-to-outflow comparison rather than a forecast.

Financial Health Signals

Financial Health Score 60/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of FuelCell Energy Inc NEW (DE)'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

FuelCell Energy Inc NEW (DE) held $278.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $125.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and FuelCell Energy Inc NEW (DE) scores 51/100 among other emerging companies.

Dilution

FuelCell Energy Inc NEW (DE) had 48M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and FuelCell Energy Inc NEW (DE) scores 95/100 among other emerging companies.

R&D Intensity

FuelCell Energy Inc NEW (DE) spent $34.1M on research and development in fiscal year 2025, which was 9.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and FuelCell Energy Inc NEW (DE) scores 36/100 among other emerging companies.

Revenue Progress

FuelCell Energy Inc NEW (DE) reported revenue of $158.2M in fiscal year 2025, against $112.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and FuelCell Energy Inc NEW (DE) scores 59/100 among other emerging companies.

Burn Trend

FuelCell Energy Inc NEW (DE)'s operations used $125.3M of cash in fiscal year 2025, against $152.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and FuelCell Energy Inc NEW (DE) scores 51/100 among other emerging companies.

Balance Sheet

FuelCell Energy Inc NEW (DE)'s cash, cash equivalents and investments came to $278.1M at the end of fiscal year 2025, against $201.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and FuelCell Energy Inc NEW (DE) scores 67/100 among other emerging companies.

Altman Z-Score Distress

0.61

FuelCell Energy Inc NEW (DE) scores 0.61, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.1B) relative to total liabilities ($201.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

FuelCell Energy Inc NEW (DE) passes 5 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

FuelCell Energy Inc NEW (DE) reported a net loss of $187.9M while operations used $125.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

FuelCell Energy Inc NEW (DE) reported an operating loss of $192.3M against $10.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$33.0M

YoY-29.4%

QoQ-7.3%

5Y CAGR+4.2%

10Y CAGR+4.3%

FuelCell Energy Inc NEW (DE) generated $33.0M in revenue in Q3 2026. This represents a decrease of 29.4% from the same quarter a year earlier. Against the prior quarter it is down 7.3%.

EBITDA

-$37.3M

YoY+56.5%

QoQ+44.4%

FuelCell Energy Inc NEW (DE)'s EBITDA was -$37.3M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.5% from the same quarter a year earlier. Against the prior quarter it is up 44.4%.

Net Income

-$44.5M

YoY+51.5%

QoQ+42.9%

FuelCell Energy Inc NEW (DE) reported -$44.5M in net income in Q3 2026. This represents an increase of 51.5% from the same quarter a year earlier. Against the prior quarter it is up 42.9%.

EPS (Diluted)

-$0.64

QoQ+55.9%

FuelCell Energy Inc NEW (DE) earned -$0.64 per diluted share (EPS) in Q3 2026. Against the prior quarter it is up 55.9%.

Cash & Balance Sheet

Free Cash Flow

-$13.5M

YoY+57.8%

QoQ+53.4%

FuelCell Energy Inc NEW (DE) recorded an outflow of $13.5M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents an increase of 57.8% from the same quarter a year earlier. Against the prior quarter it is up 53.4%.

Cash & Debt

$658.1M

YoY+276.8%

QoQ+76.4%

5Y CAGR+7.0%

10Y CAGR+21.5%

FuelCell Energy Inc NEW (DE) held $658.1M in cash against $134.8M in long-term debt as of Q3 2026.

Shares Outstanding

80M

QoQ+18.3%

5Y CAGR-26.3%

10Y CAGR+9.1%

FuelCell Energy Inc NEW (DE) had 80M shares outstanding in Q3 2026. Against the prior quarter it is up 18.3%.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Gross Margin

-74.3%

YoY-63.3pp

QoQ-37.9pp

5Y change-78.4pp

10Y change-76.3pp

FuelCell Energy Inc NEW (DE)'s gross margin was -74.3% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 63.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 37.9 percentage points.

Return on Equity

-4.6%

YoY+11.9pp

QoQ+6.3pp

5Y change-2.8pp

10Y change+4.2pp

FuelCell Energy Inc NEW (DE)'s ROE was -4.6% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 11.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.3 percentage points.

Operating Margin

Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$8.5M

YoY+11.3%

QoQ+10.4%

5Y CAGR+23.0%

FuelCell Energy Inc NEW (DE) invested $8.5M in research and development in Q3 2026. This represents an increase of 11.3% from the same quarter a year earlier. Against the prior quarter it is up 10.4%.

Capital Expenditures

$1.3M

YoY-74.8%

QoQ-22.4%

5Y CAGR-7.5%

10Y CAGR-2.4%

FuelCell Energy Inc NEW (DE) invested $1.3M in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 74.8% from the same quarter a year earlier. Against the prior quarter it is down 22.4%.

Share Buybacks

Not reported for Q3 2026.

FCEL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FCEL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$154.1M	$158.2M+41.0%	$112.1M-9.1%	$123.4M-5.4%	$130.5M+87.5%	$69.6M-1.8%	$70.9M+16.7%	$60.8M-32.1%	$89.4M-6.5%	$95.7M-11.6%	$108.3M-33.6%	$163.1M-9.5%	$180.3M-3.9%	$187.7M+55.6%	$120.6M-1.6%	$122.6M
Cost of Revenue	$204.1M	$184.6M+24.7%	$148.1M+10.5%	$133.9M-16.3%	$160.1M+87.8%	$85.2M+8.4%	$78.6M-4.2%	$82.0M-5.0%	$86.3M-7.1%	$92.9M-14.4%	$108.6M-27.7%	$150.3M-9.8%	$166.6M-7.7%	$180.5M+50.2%	$120.2M-11.1%	$135.2M
Gross Profit	-$49.9M	-$26.4M+26.5%	-$35.9M-240.9%	-$10.5M+64.4%	-$29.6M-89.1%	-$15.6M-102.4%	-$7.7M+63.7%	-$21.3M-787.6%	$3.1M+13.1%	$2.7M+865.8%	-$357K-102.8%	$12.8M-6.9%	$13.7M+92.7%	$7.1M+1500.4%	$445K+103.5%	-$12.6M
R&D Expenses	$28.6M	$34.1M-38.5%	$55.4M-9.2%	$61.0M+76.7%	$34.5M+205.2%	$11.3M+135.9%	$4.8M-65.2%	$13.8M-39.6%	$22.8M+11.9%	$20.4M-2.1%	$20.8M+19.5%	$17.4M-4.4%	$18.2M+16.1%	$15.7M+9.5%	$14.4M-14.4%	$16.8M
SG&A Expenses	$57.0M	$60.7M-6.0%	$64.6M+0.1%	$64.5M-19.0%	$79.6M+109.8%	$37.9M+42.4%	$26.6M-16.4%	$31.9M+28.0%	$24.9M-3.9%	$25.9M+3.0%	$25.1M+3.8%	$24.2M+6.3%	$22.8M+7.4%	$21.2M+16.5%	$18.2M+11.8%	$16.3M
Operating Income	-$179.2M	-$192.3M-21.4%	-$158.5M-16.5%	-$136.1M+5.3%	-$143.7M-121.4%	-$64.9M-65.7%	-$39.2M+41.5%	-$66.9M-50.0%	-$44.6M+0.7%	-$44.9M+3.1%	-$46.4M-60.4%	-$28.9M-5.8%	-$27.3M+8.4%	-$29.8M+7.2%	-$32.1M+29.7%	-$45.7M
EBITDA	N/A	-$151.9M-24.2%	-$122.3M-10.5%	-$110.7M+9.6%	-$122.5M-171.9%	-$45.0M-127.6%	-$19.8M+63.7%	-$54.6M-51.7%	-$36.0M+11.2%	-$40.5M+3.6%	-$42.1M-69.6%	-$24.8M-8.1%	-$22.9M+10.8%	-$25.7M+4.5%	-$26.9M+31.4%	-$39.2M
Interest Expense	$11.2M	$10.4M+7.1%	$9.7M+33.7%	$7.2M+13.3%	$6.4M-13.2%	$7.4M-51.9%	$15.3M+44.0%	$10.6M+17.3%	$9.1M-1.3%	$9.2M+85.0%	$5.0M+67.5%	$3.0M-16.9%	$3.6M-10.4%	$4.0M+72.4%	$2.3M-10.6%	$2.6M
Income Tax	N/A	$137K+448.0%	$25K-95.7%	$581K-29.1%	$819K+40850.0%	$2K-95.7%	$46K-57.8%	$109K+103.6%	-$3.0M-6952.3%	$44K-91.5%	$519K+89.4%	$274K-43.9%	$488K+31.5%	$371K+437.7%	$69K+305.9%	$17K
Net Income	-$175.1M	-$187.9M-49.1%	-$126.0M-17.1%	-$107.6M+24.6%	-$142.7M-41.2%	-$101.1M-13.4%	-$89.1M-14.9%	-$77.6M-63.9%	-$47.3M+12.2%	-$53.9M-5.8%	-$51.0M-73.6%	-$29.4M+23.0%	-$38.1M-11.0%	-$34.4M+3.2%	-$35.5M+22.4%	-$45.7M
EPS (Basic)	N/A	-$7.42+5.2%	-$7.83+1.1%	-$7.92+30.7%	-$11.43-3587.1%	-$0.31+26.2%	-$0.42+76.9%	-$1.82+79.8%	-$9.01+34.4%	-$13.73-654.4%	-$1.82-36.8%	-$1.33+34.2%	-$2.02+16.5%	-$2.42-952.2%	-$0.23+51.1%	-$0.47
EPS (Diluted)	—	-$7.42	-$7.83	-$7.92+30.7%	-$11.43	-$0.31	-$0.42	-$1.82	-$9.01+34.4%	-$13.73	-$1.82-36.8%	-$1.33	-$2.02+16.5%	-$2.42	-$0.23	-$0.47
Diluted Shares (Avg)	N/A	26M	17M	14M+9.6%	13M	335M	222M	55M	7M+65.8%	4M	30M+21.5%	25M	20M+31.7%	16M	165M	124M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$33.0M-29.4%	$35.6M-4.9%	$30.5M+60.7%	$55.0M+11.5%	$46.7M+97.3%	$37.4M+66.8%	$19.0M+13.8%	$49.3M+119.6%
Cost of Revenue	$57.5M+10.8%	$48.5M+3.6%	$36.4M+50.4%	$61.6M+2.3%	$51.9M+73.5%	$46.8M+58.8%	$24.2M-14.8%	$60.2M+151.8%
Gross Profit	-$24.5M-377.3%	-$12.9M-37.0%	-$5.9M-12.5%	-$6.6M+39.3%	-$5.1M+17.2%	-$9.4M-33.4%	-$5.2M+55.6%	-$10.9M-645.7%
R&D Expenses	$8.5M+11.3%	$7.7M-22.1%	$7.0M-37.2%	$5.5M-53.0%	$7.6M-40.3%	$9.9M-40.5%	$11.1M-22.8%	$11.6M-35.6%
SG&A Expenses	$13.6M-3.0%	$14.7M-10.7%	$13.5M-10.4%	$15.2M-4.8%	$14.1M-3.7%	$16.5M-6.7%	$15.0M-8.4%	$15.9M-5.6%
Operating Income	-$46.7M+51.1%	-$77.9M-117.6%	-$26.3M+20.0%	-$28.3M+31.0%	-$95.4M-183.7%	-$35.8M+13.4%	-$32.9M+22.7%	-$41.0M-12.8%
EBITDA	-$37.3M+56.5%	-$67.1M-169.1%	-$15.8M+31.1%	-$18.5M+42.6%	-$85.6M-251.2%	-$24.9M+21.7%	-$22.9M+32.4%	-$32.2M-8.7%
Interest Expense	$2.9M+13.9%	$2.9M+12.2%	$2.8M+5.8%	$2.7M+6.1%	$2.5M-0.3%	$2.5M+12.0%	$2.6M+11.5%	$2.5M+8.7%
Income Tax	N/A	-$50K-159.5%	N/A	N/A	$40K+1900.0%	$84K	N/A	N/A
Net Income	-$44.5M+51.5%	-$77.9M-104.8%	-$22.9M+19.3%	-$29.9M+27.9%	-$91.7M-180.6%	-$38.0M-18.4%	-$28.3M-43.1%	-$41.4M-36.4%
EPS (Basic)	-$0.64+83.1%	-$1.45+19.0%	-$0.49+65.5%	-$0.20+91.2%	-$3.78-89.9%	-$1.79+17.9%	-$1.42-3.6%	-$2.27-3142.9%
EPS (Diluted)	-$0.64	-$1.45	-$0.49	-$0.20	-$3.78	-$1.79	-$1.42	-$2.27
Diluted Shares (Avg)	70M	54M	48M	N/A	24M	22M	21M	N/A

FCEL Balance Sheet

FCEL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$932.1M-1.3%	$944.1M-1.2%	$955.5M+1.7%	$939.7M+7.4%	$875.2M+67.2%	$523.5M+57.0%	$333.4M-2.0%	$340.4M-11.3%	$383.8M+12.6%	$340.7M+22.9%	$277.2M-1.2%	$280.6M+18.1%	$237.6M+24.1%	$191.5M+4.3%	$183.6M
Current Assets	$449.8M+1.2%	$444.5M-6.7%	$476.3M-17.9%	$580.3M+6.8%	$543.4M+132.2%	$234.0M+177.5%	$84.3M-35.3%	$130.3M-36.0%	$203.5M+0.6%	$202.2M-0.8%	$203.9M-6.1%	$217.0M+14.6%	$189.3M+34.6%	$140.6M+5.8%	$132.9M
Cash & Equivalents	$278.1M+87.7%	$148.1M-40.7%	$250.0M-45.4%	$458.1M+6.0%	$432.2M+188.4%	$149.9M+1488.6%	$9.4M-76.0%	$39.3M-20.3%	$49.3M-41.4%	$84.2M+43.0%	$58.9M-29.7%	$83.7M+23.7%	$67.7M+44.4%	$46.9M+9.1%	$43.0M
Short-Term Investments	$0-100.0%	$109.1M+5.2%	$103.8M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$12.0M
Inventory	$86.2M-24.2%	$113.7M+34.6%	$84.5M-7.1%	$90.9M+35.5%	$67.1M+31.6%	$51.0M-6.5%	$54.5M+1.8%	$53.6M-28.1%	$74.5M+0.9%	$73.8M+12.2%	$65.8M+17.6%	$55.9M-0.5%	$56.2M+17.8%	$47.7M+19.0%	$40.1M
Accounts Receivable	$4.0M-66.0%	$11.8M+208.5%	$3.8M-22.0%	$4.9M-66.8%	$14.7M+54.0%	$9.6M+190.5%	$3.3M-64.5%	$9.3M-86.5%	$68.5M+178.6%	$24.6M-59.5%	$60.8M-5.6%	$64.4M+31.1%	$49.1M+89.0%	$26.0M+18.4%	$21.9M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M	$0	N/A
Total Liabilities	$201.0M-7.2%	$216.7M+11.0%	$195.2M+5.3%	$185.3M+9.1%	$169.9M-36.9%	$269.1M+36.0%	$197.9M-23.4%	$258.2M-8.6%	$282.5M+69.7%	$166.5M-8.5%	$181.9M+0.7%	$180.6M-27.8%	$250.0M+41.3%	$177.0M-10.2%	$197.1M
Current Liabilities	$67.8M-8.2%	$73.9M+12.1%	$65.9M-23.2%	$85.8M+62.6%	$52.8M-10.4%	$58.9M-6.1%	$62.7M+4.3%	$60.1M-38.7%	$98.1M+88.6%	$52.0M-30.6%	$74.9M-0.2%	$75.1M-29.4%	$106.3M+25.2%	$84.9M-25.6%	$114.2M
Non-Current Liabilities	$133.2M-6.7%	$142.8M+10.4%	$129.3M+29.9%	$99.5M-15.0%	$117.2M-44.3%	$210.2M+55.6%	$135.1M-31.8%	$198.1M+7.4%	$184.5M+61.1%	$114.5M+7.0%	$107.0M+1.4%	$105.6M-26.6%	$143.8M+56.2%	$92.1M+11.1%	$82.9M
Long-Term Debt	$103.8M-10.3%	$115.7M+5.8%	$109.4M+58.1%	$69.2M-10.9%	$77.6M-46.1%	$144.0M+70.6%	$84.4M+20.1%	$70.3M+18.1%	$59.5M-22.5%	$76.8M+758.1%	$8.9M-3.9%	$9.3M-78.8%	$44.0M+1198.0%	$3.4M-6.5%	$3.6M
Total Equity	$662.2M+0.8%	$656.9M-3.7%	$682.5M-0.3%	$684.4M+6.5%	$642.4M+230.2%	$194.5M+156.9%	$75.7M-7.9%	$82.2M-18.8%	$101.3M-11.5%	$114.4M+20.0%	$95.3M-4.7%	$100.0M+905.6%	-$12.4M-185.5%	$14.5M+207.9%	-$13.5M
Retained Earnings	-$1.8B-11.4%	-$1.6B-8.3%	-$1.5B-7.6%	-$1.4B-11.3%	-$1.3B-8.7%	-$1.2B-8.3%	-$1.1B-8.5%	-$990.9M-5.0%	-$943.5M-6.1%	-$889.6M-6.1%	-$838.7M-3.6%	-$809.3M-4.9%	-$771.2M-4.7%	-$736.8M-5.1%	-$701.3M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$1.3B+57.9%	$1.0B+13.5%	$978.5M+7.8%	$932.1M-1.3%	$830.5M-12.5%	$883.8M-3.6%	$907.5M-1.7%	$944.1M-1.2%
Current Assets	$833.3M+125.0%	$543.9M+41.5%	$494.8M+20.3%	$449.8M+1.2%	$370.4M-19.5%	$384.5M-9.7%	$411.2M-7.6%	$444.5M-6.7%
Cash & Equivalents	$658.1M+276.8%	$373.2M+221.5%	$311.8M+217.9%	$278.1M+87.7%	$174.7M+9.6%	$116.1M-26.9%	$98.1M-67.0%	$148.1M-40.7%
Short-Term Investments	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$60.9M-39.9%	$110.3M	$109.1M+5.2%
Inventory	$86.4M-17.4%	$88.4M-28.4%	$90.3M-28.2%	$86.2M-24.2%	$104.6M-19.1%	$123.5M+8.4%	$125.8M+22.3%	$113.7M+34.6%
Accounts Receivable	$7.2M-27.9%	$7.7M-23.4%	$6.2M-32.6%	$4.0M-66.0%	$9.9M-10.9%	$10.0M+40.2%	$9.2M+176.2%	$11.8M+208.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%
Total Liabilities	$268.4M+30.6%	$215.0M+4.9%	$214.5M+5.9%	$201.0M-7.2%	$205.5M+0.7%	$205.0M+0.1%	$202.4M+11.7%	$216.7M+11.0%
Current Liabilities	$96.1M+39.2%	$63.3M-7.4%	$62.1M-4.2%	$67.8M-8.2%	$69.0M+3.7%	$68.4M+5.2%	$64.9M+20.4%	$73.9M+12.1%
Non-Current Liabilities	$172.3M+26.3%	$151.7M+11.0%	$152.3M+10.7%	$133.2M-6.7%	$136.4M-0.7%	$136.7M-2.3%	$137.6M+8.1%	$142.8M+10.4%
Long-Term Debt	$134.8M+26.7%	$116.8M+6.8%	$120.4M+7.2%	$103.8M-10.3%	$106.4M-5.7%	$109.4M-5.9%	$112.3M+4.7%	$115.7M+5.8%
Total Equity	$975.1M+75.3%	$719.4M+18.1%	$694.9M+9.4%	$662.2M+0.8%	$556.2M-17.7%	$609.2M-4.8%	$635.2M-4.3%	$656.9M-3.7%
Retained Earnings	-$2.0B-9.7%	-$1.9B-13.0%	-$1.9B-10.9%	-$1.8B-11.4%	-$1.8B-12.5%	-$1.7B-9.0%	-$1.7B-8.8%	-$1.6B-8.3%

FCEL Cash Flow Statement

FCEL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$96.3M	-$125.3M+18.1%	-$152.9M-9.0%	-$140.3M-25.0%	-$112.2M-59.2%	-$70.4M-91.5%	-$36.8M-20.3%	-$30.6M-287.3%	$16.3M+122.7%	-$71.8M-54.2%	-$46.6M-5.2%	-$44.3M+23.0%	-$57.5M-245.0%	-$16.7M+71.6%	-$58.7M-591.3%	-$8.5M
Depreciation & Amortization	N/A	$40.4M+11.6%	$36.2M+42.6%	$25.4M+19.3%	$21.3M+7.1%	$19.9M+2.6%	$19.4M+56.9%	$12.4M+42.8%	$8.6M+96.5%	$4.4M+2.3%	$4.3M+4.9%	$4.1M-6.5%	$4.4M+7.0%	$4.1M-21.1%	$5.2M-19.3%	$6.4M
Stock-Based Compensation	N/A	$11.1M-5.7%	$11.8M-1.6%	$12.0M+76.0%	$6.8M+58.2%	$4.3M+129.8%	$1.9M-33.4%	$2.8M-13.4%	$3.2M-29.4%	$4.6M+33.9%	$3.4M+8.5%	$3.2M+8.6%	$2.9M+30.6%	$2.2M+8.4%	$2.1M-20.3%	$2.6M
Capital Expenditures	$4.8M	$18.6M-61.0%	$47.7M+21.3%	$39.4M+86.7%	$21.1M+231.8%	$6.4M+1563.1%	$382K-82.2%	$2.2M-78.6%	$10.0M-18.8%	$12.4M+59.9%	$7.7M+11.5%	$6.9M+10.1%	$6.3M-3.9%	$6.6M+47.1%	$4.5M+32.9%	$3.4M
Free Cash Flow	-$101.1M	-$143.9M+28.3%	-$200.6M-11.7%	-$179.6M-34.8%	-$133.2M-73.5%	-$76.8M-106.6%	-$37.2M-13.6%	-$32.7M-619.9%	$6.3M+107.5%	-$84.2M-55.0%	-$54.3M-6.1%	-$51.2M+19.7%	-$63.8M-174.7%	-$23.2M+63.2%	-$63.1M-433.3%	-$11.8M
Investing Cash Flow	-$16.9M	$88.9M+248.0%	-$60.0M+68.8%	-$192.4M-312.3%	-$46.7M+36.3%	-$73.2M-125.2%	-$32.5M+53.1%	-$69.3M-35.2%	-$51.3M-63.0%	-$31.4M+24.1%	-$41.5M-498.2%	-$6.9M+2.1%	-$7.1M-14.3%	-$6.2M-182.1%	$7.5M-58.1%	$18.0M
Financing Cash Flow	$613.6M	$169.3M+38.6%	$122.2M-19.1%	$151.1M-16.3%	$180.6M-56.2%	$411.9M+85.8%	$221.7M+271.6%	$59.7M+115.2%	$27.7M-61.7%	$72.3M-40.1%	$120.7M+327.6%	$28.2M-70.6%	$95.9M+119.9%	$43.6M-20.6%	$55.0M+149.6%	$22.0M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	-$12.2M+54.5%	-$27.3M+8.7%	-$33.9M+25.8%	-$22.9M-491.2%	-$26.8M+57.7%	-$29.9M+19.5%	-$45.7M+21.6%	$5.8M+136.9%
Depreciation & Amortization	$9.4M-3.7%	$10.8M-0.4%	$10.5M+5.8%	$9.8M+11.5%	$9.7M+5.5%	$10.9M+14.0%	$9.9M+15.7%	$8.8M+31.1%
Stock-Based Compensation	$2.5M+50.9%	$2.6M-45.8%	$2.4M+11.7%	N/A	$1.6M-49.7%	$4.8M+63.8%	$2.1M-25.5%	N/A
Capital Expenditures	$1.3M-74.8%	$1.7M-67.7%	$773K-89.1%	$1.0M-90.4%	$5.2M-60.9%	$5.3M-60.0%	$7.1M-33.2%	$10.5M-6.3%
Free Cash Flow	-$13.5M+57.8%	-$29.0M+17.5%	-$34.7M+34.2%	-$23.9M-408.1%	-$32.1M+58.2%	-$35.2M+30.1%	-$52.8M+23.3%	-$4.7M+82.6%
Investing Cash Flow	-$7.2M-113.7%	-$5.7M-112.6%	-$3.0M+59.5%	-$1.1M+97.3%	$52.1M+517.8%	$45.3M+139.6%	-$7.4M-108.5%	-$41.1M+23.8%
Financing Cash Flow	$315.8M+866.3%	$94.3M+3016.6%	$74.8M+1446.7%	$128.7M+396.8%	$32.7M-46.5%	$3.0M-79.3%	$4.8M-76.5%	$25.9M-21.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

FCEL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FCEL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	-16.7%+15.3pp	-32.0%-23.5pp	-8.5%+14.1pp	-22.7%-0.2pp	-22.5%-11.6pp	-10.9%+24.1pp	-35.0%-38.5pp	3.5%+0.6pp	2.9%+3.2pp	-0.3%-8.2pp	7.8%+0.2pp	7.6%+3.8pp	3.8%+3.4pp	0.4%+10.7pp	-10.3%
Operating Margin	-121.6%	-141.3%	-110.3%	-110.1%	-93.3%-38.0pp	-55.3%	-110.2%	-49.9%-2.9pp	-47.0%-4.1pp	-42.8%-25.1pp	-17.7%-2.6pp	-15.2%+0.7pp	-15.9%+10.8pp	-26.6%+10.6pp	-37.3%
Net Margin	-118.8%	-112.4%	-87.2%	-109.4%	-145.2%	-125.7%	-127.7%	-52.9%+3.4pp	-56.3%-9.3pp	-47.1%-29.1pp	-18.0%+3.1pp	-21.1%-2.8pp	-18.3%+11.1pp	-29.4%+7.9pp	-37.3%
Return on Equity	-28.4%-9.2pp	-19.2%-3.4pp	-15.8%+5.1pp	-20.8%-5.1pp	-15.7%+30.1pp	-45.8%+56.6pp	-102.4%-44.8pp	-57.6%-4.4pp	-53.2%-8.7pp	-44.5%-13.7pp	-30.8%+7.3pp	-38.1%	N/A	-244.6%	N/A
Return on Assets	-20.2%-6.8pp	-13.4%-2.1pp	-11.3%+3.9pp	-15.2%-3.6pp	-11.6%+5.5pp	-17.0%+6.2pp	-23.3%-9.4pp	-13.9%+0.2pp	-14.1%+0.9pp	-15.0%-4.4pp	-10.6%+3.0pp	-13.6%+0.9pp	-14.5%+4.1pp	-18.5%+6.3pp	-24.9%
Current Ratio	6.63+0.6x	6.01-1.2x	7.23+0.5x	6.76-3.5x	10.30+6.3x	3.97+2.6x	1.34-0.8x	2.17+0.1x	2.08-1.8x	3.89+1.2x	2.72-0.2x	2.89+1.1x	1.78+0.1x	1.66+0.5x	1.16
Debt-to-Equity	0.160.0x	0.180.0x	0.16+0.1x	0.100.0x	0.12-0.6x	0.74-0.4x	1.11+0.3x	0.86+0.3x	0.59-0.1x	0.67+0.6x	0.090.0x	0.09	N/A	0.23	N/A
Asset Turnover	0.17+0.1x	0.120.0x	0.130.0x	0.14+0.1x	0.08-0.1x	0.140.0x	0.18-0.1x	0.260.0x	0.25-0.1x	0.32-0.3x	0.59-0.1x	0.64-0.1x	0.79+0.2x	0.630.0x	0.67
FCF Margin	-91.0%	-178.9%	-145.6%	-102.1%	-110.4%	-52.4%+1.4pp	-53.9%-60.9pp	7.0%+95.0pp	-88.0%-37.8pp	-50.2%-18.8pp	-31.4%+4.0pp	-35.4%-23.0pp	-12.4%+40.0pp	-52.3%-42.7pp	-9.7%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	-74.3%-63.3pp	-36.3%-11.1pp	-19.2%+8.2pp	-12.0%+10.1pp	-11.0%+15.2pp	-25.2%+6.3pp	-27.4%+42.9pp	-22.1%-15.6pp
Operating Margin	-141.4%	-218.9%	-86.1%	-51.5%+31.7pp	-204.0%	-95.7%	-172.9%	-83.2%
Net Margin	-134.7%	-218.9%	-74.9%	-54.3%+29.7pp	-196.1%	-101.7%	-149.1%	-84.0%
Return on Equity	-4.6%+11.9pp	-10.8%-4.6pp	-3.3%+1.2pp	-4.5%+1.8pp	-16.5%-11.6pp	-6.3%-1.2pp	-4.5%-1.5pp	-6.3%-1.9pp
Return on Assets	-3.4%+7.6pp	-7.8%-3.5pp	-2.3%+0.8pp	-3.2%+1.2pp	-11.0%-7.6pp	-4.3%-0.8pp	-3.1%-1.0pp	-4.4%-1.2pp
Current Ratio	8.67+3.3x	8.59+3.0x	7.96+1.6x	6.63+0.6x	5.37-1.5x	5.62-0.9x	6.34-1.9x	6.01-1.2x
Debt-to-Equity	0.14-0.1x	0.160.0x	0.170.0x	0.160.0x	0.190.0x	0.180.0x	0.180.0x	0.180.0x
Asset Turnover	0.030.0x	0.040.0x	0.030.0x	0.060.0x	0.060.0x	0.040.0x	0.020.0x	0.050.0x
FCF Margin	-41.0%+27.6pp	-81.5%+12.5pp	-113.7%	-43.4%-33.9pp	-68.6%	-94.0%	-277.8%	-9.5%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
FuelCell Energy Inc NEW (DE) FCEL	FY2025	$158.2M	-$187.9M	N/A	$1.1B	60/100
Tecogen Inc. TGEN	FY2025	$27.1M	-$8.2M	-30.5%	$69.4M	35/100
NOVONIX Limited NVX	FY2025	$5.6M	-$92.7M	N/A	$58.4M	15/100
Electrovaya Inc. ELVA	FY2025	N/A	N/A	N/A	$262.0M	—
Stardust Power Inc. SDST	FY2025	N/A	-$3.8M	N/A	$582K	—
NeoVolta Inc. NEOV	FY2026	$13.3M	-$21.5M	N/A	$145.2M	42/100

Where FuelCell Energy Inc NEW (DE) Ranks

Frequently Asked Questions

What is FuelCell Energy Inc NEW (DE)'s annual revenue?

FuelCell Energy Inc NEW (DE) (FCEL) reported $158.2M in total revenue for fiscal year 2025. This represents a 41.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is FuelCell Energy Inc NEW (DE)'s revenue growing?

FuelCell Energy Inc NEW (DE) (FCEL) revenue grew by 41.0% year-over-year, from $112.1M to $158.2M in fiscal year 2025.

Is FuelCell Energy Inc NEW (DE) profitable?

No, FuelCell Energy Inc NEW (DE) (FCEL) reported a net income of -$187.9M in fiscal year 2025.

What is FuelCell Energy Inc NEW (DE)'s EBITDA?

FuelCell Energy Inc NEW (DE) (FCEL) had EBITDA of -$151.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does FuelCell Energy Inc NEW (DE) have?

As of fiscal year 2025, FuelCell Energy Inc NEW (DE) (FCEL) had $278.1M in cash and equivalents against $103.8M in long-term debt.

What is FuelCell Energy Inc NEW (DE)'s gross margin?

FuelCell Energy Inc NEW (DE) (FCEL) had a gross margin of -16.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is FuelCell Energy Inc NEW (DE)'s return on equity (ROE)?

FuelCell Energy Inc NEW (DE) (FCEL) has a return on equity of -28.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is FuelCell Energy Inc NEW (DE)'s free cash flow?

FuelCell Energy Inc NEW (DE) (FCEL) recorded an outflow of $143.9M in free cash flow during fiscal year 2025. This represents a 28.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is FuelCell Energy Inc NEW (DE)'s operating cash flow?

FuelCell Energy Inc NEW (DE) (FCEL) recorded an outflow of $125.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are FuelCell Energy Inc NEW (DE)'s total assets?

FuelCell Energy Inc NEW (DE) (FCEL) had $932.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are FuelCell Energy Inc NEW (DE)'s capital expenditures?

FuelCell Energy Inc NEW (DE) (FCEL) invested $18.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does FuelCell Energy Inc NEW (DE) spend on research and development?

FuelCell Energy Inc NEW (DE) (FCEL) invested $34.1M in research and development during fiscal year 2025.

How many shares does FuelCell Energy Inc NEW (DE) have outstanding?

FuelCell Energy Inc NEW (DE) (FCEL) had 48M shares outstanding as of fiscal year 2025.

What is FuelCell Energy Inc NEW (DE)'s current ratio?

FuelCell Energy Inc NEW (DE) (FCEL) had a current ratio of 6.63 as of fiscal year 2025, which is generally considered healthy.

What is FuelCell Energy Inc NEW (DE)'s debt-to-equity ratio?

FuelCell Energy Inc NEW (DE) (FCEL) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is FuelCell Energy Inc NEW (DE)'s return on assets (ROA)?

FuelCell Energy Inc NEW (DE) (FCEL) had a return on assets of -20.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is FuelCell Energy Inc NEW (DE)'s P/E ratio?

FuelCell Energy Inc NEW (DE) (FCEL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to July 31, 2026). The market capitalization is $1.1B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is FuelCell Energy Inc NEW (DE)'s price-to-sales ratio?

FuelCell Energy Inc NEW (DE) (FCEL) trades at 7.3x sales, its market capitalization divided by revenue of $154.1M revenue, trailing 12 months to July 31, 2026. The market capitalization is $1.1B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does FuelCell Energy Inc NEW (DE)'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, FuelCell Energy Inc NEW (DE) (FCEL) held $278.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $125.3M over that year. Dividing the one by the other, the reported balance equals about 27 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is FuelCell Energy Inc NEW (DE)'s Altman Z-Score?

FuelCell Energy Inc NEW (DE) (FCEL) has an Altman Z-Score of 0.61, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is FuelCell Energy Inc NEW (DE)'s Piotroski F-Score?

FuelCell Energy Inc NEW (DE) (FCEL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are FuelCell Energy Inc NEW (DE)'s earnings high quality?

FuelCell Energy Inc NEW (DE) (FCEL) reported a net loss of $187.9M while operations used $125.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can FuelCell Energy Inc NEW (DE) cover its interest payments?

FuelCell Energy Inc NEW (DE) (FCEL) reported an operating loss of $192.3M against $10.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is FuelCell Energy Inc NEW (DE)?

FuelCell Energy Inc NEW (DE) (FCEL) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.