What is Fuel Tech's earnings per share (EPS)?

Fuel Tech (FTEK) reported diluted earnings per share of $-0.08 for fiscal year 2025. This represents a -33.3% change compared to the previous fiscal year. 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.

Fuel Tech Financials

FTEK

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Fuel Tech (FTEK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Financial Profile 48/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Fuel Tech has an operating margin of -13.8%, meaning the company retains $-14 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -18.7% the prior year.

Growth

Fuel Tech's revenue grew 6.1% year-over-year to $26.7M, a solid pace of expansion. This earns a growth score of 44/100.

Leverage

Fuel Tech carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 5.09, Fuel Tech holds $5.09 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

Fuel Tech has a free cash flow margin of 8.8%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Fuel Tech generates a -5.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -4.6% the prior year.

Piotroski F-Score Neutral

5/9

Fuel Tech passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-1.30x

For every $1 of reported earnings, Fuel Tech generates $-1.30 in operating cash flow ($3.0M OCF vs -$2.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$26.7M

YoY+6.1%

5Y CAGR+3.4%

10Y CAGR-9.7%

Fuel Tech generated $26.7M in revenue in fiscal year 2025. This represents an increase of 6.1% from the prior year.

EBITDA

-$3.0M

YoY+29.7%

Fuel Tech's EBITDA was -$3.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.7% from the prior year.

Net Income

-$2.3M

YoY-19.6%

Fuel Tech reported -$2.3M in net income in fiscal year 2025. This represents a decrease of 19.6% from the prior year.

EPS (Diluted)

$-0.08

YoY-33.3%

Fuel Tech earned $-0.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 33.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.3M

YoY+161.5%

10Y CAGR-9.2%

Fuel Tech generated $2.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 161.5% from the prior year.

Cash & Debt

$11.9M

YoY+40.3%

5Y CAGR+2.3%

10Y CAGR-5.8%

Fuel Tech held $11.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

31M

YoY+1.2%

5Y CAGR+4.3%

10Y CAGR+3.0%

Fuel Tech had 31M shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.

Margins & Returns

Gross Margin

46.4%

YoY+4.1pp

5Y CAGR-0.8pp

10Y CAGR+7.7pp

Fuel Tech's gross margin was 46.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.

Operating Margin

-13.8%

YoY+4.9pp

5Y CAGR+5.4pp

10Y CAGR-6.4pp

Fuel Tech's operating margin was -13.8% in fiscal year 2025, reflecting core business profitability. This is up 4.9 percentage points from the prior year.

Net Margin

-8.7%

YoY-1.0pp

5Y CAGR+10.3pp

10Y CAGR+8.1pp

Fuel Tech's net profit margin was -8.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.

Return on Equity

-5.8%

YoY-1.2pp

5Y CAGR+13.4pp

10Y CAGR+15.4pp

Fuel Tech's ROE was -5.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.0M

YoY+28.8%

5Y CAGR+11.3%

10Y CAGR+3.4%

Fuel Tech invested $2.0M in research and development in fiscal year 2025. This represents an increase of 28.8% from the prior year.

Share Buybacks

$222K

YoY+133.7%

5Y CAGR-17.2%

Fuel Tech spent $222K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 133.7% from the prior year.

Capital Expenditures

$674K

YoY+78.3%

5Y CAGR+22.2%

10Y CAGR-1.7%

Fuel Tech invested $674K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 78.3% from the prior year.

FTEK Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$26.7M+6.1%	$25.1M-7.2%	$27.1M+0.5%	$26.9M+11.0%	$24.3M+7.6%	$22.6M
Cost of Revenue	$14.3M-1.5%	$14.5M-5.9%	$15.4M+0.8%	$15.3M+23.7%	$12.4M+3.8%	$11.9M
Gross Profit	$12.4M+16.6%	$10.6M-8.9%	$11.7M+0.1%	$11.6M-2.1%	$11.9M+11.8%	$10.6M
R&D Expenses	$2.0M+28.8%	$1.6M+3.5%	$1.5M+68.8%	$895K-32.8%	$1.3M+13.2%	$1.2M
SG&A Expenses	$14.1M+2.1%	$13.8M+7.5%	$12.8M+4.3%	$12.3M+1.8%	$12.1M-11.4%	$13.6M
Operating Income	-$3.7M+21.7%	-$4.7M-76.9%	-$2.7M-74.1%	-$1.5M-2.6%	-$1.5M+65.7%	-$4.3M
Interest Expense	N/A	$0-100.0%	$21K+23.5%	$17K-10.5%	$19K+375.0%	$4K
Income Tax	$15K-80.5%	$77K+11.6%	$69K+27.8%	$54K+285.7%	$14K-75.4%	$57K
Net Income	-$2.3M-19.6%	-$1.9M-26.3%	-$1.5M-6.7%	-$1.4M-2770.4%	$54K+101.3%	-$4.3M
EPS (Diluted)	$-0.08-33.3%	$-0.06-20.0%	$-0.050.0%	$-0.05	$0.00+100.0%	$-0.17

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$7.2M-3.2%	$7.5M+34.8%	$5.6M-12.9%	$6.4M+20.8%	$5.3M-32.7%	$7.9M+11.5%	$7.0M+42.1%	$5.0M
Cost of Revenue	$4.0M+4.8%	$3.8M+26.4%	$3.0M-11.5%	$3.4M+12.3%	$3.0M-31.4%	$4.4M+8.7%	$4.1M+39.7%	$2.9M
Gross Profit	$3.2M-11.7%	$3.7M+44.8%	$2.5M-14.5%	$3.0M+32.4%	$2.2M-34.4%	$3.4M+15.4%	$3.0M+45.5%	$2.0M
R&D Expenses	$504K+12.0%	$450K-8.2%	$490K-14.0%	$570K+40.7%	$405K+12.2%	$361K-14.5%	$422K+12.2%	$376K
SG&A Expenses	$4.2M+29.6%	$3.2M-4.2%	$3.3M+0.2%	$3.3M-15.3%	$3.9M+22.4%	$3.2M-0.6%	$3.2M-3.0%	$3.3M
Operating Income	-$1.4M-35725.0%	$4K+100.3%	-$1.3M-37.4%	-$952K+55.0%	-$2.1M-1082.1%	-$179K+75.0%	-$715K+57.7%	-$1.7M
Interest Expense	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Income Tax	$4K-42.9%	$7K+75.0%	$4K	$0-100.0%	$59K+5800.0%	$1K-83.3%	$6K-45.5%	$11K
Net Income	-$1.2M-495.7%	$303K+144.0%	-$689K+6.8%	-$739K+60.8%	-$1.9M-2453.8%	$80K+119.0%	-$421K-249.8%	$281K
EPS (Diluted)	N/A	$0.01+150.0%	$-0.020.0%	$-0.02	N/A	$0.00+100.0%	$-0.01-200.0%	$0.01

FTEK Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$47.2M-3.3%	$48.8M-3.2%	$50.4M+0.5%	$50.1M+0.3%	$50.0M+66.1%	$30.1M
Current Assets	$31.9M+7.8%	$29.6M-22.7%	$38.3M+7.0%	$35.8M-13.6%	$41.5M+96.8%	$21.1M
Cash & Equivalents	$11.9M+40.3%	$8.5M-51.6%	$17.6M-24.6%	$23.3M-35.0%	$35.9M+237.3%	$10.6M
Inventory	$373K-6.0%	$397K-9.6%	$439K+12.0%	$392K+12.6%	$348K+258.8%	$97K
Accounts Receivable	$5.4M-42.8%	$9.4M+39.2%	$6.7M-12.9%	$7.7M+137.2%	$3.3M-50.2%	$6.5M
Goodwill	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M
Total Liabilities	$7.2M+5.9%	$6.8M+2.5%	$6.7M+26.3%	$5.3M+40.0%	$3.8M-51.4%	$7.8M
Current Liabilities	$6.3M+7.1%	$5.9M+2.9%	$5.7M+19.3%	$4.8M+47.9%	$3.2M-41.7%	$5.5M
Long-Term Debt	N/A	N/A	N/A	N/A	$0-100.0%	$1.6M
Total Equity	$39.9M-4.8%	$42.0M-4.0%	$43.7M-2.5%	$44.8M-2.9%	$46.2M+107.0%	$22.3M
Retained Earnings	-$121.8M-1.9%	-$119.5M-1.7%	-$117.5M-1.3%	-$116.0M-1.3%	-$114.5M0.0%	-$114.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$47.2M-1.5%	$47.9M+1.9%	$47.0M+0.6%	$46.7M-4.3%	$48.8M-2.6%	$50.1M+2.3%	$49.0M-0.9%	$49.4M
Current Assets	$31.9M0.0%	$32.0M+3.0%	$31.0M+6.4%	$29.1M-1.6%	$29.6M-4.2%	$30.9M+2.0%	$30.3M-5.9%	$32.2M
Cash & Equivalents	$11.9M-12.7%	$13.7M+29.2%	$10.6M-10.4%	$11.8M+38.9%	$8.5M-30.7%	$12.3M+18.0%	$10.4M-8.6%	$11.4M
Inventory	$373K-7.2%	$402K-34.7%	$616K+15.4%	$534K+34.5%	$397K-10.0%	$441K-4.5%	$462K-14.0%	$537K
Accounts Receivable	$5.4M+10.9%	$4.8M-23.3%	$6.3M+11.7%	$5.6M-39.8%	$9.4M+1.8%	$9.2M+6.4%	$8.7M+21.8%	$7.1M
Goodwill	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M0.0%	$2.1M
Total Liabilities	$7.2M+5.0%	$6.9M+8.9%	$6.3M+20.3%	$5.3M-23.0%	$6.8M+9.4%	$6.3M+15.3%	$5.4M-1.2%	$5.5M
Current Liabilities	$6.3M+6.1%	$5.9M+11.0%	$5.3M+24.2%	$4.3M-26.8%	$5.9M+10.2%	$5.3M+18.6%	$4.5M-1.1%	$4.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$39.9M-2.6%	$41.0M+0.9%	$40.7M-1.9%	$41.4M-1.2%	$42.0M-4.4%	$43.9M+0.7%	$43.6M-0.9%	$44.0M
Retained Earnings	-$121.8M-1.0%	-$120.6M+0.3%	-$120.9M-0.6%	-$120.2M-0.6%	-$119.5M-1.6%	-$117.6M+0.1%	-$117.7M-0.4%	-$117.2M

FTEK Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.0M+187.9%	-$3.4M-593.2%	$696K+116.8%	-$4.1M-643.9%	$761K+128.1%	-$2.7M
Capital Expenditures	$674K+78.3%	$378K-9.6%	$418K+102.9%	$206K+145.2%	$84K-66.0%	$247K
Free Cash Flow	$2.3M+161.5%	-$3.8M-1470.9%	$278K+106.4%	-$4.3M-741.8%	$677K+122.9%	-$3.0M
Investing Cash Flow	$545K+110.0%	-$5.4M+15.5%	-$6.4M+32.0%	-$9.5M-11189.3%	-$84K+66.0%	-$247K
Financing Cash Flow	-$222K-133.7%	-$95K-326.2%	$42K+347.1%	-$17K-100.1%	$24.0M+1770.3%	$1.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$222K+133.7%	$95K	$0-100.0%	$17K-67.3%	$52K-90.9%	$570K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$1.6M-150.6%	$3.1M+14842.9%	-$21K-101.4%	$1.5M+191.5%	-$1.6M-287.5%	$879K+155.3%	-$1.6M-47.8%	-$1.1M
Capital Expenditures	$443K+240.8%	$130K+261.1%	$36K-44.6%	$65K+4.8%	$62K-44.6%	$112K+24.4%	$90K-21.1%	$114K
Free Cash Flow	-$2.0M-167.8%	$3.0M+5303.5%	-$57K-104.0%	$1.4M+184.4%	-$1.7M-322.9%	$767K+145.7%	-$1.7M-41.2%	-$1.2M
Investing Cash Flow	-$220K-438.5%	$65K+106.6%	-$992K-158.6%	$1.7M+182.3%	-$2.1M-322.6%	$923K+33.0%	$694K+113.9%	-$5.0M
Financing Cash Flow	$0	$0+100.0%	-$198K-725.0%	-$24K	$0	$0+100.0%	-$95K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$198K+725.0%	$24K	$0	$0-100.0%	$95K	$0

FTEK Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	46.4%+4.1pp	42.3%-0.8pp	43.0%-0.2pp	43.2%-5.8pp	49.0%+1.9pp	47.2%
Operating Margin	-13.8%+4.9pp	-18.7%-8.9pp	-9.8%-4.1pp	-5.7%+0.5pp	-6.1%+13.1pp	-19.2%
Net Margin	-8.7%-1.0pp	-7.7%-2.0pp	-5.7%-0.3pp	-5.3%-5.6pp	0.2%+19.2pp	-19.0%
Return on Equity	-5.8%-1.2pp	-4.6%-1.1pp	-3.5%-0.3pp	-3.2%-3.3pp	0.1%+19.3pp	-19.2%
Return on Assets	-4.9%-0.9pp	-4.0%-0.9pp	-3.0%-0.2pp	-2.9%-3.0pp	0.1%+14.3pp	-14.2%
Current Ratio	5.09+0.0	5.06-1.7	6.74-0.8	7.52-5.3	12.87+9.1	3.81
Debt-to-Equity	0.18+0.0	0.16+0.0	0.15+0.0	0.12+0.1	0.00-0.1	0.07
FCF Margin	8.8%+23.9pp	-15.2%-16.2pp	1.0%+17.2pp	-16.1%-18.9pp	2.8%+15.9pp	-13.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	44.6%-4.3pp	48.9%+3.4pp	45.5%-0.9pp	46.4%+4.1pp	42.3%-1.1pp	43.4%+1.5pp	41.9%+1.0pp	40.9%
Operating Margin	-19.7%-19.7pp	0.1%+23.6pp	-23.5%-8.6pp	-14.9%+25.1pp	-40.1%-37.8pp	-2.3%+7.9pp	-10.2%+24.0pp	-34.1%
Net Margin	-16.5%-20.6pp	4.0%+16.4pp	-12.4%-0.8pp	-11.6%+24.1pp	-35.6%-36.7pp	1.0%+7.0pp	-6.0%-11.6pp	5.7%
Return on Equity	-3.0%-3.7pp	0.7%+2.4pp	-1.7%+0.1pp	-1.8%+2.7pp	-4.5%-4.7pp	0.2%+1.1pp	-1.0%-1.6pp	0.6%
Return on Assets	-2.5%-3.2pp	0.6%+2.1pp	-1.5%+0.1pp	-1.6%+2.3pp	-3.9%-4.0pp	0.2%+1.0pp	-0.9%-1.4pp	0.6%
Current Ratio	5.09-0.3	5.41-0.4	5.82-1.0	6.80+1.7	5.06-0.8	5.82-0.9	6.76-0.3	7.11
Debt-to-Equity	0.18+0.0	0.17+0.0	0.16+0.0	0.13-0.0	0.16+0.0	0.14+0.0	0.120.0	0.12
FCF Margin	-27.7%-67.3pp	39.6%+40.6pp	-1.0%-23.6pp	22.6%+55.0pp	-32.4%-42.1pp	9.8%+33.6pp	-23.8%+0.2pp	-24.0%

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Frequently Asked Questions

What is Fuel Tech's annual revenue?

Fuel Tech (FTEK) reported $26.7M in total revenue for fiscal year 2025. This represents a 6.1% 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 Fuel Tech's revenue growing?

Fuel Tech (FTEK) revenue grew by 6.1% year-over-year, from $25.1M to $26.7M in fiscal year 2025.

Is Fuel Tech profitable?

No, Fuel Tech (FTEK) reported a net income of -$2.3M in fiscal year 2025, with a net profit margin of -8.7%.

What is Fuel Tech's EBITDA?

Fuel Tech (FTEK) had EBITDA of -$3.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Fuel Tech's gross margin?

Fuel Tech (FTEK) had a gross margin of 46.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Fuel Tech's operating margin?

Fuel Tech (FTEK) had an operating margin of -13.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Fuel Tech's net profit margin?

Fuel Tech (FTEK) had a net profit margin of -8.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fuel Tech's return on equity (ROE)?

Fuel Tech (FTEK) has a return on equity of -5.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fuel Tech's free cash flow?

Fuel Tech (FTEK) generated $2.3M in free cash flow during fiscal year 2025. This represents a 161.5% 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 Fuel Tech's operating cash flow?

Fuel Tech (FTEK) generated $3.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fuel Tech's total assets?

Fuel Tech (FTEK) had $47.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fuel Tech's capital expenditures?

Fuel Tech (FTEK) invested $674K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Fuel Tech spend on research and development?

Fuel Tech (FTEK) invested $2.0M in research and development during fiscal year 2025.

Does Fuel Tech buy back shares?

Yes, Fuel Tech (FTEK) spent $222K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Fuel Tech have outstanding?

Fuel Tech (FTEK) had 31M shares outstanding as of fiscal year 2025.

What is Fuel Tech's current ratio?

Fuel Tech (FTEK) had a current ratio of 5.09 as of fiscal year 2025, which is generally considered healthy.

What is Fuel Tech's debt-to-equity ratio?

Fuel Tech (FTEK) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fuel Tech's return on assets (ROA)?

Fuel Tech (FTEK) had a return on assets of -4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fuel Tech's Piotroski F-Score?

Fuel Tech (FTEK) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fuel Tech's earnings high quality?

Fuel Tech (FTEK) has an earnings quality ratio of -1.30x, considered mixed quality. 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.

How financially healthy is Fuel Tech?

Fuel Tech (FTEK) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.