Industrials · Electrical Equipment & Parts
Price
$24.00
Market Cap
$1.3B
Employees
584
Beta
2.44
Avg Volume
9,112,271
CEO
Jason Few
Business Description
FuelCell Energy, Inc., alongside its subsidiaries, is involved in the complete lifecycle of stationary fuel cell power plants, covering their design, manufacturing, sales, installation, continuous operation, and servicing. These systems are developed for decentralized, consistent baseload electricity generation. The company offers a range of SureSource platforms: the 1.4-megawatt (MW) SureSource 1500, the 2.8 MW SureSource 3000, the 3.7 MW SureSource 4000, the 250-kilowatt (kW) SureSource 250, and the 400 kW SureSource 400. A prominent product is the 2.3 MW SureSource Hydrogen platform, engineered to produce up to 1,200 kilograms of hydrogen daily, serving applications in multi-megawatt utilities, microgrids, distributed hydrogen, and on-site heating and cooling. Furthermore, FuelCell Energy provides the SureSource Capture system, designed to separate and concentrate carbon dioxide from the flue gases emitted by natural gas, biomass, or coal-fired power plants, as well as industrial facilities. Their technological capabilities also include solid oxide fuel cell and solid oxide electrolysis cell stack technologies. The SureSource power plants fundamentally generate clean electricity, useful thermal energy, water, and hydrogen. The company's service portfolio is extensive, featuring engineering, procurement, and construction (EPC) services, along with project financing. Post-installation support includes real-time monitoring, remote operational management, an online support system, preventative maintenance, parts and supplies, on-site and classroom training, and power plant refurbishment or recycling services. Technical support is also available for optimizing plant operation, performance, and fuel processing. FuelCell Energy serves a diverse clientele across various markets, including public utilities and independent power producers, industrial and process applications, educational and healthcare facilities, data centers and communication networks, wastewater treatment plants, government entities, microgrid developers, the food and beverage industry, and the commercial and hospitality sectors. The company's primary operational regions encompass the United States, South Korea, England, Germany, and Switzerland. Founded in 1969, FuelCell Energy, Inc. is headquartered in Danbury, Connecticut.
Business History
Price Overview
Last updated: Jun 27, 2026 8:02am (just now)$24.00
+4.35 (+22.14%)
Day Range
$19.33 – $25.43
52-Week Range
$3.78 – $27.69
50-Day MA
$17.47
200-Day MA
$10.25
Volume
26,456,717.00
Analyst Price Targets
Low
$8.00
Consensus
$21.00
High
$30.00
(15 analysts)
Share Structure
Outstanding
52,977,900.00
Float
52,810,277.00
Free Float
99.7%
High free float
— 99.7% of shares trade freely, ~0.3% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-3.23
Stock Price: $24.00
EPS (Diluted): -7.42
EPS (Diluted): -7.42
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.32
Stock Price: $24.00
Total Equity: $722.04M
Shares: 25,743,252
Total Equity: $722.04M
Shares: 25,743,252
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-6.01
Market Cap: $1.27B
Total Debt: $131.07M
Cash: $278.10M
EBITDA: -$140.46M
Total Debt: $131.07M
Cash: $278.10M
EBITDA: -$140.46M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$96.3M
Market Cap: $1.27B
Total Debt: $131.07M
Cash: $278.10M
Total Debt: $131.07M
Cash: $278.10M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
1.46
Stock Price: $24.00
Revenue: $158.16M
Shares: 25,743,252
Revenue: $158.16M
Shares: 25,743,252
EV/Sales (Total value vs revenue — works when P/E can't)
API0.61
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
-16.7%
Gross Profit: -$26.41M
Revenue: $158.16M
Revenue: $158.16M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-76.6%
Operating Income: -$121.23M
Revenue: $158.16M
Revenue: $158.16M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-118.8%
Net Income: -$187.90M
Revenue: $158.16M
Revenue: $158.16M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-31.7%
Net Income: -$187.90M
Total Equity: $722.04M
Total Equity: $722.04M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-16.2%
Operating Income: -$121.23M
Tax Rate: -0.1%
Equity: $722.04M
Total Debt: $131.07M
Cash: $278.10M
Tax Rate: -0.1%
Equity: $722.04M
Total Debt: $131.07M
Cash: $278.10M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
6.63
Current Assets: $449.81M
Current Liabilities: $67.84M
Current Liabilities: $67.84M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.18
Short-Term Debt: $15.85M
Long-Term Debt: $115.23M
Total Debt: $131.07M
Total Equity: $722.04M
Long-Term Debt: $115.23M
Total Debt: $131.07M
Total Equity: $722.04M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$6.14
Revenue: $158.16M
Shares: 25,743,252
Shares: 25,743,252
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$28.05
Total Equity: $722.04M
Shares: 25,743,252
Shares: 25,743,252
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-5.74
Operating CF: -$125.29M
CapEx: -$22.54M
Shares: 25,743,252
CapEx: -$22.54M
Shares: 25,743,252
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
1.4%
Last Dividend: N/A
Stock Price: $24.00
Stock Price: $24.00
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$187.90M
Net Income: -$187.90M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FCEL against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 11:00am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $69.6M | $130.5M | $123.4M | $112.1M | $158.2M |
| Cost of Revenue | $85.2M | $160.1M | $133.9M | $148.1M | $184.6M |
| Gross Profit | -$15.6M | -$29.6M | -$10.5M | -$35.9M | -$26.4M |
| Operating Expenses | $49.3M | $114.1M | $125.5M | $120.0M | $94.8M |
| Operating Income | -$64.9M | -$143.7M | -$136.1M | -$155.9M | -$121.2M |
| Net Income | -$101.0M | -$142.7M | -$107.6M | -$126.0M | -$187.9M |
| EBITDA | -$73.8M | -$118.7M | -$74.9M | -$110.9M | -$140.5M |
| EPS | $-0.31 | $-0.39 | $-0.26 | $-0.53 | $-7.42 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 11:00am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $432.2M | $458.1M | $250.0M | $148.1M | $278.1M |
| Total Current Assets | $543.4M | $580.3M | $476.3M | $444.5M | $449.8M |
| Total Assets | $875.2M | $939.7M | $955.5M | $944.1M | $932.1M |
| Current Liabilities | $52.8M | $85.8M | $65.9M | $73.9M | $67.8M |
| Long-Term Debt | $78.6M | $82.9M | $119.6M | $130.9M | $115.2M |
| Total Liabilities | $169.9M | $185.3M | $195.2M | $216.7M | $201.0M |
| Total Equity | $702.3M | $744.2M | $742.4M | $716.8M | $722.0M |
| Retained Earnings | -$1.3B | -$1.4B | -$1.5B | -$1.6B | -$1.8B |
Cash Flow (Annual)
Last updated: Jun 24, 2026 11:00am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$70.4M | -$112.2M | -$140.3M | -$152.9M | -$125.3M |
| Capital Expenditure | -$73.2M | -$46.7M | -$92.4M | -$59.6M | -$22.5M |
| Free Cash Flow | -$143.7M | -$158.8M | -$232.6M | -$212.5M | -$147.8M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $268.2M | $20.8M | -$181.5M | -$90.7M | $132.9M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 8:02am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$228.7M $210.8M – $250.1M
|
$407.6M $367.8M – $460.9M
|
$732.1M $660.6M – $827.8M
|
$983.7M $887.6M – $1.1B
|
| EBITDA |
-$201.0M -$219.8M – -$185.3M
|
-$358.2M -$405.0M – -$323.2M
|
-$643.3M -$727.4M – -$580.5M
|
-$864.4M -$977.4M – -$780.0M
|
| Net Income |
-$37.4M -$40.8M – -$33.9M
|
-$17.1M -$19.7M – -$14.4M
|
$2.9M $2.5M – $3.4M
|
$23.3M $20.3M – $27.2M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 11:00am (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +87.5% | -5.4% | -9.1% | +41.0% |
| Gross Profit Growth | -89.1% | +64.4% | -240.9% | +26.5% |
| Operating Income Growth | -121.4% | +5.3% | -14.6% | +22.3% |
| Net Income Growth | -41.3% | +24.6% | -17.1% | -49.1% |
| EBITDA Growth | -60.9% | +37.0% | -48.1% | -26.7% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-11 | Livingston III Homer John | A-Award | 5,896.00 | $0.00 | $0 |
| 2026-06-11 | Livingston III Homer John | A-Award | 534.00 | $0.00 | $0 |
| 2026-05-19 | Livingston III Homer John | 0.00 | $0.00 | $0 | |
| 2026-05-08 | Achanta Shankar | M-Exempt | 2,020.00 | $0.00 | $0 |
| 2026-05-08 | Achanta Shankar | F-InKind | 492.00 | $13.70 | $6,740 |
| 2026-05-08 | Achanta Shankar | M-Exempt | 2,020.00 | $0.00 | $0 |
| 2026-04-21 | von Althann Natica | M-Exempt | 23,859.00 | $0.00 | $0 |
| 2026-04-21 | von Althann Natica | M-Exempt | 23,859.00 | $0.00 | $0 |
| 2026-04-21 | Bingham Betsy B | M-Exempt | 23,859.00 | $0.00 | $0 |
| 2026-04-21 | Bingham Betsy B | M-Exempt | 23,859.00 | $0.00 | $0 |
| 2026-04-20 | Achanta Shankar | S-Sale | 2,500.00 | $8.00 | $20,000 |
| 2026-04-15 | Hansen Cynthia L | A-Award | 2,657.00 | $0.00 | $0 |
| 2026-04-15 | England James Herbert | A-Award | 3,902.00 | $0.00 | $0 |
| 2026-04-08 | Jordan Tyrone Michael | A-Award | 17,424.00 | $0.00 | $0 |
| 2026-04-08 | Sims Wilson Donna | A-Award | 17,424.00 | $0.00 | $0 |
| 2026-04-08 | von Althann Natica | A-Award | 17,424.00 | $0.00 | $0 |
| 2026-04-08 | HILZINGER MATTHEW F | A-Award | 17,424.00 | $0.00 | $0 |
| 2026-04-08 | Hansen Cynthia L | A-Award | 17,424.00 | $0.00 | $0 |
| 2026-04-08 | England James Herbert | A-Award | 17,424.00 | $0.00 | $0 |
| 2026-04-08 | Bingham Betsy B | A-Award | 17,424.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 24, 2026 11:00am (2d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 1999-02-17 | $7.99 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for FCEL — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30