FUELCELL ENERGY INC (FCEL) Stock Fundamental Analysis

USA • Nasdaq • NASDAQ:FCEL • US35952H7008

7.635 USD
+0.29 (+3.88%)
Last: Feb 3, 2026, 09:51 AM
Fundamental Rating

3

Overall FCEL gets a fundamental rating of 3 out of 10. We evaluated FCEL against 91 industry peers in the Electrical Equipment industry. The financial health of FCEL is average, but there are quite some concerns on its profitability. FCEL shows excellent growth, but is valued quite expensive already.


Dividend Valuation Growth Profitability Health

1

1. Profitability

1.1 Basic Checks

  • FCEL had negative earnings in the past year.
  • In the past year FCEL has reported a negative cash flow from operations.
  • FCEL had negative earnings in each of the past 5 years.
  • In the past 5 years FCEL always reported negative operating cash flow.
FCEL Yearly Net Income VS EBIT VS OCF VS FCFFCEL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -100M -200M -300M -400M -500M

1.2 Ratios

  • FCEL's Return On Assets of -20.50% is in line compared to the rest of the industry. FCEL outperforms 43.96% of its industry peers.
  • The Return On Equity of FCEL (-26.47%) is comparable to the rest of the industry.
Industry RankSector Rank
ROA -20.5%
ROE -26.47%
ROIC N/A
ROA(3y)-15.26%
ROA(5y)-14.64%
ROE(3y)-19.8%
ROE(5y)-18.77%
ROIC(3y)N/A
ROIC(5y)N/A
FCEL Yearly ROA, ROE, ROICFCEL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -20 -40 -60

1.3 Margins

  • FCEL does not have Profit Margin and Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
FCEL Yearly Profit, Operating, Gross MarginsFCEL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -50 -100 -150

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5

2. Health

2.1 Basic Checks

  • FCEL does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • Compared to 1 year ago, FCEL has more shares outstanding
  • The number of shares outstanding for FCEL has been reduced compared to 5 years ago.
  • The debt/assets ratio for FCEL has been reduced compared to a year ago.
FCEL Yearly Shares OutstandingFCEL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M
FCEL Yearly Total Debt VS Total AssetsFCEL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M

2.2 Solvency

  • FCEL has an Altman-Z score of -1.51. This is a bad value and indicates that FCEL is not financially healthy and even has some risk of bankruptcy.
  • The Altman-Z score of FCEL (-1.51) is worse than 62.64% of its industry peers.
  • A Debt/Equity ratio of 0.14 indicates that FCEL is not too dependend on debt financing.
  • FCEL has a Debt to Equity ratio of 0.14. This is in the better half of the industry: FCEL outperforms 70.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.14
Debt/FCF N/A
Altman-Z -1.51
ROIC/WACCN/A
WACC7.75%
FCEL Yearly LT Debt VS Equity VS FCFFCEL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M -400M 600M

2.3 Liquidity

  • A Current Ratio of 6.63 indicates that FCEL has no problem at all paying its short term obligations.
  • Looking at the Current ratio, with a value of 6.63, FCEL belongs to the top of the industry, outperforming 87.91% of the companies in the same industry.
  • A Quick Ratio of 5.36 indicates that FCEL has no problem at all paying its short term obligations.
  • FCEL's Quick ratio of 5.36 is amongst the best of the industry. FCEL outperforms 87.91% of its industry peers.
Industry RankSector Rank
Current Ratio 6.63
Quick Ratio 5.36
FCEL Yearly Current Assets VS Current LiabilitesFCEL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M

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7

3. Growth

3.1 Past

  • FCEL shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 34.11%, which is quite impressive.
  • FCEL shows a strong growth in Revenue. In the last year, the Revenue has grown by 41.05%.
  • FCEL shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 17.41% yearly.
EPS 1Y (TTM)34.11%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%60.29%
Revenue 1Y (TTM)41.05%
Revenue growth 3Y6.62%
Revenue growth 5Y17.41%
Sales Q2Q%11.54%

3.2 Future

  • Based on estimates for the next years, FCEL will show a very strong growth in Earnings Per Share. The EPS will grow by 22.51% on average per year.
  • FCEL is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 31.75% yearly.
EPS Next Y52.92%
EPS Next 2Y24.44%
EPS Next 3Y22.51%
EPS Next 5YN/A
Revenue Next Year24.7%
Revenue Next 2Y30.15%
Revenue Next 3Y35.63%
Revenue Next 5Y31.75%

3.3 Evolution

  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
FCEL Yearly Revenue VS EstimatesFCEL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 100M 200M 300M 400M 500M
FCEL Yearly EPS VS EstimatesFCEL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 -200 -400 -600

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1

4. Valuation

4.1 Price/Earnings Ratio

  • FCEL reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for FCEL. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
FCEL Price Earnings VS Forward Price EarningsFCEL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 20 30

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
FCEL Per share dataFCEL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5 10 15

4.3 Compensation for Growth

  • A more expensive valuation may be justified as FCEL's earnings are expected to grow with 22.51% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y24.44%
EPS Next 3Y22.51%

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0

5. Dividend

5.1 Amount

  • FCEL does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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FUELCELL ENERGY INC

NASDAQ:FCEL (2/3/2026, 9:51:25 AM)

7.635

+0.29 (+3.88%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryElectrical Equipment
Earnings (Last)12-18
Earnings (Next)03-09
Inst Owners24.83%
Inst Owner Change11.38%
Ins Owners0.18%
Ins Owner Change3.75%
Market Cap364.04M
Revenue(TTM)158.16M
Net Income(TTM)-191.10M
Analysts49.23
Price Target8.21 (7.53%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly Dividend0.1
Dividend Growth(5Y)29.47%
DP-1.67%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)21.93%
Min EPS beat(2)20.53%
Max EPS beat(2)23.33%
EPS beat(4)3
Avg EPS beat(4)8.33%
Min EPS beat(4)-22.46%
Max EPS beat(4)23.33%
EPS beat(8)6
Avg EPS beat(8)9.09%
EPS beat(12)9
Avg EPS beat(12)10.8%
EPS beat(16)10
Avg EPS beat(16)-0.38%
Revenue beat(2)1
Avg Revenue beat(2)7.7%
Min Revenue beat(2)-5.12%
Max Revenue beat(2)20.52%
Revenue beat(4)2
Avg Revenue beat(4)-3.88%
Min Revenue beat(4)-44.06%
Max Revenue beat(4)20.52%
Revenue beat(8)5
Avg Revenue beat(8)-2.43%
Revenue beat(12)7
Avg Revenue beat(12)2.93%
Revenue beat(16)9
Avg Revenue beat(16)0.43%
PT rev (1m)-5.39%
PT rev (3m)2.66%
EPS NQ rev (1m)0%
EPS NQ rev (3m)30.98%
EPS NY rev (1m)24.94%
EPS NY rev (3m)32.54%
Revenue NQ rev (1m)1.48%
Revenue NQ rev (3m)-10.18%
Revenue NY rev (1m)3.16%
Revenue NY rev (3m)-0.79%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 2.3
P/FCF N/A
P/OCF N/A
P/B 0.5
P/tB 0.51
EV/EBITDA N/A
EPS(TTM)-5.1
EYN/A
EPS(NY)-2.4
Fwd EYN/A
FCF(TTM)-3.1
FCFYN/A
OCF(TTM)-2.63
OCFYN/A
SpS3.32
BVpS15.14
TBVpS15.06
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -20.5%
ROE -26.47%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM N/A
FCFM N/A
ROA(3y)-15.26%
ROA(5y)-14.64%
ROE(3y)-19.8%
ROE(5y)-18.77%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.17
Health
Industry RankSector Rank
Debt/Equity 0.14
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 55.79%
Cap/Sales 14.25%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 6.63
Quick Ratio 5.36
Altman-Z -1.51
F-Score5
WACC7.75%
ROIC/WACCN/A
Cap/Depr(3y)587.67%
Cap/Depr(5y)470.18%
Cap/Sales(3y)128.2%
Cap/Sales(5y)105.11%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)34.11%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%60.29%
EPS Next Y52.92%
EPS Next 2Y24.44%
EPS Next 3Y22.51%
EPS Next 5YN/A
Revenue 1Y (TTM)41.05%
Revenue growth 3Y6.62%
Revenue growth 5Y17.41%
Sales Q2Q%11.54%
Revenue Next Year24.7%
Revenue Next 2Y30.15%
Revenue Next 3Y35.63%
Revenue Next 5Y31.75%
EBIT growth 1Y22.44%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year51.77%
EBIT Next 3Y27.64%
EBIT Next 5Y28.44%
FCF growth 1Y30.42%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y18.06%
OCF growth 3YN/A
OCF growth 5YN/A

FUELCELL ENERGY INC / FCEL FAQ

What is the fundamental rating for FCEL stock?

ChartMill assigns a fundamental rating of 3 / 10 to FCEL.


Can you provide the valuation status for FUELCELL ENERGY INC?

ChartMill assigns a valuation rating of 1 / 10 to FUELCELL ENERGY INC (FCEL). This can be considered as Overvalued.


Can you provide the profitability details for FUELCELL ENERGY INC?

FUELCELL ENERGY INC (FCEL) has a profitability rating of 1 / 10.


Can you provide the expected EPS growth for FCEL stock?

The Earnings per Share (EPS) of FUELCELL ENERGY INC (FCEL) is expected to grow by 52.92% in the next year.