FCELNasdaqElectrical Industrial ApparatusFiscal year ends October 31Also trades as FCELB
FUELCELL ENERGY INC
Financials through Q3 FY2026, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 2, 2026
$12.89−0.11 (-0.85%)
Close on Oct 19, 2026
- Market cap
- $907.53M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
-16.7%−5.8 pts over 5 years
Operating margin
-121.6%−66.4 pts over 5 years
Net margin
-118.8%+6.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +41.0% | +6.6% | +17.4% | -0.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -48.6% | -65.9% | -28.5% | |
| Return on assets | -16.5% | -20.8% | -20.0% | |
| Current ratio | 3.89 | 3.97 | 6.63 | |
| Debt to equity | 0.71 | 0.85 | 0.18 | |
| Net debt to EBITDA | – | 1.35× | 1.04× | |
| Interest coverage | -9.3× | -2.6× | -18.5× | |
| Inventory turnover | 1.6× | 1.5× | 1.8× | |
| Capex to revenue | 7.1% | 0.5% | 11.8% | |
| Diluted shares | 0M | 7M | 26M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Fuelcell Energy generated $601.05M from operations and spent $133.11M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$601.05M
Used
$133.11M
Capital expenditure$133.11M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-118.8%
×Asset turnover0.17×
×Equity multiplier1.42×
=Return on equity, FY2025-28.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -118.8% | 0.17× | 1.42× | -28.5% |
| FY2024 | -112.4% | 0.12× | 1.42× | -18.8% |
| FY2023 | -87.2% | 0.13× | 1.39× | -15.7% |
| FY2022 | -109.4% | 0.14× | 1.37× | -21.5% |
| FY2021 | -145.2% | 0.10× | 1.67× | -24.1% |
| FY2020 | -125.7% | 0.17× | 3.17× | -65.9% |
| FY2019 | -127.7% | 0.18× | 4.27× | -98.2% |
| FY2018 | -52.9% | 0.25× | 3.95× | -51.6% |
| FY2017 | -56.3% | 0.26× | 3.36× | -50.0% |
| FY2016 | -47.1% | 0.35× | 2.95× | -48.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$187.90M
- Cash generatingOperating cash flow above zero-$125.29M
- Return on assets improvedROA up on the prior year-13.2% → -19.9%
- Earnings backed by cashOperating cash flow above net income-$125.29M vs -$187.90M
- Less leverageLong-term debt to assets fell12.3% → 11.1%
- Better liquidityCurrent ratio rose6.01 → 6.63
- No dilutionShare count did not rise17M → 26M
- Gross margin improvedGross margin up on the prior year-32.03% → -16.70%
- More efficientAsset turnover rose0.12 → 0.17