FuelCell Energy Inc (FCELB) stock analysis
Close on Oct 19, 2026Market cap $839.52MP/E –Yield –
StockData Score
Prices as of Oct 30, 2026How the score works
Weak7 of 30 checks passed
FuelCell Energy passes 7 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 0/6
- Past performance
- 1/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 53.1% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $11.22 is below our fair value estimate of $23.91.
Low debt
Debt is 15.8% of shareholders' equity, under the 40% we consider low.
P/B below the industry
FuelCell Energy's price-to-book of 0.92 is below the Electronic and Other Electrical Equipment and Components, except Computer Equipment median of 5.67.
What to watch
Return on equity under 15%
Return on equity was -22.9% over the last twelve months and averaged -21.7% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -29.0%, below the 10% that usually covers the cost of capital.
Revenue growing under 10% a year
Revenue grew 6.6% a year over the last three fiscal years, short of the 10% we look for.
Interest not well covered
Operating income covers interest expense -16.0 times; we look for at least 5.
Valuation3/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
FuelCell Energy's price-to-book of 0.92 is below the Electronic and Other Electrical Equipment and Components, except Computer Equipment median of 5.67.
Trading below fair value
The share price of $11.22 is below our fair value estimate of $23.91.
Margin of safety over 20%
The price is 53.1% below fair value, more than the 20% cushion we look for.
Growth0/6
Revenue growing under 10% a year
Revenue grew 6.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 1.1% over the last twelve months; the Electronic and Other Electrical Equipment and Components, except Computer Equipment median is 10.6%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin slipping
Gross margin was -32.4% over the last twelve months, against -20.1% a year earlier.
Past performance1/6
Return on equity under 15%
Return on equity was -22.9% over the last twelve months and averaged -21.7% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -29.0%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
FuelCell Energy's return on equity of -22.9% is below the Electronic and Other Electrical Equipment and Components, except Computer Equipment median of 10.6%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was -114% over the last twelve months, against a 5-year average of -115%.
Net margin below the industry
FuelCell Energy's net margin of -114% is below the Electronic and Other Electrical Equipment and Components, except Computer Equipment median of 5.8%.
Financial health3/6
Low debt
Debt is 15.8% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 85.0% five years ago to 15.8%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -62.7% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense -16.0 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 8.67 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is 0.24; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
FuelCell Energy has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$23.91
The share price is 53% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/B | 3.2× | 0.8× | 5.7× | $39.59 | 50% |
| P/S | 4.3× | 4.5× | 4.1× | $8.23 | 50% |
| Fair value | $23.91 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/B at month end
- Own 5-year median 0.8
- Electronic and Other Electrical Equipment and Components, except Computer Equipment median 5.7
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $101.82M
- Value traded per 1% price move
- $24.24M
Downside
High risk
- Typical loss in a bad month
- 33.5%
- Volatility (annualized)
- 135%
- Sharpe ratio, 1 year
- 0.24
- Beta to the S&P 500 (5Y)
- 1.47
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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