FTEKNasdaqIndustrial & Commercial Fans & Blowers & Air Purifing EquipFiscal year ends December 31
FUEL TECH, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$1.37−0.03 (-2.14%)
Close on Oct 19, 2026
- Market cap
- $42.72M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
46.4%−0.8 pts over 5 years
Operating margin
-13.8%+5.4 pts over 5 years
Net margin
-8.7%+10.3 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 | +6.1% | -0.3% | +3.4% | -9.7% | |
| Gross profit | +16.6% | +2.1% | +3.1% | -8.0% | |
| Free cash flow | – | – | – | -9.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -34.4% | -17.6% | -5.7% | |
| Return on assets | -26.0% | -13.9% | -4.8% | |
| Current ratio | 2.89 | 3.81 | 5.09 | |
| Debt to equity | – | 0.07 | – | |
| Interest coverage | – | -1084.0× | – | |
| Inventory turnover | 27.3× | 66.0× | 37.1× | |
| Capex to revenue | 1.7% | 1.1% | 2.5% | |
| Diluted shares | 23M | 25M | 31M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Fuel Tech generated $12.05M from operations and spent $2.15M on capital expenditure, dividends and share buybacks. 82% of that went back into the business.
Generated
$12.05M
Used
$2.15M
Capital expenditure$1.76M82%Dividends$00%Share buybacks$386.00K18%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-8.7%
×Asset turnover0.56×
×Equity multiplier1.17×
=Return on equity, FY2025-5.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -8.7% | 0.56× | 1.17× | -5.7% |
| FY2024 | -7.7% | 0.51× | 1.16× | -4.5% |
| FY2023 | -5.7% | 0.54× | 1.14× | -3.5% |
| FY2022 | -5.4% | 0.54× | 1.10× | -3.2% |
| FY2021 | 0.2% | 0.61× | 1.17× | 0.2% |
| FY2020 | -19.0% | 0.73× | 1.27× | -17.6% |
| FY2019 | -25.8% | 0.73× | 1.38× | -26.1% |
| FY2018 | -0.0% | 1.11× | 1.50× | -0.1% |
| FY2017 | -23.1% | 0.83× | 1.41× | -27.2% |
| FY2016 | -31.5% | 0.82× | 1.33× | -34.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$2.32M
- Cash generatingOperating cash flow above zero$3.02M
- Return on assets improvedROA up on the prior year-3.9% → -4.8%
- Earnings backed by cashOperating cash flow above net income$3.02M vs -$2.32M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.06 → 5.09
- No dilutionShare count did not rise31M → 31M
- Gross margin improvedGross margin up on the prior year42.27% → 46.42%
- More efficientAsset turnover rose0.50 → 0.55