NASDAQ : FCEL
FuelCell Energy, Inc. — Financial statements
Industrials · Electrical Equipment & Parts · United States
Last price 10.95 USD (Oct 30, 2026, 3:23 PM EDT) · Market cap 875.50M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
FuelCell Energy, Inc. (FCEL) reported revenue of 154.14M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 154.14M | 158.16M | 112.13M | 123.39M | 130.48M | 69.58M |
| Cost of Revenue | 204.06M | 184.57M | 146.79M | 131.55M | 158.28M | 80.20M |
| Gross Profit | -49.92M | -26.41M | -34.65M | -8.16M | -27.79M | -10.62M |
| Selling, General & Admin | 56.40M | 60.14M | 64.10M | 63.63M | 78.62M | 37.45M |
| Research & Development | 28.64M | 34.08M | 55.40M | 61.02M | 34.53M | 11.31M |
| Other Operating Expenses | 600.00K | 600.00K | 500.00K | 900.00K | 1.00M | 500.00K |
| Operating Expenses | 85.64M | 94.82M | 120.01M | 125.55M | 114.15M | 49.26M |
| Operating Income | -135.56M | -121.23M | -154.66M | -133.71M | -141.94M | -59.88M |
| Interest Expense | -9.99M | -11.08M | -12.79M | -7.25M | -6.39M | -7.36M |
| Interest & Investment Income | 10.54M | 8.31M | 13.72M | 15.79M | 3.39M | 34.00K |
| Other Non Operating Income (Expenses) | 296.00K | 478.00K | 805.00K | 4.72M | 319.00K | -16.70M |
| EBT Excluding Unusual Items | -134.72M | -123.52M | -152.93M | -120.44M | -144.63M | -83.91M |
| Merger & Restructuring Charges | 256.00K | -5.34M | -2.56M | |||
| Asset Writedown | -43.88M | -65.78M | -1.26M | -2.38M | -1.78M | -5.02M |
| Other Unusual Items | 3.40M | 15.34M | -12.09M | |||
| Pretax Income | -178.34M | -191.24M | -156.75M | -107.47M | -146.41M | -101.02M |
| Income Tax Expense | -37.00K | 137.00K | 25.00K | 581.00K | 819.00K | 2.00K |
| Earnings From Continuing Operations | -178.30M | -191.37M | -156.78M | -108.06M | -147.23M | -101.03M |
| Minority Interest in Earnings | 3.20M | 3.47M | 30.77M | 488.00K | 4.51M | -30.00K |
| Net Income | -175.10M | -187.90M | -126.01M | -107.57M | -142.72M | -101.06M |
| Preferred Dividends & Other Adjustments | 3.20M | 3.20M | 3.20M | 3.20M | 3.20M | 3.20M |
| Net Income to Common | -178.30M | -191.10M | -129.21M | -110.77M | -145.92M | -104.25M |
| Shares Outstanding (Basic) | 52.31M | 25.74M | 16.51M | 13.99M | 12.77M | 11.16M |
| Shares Outstanding (Diluted) | 52.31M | 25.74M | 16.51M | 13.99M | 12.77M | 11.16M |
| EPS (Basic) | -3.41 | -7.42 | -7.83 | -7.92 | -11.43 | -9.34 |
| EPS (Diluted) | -3.41 | -7.42 | -7.83 | -7.92 | -11.43 | -9.34 |
| Free Cash Flow | -113.23M | -147.83M | -212.46M | -232.61M | -158.82M | -143.67M |
| Free Cash Flow Per Share | -2.17 | -5.74 | -12.87 | -16.62 | -12.44 | -12.88 |
| Gross Margin | -32.39% | -16.70% | -30.90% | -6.61% | -21.30% | -15.25% |
| Operating Margin | -87.95% | -76.65% | -137.93% | -108.36% | -108.78% | -86.05% |
| Profit Margin | -115.68% | -120.83% | -115.23% | -89.77% | -111.83% | -149.82% |
| Free Cash Flow Margin | -73.46% | -93.47% | -189.47% | -188.51% | -121.71% | -206.46% |
| EBITDA | -95.00M | -80.83M | -118.47M | -108.33M | -120.67M | -40.01M |
| EBITDA Margin | -61.63% | -51.11% | -105.65% | -87.80% | -92.48% | -57.49% |
| D&A For EBITDA | 40.56M | 40.40M | 36.19M | 25.38M | 21.27M | 19.87M |
| EBIT | -135.56M | -121.23M | -154.66M | -133.71M | -141.94M | -59.88M |
| EBIT Margin | -87.95% | -76.65% | -137.93% | -108.36% | -108.78% | -86.05% |
| Revenue as Reported | 154.14M | 158.16M | 112.13M | 123.39M | 130.48M | 69.58M |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 658.08M | 278.10M | 148.13M | 249.95M | 458.06M | 432.21M |
| Short-Term Investments | 109.12M | 103.76M | ||||
| Cash & Short-Term Investments | 658.08M | 278.10M | 257.26M | 353.71M | 458.06M | 432.21M |
| Accounts Receivable | 47.05M | 53.01M | 48.60M | 20.11M | 15.90M | 23.65M |
| Receivables | 47.05M | 53.01M | 48.60M | 20.11M | 15.90M | 23.65M |
| Inventory | 86.38M | 86.20M | 113.70M | 84.46M | 90.91M | 67.07M |
| Restricted Cash | 24.91M | 16.60M | 12.16M | 5.16M | 4.42M | 11.27M |
| Other Current Assets | 16.89M | 15.91M | 12.74M | 12.88M | 10.99M | 9.18M |
| Total Current Assets | 833.30M | 449.81M | 444.46M | 476.31M | 580.28M | 543.39M |
| Property, Plant & Equipment | 105.43M | 107.67M | 138.81M | 98.02M | 65.33M | 47.52M |
| Goodwill | 4.08M | 4.08M | 4.08M | 4.08M | ||
| Other Intangible Assets | 2.92M | 3.89M | 14.78M | 16.08M | 17.37M | 18.67M |
| Long-Term Accounts Receivable | 125.20M | 82.10M | 28.30M | 25.80M | 9.70M | 11.60M |
| Other Long-Term Assets | 244.31M | 288.68M | 313.70M | 335.24M | 262.96M | 249.99M |
| Total Assets | 1.31B | 932.15M | 944.12M | 955.52M | 939.72M | 875.25M |
| Accounts Payable | 16.33M | 17.01M | 22.59M | 26.52M | 28.20M | 19.27M |
| Accrued Expenses | 38.97M | 28.80M | 27.85M | 22.36M | 27.41M | 16.03M |
| Current Portion of Long-Term Debt | 17.40M | 14.45M | 15.92M | 10.07M | 13.20M | 10.09M |
| Current Portion of Leases | 2.40M | 2.33M | 807.00K | 599.00K | 650.00K | 1.03M |
| Current Unearned Revenue | 19.42M | 2.73M | 4.23M | 2.41M | 16.34M | 6.29M |
| Other Current Liabilities | 1.57M | 2.52M | 2.52M | 3.96M | 72.00K | |
| Total Current Liabilities | 96.08M | 67.84M | 73.90M | 65.90M | 85.80M | 52.77M |
| Long-Term Debt | 115.92M | 84.99M | 96.93M | 90.57M | 12.49M | 21.03M |
| Long-Term Leases | 30.50M | 30.76M | 27.70M | 27.82M | 64.26M | 64.69M |
| Long-Term Unearned Revenue | 14.01M | 5.99M | 3.01M | 732.00K | 9.10M | 30.43M |
| Other Long-Term Liabilities | 11.90M | 11.43M | 15.11M | 10.19M | 13.69M | 1.01M |
| Total Liabilities | 268.41M | 201.00M | 216.66M | 195.22M | 185.33M | 169.92M |
| Common Stock | 8.00K | 5.00K | 2.00K | 2.00K | 41.00K | 37.00K |
| Additional Paid-In Capital | 2.95B | 2.49B | 2.30B | 2.20B | 2.09B | 1.91B |
| Retained Earnings | -1.97B | -1.83B | -1.64B | -1.52B | -1.41B | -1.27B |
| Treasury Stock | -1.58M | -1.41M | -1.20M | -1.08M | -855.00K | -586.00K |
| Comprehensive Income & Other | -169.00K | -289.00K | -363.00K | -594.00K | -897.00K | -233.00K |
| Total Common Equity | 975.11M | 662.18M | 656.92M | 682.49M | 684.39M | 642.44M |
| Minority Interest | 7.79M | 9.11M | 10.69M | 17.95M | 10.13M | 3.03M |
| Shareholders' Equity | 1.04B | 731.14M | 727.47M | 760.30M | 754.38M | 705.33M |
| Total Liabilities & Equity | 1.31B | 932.15M | 944.12M | 955.52M | 939.72M | 875.25M |
| Total Debt | 166.23M | 132.53M | 141.36M | 129.06M | 90.60M | 96.83M |
| Net Cash (Debt) | 491.86M | 145.57M | 115.89M | 224.65M | 367.45M | 335.38M |
| Net Cash Per Share | 9.40 | 5.65 | 7.02 | 16.06 | 28.77 | 30.06 |
| Filing Date Shares Outstanding | 79.95M | 47.74M | 20.45M | 15.06M | 13.52M | 12.22M |
| Total Common Shares Outstanding | 79.95M | 46.03M | 20.38M | 15.02M | 13.52M | 12.22M |
| Working Capital | 737.22M | 381.97M | 370.55M | 410.41M | 494.48M | 490.62M |
| Book Value Per Share | 12.20 | 14.39 | 32.24 | 45.44 | 50.63 | 52.57 |
| Tangible Book Value | 972.19M | 658.29M | 638.07M | 662.34M | 662.94M | 619.69M |
| Tangible Book Value Per Share | 12.16 | 14.30 | 31.31 | 44.09 | 49.04 | 50.71 |
| Land | 524.00K | 524.00K | 524.00K | 524.00K | 524.00K | |
| Buildings | 23.82M | 26.58M | 21.43M | 21.22M | 20.86M | |
| Machinery | 152.87M | 149.69M | 141.76M | 113.01M | 113.77M | |
| Construction In Progress | 37.36M | 68.59M | 33.95M | 26.48M | 6.42M | |
| Order Backlog | 1.19B | 1.16B |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -175.10M | -187.90M | -126.01M | -107.57M | -142.72M | -101.06M |
| Depreciation & Amortization | 40.56M | 40.40M | 36.19M | 25.38M | 21.27M | 19.87M |
| Asset Writedown & Restructuring Costs | 43.88M | 65.78M | 1.26M | 2.38M | 1.78M | 5.02M |
| Stock-Based Compensation | 9.90M | 11.09M | 11.76M | 11.95M | 6.79M | 4.29M |
| Other Operating Activities | -4.90M | -4.87M | -18.27M | -19.38M | 2.22M | 33.37M |
| Change in Accounts Receivable | -64.19M | -58.39M | -30.98M | -20.84M | 8.97M | -8.78M |
| Change in Inventory | 17.12M | 15.87M | -29.25M | 4.69M | -28.06M | -18.75M |
| Change in Accounts Payable | 16.00K | -2.76M | -999.00K | 3.00M | 6.33M | 1.99M |
| Change in Unearned Revenue | 22.77M | 1.48M | 4.10M | -22.30M | -11.28M | -5.19M |
| Change in Other Net Operating Assets | 13.64M | -6.00M | -713.00K | -17.55M | 22.52M | -1.21M |
| Operating Cash Flow | -96.30M | -125.29M | -152.91M | -140.25M | -112.17M | -70.44M |
| Capital Expenditures | -16.93M | -22.54M | -59.55M | -92.36M | -46.65M | -73.23M |
| Investment in Securities | 111.40M | -496.00K | -100.00M | |||
| Investing Cash Flow | -16.93M | 88.86M | -60.05M | -192.37M | -46.65M | -73.23M |
| Long-Term Debt Issued | 23.10M | 100.50M | 13.18M | |||
| Long-Term Debt Repaid | -14.44M | -11.70M | -47.83M | -9.54M | -120.18M | |
| Net Debt Issued (Repaid) | 31.65M | -14.44M | 11.40M | 52.67M | -9.54M | -107.01M |
| Issuance of Common Stock | 587.74M | 185.74M | 92.67M | 97.50M | 183.60M | 526.82M |
| Repurchase of Common Stock | -755.00K | -553.00K | -1.07M | -885.00K | -1.89M | -339.00K |
| Preferred Dividends Paid | -3.20M | -3.20M | -3.20M | -3.20M | -3.20M | -3.20M |
| Dividends Paid | -3.20M | -3.20M | -3.20M | -3.20M | -3.20M | -3.20M |
| Other Financing Activities | -1.88M | 1.72M | 22.34M | 4.99M | 11.62M | -4.36M |
| Financing Cash Flow | 613.56M | 169.26M | 122.15M | 151.07M | 180.58M | 411.91M |
| Foreign Exchange Rate Adjustments | 135.00K | 77.00K | 111.00K | 80.00K | -933.00K | -80.00K |
| Net Cash Flow | 500.47M | 132.91M | -90.69M | -181.47M | 20.83M | 268.16M |
| Free Cash Flow | -113.23M | -147.83M | -212.46M | -232.61M | -158.82M | -143.67M |
| Free Cash Flow Margin | -73.46% | -93.47% | -189.47% | -188.51% | -121.71% | -206.46% |
| Free Cash Flow Per Share | -2.17 | -5.74 | -12.87 | -16.62 | -12.44 | -12.88 |
| Levered Free Cash Flow | -12.16M | -44.37M | -178.92M | -160.22M | -92.05M | -112.15M |
| Unlevered Free Cash Flow | -5.91M | -37.44M | -170.92M | -155.69M | -88.05M | -107.55M |
| Cash Interest Paid | 7.46M | 7.25M | 6.80M | 3.09M | 1.56M | 5.76M |
| Cash Income Tax Paid | 154.00K | 154.00K | 16.00K | 6.00K | 2.00K | 6.00K |
| Change in Working Capital | -10.65M | -49.79M | -57.85M | -53.01M | -1.51M | -31.94M |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 897.09M | 289.04M | 191.27M | 491.18M | 1.27B | 2.93B |
| Enterprise Value | 405.23M | 317.47M | 141.73M | 293.23M | 970.60M | 2.61B |
| Last Close Price | 11.22 | 8.95 | 10.32 | 32.70 | 93.60 | 239.70 |
| PS Ratio | 5.82 | 1.83 | 1.71 | 3.98 | 9.70 | 42.10 |
| PB Ratio | 0.92 | 0.40 | 0.26 | 0.65 | 1.68 | 4.15 |
| P/TBV Ratio | 0.92 | 0.44 | 0.30 | 0.74 | 1.91 | 4.73 |
| EV/Sales Ratio | 2.63 | 2.01 | 1.26 | 2.38 | 7.44 | 37.52 |
| Debt / Equity Ratio | 0.16 | 0.18 | 0.19 | 0.17 | 0.12 | 0.14 |
| Net Debt / Equity Ratio | -0.47 | -0.20 | -0.16 | -0.29 | -0.49 | -0.47 |
| Net Debt / EBITDA Ratio | 5.18 | 1.80 | 0.98 | 2.07 | 3.04 | 8.38 |
| Net Debt / FCF Ratio | 4.34 | 0.98 | 0.55 | 0.97 | 2.31 | 2.33 |
| Asset Turnover | 0.14 | 0.17 | 0.12 | 0.13 | 0.14 | 0.10 |
| Inventory Turnover | 2.14 | 1.85 | 1.48 | 1.50 | 2.00 | 1.34 |
| Quick Ratio | 7.34 | 4.88 | 4.14 | 5.67 | 5.52 | 8.64 |
| Current Ratio | 8.67 | 6.63 | 6.01 | 7.23 | 6.76 | 10.30 |
| Return on Equity (ROE) | -21.38% | -26.24% | -21.08% | -14.27% | -20.17% | -21.05% |
| Return on Assets (ROA) | -7.91% | -8.08% | -10.18% | -8.82% | -9.78% | -5.35% |
| Return on Capital Employed (ROCE) | -11.20% | -14.00% | -17.80% | -15.00% | -16.60% | -7.30% |
| Earnings Yield | -30.38% | -65.01% | -65.88% | -21.90% | -11.28% | -3.45% |
| FCF Yield | -12.62% | -51.14% | -111.08% | -47.36% | -12.55% | -4.91% |
| Buyback Yield / Dilution | -143.90% | -55.97% | -17.97% | -9.55% | -14.46% | -50.81% |