NASDAQ : FTEK
Fuel Tech, Inc. — Financial statements
Industrials · Pollution & Treatment Controls · United States
Last price 1.45 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 45.26M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Fuel Tech, Inc. (FTEK) reported revenue of 27.30M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 27.30M | 26.68M | 25.13M | 27.08M | 26.94M | 24.26M |
| Cost of Revenue | 15.09M | 14.29M | 14.51M | 15.43M | 15.30M | 12.36M |
| Gross Profit | 12.21M | 12.38M | 10.62M | 11.66M | 11.64M | 11.90M |
| Selling, General & Admin | 14.67M | 14.05M | 13.76M | 12.80M | 12.28M | 12.05M |
| Research & Development | 2.12M | 2.01M | 1.56M | 1.51M | 895.00K | 1.33M |
| Operating Expenses | 16.80M | 16.06M | 15.32M | 14.31M | 13.17M | 13.39M |
| Operating Income | -4.58M | -3.68M | -4.70M | -2.66M | -1.53M | -1.49M |
| Interest Expense | -21.00K | -17.00K | -19.00K | |||
| Interest & Investment Income | 1.10M | 1.42M | 1.25M | 1.30M | 202.00K | 6.00K |
| Currency Exchange Gain (Loss) | 59.00K | |||||
| Other Non Operating Income (Expenses) | -43.00K | -43.00K | -92.00K | -90.00K | -46.00K | 4.00K |
| EBT Excluding Unusual Items | -3.46M | -2.31M | -3.54M | -1.47M | -1.39M | -1.50M |
| Other Unusual Items | 1.68M | 1.57M | ||||
| Pretax Income | -3.46M | -2.31M | -1.87M | -1.47M | -1.39M | 68.00K |
| Income Tax Expense | 20.00K | 15.00K | 77.00K | 69.00K | 54.00K | 14.00K |
| Earnings From Continuing Operations | -3.48M | -2.32M | -1.94M | -1.54M | -1.44M | 54.00K |
| Net Income | -3.48M | -2.32M | -1.94M | -1.54M | -1.44M | 54.00K |
| Net Income to Common | -3.48M | -2.32M | -1.94M | -1.54M | -1.44M | 54.00K |
| Shares Outstanding (Basic) | 31.11M | 30.94M | 30.57M | 30.35M | 30.29M | 29.59M |
| Shares Outstanding (Diluted) | 31.11M | 30.94M | 30.57M | 30.35M | 30.29M | 29.69M |
| EPS (Basic) | -0.11 | -0.08 | -0.06 | -0.05 | -0.05 | 0.00 |
| EPS (Diluted) | -0.11 | -0.08 | -0.06 | -0.05 | -0.05 | 0.00 |
| Free Cash Flow | -1.18M | 2.34M | -3.81M | 278.00K | -4.34M | 677.00K |
| Free Cash Flow Per Share | -0.04 | 0.08 | -0.12 | 0.01 | -0.14 | 0.02 |
| Gross Margin | 44.74% | 46.42% | 42.27% | 43.04% | 43.22% | 49.04% |
| Operating Margin | -16.78% | -13.80% | -18.71% | -9.81% | -5.67% | -6.14% |
| Profit Margin | -12.75% | -8.71% | -7.73% | -5.68% | -5.35% | 0.22% |
| Free Cash Flow Margin | -4.34% | 8.78% | -15.16% | 1.03% | -16.13% | 2.79% |
| EBITDA | -3.83M | -2.98M | -4.24M | -2.32M | -1.09M | -748.00K |
| EBITDA Margin | -14.03% | -11.18% | -16.88% | -8.55% | -4.04% | -3.08% |
| D&A For EBITDA | 751.00K | 699.00K | 460.00K | 342.00K | 440.00K | 741.00K |
| EBIT | -4.58M | -3.68M | -4.70M | -2.66M | -1.53M | -1.49M |
| EBIT Margin | -16.78% | -13.80% | -18.71% | -9.81% | -5.67% | -6.14% |
| Effective Tax Rate | 20.59% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.62M | 11.94M | 8.51M | 17.58M | 23.33M | 35.89M |
| Short-Term Investments | 11.99M | 12.94M | 10.18M | 12.14M | 2.98M | |
| Cash & Short-Term Investments | 19.61M | 24.88M | 18.69M | 29.71M | 26.31M | 35.89M |
| Accounts Receivable | 3.81M | 5.27M | 7.34M | 6.47M | 7.58M | 3.18M |
| Other Receivables | 98.00K | 82.00K | 2.02M | 255.00K | 152.00K | 83.00K |
| Receivables | 3.90M | 5.36M | 9.37M | 6.73M | 7.73M | 3.26M |
| Inventory | 358.00K | 373.00K | 397.00K | 439.00K | 392.00K | 348.00K |
| Prepaid Expenses | 1.15M | 1.33M | 1.16M | 1.44M | 1.40M | 1.02M |
| Restricted Cash | 891.00K | |||||
| Other Current Assets | 55.00K | |||||
| Total Current Assets | 25.03M | 31.94M | 29.62M | 38.32M | 35.83M | 41.47M |
| Property, Plant & Equipment | 5.27M | 5.28M | 5.67M | 5.15M | 4.63M | 4.85M |
| Long-Term Investments | 9.97M | 6.99M | 10.88M | 3.66M | 6.36M | |
| Goodwill | 2.12M | 2.12M | 2.12M | 2.12M | 2.12M | 2.12M |
| Other Intangible Assets | 604.00K | 646.00K | 327.00K | 358.00K | 397.00K | 448.00K |
| Other Long-Term Assets | 202.00K | 207.00K | 191.00K | 781.00K | 794.00K | 1.09M |
| Total Assets | 43.19M | 47.18M | 48.80M | 50.39M | 50.12M | 49.97M |
| Accounts Payable | 2.82M | 3.24M | 2.92M | 2.42M | 2.71M | 1.56M |
| Accrued Expenses | 789.00K | 1.67M | 1.62M | 1.65M | 1.32M | 1.00M |
| Current Portion of Leases | 94.00K | 89.00K | 77.00K | 81.00K | 125.00K | 113.00K |
| Current Unearned Revenue | 1.05M | 1.12M | 1.08M | 1.38M | 447.00K | 390.00K |
| Other Current Liabilities | 159.00K | 159.00K | 159.00K | 159.00K | 159.00K | 159.00K |
| Total Current Liabilities | 4.91M | 6.27M | 5.86M | 5.69M | 4.77M | 3.22M |
| Long-Term Leases | 439.00K | 491.00K | 548.00K | 533.00K | 66.00K | 122.00K |
| Long-Term Deferred Tax Liabilities | 187.00K | 187.00K | 176.00K | 172.00K | 177.00K | 139.00K |
| Other Long-Term Liabilities | 293.00K | 296.00K | 263.00K | 281.00K | 274.00K | 290.00K |
| Total Liabilities | 5.83M | 7.25M | 6.84M | 6.67M | 5.28M | 3.77M |
| Common Stock | 324.00K | 322.00K | 317.00K | 313.00K | 313.00K | 312.00K |
| Additional Paid-In Capital | 165.71M | 165.62M | 165.29M | 164.85M | 164.42M | 164.20M |
| Retained Earnings | -124.38M | -121.80M | -119.47M | -117.53M | -115.99M | -114.55M |
| Treasury Stock | -2.61M | -2.57M | -2.35M | -2.25M | -2.25M | -2.23M |
| Comprehensive Income & Other | -1.68M | -1.64M | -1.84M | -1.67M | -1.65M | -1.53M |
| Shareholders' Equity | 37.37M | 39.93M | 41.95M | 43.71M | 44.84M | 46.20M |
| Total Liabilities & Equity | 43.19M | 47.18M | 48.80M | 50.39M | 50.12M | 49.97M |
| Total Debt | 533.00K | 580.00K | 625.00K | 614.00K | 191.00K | 235.00K |
| Net Cash (Debt) | 19.08M | 24.30M | 18.07M | 29.10M | 26.12M | 35.66M |
| Net Cash Per Share | 0.61 | 0.79 | 0.59 | 0.96 | 0.86 | 1.20 |
| Filing Date Shares Outstanding | 31.22M | 30.71M | 30.71M | 30.39M | 30.30M | 30.26M |
| Total Common Shares Outstanding | 31.22M | 31.07M | 30.71M | 30.39M | 30.30M | 30.26M |
| Working Capital | 20.12M | 25.67M | 23.76M | 32.63M | 31.06M | 38.24M |
| Book Value Per Share | 1.19 | 1.28 | 1.36 | 1.44 | 1.48 | 1.52 |
| Tangible Book Value | 34.65M | 37.17M | 39.51M | 41.24M | 42.33M | 43.64M |
| Tangible Book Value Per Share | 1.11 | 1.19 | 1.28 | 1.35 | 1.39 | 1.44 |
| Land | 1.05M | 1.05M | 1.05M | 1.05M | 1.05M | |
| Buildings | 6.65M | 6.63M | 6.61M | 6.58M | 6.58M | |
| Machinery | 16.45M | 16.36M | 15.49M | 15.34M | 15.23M | |
| Construction In Progress | 19.00K | 2.00K | 99.00K | 29.00K | ||
| Order Backlog | 7.05M | 6.17M | 7.46M | 8.20M | 9.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.48M | -2.32M | -1.94M | -1.54M | -1.44M | 54.00K |
| Depreciation & Amortization | 751.00K | 699.00K | 460.00K | 342.00K | 440.00K | 741.00K |
| Loss (Gain) From Sale of Assets | 2.00K | 2.00K | 10.00K | 54.00K | ||
| Stock-Based Compensation | 212.00K | 326.00K | 446.00K | 389.00K | 224.00K | 82.00K |
| Provision & Write-off of Bad Debts | -1.00K | -4.00K | -106.00K | -619.00K | ||
| Other Operating Activities | 106.00K | -51.00K | -128.00K | -438.00K | 33.00K | -1.55M |
| Change in Accounts Receivable | 1.97M | 2.52M | -1.13M | 1.04M | -4.45M | 3.79M |
| Change in Inventory | 259.00K | 26.00K | 41.00K | -46.00K | -45.00K | -252.00K |
| Change in Accounts Payable | 674.00K | 258.00K | 519.00K | -295.00K | 1.16M | -772.00K |
| Change in Other Net Operating Assets | -699.00K | 1.56M | -1.70M | 1.23M | 46.00K | -770.00K |
| Operating Cash Flow | -212.00K | 3.02M | -3.43M | 696.00K | -4.14M | 761.00K |
| Capital Expenditures | -972.00K | -674.00K | -378.00K | -418.00K | -206.00K | -84.00K |
| Investment in Securities | -1.69M | 1.22M | -5.07M | -6.03M | -9.28M | |
| Investing Cash Flow | -2.66M | 545.00K | -5.44M | -6.44M | -9.48M | -84.00K |
| Issuance of Common Stock | 42.00K | 25.81M | ||||
| Repurchase of Common Stock | -45.00K | -222.00K | -95.00K | -17.00K | -52.00K | |
| Other Financing Activities | -1.78M | |||||
| Financing Cash Flow | -45.00K | -222.00K | -95.00K | 42.00K | -17.00K | 23.98M |
| Foreign Exchange Rate Adjustments | -55.00K | 90.00K | -97.00K | -44.00K | -87.00K | -206.00K |
| Net Cash Flow | -2.97M | 3.43M | -9.07M | -5.75M | -13.73M | 24.45M |
| Free Cash Flow | -1.18M | 2.34M | -3.81M | 278.00K | -4.34M | 677.00K |
| Free Cash Flow Margin | -4.34% | 8.78% | -15.16% | 1.03% | -16.13% | 2.79% |
| Free Cash Flow Per Share | -0.04 | 0.08 | -0.12 | 0.01 | -0.14 | 0.02 |
| Levered Free Cash Flow | -713.75K | 2.32M | -4.56M | 513.62K | -2.92M | 2.39M |
| Unlevered Free Cash Flow | -713.75K | 2.32M | -4.56M | 526.75K | -2.91M | 2.40M |
| Cash Income Tax Paid | 11.00K | 11.00K | 52.00K | 12.00K | 14.00K | -51.00K |
| Change in Working Capital | 2.20M | 4.36M | -2.26M | 1.93M | -3.29M | 2.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 44.48M | 48.48M | 32.24M | 31.90M | 38.63M | 42.37M |
| Enterprise Value | 25.41M | 23.22M | 12.37M | 4.07M | 12.30M | 7.48M |
| Last Close Price | 1.45 | 1.56 | 1.05 | 1.05 | 1.27 | 1.40 |
| PE Ratio | 784.62 | |||||
| Forward PE | 142.00 | 142.00 | 142.00 | 7.94 | 7.94 | |
| PS Ratio | 1.66 | 1.82 | 1.28 | 1.18 | 1.43 | 1.75 |
| PB Ratio | 1.21 | 1.21 | 0.77 | 0.73 | 0.86 | 0.92 |
| P/TBV Ratio | 1.31 | 1.30 | 0.82 | 0.77 | 0.91 | 0.97 |
| P/FCF Ratio | 20.70 | 114.77 | 62.58 | |||
| P/OCF Ratio | 16.07 | 45.84 | 55.68 | |||
| PEG Ratio | 2.34 | 2.34 | 2.34 | 2.34 | 2.34 | |
| EV/Sales Ratio | 0.96 | 0.87 | 0.49 | 0.15 | 0.46 | 0.31 |
| EV/FCF Ratio | 9.91 | 14.64 | 11.05 | |||
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 |
| Debt / FCF Ratio | 0.25 | 2.21 | 0.35 | |||
| Net Debt / Equity Ratio | -0.51 | -0.61 | -0.43 | -0.67 | -0.58 | -0.77 |
| Net Debt / EBITDA Ratio | 4.98 | 8.15 | 4.26 | 12.56 | 24.03 | 47.67 |
| Net Debt / FCF Ratio | 16.11 | -10.38 | 4.74 | -104.68 | 6.01 | -52.67 |
| Asset Turnover | 0.60 | 0.56 | 0.51 | 0.54 | 0.54 | 0.61 |
| Inventory Turnover | 30.98 | 37.13 | 34.71 | 37.12 | 41.35 | 55.56 |
| Quick Ratio | 4.79 | 4.82 | 4.79 | 6.41 | 7.14 | 12.15 |
| Current Ratio | 5.10 | 5.09 | 5.06 | 6.74 | 7.52 | 12.87 |
| Return on Equity (ROE) | -8.92% | -5.68% | -4.54% | -3.47% | -3.17% | 0.16% |
| Return on Assets (ROA) | -6.35% | -4.79% | -5.93% | -3.31% | -1.91% | -2.33% |
| Return on Invested Capital (ROIC) | -25.58% | -18.63% | -24.43% | -15.95% | -10.44% | -9.79% |
| Return on Capital Employed (ROCE) | -12.00% | -9.00% | -10.90% | -5.90% | -3.40% | -3.20% |
| Earnings Yield | -7.85% | -4.79% | -6.03% | -4.82% | -3.73% | 0.13% |
| FCF Yield | -2.62% | 4.83% | -11.82% | 0.87% | -11.25% | 1.60% |
| Buyback Yield / Dilution | -1.15% | -1.19% | -0.74% | -0.19% | -2.00% | -20.26% |