(FCEL) FuelCell Energy - Overview
Stock: Fuel Cells, Hydrogen, Carbon Capture, Energy Services
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 129% |
| Relative Tail Risk | -17.3% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.39 |
| Alpha | -24.54 |
| Character TTM | |
|---|---|
| Beta | 1.325 |
| Beta Downside | 0.985 |
| Drawdowns 3y | |
|---|---|
| Max DD | 96.76% |
| CAGR/Max DD | -0.61 |
Description: FCEL FuelCell Energy January 19, 2026
FuelCell Energy, Inc. (NASDAQ:FCEL) designs, builds and operates high-temperature carbonate fuel-cell systems that generate clean electricity, heat, steam and renewable energy credits, and it is expanding into solid-oxide electrolysis for distributed hydrogen production.
Beyond selling power, the company offers turn-key project services-including engineering, procurement, construction and operation-to utilities, data centers, wastewater treatment plants, industrial manufacturers and micro-grid operators across the United States, South Korea, Europe and Canada.
Key recent metrics (as of Q3 2024): revenue of $58 million, a cash balance of roughly $140 million, and a backlog of about 180 MW of fuel-cell capacity, representing a ~30 % year-over-year increase in order flow. The firm’s cash-burn rate has narrowed to $30 million per quarter after a $150 million financing round in early 2024.
Sector drivers that could materially affect FCEL’s upside include: (1) U.S. and EU policy incentives for low-carbon distributed generation and hydrogen (e.g., the Inflation Reduction Act tax credits); (2) Growing demand for resilient on-site power in data centers and critical infrastructure, where fuel cells can provide grid-support and emissions-free backup; (3) Accelerating corporate hydrogen commitments that create a market for FCEL’s carbonate-based “Tri-Gen” system, which co-produces zero-carbon hydrogen alongside power and heat.
Consider checking ValueRay for a deeper dive into FCEL’s valuation metrics and peer comparison.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income: -189.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.15 > 0.02 and ΔFCF/TA 7.06 > 1.0 |
| NWC/Revenue: 241.5% < 20% (prev 330.5%; Δ -88.96% < -1%) |
| CFO/TA -0.13 > 3% & CFO -125.3m > Net Income -189.5m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 6.63 > 1.5 & < 3 |
| Outstanding Shares: last quarter (36.2m) vs 12m ago -86.19% < -2% |
| Gross Margin: -16.70% > 18% (prev -0.32%; Δ -1638 % > 0.5%) |
| Asset Turnover: 16.86% > 50% (prev 11.88%; Δ 4.98% > 0%) |
| Interest Coverage Ratio: -30.67 > 6 (EBITDA TTM -151.9m / Interest Expense TTM 5.03m) |
Altman Z'' -14.37
| A: 0.41 (Total Current Assets 449.8m - Total Current Liabilities 67.8m) / Total Assets 932.1m |
| B: -1.96 (Retained Earnings -1.83b / Total Assets 932.1m) |
| C: -0.16 (EBIT TTM -154.2m / Avg Total Assets 938.1m) |
| D: -9.10 (Book Value of Equity -1.83b / Total Liabilities 201.0m) |
| Altman-Z'' Score: -14.37 = D |
Beneish M -3.91
| DSRI: 0.06 (Receivables 4.00m/48.6m, Revenue 158.2m/112.1m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 0.44 (AQ_t 0.17 / AQ_t-1 0.38) |
| SGI: 1.41 (Revenue 158.2m / 112.1m) |
| TATA: -0.07 (NI -189.5m - CFO -125.3m) / TA 932.1m) |
| Beneish M-Score: -3.91 (Cap -4..+1) = AAA |
What is the price of FCEL shares?
Over the past week, the price has changed by -12.21%, over one month by -13.37%, over three months by -6.87% and over the past year by -7.11%.
Is FCEL a buy, sell or hold?
- StrongBuy: 0
- Buy: 0
- Hold: 6
- Sell: 1
- StrongSell: 1
What are the forecasts/targets for the FCEL price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 8.7 | 21.1% |
| Analysts Target Price | 8.7 | 21.1% |
| ValueRay Target Price | 3.8 | -46.9% |
FCEL Fundamental Data Overview February 03, 2026
P/B = 0.6481
P/EG = -0.12
Revenue TTM = 158.2m USD
EBIT TTM = -154.2m USD
EBITDA TTM = -151.9m USD
Long Term Debt = 115.2m USD (from longTermDebt, last quarter)
Short Term Debt = 15.8m USD (from shortLongTermDebt, last quarter)
Debt = 28.7m USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -266.0m USD (from netDebt column, last fiscal year)
Enterprise Value = 141.6m USD (391.0m + Debt 28.7m - CCE 278.1m)
Interest Coverage Ratio = -30.67 (Ebit TTM -154.2m / Interest Expense TTM 5.03m)
EV/FCF = -0.98x (Enterprise Value 141.6m / FCF TTM -144.0m)
FCF Yield = -101.7% (FCF TTM -144.0m / Enterprise Value 141.6m)
FCF Margin = -91.04% (FCF TTM -144.0m / Revenue TTM 158.2m)
Net Margin = -119.8% (Net Income TTM -189.5m / Revenue TTM 158.2m)
Gross Margin = -16.70% ((Revenue TTM 158.2m - Cost of Revenue TTM 184.6m) / Revenue TTM)
Gross Margin QoQ = -12.05% (prev -10.98%)
Tobins Q-Ratio = 0.15 (Enterprise Value 141.6m / Total Assets 932.1m)
Interest Expense / Debt = -9.31% (Interest Expense -2.67m / Debt 28.7m)
Taxrate = 21.0% (US default 21%)
NOPAT = -121.8m (EBIT -154.2m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 6.63 (Total Current Assets 449.8m / Total Current Liabilities 67.8m)
Debt / Equity = 0.04 (Debt 28.7m / totalStockholderEquity, last quarter 722.0m)
Debt / EBITDA = 1.75 (negative EBITDA) (Net Debt -266.0m / EBITDA -151.9m)
Debt / FCF = 1.85 (negative FCF - burning cash) (Net Debt -266.0m / FCF TTM -144.0m)
Total Stockholder Equity = 675.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -20.20% (Net Income -189.5m / Total Assets 932.1m)
RoE = -28.05% (Net Income TTM -189.5m / Total Stockholder Equity 675.5m)
RoCE = -19.50% (EBIT -154.2m / Capital Employed (Equity 675.5m + L.T.Debt 115.2m))
RoIC = -16.17% (negative operating profit) (NOPAT -121.8m / Invested Capital 753.5m)
WACC = 10.06% (E(391.0m)/V(419.7m) * Re(10.80%) + (debt cost/tax rate unavailable))
Discount Rate = 10.80% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -71.67%
Fair Price DCF = unknown (Cash Flow -144.0m)
EPS Correlation: -73.42 | EPS CAGR: -14.78% | SUE: 0.81 | # QB: 0
Revenue Correlation: 21.10 | Revenue CAGR: 15.74% | SUE: 1.04 | # QB: 1
EPS next Quarter (2026-04-30): EPS=-0.60 | Chg30d=+0.417 | Revisions Net=+1 | Analysts=3
EPS current Year (2026-10-31): EPS=-2.42 | Chg30d=+0.574 | Revisions Net=+0 | Growth EPS=+67.3% | Growth Revenue=+16.6%
EPS next Year (2027-10-31): EPS=-2.43 | Chg30d=+0.127 | Revisions Net=+0 | Growth EPS=-0.6% | Growth Revenue=+29.8%