Fuelcell Energy IncFuelcell Energy Inc
Fuelcell Energy Inc

Fuelcell Energy Inc

FCEL
Industrials·Electrical Equipment

FuelCell Energy, Inc. is an American clean energy technology company that delivers continuous, scalable baseload power for mission-critical applications globally. It engages in the development, design, production, construction, operation, and servicing of high-temperature fuel cells for clean electric power generation. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low-emission power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems backed by global fuel cell deployments approaching one gigawatt. The company was founded by Bernard Baker and Martin G. Klein in 1969 and is headquartered in Danbury, CT.

Connecticut; U.S.A
Market cap
$1.4BNo data
Revenue
$158.2M+41.0% YoY
Net income
$-187.9M−49.1% YoY
Free cash flow
$-143.9M+28.3% YoY

Market

Listed stock
Tokenized stocks
FCELPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$158.2M+41.0% YoY
Operating income
$-192.3M−21.4% YoY
Net income
$-187.9M−49.1% YoY
Free cash flow
$-143.9M+28.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $69.6M, 2022 $130.5M, 2023 $123.4M, 2024 $112.1M, 2025 $158.2M. Operating income: 2021 $-64.9M, 2022 $-143.7M, 2023 $-136.1M, 2024 $-158.5M, 2025 $-192.3M. Net income: 2021 $-101.1M, 2022 $-142.7M, 2023 $-107.6M, 2024 $-126M, 2025 $-187.9M. Free cash flow: 2021 $-76.8M, 2022 $-133.2M, 2023 $-179.6M, 2024 $-200.6M, 2025 $-143.9M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
41.0%+5018 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-10-31 $-64.9M, 2022-10-31 $-143.7M, 2023-10-31 $-136.1M, 2024-10-31 $-158.5M, 2025-10-31 $-192.3M. Net income: 2021-10-31 $-101.1M, 2022-10-31 $-142.7M, 2023-10-31 $-107.6M, 2024-10-31 $-126M, 2025-10-31 $-187.9M. Free cash flow: 2021-10-31 $-76.8M, 2022-10-31 $-133.2M, 2023-10-31 $-179.6M, 2024-10-31 $-200.6M, 2025-10-31 $-143.9M

Growth heatmap

2022202320242025CAGR
Revenue
+87.5%
-5.4%
-9.1%
+41.0%
+22.8%
Gross profit
-89.1%
+64.4%
-240.9%
+26.5%
No data
Operating income
-121.4%
+5.3%
-16.5%
-21.4%
No data
Free cash flow
-73.5%
-34.8%
-11.7%
+28.3%
No data

Earnings quality

Operating cash flow
$-125.3M+18.1% YoY
Net income
$-187.9M−49.1% YoY
Free cash flow
$-143.9M+28.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-10-31 67%, 2024-10-31 121%, 2023-10-31 130%, 2022-10-31 79%, 2021-10-31 70%. Free cash flow: 2025-10-31 77%, 2024-10-31 159%, 2023-10-31 167%, 2022-10-31 93%, 2021-10-31 76%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data