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Builds stationary fuel-cell power plants that generate on-site electricity, plus carbon-capture and hydrogen systems.
Builds stationary fuel-cell power plants that generate on-site electricity, plus carbon-capture and hydrogen systems.
Earns from three streams: building and selling fuel-cell plants, long-term service contracts that keep customers' plants running, and selling electricity from plants it owns under power-purchase agreements. A licence deal with POSCO Energy, which built its design in Korea, ended in a 2021 settlement, leaving it reliant on its own sales.
Moat: narrow (IP / patents, process know-how). Long fuel-cell engineering history, but small scale versus better-funded rivals.
Headquarters: Danbury, Connecticut, US · Founded: 1969 · Employees: 424
Size FuelCell Energy (FCEL) is a United States Industrials company (Electronic Equipment/Instruments) with a market value of $796M, the 2400th largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.96 on 6 Nov 2026.
Performance Over six months the shares fell 27.3%, against -12.7% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue grew 1.1% over the last twelve months (peer median +12.9%); the operating margin is -88.0% (peer median 15.3%).
Valuation It trades at 0.82× book value against a peer median of 4.64× (cheapest of 7).
Price implies The share price implies a return on equity of about 14.6%; FuelCell Energy delivers -21.2%, so the price asks more than the business earns today.
Short interest Short interest is 32.3% of the free float (15 Oct 2026).
Next results Next results expected around 17 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $154M | $158M | $112M | $123M | $130M |
| Revenue growth | — | +41% | -9% | -5% | — |
| Gross profit | -$49.9M | -$26.4M | -$34.7M | -$8.16M | -$27.8M |
| EBITDA | -$95.0M | -$80.8M | -$118M | -$108M | -$121M |
| Net income | -$175M | -$188M | -$126M | -$108M | -$143M |
| Free cash flow | -$101M | -$144M | -$201M | -$180M | -$133M |
| Capital expenditure | $16.9M | $22.5M | $59.6M | $92.4M | $46.7M |
| Total debt | $166M | $133M | $141M | $129M | $90.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| FuelCell Energy FCEL | $796M | -27% | +1% | -21% | 0.82× | 14.6% |
| Bloom Energy BE | $51.2B | -21% | +111% | 40% | 26.49× | 449.6% |
| Plug Power PLUG | $2.03B | -54% | +11% | -145% | 3.48× | 46.6% |
| Ballard Power Systems BLDP.TO | $541M | -66% | +45% | -13% | 0.82× | 10.7% |
| Doosan Fuel Cell 336260.KS | $1.33B | -56% | -19% | -31% | 5.89× | 67.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FCEL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.3% | -9.6% | lowest of 7 |
| 6-month return | -27.3% | -12.7% | lowest of 6 |
| Return on equity | -21.2% | 14.9% | lowest of 7 |
| Price / book | 0.82× | 4.64× | cheapest of 7 |
| ROE the price implies | 14.6% | 63.1% | least demanding of 7 |
| ROE delivered | -21.2% | 12.8% | lowest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| FuelCell Energy FCEL | United States | $796M | -27% | +1% | -21% | 0.82× | 14.6% | -21.2% |
| Spectrum Electrical Industries SPECTRUM.NS | India | $800M | +262% | +104% | 20% | 28.38× | 183.3% | n/a |
| Genus Power Infrastructures GENUSPOWER.NS | India | $922M | -14% | +74% | 29% | 3.58× | 55.3% | n/a |
| Tempsens Instruments (India) TEMPSENS.NS | India | $464M | n/a | +18% | 15% | 7.09× | 92.6% | n/a |
| Shihlin Electric & Engineering 1503.TW | Taiwan | $2.51B | -20% | +8% | 10% | 2.14× | 17.6% | 10.1% |
| Standex International SXI | United States | $2.76B | -13% | +8% | 15% | 3.55× | 28.5% | 15.3% |
| Honeywell Automation India HONAUT.NS | India | $2.81B | -2% | +5% | 13% | 5.70× | 71.0% | 12.8% |