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FCEL · Nasdaq · United States · Electrical Industrial Apparatus
In shortFUELCELL ENERGY INC is loss-making, burns cash and holds more cash than debt, with revenue growing (+41.0% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -121.6% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -118.8% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -28.5% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -19.4% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 6.63× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.18× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | -18.53× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -1.64 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -91.0% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 0 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 0 of 5 | 0/100 |
|---|---|---|
| Years of revenue decline (last 5) | 3 of 5 | 0/100 |
| Revenue growth volatility | 41.7% | 0/100 |
| Operating margin volatility | 17.7% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 6.6% | 53/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 70 | 130 | 123 | 112 | 158 |
| Cost of revenue | 85 | 160 | 134 | 148 | 185 |
| Gross profit | (16) | (30) | (11) | (36) | (26) |
| Research & development | 11 | 35 | 61 | 55 | 34 |
| Selling, general & admin | 38 | 80 | 65 | 65 | 61 |
| Operating income | (65) | (144) | (136) | (158) | (192) |
| Interest expense | 7.4 | 6.4 | 7.2 | 9.7 | 10 |
| Pre-tax income | (101) | (146) | (107) | (157) | (191) |
| Income tax | 0 | 0.8 | 0.6 | 0 | 0.1 |
| Net income | (101) | (143) | (108) | (126) | (188) |
| Diluted EPS | −$0.31 | −$11.43 | −$7.92 | −$7.83 | −$7.42 |
| Diluted shares (millions) | 335 | 13 | 14 | 17 | 26 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of FUELCELL ENERGY INC are included in the Investor plan. Try free for 7 days →
−1.64 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jul 31, 2026 · Data updated Sep 2, 2026