Clean Energy Fuels Corp.

Worth knowing

• Returning more cash than it generates. Paid out $8M vs $2M of free cash flow over the 3 fiscal years to 2025.

  Clean Energy Fuels returned $8M to shareholders over three years, 349% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

• Stock pay outran buybacks. Stock-based pay expense $43M vs $8M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −0.9% from December 2022 to July 2026.

  Over three fiscal years Clean Energy Fuels recorded $43M of stock-based pay expense and spent $8M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Clean Energy Fuels recorded $43M of stock-based pay expense and spent $8M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Valuation signals disagree. Cheaper than 53% of peers on free cash flow, but only 0% on earnings.

  Relative to its free cash flow, Clean Energy Fuels looks cheaper than 53% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

• Not profitable yet. Reported a loss in the 12 months to June 2026.

  Clean Energy Fuels reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.