FCEL IndustrialsBeta data

FuelCell Energy, Inc.

$11.21+6.76%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Electrical Equipment & Parts
Country: United States
Market cap: 896.3M USD
Enterprise value: 472.1M USD
Full-time employees: 424

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.46 vs a peer median of 0.64)bigger price swings (beta 2.46 vs peers 0.64)

Ranks #1,851 of 2,308 industrials companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 241% from October 2022 to October 2025.
FuelCell Energy had 241% more shares at October 2025 than at October 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.FuelCell Energy had 241% more shares at October 2025 than at October 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Not profitable yet. Reported a loss over the last 12 months.
FuelCell Energy reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 2.46: tends to move more than the market.
FuelCell Energy's shares have swung more with the market than most peers' (beta 2.46, above the market's 1.0).

StockQuotient Score

34/ 100

Oct 5 34 → Nov 4 34

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 18.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-24.6%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-20.1%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-12.6%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield108.8%

Yahoo FinanceReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

40/100

Moderate

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

12-month revenue fell 8.2%

Why

Held back by:

▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0709 · MAD: 0.2481

3-year revenue growth3.2%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score -0.16Sector median: 0.0421 · MAD: 0.0625

Revenue growth1.1%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.43Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-116.3%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-13.4%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-30.1%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin-32.4%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-21.4%

Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.46

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio8.67×

Yahoo FinanceOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.75Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.16×

Yahoo FinanceReported value33% base weight · Z-score 0.72Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about FuelCell Energy

Is FuelCell Energy getting weaker?: Its latest SEC filing (Sep 2, 2026) got weaker in some ways: 12-month revenue fell 8.2%; share count up 18.3%. Its overall score is unchanged at 34/100 since Oct 28, 2026.
How is FuelCell Energy valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -24.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -24.6% vs peers 3.8% (weaker than 100% of peers).
Is FuelCell Energy growing?: At about the same pace as its peers. Growth scores 40/100 against 2,459 industrials peers. Revenue growth 1.1% vs a peer median of 4.4% (weaker than 63% of peers).Revenue growth 1.1% vs peers 4.4% (weaker than 63% of peers).
How profitable is FuelCell Energy?: Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -116.3% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -116.3% vs peers 7.7% (weaker than 100% of peers).
How risky is FuelCell Energy?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 8.67× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 8.67× vs peers 1.62× (stronger than 95% of peers). Beta 2.46 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.46 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 31, 2026 · filed Sep 2, 2026 · compared with the quarter ended Apr 30, 2026

Got weaker

12-month revenue fell 8.2%
Share count up 18.3% (existing holders diluted)

Worth watching: FuelCell Energy is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	167.9M USD	154.1M USD	−8.2%
Net income (12 months)	−222.3M USD	−175.1M USD	−21.2%
Operating margin	-135.7%	-116.3%	+19.5 pts
Free cash flow (12 months)	−119.7M USD	−101.1M USD	−15.5%
Debt	134.2M USD	153.6M USD	+14.5%
Cash	373.2M USD	658.1M USD	+76.4%
Shares outstanding	67.6M	80.0M	+18.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Electrical Equipment & Parts companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Oct 2021	FY Oct 2022	FY Oct 2023	FY Oct 2024	FY Oct 2025	Change
Gross margin	—	—	—	—	—	—
Operating margin	-93.3%	-110.1%	-110.3%	-141.3%	-121.6%	▲ 20 pts
Net margin	-145.2%	-109.4%	-87.2%	-112.4%	-118.8%	▼ 6.4 pts
Return on assets (ROA)	-11.5%	-15.2%	-11.3%	-13.3%	-20.2%	▼ 6.8 pts
Return on equity (ROE)	-15.7%	-20.9%	-15.8%	-19.2%	-28.4%	▼ 9.2 pts
Free cash flow margin	-110.4%	-102.1%	-145.6%	-178.9%	-91.0%	▲ 88 pts
Current ratio	10.30×	6.76×	7.23×	6.01×	6.63×	▲ 10%
Quick ratio	9.03×	5.70×	5.95×	4.48×	5.36×	▲ 20%
Debt to equity	0.14×	0.12×	0.18×	0.20×	0.18×	▼ 9.9%
Interest coverage	-8.81×	-22.48×	-18.78×	-16.36×	-18.53×	▼ 13%

FCEL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.46 vs a peer median of 0.64)bigger price swings (beta 2.46 vs peers 0.64)

Ranks #1,851 of 2,308 industrials companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 241% from October 2022 to October 2025.

FuelCell Energy had 241% more shares at October 2025 than at October 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.FuelCell Energy had 241% more shares at October 2025 than at October 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Not profitable yet. Reported a loss over the last 12 months.

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

More volatile share price. Beta 2.46: tends to move more than the market.

FuelCell Energy's shares have swung more with the market than most peers' (beta 2.46, above the market's 1.0).

Questions investors ask about FuelCell Energy

Is FuelCell Energy getting weaker?

Its latest SEC filing (Sep 2, 2026) got weaker in some ways: 12-month revenue fell 8.2%; share count up 18.3%. Its overall score is unchanged at 34/100 since Oct 28, 2026.

How is FuelCell Energy valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -24.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -24.6% vs peers 3.8% (weaker than 100% of peers).

Is FuelCell Energy growing?

At about the same pace as its peers. Growth scores 40/100 against 2,459 industrials peers. Revenue growth 1.1% vs a peer median of 4.4% (weaker than 63% of peers).Revenue growth 1.1% vs peers 4.4% (weaker than 63% of peers).

How profitable is FuelCell Energy?

Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -116.3% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -116.3% vs peers 7.7% (weaker than 100% of peers).

How risky is FuelCell Energy?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 8.67× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 8.67× vs peers 1.62× (stronger than 95% of peers). Beta 2.46 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.46 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

167.9M USD

154.1M USD

−8.2%

Net income (12 months)

−222.3M USD

−175.1M USD

−21.2%

Operating margin

-135.7%

-116.3%

+19.5 pts

Free cash flow (12 months)

−119.7M USD

−101.1M USD

−15.5%

Debt

134.2M USD

153.6M USD

+14.5%

Cash

373.2M USD

658.1M USD

+76.4%

Shares outstanding

67.6M

80.0M

+18.3%

Key ratios

FY Oct 2021

FY Oct 2022

FY Oct 2023

FY Oct 2024

FY Oct 2025

Change

Gross margin

—

Operating margin

-93.3%

-110.1%

-110.3%

-141.3%

-121.6%

▲ 20 pts

Net margin

-145.2%

-109.4%

-87.2%

-112.4%

-118.8%

▼ 6.4 pts

Return on assets (ROA)

-11.5%

-15.2%

-11.3%

-13.3%

-20.2%

▼ 6.8 pts

Return on equity (ROE)

-15.7%

-20.9%

-15.8%

-19.2%

-28.4%

▼ 9.2 pts

Free cash flow margin

-110.4%

-102.1%

-145.6%

-178.9%

-91.0%

▲ 88 pts

Current ratio

10.30×

6.76×

7.23×

6.01×

6.63×

▲ 10%

Quick ratio

9.03×

5.70×

5.95×

4.48×

5.36×

▲ 20%

Debt to equity

0.14×

0.12×

0.18×

0.20×

0.18×

▼ 9.9%

Interest coverage

-8.81×

-22.48×

-18.78×

-16.36×

-18.53×

▼ 13%