Symbols / FCEL $6.84 +3.64% FuelCell Energy, Inc.

Industrials • Electrical Equipment & Parts • United States • NGM
FCEL Chart
About

FuelCell Energy, Inc., together with its subsidiaries, engages in the design, development, production, construction, operation, and servicing of high temperature fuel cells for clean electric power generation. The company engages in the provision of carbonate fuel cell technology; and commercialization of solid oxide electrolysis technology for distributed hydrogen. It also offers carbonate fuel cell products in various configurations and applications of its platform, including on-site power, grid support, and microgrid; carbon capture, recovery, and utilization technologies; and carbonate-based Tri-gen system that produces zero-carbon hydrogen. In addition, the company sells electricity, heat, steam, capacity, and renewable energy credits. In addition, the company provides turn-key solutions, including development, engineering, procurement, construction, interconnection, and operation services for fuel cell projects. It serves utilities and independent power producers, data centers, wastewater treatment, commercial and hospitality, and microgrids; and industrial, commercial, municipal, and government customers, including manufacturing facilities, pharmaceutical processing facilities, universities, and healthcare facilities. The company primarily operates in the United States, South Korea, Europe, and Canada. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.

Fundamentals
Scroll to Statements
Sector Industrials Industry Electrical Equipment & P Market Cap 362.37M
Enterprise Value 256.32M Income -185.63M Sales 169.70M
Book/sh 13.22 Cash/sh 5.89 Dividend Yield —
Payout 0.00% Employees 424 IPO —
P/E — Forward P/E -3.70 PEG —
P/S 2.14 P/B 0.52 P/C —
EV/EBITDA -3.41 EV/Sales 1.51 Quick Ratio 5.98
Current Ratio 7.96 Debt/Eq 19.59 LT Debt/Eq —
EPS (ttm) -6.49 EPS next Y -1.85 EPS Growth —
Revenue Growth 60.70% Earnings 2026-06-05 ROA -7.70%
ROE -25.19% ROIC — Gross Margin -15.95%
Oper. Margin -86.11% Profit Margin -107.51% Shs Outstand 52.98M
Shs Float 52.81M Short Float 6.70% Short Ratio 2.73
Short Interest — 52W High 11.99 52W Low 3.58
Beta 1.41 Avg Volume 1.80M Volume 210.98K
Target Price $8.24 Recom Hold Prev Close $6.60
Price $6.84 Change 3.64%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$8.24
Mean price target
2. Current target
$6.60
Latest analyst target
3. DCF / Fair value
$-10.00
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$6.60
Low
$6.00
High
$12.00
Mean
$8.24

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-10 main Wells Fargo Underweight → Underweight $6
2025-12-19 main Canaccord Genuity Hold → Hold $12
2025-09-17 main UBS Neutral → Neutral $7
2025-09-15 main Canaccord Genuity Hold → Hold $12
2025-06-13 main B. Riley Securities Neutral → Neutral $8
2025-03-12 main B. Riley Securities Neutral → Neutral $9
2024-12-20 main Jefferies Hold → Hold $8
2024-12-20 main Canaccord Genuity Hold → Hold $12
2024-12-03 main UBS Neutral → Neutral $14
2024-08-06 main UBS Neutral → Neutral $1
2024-03-08 main Canaccord Genuity Hold → Hold $2
2024-03-08 main B. Riley Securities Neutral → Neutral $2
2023-09-13 main Canaccord Genuity Hold → Hold $2
2023-09-12 main Wells Fargo Underweight → Underweight $1
2022-12-21 main B. Riley Securities — → Neutral $4
2022-12-14 init UBS — → Neutral $4
2022-06-10 main Craig-Hallum — → Hold $3
2022-01-05 init Keybanc — → Sector Weight —
2021-12-30 main B. Riley Securities — → Neutral $6
2021-12-30 main Canaccord Genuity — → Hold $6
News
RSS: Latest FCEL news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2025-12-30 DOLGER JOSHUA General Counsel — 6,250 — —
2025-12-30 ACHANTA SHANKAR Chief Technology Officer — 6,250 — —
2025-12-30 BISHOP MICHAEL S Chief Financial Officer — 11,363 — —
2025-12-30 FEW JASON B Chief Executive Officer — 29,250 — —
2025-12-22 BINGHAM BETSY B Director — 8,608 $8.52 $73,371
2025-12-11 DOLGER JOSHUA General Counsel — 2,525 — —
2025-12-11 BISHOP MICHAEL S Chief Financial Officer — 4,591 — —
2025-12-11 FEW JASON B Chief Executive Officer — 11,818 — —
2025-12-05 DOLGER JOSHUA General Counsel — 1,711 — —
2025-12-05 BISHOP MICHAEL S Chief Financial Officer — 2,224 — —
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-10-31 2024-10-31 2023-10-31 2022-10-31
Total Revenue
158.16
+41.05%
112.13
-9.13%
123.39
-5.43%
130.48
Operating Revenue
158.16
+41.05%
112.13
-9.13%
123.39
-5.43%
130.48
Cost Of Revenue
184.57
+24.67%
148.05
+10.54%
133.93
-16.33%
160.06
Reconciled Cost Of Revenue
184.57
+24.67%
148.05
+10.54%
133.93
-16.33%
160.06
Gross Profit
-26.41
+26.48%
-35.92
-240.94%
-10.54
+64.38%
-29.57
Operating Expense
94.82
-20.99%
120.01
-4.41%
125.55
+9.99%
114.15
Research And Development
34.08
-38.49%
55.40
-9.21%
61.02
+76.72%
34.53
Selling General And Administration
60.74
-5.98%
64.60
+0.12%
64.53
-18.96%
79.62
Total Expenses
279.39
+4.23%
268.06
+3.31%
259.48
-5.37%
274.21
Operating Income
-121.23
+22.25%
-155.93
-14.58%
-136.08
+5.32%
-143.72
Total Operating Income As Reported
-192.35
-21.36%
-158.49
-16.46%
-136.08
+5.32%
-143.72
EBITDA
-140.46
-26.69%
-110.87
-48.12%
-74.85
+36.96%
-118.75
Normalized EBITDA
-69.34
+35.98%
-108.31
-20.09%
-90.19
+24.05%
-118.75
Reconciled Depreciation
40.40
+11.62%
36.19
+42.63%
25.38
+19.28%
21.27
EBIT
-180.86
-22.98%
-147.06
-46.73%
-100.23
+28.42%
-140.02
Total Unusual Items
-71.12
-2675.88%
-2.56
-116.70%
15.34
0.00
Total Unusual Items Excluding Goodwill
-71.12
-2675.88%
-2.56
-116.70%
15.34
0.00
Special Income Charges
-71.12
-2675.88%
-2.56
-116.70%
15.34
0.00
Other Special Charges
—
—
-15.34
—
Restructuring And Mergern Acquisition
5.34
+108.31%
2.56
0.00
0.00
Write Off
65.78
0.00
0.00
—
Net Income
-187.90
-49.12%
-126.01
-17.14%
-107.57
+24.63%
-142.72
Pretax Income
-191.24
-22.00%
-156.75
-45.85%
-107.47
+26.59%
-146.41
Net Non Operating Interest Income Expense
-2.06
-151.24%
4.03
-52.85%
8.55
+384.18%
-3.01
Interest Expense Non Operating
10.38
+7.10%
9.69
+33.71%
7.25
+13.34%
6.39
Net Interest Income
-2.06
-151.24%
4.03
-52.85%
8.55
+384.18%
-3.01
Interest Expense
10.38
+7.10%
9.69
+33.71%
7.25
+13.34%
6.39
Interest Income Non Operating
8.31
-39.41%
13.72
-13.14%
15.79
+366.48%
3.39
Interest Income
8.31
-39.41%
13.72
-13.14%
15.79
+366.48%
3.39
Other Income Expense
-67.94
-1298.81%
-4.86
-124.21%
20.06
+6188.71%
0.32
Other Non Operating Income Expenses
3.18
+238.47%
-2.29
-148.58%
4.72
+1380.88%
0.32
Gain On Sale Of Security
—
—
—
—
Tax Provision
0.14
+448.00%
0.03
-95.70%
0.58
-29.06%
0.82
Tax Rate For Calcs
0.00
+0.00%
0.00
-80.00%
0.00
-97.62%
0.00
Tax Effect Of Unusual Items
-0.07
-2675.88%
-0.00
-103.34%
0.08
0.00
Net Income Including Noncontrolling Interests
-191.37
-22.07%
-156.78
-45.09%
-108.06
+26.61%
-147.23
Net Income From Continuing Operation Net Minority Interest
-187.90
-49.12%
-126.01
-17.14%
-107.57
+24.63%
-142.72
Net Income From Continuing And Discontinued Operation
-187.90
-49.12%
-126.01
-17.14%
-107.57
+24.63%
-142.72
Net Income Continuous Operations
-191.37
-22.07%
-156.78
-45.09%
-108.06
+26.61%
-147.23
Minority Interests
3.47
-88.71%
30.77
+6205.12%
0.49
-89.18%
4.51
Normalized Income
-116.85
+5.34%
-123.45
-0.51%
-122.83
+13.94%
-142.72
Net Income Common Stockholders
-191.10
-47.90%
-129.21
-16.65%
-110.77
+24.09%
-145.92
Otherunder Preferred Stock Dividend
—
—
—
—
Diluted EPS
-7.42
+5.24%
-7.83
-0.38%
-7.80
+31.58%
-11.40
Basic EPS
-7.42
+5.24%
-7.83
-0.38%
-7.80
+31.58%
-11.40
Basic Average Shares
25.74
+55.97%
16.51
+17.97%
13.99
+9.55%
12.77
Diluted Average Shares
25.74
+55.97%
16.51
+17.97%
13.99
+9.55%
12.77
Diluted NI Availto Com Stockholders
-191.10
-47.90%
-129.21
-16.65%
-110.77
+24.09%
-145.92
Preferred Stock Dividends
3.20
+0.00%
3.20
+0.00%
3.20
+0.00%
3.20
Line Item Trend 2025-10-31 2024-10-31 2023-10-31 2022-10-31
Total Assets
932.15
-1.27%
944.12
-1.19%
955.52
+1.68%
939.72
Current Assets
449.81
+1.20%
444.46
-6.69%
476.31
-17.92%
580.28
Cash Cash Equivalents And Short Term Investments
278.10
+8.10%
257.26
-27.27%
353.71
-22.78%
458.06
Cash And Cash Equivalents
278.10
+87.74%
148.13
-40.74%
249.95
-45.43%
458.06
Other Short Term Investments
0.00
-100.00%
109.12
+5.17%
103.76
0.00
Receivables
53.01
+9.06%
48.60
+141.74%
20.11
+26.41%
15.90
Accounts Receivable
4.00
-65.97%
11.75
+208.51%
3.81
-22.03%
4.88
Other Receivables
49.01
+32.99%
36.85
+126.14%
16.30
+47.89%
11.02
Inventory
86.20
-24.19%
113.70
+34.63%
84.46
-7.10%
90.91
Prepaid Assets
—
—
—
—
Restricted Cash
16.60
+36.51%
12.16
+135.72%
5.16
+16.64%
4.42
Other Current Assets
15.91
+24.90%
12.74
-1.13%
12.88
+17.22%
10.99
Total Non Current Assets
482.34
-3.47%
499.67
+4.27%
479.21
+33.32%
359.44
Net PPE
324.51
-14.81%
380.94
+6.98%
356.09
+19.41%
298.21
Gross PPE
533.27
-5.14%
562.18
+10.16%
510.35
+18.45%
430.86
Accumulated Depreciation
-208.76
-15.18%
-181.24
-17.49%
-154.26
-16.30%
-132.64
Properties
0.00
0.00
0.00
0.00
Land And Improvements
0.52
+0.00%
0.52
+0.00%
0.52
+0.00%
0.52
Buildings And Improvements
23.82
-10.39%
26.58
+24.04%
21.43
+1.01%
21.22
Machinery Furniture Equipment
152.87
+2.12%
149.69
+5.59%
141.76
+25.44%
113.01
Construction In Progress
38.13
-44.55%
68.76
-44.78%
124.53
-7.19%
134.18
Other Properties
317.93
+0.41%
316.62
+42.56%
222.10
+37.17%
161.93
Goodwill And Other Intangible Assets
3.89
-79.36%
18.85
-6.44%
20.15
-6.05%
21.45
Goodwill
0.00
-100.00%
4.08
+0.00%
4.08
+0.00%
4.08
Other Intangible Assets
3.89
-73.67%
14.78
-8.07%
16.08
-7.47%
17.37
Non Current Accounts Receivable
—
—
—
—
Other Non Current Assets
153.93
+54.13%
99.87
-3.01%
102.97
+158.87%
39.78
Total Liabilities Net Minority Interest
201.00
-7.22%
216.66
+10.98%
195.22
+5.33%
185.33
Current Liabilities
67.84
-8.21%
73.90
+12.14%
65.90
-23.19%
85.80
Payables And Accrued Expenses
46.11
-9.07%
50.71
-4.01%
52.83
-5.00%
55.61
Payables
23.99
-20.90%
30.33
-11.67%
34.34
-3.92%
35.74
Accounts Payable
17.01
-24.69%
22.59
-14.83%
26.52
-5.95%
28.20
Other Payable
2.52
+0.00%
2.52
-36.46%
3.96
—
Current Accrued Expenses
22.12
+8.52%
20.38
+10.21%
18.49
-6.94%
19.87
Pensionand Other Post Retirement Benefit Plans Current
2.22
-0.85%
2.23
—
—
Total Tax Payable
4.47
-14.57%
5.23
+35.46%
3.86
-48.80%
7.54
Current Debt And Capital Lease Obligation
16.78
+0.29%
16.73
+56.86%
10.67
-22.98%
13.85
Current Debt
15.85
-0.48%
15.92
+58.18%
10.07
-23.72%
13.20
Other Current Borrowings
15.85
-0.48%
15.92
+58.18%
10.07
-23.72%
13.20
Current Capital Lease Obligation
0.93
+15.49%
0.81
+34.72%
0.60
-7.85%
0.65
Current Deferred Liabilities
2.73
-35.33%
4.23
+75.64%
2.41
-85.28%
16.34
Current Deferred Revenue
2.73
-35.33%
4.23
+75.64%
2.41
-85.28%
16.34
Total Non Current Liabilities Net Minority Interest
133.17
-6.72%
142.75
+10.40%
129.31
+29.92%
99.53
Long Term Debt And Capital Lease Obligation
127.18
-8.99%
139.74
+8.68%
128.58
+42.17%
90.44
Long Term Debt
115.23
-11.94%
130.85
+9.42%
119.59
+44.32%
82.86
Long Term Capital Lease Obligation
11.95
+34.41%
8.89
-1.09%
8.99
+18.71%
7.58
Non Current Deferred Liabilities
5.99
+98.84%
3.01
+311.20%
0.73
-91.95%
9.10
Non Current Deferred Revenue
5.99
+98.84%
3.01
+311.20%
0.73
-91.95%
9.10
Preferred Securities Outside Stock Equity
—
—
—
—
Stockholders Equity
722.04
+0.73%
716.78
-3.44%
742.35
-0.26%
744.25
Common Stock Equity
662.18
+0.80%
656.92
-3.75%
682.49
-0.28%
684.39
Capital Stock
59.86
+0.01%
59.86
+0.00%
59.86
-0.07%
59.90
Common Stock
0.01
+150.00%
0.00
+0.00%
0.00
-95.12%
0.04
Preferred Stock
59.86
+0.00%
59.86
+0.00%
59.86
+0.00%
59.86
Share Issued
46.12
+126.21%
20.39
+35.66%
15.03
+11.13%
13.52
Ordinary Shares Number
46.08
+126.13%
20.38
+35.65%
15.02
+11.11%
13.52
Treasury Shares Number
0.04
+258.10%
0.01
+52.67%
0.01
+72.55%
0.00
Additional Paid In Capital
2,493.32
+8.40%
2,300.03
+4.56%
2,199.70
+5.04%
2,094.08
Retained Earnings
-1,829.45
-11.45%
-1,641.55
-8.31%
-1,515.54
-7.64%
-1,407.97
Gains Losses Not Affecting Retained Earnings
-1.70
-8.58%
-1.56
+6.64%
-1.67
+4.57%
-1.75
Treasury Stock
1.41
+17.36%
1.20
+11.13%
1.08
+26.08%
0.85
Minority Interest
9.11
-14.80%
10.69
-40.48%
17.95
+77.16%
10.13
Other Equity Adjustments
-1.70
-8.58%
-1.56
+6.64%
-1.67
+4.57%
-1.75
Total Equity Gross Minority Interest
731.14
+0.51%
727.47
-4.32%
760.30
+0.78%
754.38
Total Capitalization
837.26
-1.22%
847.63
-1.66%
861.94
+4.21%
827.11
Working Capital
381.97
+3.08%
370.55
-9.71%
410.41
-17.00%
494.48
Invested Capital
793.25
-1.30%
803.70
-1.04%
812.15
+4.06%
780.45
Total Debt
143.96
-8.00%
156.47
+12.37%
139.25
+33.52%
104.29
Capital Lease Obligations
12.89
+32.83%
9.70
+1.15%
9.59
+16.61%
8.22
Net Tangible Assets
718.14
+2.90%
697.92
-3.36%
722.20
-0.08%
722.80
Tangible Book Value
658.29
+3.17%
638.07
-3.66%
662.34
-0.09%
662.94
Other Equity Interest
1.41
+17.36%
1.20
+11.13%
1.08
+26.08%
0.85
Preferred Stock Equity
59.86
+0.00%
59.86
+0.00%
59.86
+0.00%
59.86
Line Item Trend 2025-10-31 2024-10-31 2023-10-31 2022-10-31
Operating Cash Flow
-125.29
+18.06%
-152.91
-9.02%
-140.25
-25.04%
-112.17
Cash Flow From Continuing Operating Activities
-125.29
+18.06%
-152.91
-9.02%
-140.25
-25.04%
-112.17
Net Income From Continuing Operations
-191.37
-22.07%
-156.78
-45.09%
-108.06
+26.61%
-147.23
Depreciation Amortization Depletion
40.40
+11.62%
36.19
+42.63%
25.38
+19.28%
21.27
Depreciation And Amortization
40.40
+11.62%
36.19
+42.63%
25.38
+19.28%
21.27
Other Non Cash Items
2.61
+2.07%
2.56
-35.17%
3.94
-43.05%
6.92
Stock Based Compensation
11.09
-5.75%
11.76
-1.59%
11.95
+76.00%
6.79
Asset Impairment Charge
65.78
+5104.19%
1.26
-46.78%
2.38
+33.28%
1.78
Operating Gains Losses
-4.01
-140.32%
9.94
+143.53%
-22.84
-11550.51%
-0.20
Gain Loss On Investment Securities
-4.01
-140.32%
9.94
+233.58%
-7.44
-855.20%
-0.78
Net Foreign Currency Exchange Gain Loss
0.00
0.00
+100.00%
-0.06
-109.78%
0.58
Change In Working Capital
-49.79
+13.93%
-57.85
-9.13%
-53.01
-3405.75%
-1.51
Change In Receivables
-58.39
-88.44%
-30.98
-48.64%
-20.84
-332.44%
8.97
Changes In Account Receivables
7.75
+197.61%
-7.94
-838.10%
1.08
-88.30%
9.20
Change In Inventory
15.87
+154.27%
-29.25
-724.14%
4.69
+116.70%
-28.06
Change In Payables And Accrued Expense
-2.88
-177.90%
3.69
+352.88%
-1.46
-104.72%
30.95
Change In Accrued Expense
-0.12
-102.52%
4.69
+205.16%
-4.46
-118.12%
24.62
Change In Payable
-2.76
-176.08%
-1.00
-133.29%
3.00
-52.61%
6.33
Change In Account Payable
-2.76
-176.08%
-1.00
-133.29%
3.00
-52.61%
6.33
Change In Other Working Capital
1.48
-63.84%
4.10
+118.38%
-22.30
-97.71%
-11.28
Change In Other Current Assets
-5.88
-8.81%
-5.40
+58.72%
-13.09
-525.72%
-2.09
Investing Cash Flow
88.86
+247.98%
-60.05
+68.78%
-192.37
-312.35%
-46.65
Cash Flow From Continuing Investing Activities
88.86
+247.98%
-60.05
+68.78%
-192.37
-312.35%
-46.65
Capital Expenditure
-22.54
+62.15%
-59.55
+35.52%
-92.36
-97.99%
-46.65
Capital Expenditure Reported
-22.54
+62.15%
-59.55
+35.52%
-92.36
-97.99%
-46.65
Net Investment Purchase And Sale
111.40
+22559.88%
-0.50
+99.50%
-100.00
0.00
Purchase Of Investment
-660.97
+20.91%
-835.74
-179.42%
-299.09
0.00
Sale Of Investment
772.37
-7.53%
835.24
+319.53%
199.09
0.00
Net Other Investing Changes
—
—
—
—
Financing Cash Flow
169.26
+38.57%
122.15
-19.14%
151.07
-16.34%
180.58
Cash Flow From Continuing Financing Activities
169.26
+38.57%
122.15
-19.14%
151.07
-16.34%
180.58
Net Issuance Payments Of Debt
-14.44
-226.61%
11.40
-78.35%
52.67
+651.87%
-9.54
Issuance Of Debt
0.00
-100.00%
23.10
-77.01%
100.50
0.00
Repayment Of Debt
-14.44
-23.43%
-11.70
+75.54%
-47.83
-401.15%
-9.54
Long Term Debt Issuance
0.00
-100.00%
23.10
-77.01%
100.50
0.00
Long Term Debt Payments
-14.44
-23.43%
-11.70
+75.54%
-47.83
-401.15%
-9.54
Net Long Term Debt Issuance
-14.44
-226.61%
11.40
-78.35%
52.67
+651.87%
-9.54
Net Common Stock Issuance
185.69
+100.62%
92.56
-5.01%
97.44
-46.91%
183.55
Cash Dividends Paid
-3.20
+0.00%
-3.20
+0.00%
-3.20
+0.00%
-3.20
Repurchase Of Capital Stock
—
—
0.00
0.00
Proceeds From Stock Option Exercised
0.05
-57.50%
0.12
+114.29%
0.06
+19.15%
0.05
Net Other Financing Charges
1.17
-94.52%
21.27
+418.55%
4.10
-57.83%
9.73
Changes In Cash
132.83
+246.28%
-90.80
+49.98%
-181.55
-934.13%
21.77
Effect Of Exchange Rate Changes
0.08
-30.63%
0.11
+38.75%
0.08
+108.57%
-0.93
Beginning Cash Position
208.88
-30.27%
299.58
-37.72%
481.04
+4.53%
460.21
End Cash Position
341.79
+63.63%
208.88
-30.27%
299.58
-37.72%
481.04
Free Cash Flow
-147.83
+30.42%
-212.46
+8.66%
-232.61
-46.46%
-158.82
Interest Paid Supplemental Data
7.25
+6.70%
6.80
+120.08%
3.09
+98.46%
1.56
Income Tax Paid Supplemental Data
0.15
+862.50%
0.02
+166.67%
0.01
+200.00%
0.00
Common Stock Issuance
185.69
+100.62%
92.56
-5.01%
97.44
-46.91%
183.55
Issuance Of Capital Stock
185.69
+100.62%
92.56
-5.01%
97.44
-46.91%
183.55
Net Preferred Stock Issuance
—
—
0.00
0.00
Preferred Stock Dividend Paid
-3.20
+0.00%
-3.20
+0.00%
-3.20
+0.00%
-3.20
Preferred Stock Payments
—
—
0.00
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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