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FUELCELL ENERGY INC

FCEL Clue Score50
United States Fiscal year ends October CIK 0000886128
$18.03 +4.55% Close, 9 Oct 2026
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Price $18.03 +168.70% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue108.3Operating income−46.4Net income−51.0EPS, diluted−1.82Fiscal year 2017Revenue95.7 −11.6%Operating income−44.9Net income−53.9EPS, diluted−13.73Fiscal year 2018Revenue89.4 −6.5%Operating income−44.6Net income−47.3EPS, diluted−9.01Fiscal year 2019Revenue60.8 −32.1%Operating income−66.9Net income−77.6EPS, diluted−1.82Fiscal year 2020Revenue70.9 +16.7%Operating income−39.2Net income−89.1EPS, diluted−0.42Fiscal year 2021Revenue69.6 −1.8%Operating income−64.9Net income−101.1EPS, diluted−0.31Fiscal year 2022Revenue130.5 +87.5%Operating income−143.7Net income−142.7EPS, diluted−11.43Fiscal year 2023Revenue123.4 −5.4%Operating income−136.1Net income−107.6EPS, diluted−7.92Fiscal year 2024Revenue112.1 −9.1%Operating income−158.5Net income−126.0EPS, diluted−7.83Fiscal year 2025Revenue158.2 +41.0%Operating income−192.3Net income−187.9EPS, diluted−7.42
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 108.3 95.7 89.4 60.8 70.9 69.6 130.5 123.4 112.1 158.2
Growth −11.6% −6.5% −32.1% +16.7% −1.8% +87.5% −5.4% −9.1% +41.0%
Operating income −46.4 −44.9 −44.6 −66.9 −39.2 −64.9 −143.7 −136.1 −158.5 −192.3
Net income −51.0 −53.9 −47.3 −77.6 −89.1 −101.1 −142.7 −107.6 −126.0 −187.9
Growth
EPS, diluted −1.82 −13.73 −9.01 −1.82 −0.42 −0.31 −11.43 −7.92 −7.83 −7.42

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin−0.3%Operating margin−42.8%Net margin−47.1%Free cash flow margin−50.2%Fiscal year 2017Gross margin2.9%Operating margin−47.0%Net margin−56.3%Free cash flow margin−88.0%Fiscal year 2018Gross margin3.5%Operating margin−49.9%Net margin−52.9%Free cash flow margin7.0%Fiscal year 2019Gross margin−35.0%Operating margin−110.2%Net margin−127.7%Free cash flow margin−53.9%Fiscal year 2020Gross margin−10.9%Operating margin−55.3%Net margin−125.7%Free cash flow margin−52.4%Fiscal year 2021Operating margin−93.3%Net margin−145.2%Free cash flow margin−110.4%Fiscal year 2022Operating margin−110.1%Net margin−109.4%Free cash flow margin−102.1%Fiscal year 2023Operating margin−110.3%Net margin−87.2%Free cash flow margin−145.6%Fiscal year 2024Operating margin−141.3%Net margin−112.4%Free cash flow margin−178.9%Fiscal year 2025Operating margin−121.6%Net margin−118.8%Free cash flow margin−91.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin −0.3% 2.9% 3.5% −35.0% −10.9% n/a n/a n/a n/a n/a
Operating margin −42.8% −47.0% −49.9% −110.2% −55.3% −93.3% −110.1% −110.3% −141.3% −121.6%
Net margin −47.1% −56.3% −52.9% −127.7% −125.7% −145.2% −109.4% −87.2% −112.4% −118.8%
Free cash flow margin −50.2% −88.0% 7.0% −53.9% −52.4% −110.4% −102.1% −145.6% −178.9% −91.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−46.6Capital expenditure−7.7Free cash flow−54.3Fiscal year 2017Operating cash flow−71.8Capital expenditure−12.4Free cash flow−84.2Fiscal year 2018Operating cash flow16.3Capital expenditure−10.0Free cash flow6.3Fiscal year 2019Operating cash flow−30.6Capital expenditure−2.2Free cash flow−32.7 −619.9%Fiscal year 2020Operating cash flow−36.8Capital expenditure−0.4Free cash flow−37.2Fiscal year 2021Operating cash flow−70.4Capital expenditure−6.4Free cash flow−76.8Fiscal year 2022Operating cash flow−112.2Capital expenditure−21.1Free cash flow−133.2Fiscal year 2023Operating cash flow−140.3Capital expenditure−39.4Free cash flow−179.6Fiscal year 2024Operating cash flow−152.9Capital expenditure−47.7Free cash flow−200.6Fiscal year 2025Operating cash flow−125.3Capital expenditure−18.6Free cash flow−143.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −46.6 −71.8 16.3 −30.6 −36.8 −70.4 −112.2 −140.3 −152.9 −125.3
Capital expenditure −7.7 −12.4 −10.0 −2.2 −0.4 −6.4 −21.1 −39.4 −47.7 −18.6
Free cash flow −54.3 −84.2 6.3 −32.7 −37.2 −76.8 −133.2 −179.6 −200.6 −143.9
Growth −619.9%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash84.2Total debt83.2Net cash (debt)1.0Shareholders’ equity114.4Debt to equity0.73Fiscal year 2017Cash49.3Shareholders’ equity101.3Fiscal year 2018Cash39.3Shareholders’ equity82.2Fiscal year 2019Cash9.4Shareholders’ equity75.7Fiscal year 2020Cash149.9Shareholders’ equity194.5Fiscal year 2021Cash432.2Shareholders’ equity642.4Fiscal year 2022Cash458.1Shareholders’ equity684.4Fiscal year 2023Cash250.0Shareholders’ equity682.5Fiscal year 2024Cash148.1Shareholders’ equity656.9Fiscal year 2025Cash278.1Shareholders’ equity662.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 84.2 49.3 39.3 9.4 149.9 432.2 458.1 250.0 148.1 278.1
Total debt 83.2 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) 1.0 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity 114.4 101.3 82.2 75.7 194.5 642.4 684.4 682.5 656.9 662.2
Debt to equity 0.73 n/a n/a n/a n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending October, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Oct 2016 FY2017† 31 Oct 2017 FY2018† 31 Oct 2018 FY2019† 31 Oct 2019 FY2020† 31 Oct 2020 FY2021† 31 Oct 2021 FY2022† 31 Oct 2022 FY2023 31 Oct 2023 FY2024 31 Oct 2024 FY2025† 31 Oct 2025
Revenue and profit
108.3 95.7 89.4 60.8 70.9 69.6 130.5 123.4 112.1 158.2
Growth −11.6% −6.5% −32.1% +16.7% −1.8% +87.5% −5.4% −9.1% +41.0%
108.6 92.9 86.3 82.0 78.6 85.2 160.1 133.9 148.1 184.6
−0.4 2.7 3.1 −21.3 −7.7 n/a n/a n/a n/a n/a
Growth +13.1% −787.6%
20.8 20.4 22.8 13.8 4.8 11.3 34.5 61.0 55.4 34.1
25.2 25.9 24.9 31.9 26.6 37.9 79.6 64.5 64.6 60.7
−46.4 −44.9 −44.6 −66.9 −39.2 −64.9 −143.7 −136.1 −158.5 −192.3
Growth
−50.7 −53.9 −50.3 −77.5 −89.1 −101.0 −146.4 −107.5 −156.8 −191.2
0.5 0.0 −3.0 0.1 0.0 0.0 0.8 0.6 0.0 0.1
−51.0 −53.9 −47.3 −77.6 −89.1 −101.1 −142.7 −107.6 −126.0 −187.9
Growth
Per share
−1.82 −13.73 −9.01 −1.82 −0.42 −0.31 −11.43 −7.92 −7.83 −7.42
−1.82 −13.73 −9.01 −1.82 −0.42 −0.31 −11.43 −7.92 −7.83 −7.42
Growth
29.8 4.2 6.9 55.1 222.0 334.7 12.8 14.0 16.5 25.7
29.8 4.2 6.9 55.1 222.0 334.7 12.8 14.0 16.5 25.7
Growth −86.0% +65.8% +698.7% +303.0% +50.8% −96.2% +9.6% +18.0% +56.0%

† The diluted share count jumps at 2017 and 2018 and 2019 and 2020 and 2021 and 2022 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 17.4% a year over five years.
  • Operating margin is down 66.4 points on five years ago, at -121.6%.
  • A net loss in 10 of 10 years on file.