FCELFuelCell Energy, Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FCEL?
FuelCell Energy, Inc. earns −30% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 39 points below what the capital costs: growth destroys value
- Operating margin
- −116%
Operating margin · Electrical Equipment & Parts median 11% · 12 months to Q3 2026
- Share count, year on year
- +188%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 19%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −55% |
| FY2021 | −93% |
| FY2022 | −110% |
| FY2023 | −110% |
| FY2024 | −141% |
| FY2025 | −122% |
Details›
- Gross margin12 months to Q3 2026
- −32%
- Operating margin12 months to Q3 2026
- −116%
- Net margin12 months to Q3 2026
- −114%
- Free cash flow margin
- −66%
- R&D as % of revenue
- 19%
- Revenue, trailing twelve months
- $154M
- Free cash flow, trailing twelve months
- −$101M
- Net income, trailing twelve months
- −$175M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −30%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from FCEL and who it buys from, as the companies report it.
- GGE46%
Share of revenue · FY2025 10-K
- Connecticut Light And Power15%
Share of revenue · FY2025 10-K
- United Illuminating7.0%
Share of revenue · FY2025 10-K
- XOMExxon Mobil Corporation6.0%
Share of revenue · FY2025 10-K
- Esso Nederland5.0%
Share of revenue · FY2025 10-K
- Top customers82%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; FCEL’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Electrical Equipment & Parts
Ranks #11 of 18 by RyuScore