FuelCell Energy, Inc. (FCEL) Balance Sheet
FCEL balance sheet, FY2025
October 31, 2025 · U.S. dollars$932.1M assets = $201.0M liabilities + $731.1M equity
Both columns are drawn to the same scale: what FCEL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FCEL financial health
Descriptive bands, not a rating. Fiscal FY2025.
FCEL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $342.1MFY2016 | $932.1MFY2025 | +11.8%/yr | |
| Total liabilities | $167.9MFY2016 | $201.0MFY2025 | +2.0%/yr | |
| Shareholders’ equity | $174.3MFY2016 | $722.0MFY2025 | +17.1%/yr | |
| Cash & short-term investments | $84.2MFY2016 | $278.1MFY2025 | +14.2%/yr | |
| Total debt | $98.8MFY2016 | $144.0MFY2025 | +4.3%/yr | |
| Net cash (debt) | −$14.6MFY2016 | $134.1MFY2025 | +$148.7M | |
| Working capital | $150.2MFY2016 | $382.0MFY2025 | +$231.8M | |
| Book value per share | $2.46FY2019 | $28.05FY2025 | +50.0%/yr | |
| Current ratio | 3.87FY2016 | 6.63FY2025 | +2.76 | |
| Debt / equity | 0.57FY2016 | 0.20FY2025 | −0.37 | |
| Shares outstanding | 55.1MFY2019 | 25.7MFY2025 | −11.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FCEL assets
FCEL liabilities and equity
FCEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FCEL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $278.1M | $257.3M | $353.7M | $458.1M | $432.2M | $149.9M | $9.4M | $39.3M | $49.3M | $84.2M |
| Cash & equivalents | $278.1M | $148.1M | $250.0M | $458.1M | $432.2M | $149.9M | $9.4M | $39.3M | $49.3M | $84.2M |
| Short-term investments | $0 | $109.1M | $103.8M | $0 | — | — | — | $5.8M | $4.6M | $9.4M |
| Receivables | $53.0M | $48.6M | $20.1M | $15.9M | $23.7M | $17.6M | $11.0M | $23.0M | $68.5M | $24.6M |
| Inventory | $86.2M | $113.7M | $84.5M | $90.9M | $67.1M | $51.0M | $54.5M | $53.6M | $74.5M | $73.8M |
| Other current assets | $32.5M | $24.9M | $18.0M | $15.4M | $20.4M | $15.5M | $9.4M | $14.4M | $11.2M | $19.9M |
| Total current assets | $449.8M | $444.5M | $476.3M | $580.3M | $543.4M | $234.0M | $84.3M | $130.3M | $203.5M | $202.5M |
| Property, plant & equipment (net) | $324.5M | $380.9M | $356.1M | $298.2M | $270.8M | $208.2M | $41.1M | $48.2M | $43.6M | $36.6M |
| Goodwill & intangible assets | $3.9M | $18.9M | $20.2M | $21.4M | $22.7M | $24.0M | $25.3M | $13.7M | $13.7M | $13.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $153.9M | $99.9M | $103.0M | $39.8M | $38.3M | $57.3M | $182.7M | $148.2M | $123.0M | $89.4M |
| Total assets | $932.1M | $944.1M | $955.5M | $939.7M | $875.2M | $523.5M | $333.4M | $340.4M | $383.8M | $342.1M |
| Liabilities | ||||||||||
| Accounts payable | $17.0M | $22.6M | $26.5M | $28.2M | $19.3M | $9.6M | $16.9M | $22.6M | $42.6M | $18.5M |
| Short-term debt | $16.8M | $16.7M | $10.7M | $13.8M | $11.1M | $22.3M | $21.9M | $17.6M | $28.3M | $5.3M |
| Deferred revenue | $2.7M | $4.2M | $2.4M | $16.3M | $6.3M | $10.4M | $11.5M | $11.3M | $8.0M | $6.8M |
| Total current liabilities | $67.8M | $73.9M | $65.9M | $85.8M | $52.8M | $58.9M | $62.7M | $60.1M | $98.1M | $52.3M |
| Long-term debt | $115.2M | $130.8M | $119.6M | $82.9M | $78.6M | $150.7M | $106.4M | $86.6M | $78.0M | $93.5M |
| Lease obligations | $12.9M | $9.7M | $9.6M | $8.2M | $9.1M | $10.8M | — | — | — | — |
| Other long-term liabilities | $17.9M | $11.9M | $9.7M | $16.7M | $38.5M | $59.6M | $28.7M | $16.8M | $18.9M | $22.1M |
| Total liabilities | $201.0M | $216.7M | $195.2M | $185.3M | $169.9M | $269.1M | $197.9M | $163.5M | $195.0M | $167.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5,000 | $2,000 | $2,000 | $41,000 | $37,000 | $29,000 | $19,000 | $1.07B | $1.05B | $1.00B |
| Retained earnings (deficit) | −$1.83B | −$1.64B | −$1.52B | −$1.41B | −$1.27B | −$1.16B | −$1.08B | −$990.9M | −$943.5M | −$889.6M |
| Treasury stock | — | — | — | — | −$586,000 | −$432,000 | −$466,000 | −$363,000 | −$280,000 | −$179,000 |
| Accumulated other comprehensive income | −$1.7M | −$1.6M | −$1.7M | −$1.8M | −$819,000 | −$739,000 | −$647,000 | −$403,000 | −$415,000 | −$544,000 |
| Minority interest | $9.1M | $10.7M | $18.0M | $7.1M | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $722.0M | $716.8M | $742.4M | $744.2M | $702.3M | $254.4M | $135.6M | $176.9M | $188.8M | $174.3M |
| Key figures | ||||||||||
| Total debt | $144.0M | $156.5M | $139.2M | $104.3M | $97.8M | $182.8M | $128.3M | $104.2M | $106.3M | $98.8M |
| Net cash (debt) | $134.1M | $100.8M | $214.5M | $353.8M | $334.4M | −$32.9M | −$118.9M | −$64.9M | −$57.0M | −$14.6M |
| Working capital | $382.0M | $370.6M | $410.4M | $494.5M | $490.6M | $175.1M | $21.6M | $70.2M | $105.4M | $150.2M |
| Tangible book value | $718.1M | $697.9M | $722.2M | $722.8M | $679.5M | $230.4M | $110.3M | $163.3M | $175.1M | $160.6M |
| Book value per share | $28.05 | $32.85 | $21.22 | $23.31 | $25.18 | $13.75 | $2.46 | — | — | — |
| Shares outstanding | 25.7M | 21.8M | 35.0M | 31.9M | 27.9M | 18.5M | 55.1M | — | — | — |
| Current ratio | 6.63 | 6.01 | 7.23 | 6.76 | 10.30 | 3.97 | 1.34 | 2.17 | 2.07 | 3.87 |
| Quick ratio | 4.88 | 4.14 | 5.67 | 5.52 | 8.64 | 2.84 | 0.33 | 1.04 | 1.20 | 2.08 |
| Debt / equity | 0.20 | 0.22 | 0.19 | 0.14 | 0.14 | 0.72 | 0.95 | 0.59 | 0.56 | 0.57 |
| Equity / assets | 77.5% | 75.9% | 77.7% | 79.2% | 80.2% | 48.6% | 40.7% | 52.0% | 49.2% | 50.9% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $658.1M | $373.2M | $311.8M | $278.1M | $174.7M | $177.0M | $208.4M | $257.3M | $267.2M | $260.1M | $297.5M | $353.7M |
| Cash & equivalents | $658.1M | $373.2M | $311.8M | $278.1M | $174.7M | $116.1M | $98.1M | $148.1M | $159.3M | $158.8M | $297.5M | $250.0M |
| Short-term investments | — | — | — | $0 | $0 | $60.9M | $110.3M | $109.1M | $107.8M | $101.3M | $0 | $103.8M |
| Receivables | $46.8M | $51.3M | $59.6M | $53.0M | $54.7M | $55.4M | $51.1M | $48.6M | $41.3M | $33.6M | $25.8M | $20.1M |
| Inventory | $86.4M | $88.4M | $90.3M | $86.2M | $104.6M | $123.5M | $125.8M | $113.7M | $129.3M | $113.9M | $102.9M | $84.5M |
| Other current assets | $42.0M | $31.0M | $33.1M | $32.5M | $36.5M | $28.5M | $26.0M | $24.9M | $22.1M | $18.2M | $19.1M | $18.0M |
| Total current assets | $833.3M | $543.9M | $494.8M | $449.8M | $370.4M | $384.5M | $411.2M | $444.5M | $460.0M | $425.8M | $445.2M | $476.3M |
| Property, plant & equipment (net) | $105.4M | $106.4M | $106.8M | $324.5M | $108.7M | $374.0M | $379.9M | $380.9M | $378.1M | $376.2M | $366.9M | $356.1M |
| Goodwill & intangible assets | $2.9M | $3.2M | $3.6M | $3.9M | $4.2M | $18.2M | $18.5M | $18.9M | $19.2M | $19.5M | $19.8M | $20.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $369.5M | $350.8M | $373.3M | $153.9M | $347.2M | $107.2M | $97.8M | $99.9M | $91.7M | $95.3M | $91.2M | $103.0M |
| Total assets | $1.31B | $1.00B | $978.5M | $932.1M | $830.5M | $883.8M | $907.5M | $944.1M | $948.9M | $916.8M | $923.2M | $955.5M |
| Liabilities | ||||||||||||
| Accounts payable | $16.3M | $16.5M | $14.5M | $17.0M | $16.4M | $22.6M | $18.4M | $22.6M | $16.9M | $21.6M | $17.1M | $26.5M |
| Short-term debt | $19.8M | $18.4M | $18.8M | $16.8M | $17.5M | $17.9M | $17.7M | $16.7M | $13.0M | $12.5M | $10.9M | $10.7M |
| Deferred revenue | $19.4M | $4.4M | $4.0M | $2.7M | $5.3M | $2.9M | $5.2M | $4.2M | $10.6M | $6.8M | $3.6M | $2.4M |
| Total current liabilities | $96.1M | $63.3M | $62.1M | $67.8M | $69.0M | $68.4M | $64.9M | $73.9M | $66.5M | $65.0M | $53.9M | $65.9M |
| Long-term debt | $146.7M | $129.6M | $131.9M | $115.2M | $119.3M | $124.1M | $125.8M | $130.8M | $126.7M | $130.0M | $117.7M | $119.6M |
| Lease obligations | $12.6M | $12.8M | $12.8M | $12.9M | $12.5M | $9.1M | $9.5M | $9.7M | $9.5M | $9.6M | $9.6M | $9.6M |
| Other long-term liabilities | $25.6M | $22.2M | $20.4M | $17.9M | $17.1M | $12.6M | $11.8M | $11.9M | $10.7M | $9.8M | $9.6M | $9.7M |
| Total liabilities | $328.3M | $274.9M | $214.5M | $201.0M | $205.5M | $205.0M | $202.4M | $216.7M | $203.9M | $204.9M | $181.2M | $195.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8,000 | $6,000 | $5,000 | $5,000 | $3,000 | $2,000 | $2,000 | $2,000 | $55,000 | $46,000 | $45,000 | $2,000 |
| Retained earnings (deficit) | −$1.97B | −$1.93B | −$1.85B | −$1.83B | −$1.80B | −$1.71B | −$1.67B | −$1.64B | −$1.60B | −$1.57B | −$1.54B | −$1.52B |
| Accumulated other comprehensive income | −$1.7M | −$1.8M | −$1.8M | −$1.7M | −$1.9M | −$1.5M | −$1.8M | −$1.6M | −$1.6M | −$1.7M | −$1.6M | −$1.7M |
| Minority interest | $7.8M | $9.1M | $9.3M | $9.1M | $9.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $975.1M | $719.4M | $754.7M | $722.0M | $616.0M | $669.0M | $695.1M | $716.8M | $735.6M | $699.7M | $723.8M | $742.4M |
| Key figures | ||||||||||||
| Total debt | $178.7M | $159.7M | $162.6M | $144.0M | $148.5M | $150.4M | $152.2M | $156.5M | $148.4M | $151.4M | $137.5M | $139.2M |
| Net cash (debt) | $479.4M | $213.5M | $149.2M | $134.1M | $26.1M | $26.5M | $56.2M | $100.8M | $118.7M | $108.8M | $160.0M | $214.5M |
| Working capital | $737.2M | $480.6M | $432.6M | $382.0M | $301.4M | $316.1M | $346.4M | $370.6M | $393.4M | $360.8M | $391.3M | $410.4M |
| Tangible book value | $972.2M | $716.2M | $751.2M | $718.1M | $611.8M | $650.8M | $676.5M | $697.9M | $716.4M | $680.2M | $704.0M | $722.2M |
| Book value per share | $13.85 | $13.27 | $15.66 | $19.97 | $25.20 | $30.77 | $33.90 | $32.85 | $17.54 | $18.53 | $19.23 | $19.77 |
| Shares outstanding | 70.4M | 54.2M | 48.2M | 36.2M | 24.4M | 21.7M | 20.5M | 21.8M | 41.9M | 37.7M | 37.6M | 37.5M |
| Current ratio | 8.67 | 8.59 | 7.96 | 6.63 | 5.37 | 5.62 | 6.34 | 6.01 | 6.91 | 6.55 | 8.26 | 7.23 |
| Quick ratio | 7.34 | 6.71 | 5.98 | 4.88 | 3.32 | 3.40 | 4.00 | 4.14 | 4.64 | 4.52 | 6.00 | 5.67 |
| Debt / equity | 0.18 | 0.22 | 0.22 | 0.20 | 0.24 | 0.22 | 0.22 | 0.22 | 0.20 | 0.22 | 0.19 | 0.19 |
| Equity / assets | 74.4% | 71.6% | 77.1% | 77.5% | 74.2% | 75.7% | 76.6% | 75.9% | 77.5% | 76.3% | 78.4% | 77.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 18, 2025); data from EODHD.
FCEL financial position
At the end of fiscal 2025 (October 31, 2025), FuelCell Energy had total assets of $932.1 million (down 1.3% from a year earlier), total liabilities of $201.0 million and shareholders' equity of $722.0 million. It held $278.1 million in cash and short-term investments against $144.0 million of debt, a net cash position of $134.1 million. Its current ratio was 6.63. In the latest quarter (ended July 31, 2026) total assets were $1.3 billion and equity $975.1 million.
Related: FCEL income statement, FCEL cash flow statement, FCEL key metrics. See the FCEL stock overview for the latest quote and news.
FCEL balance sheet FAQ
What are FuelCell Energy's total assets?
FuelCell Energy reported total assets of $932.1 million at the end of fiscal 2025 (October 31, 2025), compared with $944.1 million a year earlier.
How much debt does FuelCell Energy have?
FuelCell Energy had $144.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.20.
How much cash does FuelCell Energy have?
FuelCell Energy held $278.1 million in cash and short-term investments at the end of fiscal 2025; with $144.0 million of debt that is net cash of $134.1 million.
What is FuelCell Energy's book value?
FuelCell Energy's shareholders' equity (book value) was $722.0 million at the end of fiscal 2025, or $28.05 per share.
What is FuelCell Energy's current ratio?
FuelCell Energy had current assets of $449.8 million and current liabilities of $67.8 million, a current ratio of 6.63 (it can cover its short-term obligations).
How much goodwill does FuelCell Energy have?
FuelCell Energy carried $3.9 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.