FuelCell Energy, Inc. (FCEL) Key Metrics
FCEL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.04B
- Enterprise value
- $953.5M
- P/E (TTM)
- —
- Forward P/E
- 17.1
- PEG ratio
- 0.36
- Price / sales
- 6.7 10-yr median 9.3
- Price / book
- 1.4 10-yr median 2.9
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 2.46
FCEL key metrics, FY2016–FY2025
Fiscal year ended October 31, 2025 · U.S. dollarsFCEL valuation Price multiples at each fiscal year-end price.
Price / sales−26.6%
1.5
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / book+2.8%
0.3
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow yield+31.3 pts
−64.2%
FY2025 · hover or tap a bar for each year
FY2016FY2025
FCEL returns How much profit the business earns on the capital it uses.
Return on equity−8.8 pts
−26.1%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on invested capital+5.6 pts
−15.9%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on assets−6.8 pts
−20.0%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow margin+96.0 pts
−93.5%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Asset turnover+42.8%
0.17
FY2025 · hover or tap a bar for each year
FY2016FY2025
FCEL per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+19.6%
$6.14
FY2025 · hover or tap a bar for each year
FY2016FY2025
Earnings per share
−$7.30
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow per share
−$5.74
FY2025 · hover or tap a bar for each year
FY2016FY2025
Book value per share−14.6%
$28.05
FY2025 · hover or tap a bar for each year
FY2016FY2025
Dividends per share−15.2%
$0.12
FY2025 · hover or tap a bar for each year
FY2016FY2025
Shares outstanding+18.0%
25.7M
FY2025 · hover or tap a bar for each year
FY2016FY2025
FCEL financial health Debt, liquidity and how easily interest is covered.
Debt / equity−8.7%
0.20
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt−$33.4M
−$134.1M
FY2025 · hover or tap a bar for each year
FY2016FY2025
Current ratio+10.3%
6.63
FY2025 · hover or tap a bar for each year
FY2016FY2025
Interest coverage
-11.7
FY2025 · hover or tap a bar for each year
FY2016FY2025
Debt / assets−6.8%
0.15
FY2025 · hover or tap a bar for each year
FY2016FY2025
FCEL efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+5 days
117 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days of inventory−47 days
198 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days payables outstanding−21 days
39 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Cash conversion cycle−20 days
276 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Capex / revenue−38.9 pts
14.3%
FY2025 · hover or tap a bar for each year
FY2016FY2025
FCEL valuation history
Fiscal year-endToday10-year median
FCEL returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FCEL debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FCEL cash returned to shareholders
DividendsBuybacksFree cash flow
FCEL price vs earnings per share
Share price at year-endEPS (right axis)
FCEL key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $230.4M | $222.6M | $1.14B | $2.99B | $6.69B | $1.11B | $396.6M | — | — | — |
| Enterprise value | $96.3M | $121.8M | $929.3M | $2.63B | $6.35B | $1.14B | $515.5M | — | — | — |
| Price / sales | 1.5 | 2.0 | 9.3 | 22.9 | 96.1 | 15.7 | 6.5 | — | — | — |
| Price / book | 0.3 | 0.3 | 1.5 | 4.0 | 9.5 | 4.4 | 2.9 | — | — | — |
| EV / sales | 0.6 | 1.1 | 7.5 | 20.2 | 91.3 | 16.1 | 8.5 | — | — | — |
| Earnings yield | −81.6% | −56.6% | −9.4% | −4.8% | −1.5% | −8.0% | −19.6% | — | — | — |
| Free cash flow yield | −64.2% | −95.5% | −20.3% | −5.3% | −2.1% | −6.2% | −16.2% | — | — | — |
| Dividend yield | 1.4% | 1.4% | 0.3% | 0.1% | 0.0% | 0.6% | 0.5% | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.4% | 1.4% | 0.3% | 0.1% | 0.4% | 0.6% | 0.5% | — | — | — |
| Share price at fiscal year-end | $8.95 | $10.20 | $32.70 | $93.60 | $239.70 | $60.00 | $7.20 | $306.00 | $788.40 | $1,206.00 |
| Per share | ||||||||||
| Revenue per share | $6.14 | $5.14 | $3.53 | $4.09 | $2.49 | $3.83 | $1.10 | — | — | — |
| Earnings per share | −$7.30 | −$5.77 | −$3.08 | −$4.47 | −$3.62 | −$4.82 | −$1.41 | — | — | — |
| Operating cash flow per share | −$4.87 | −$7.01 | −$4.01 | −$3.51 | −$2.53 | −$1.99 | −$0.56 | — | — | — |
| Free cash flow per share | −$5.74 | −$9.74 | −$6.65 | −$4.97 | −$5.15 | −$3.71 | −$1.17 | — | — | — |
| Cash per share | $10.80 | $11.79 | $10.11 | $14.35 | $15.49 | $8.10 | $0.17 | — | — | — |
| Book value per share | $28.05 | $32.85 | $21.22 | $23.31 | $25.18 | $13.75 | $2.46 | — | — | — |
| Tangible book value per share | $27.90 | $31.99 | $20.65 | $22.64 | $24.36 | $12.45 | $2.00 | — | — | — |
| Dividends per share | $0.12 | $0.15 | $0.09 | $0.10 | $0.11 | $0.35 | $0.03 | — | — | — |
| Capex per share | $0.88 | $2.73 | $2.64 | $1.46 | $2.63 | $1.73 | $0.61 | — | — | — |
| Debt per share | $5.59 | $7.17 | $3.98 | $3.27 | $3.51 | $9.88 | $2.33 | — | — | — |
| Shares outstanding | 25.7M | 21.8M | 35.0M | 31.9M | 27.9M | 18.5M | 55.1M | — | — | — |
| Change in shares outstanding | +18.0% | −37.6% | +9.6% | +14.5% | +50.8% | −66.4% | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −26.1% | −17.3% | −14.5% | −19.7% | −21.1% | −45.7% | −49.6% | −25.9% | −29.7% | −31.0% |
| Return on invested capital (ROIC) | −15.9% | −21.5% | −23.4% | −29.9% | −15.7% | −11.4% | −21.3% | −14.5% | −16.3% | −23.1% |
| Return on assets (ROA) | −20.0% | −13.3% | −11.4% | −15.7% | −14.4% | −20.8% | −23.0% | −13.1% | −14.9% | −16.5% |
| Return on tangible assets | −20.2% | −13.6% | −11.5% | −15.5% | −11.9% | −17.8% | −25.2% | −14.5% | −14.6% | −15.5% |
| Free cash flow margin | −93.5% | −189.5% | −188.5% | −121.7% | −206.5% | −96.9% | −106.0% | −39.1% | −108.6% | −50.2% |
| Financial health | ||||||||||
| Total debt | $144.0M | $156.5M | $139.2M | $104.3M | $97.8M | $182.8M | $128.3M | $104.2M | $106.3M | $98.8M |
| Cash & short-term investments | $278.1M | $257.3M | $353.7M | $458.1M | $432.2M | $149.9M | $9.4M | $39.3M | $49.3M | $84.2M |
| Net debt | −$134.1M | −$100.8M | −$214.5M | −$353.8M | −$334.4M | $32.9M | $118.9M | $64.9M | $57.0M | $14.6M |
| Debt / equity | 0.20 | 0.22 | 0.19 | 0.14 | 0.14 | 0.72 | 0.95 | 0.59 | 0.56 | 0.57 |
| Debt / assets | 0.15 | 0.17 | 0.15 | 0.11 | 0.11 | 0.35 | 0.38 | 0.31 | 0.28 | 0.29 |
| Current ratio | 6.63 | 6.01 | 7.23 | 6.76 | 10.30 | 3.97 | 1.34 | 2.17 | 2.07 | 3.87 |
| Quick ratio | 5.36 | 4.48 | 5.95 | 5.70 | 9.03 | 3.11 | 0.48 | 1.28 | 1.32 | 2.46 |
| Interest coverage | -11.7 | -16.1 | -18.8 | -22.5 | -8.8 | -2.6 | -6.3 | -4.9 | -4.9 | -9.3 |
| Working capital | $382.0M | $370.6M | $410.4M | $494.5M | $490.6M | $175.1M | $21.6M | $70.2M | $105.4M | $150.2M |
| Invested capital | $587.9M | $616.0M | $527.9M | $390.5M | $367.9M | $287.3M | $254.5M | $241.8M | $245.8M | $188.8M |
| Tangible asset value | $727.2M | $708.6M | $740.2M | $732.9M | $682.6M | $230.4M | $110.3M | $163.3M | $175.1M | $160.6M |
| Net current asset value | $248.8M | $227.8M | $281.1M | $394.9M | $373.5M | −$35.2M | −$113.5M | −$33.2M | $8.5M | $34.6M |
| Graham net-net per share | $6.21 | $6.14 | $6.17 | $10.34 | $11.24 | −$4.36 | −$2.78 | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $6.5M | $1.8M | $4.2M | $4.2M | $4.2M |
| Share buybacks (net) | — | — | $0 | $0 | $21.5M | $0 | $0 | $0 | $0 | $0 |
| Capex / revenue | 14.3% | 53.1% | 74.9% | 35.8% | 105.2% | 45.0% | 55.7% | 57.3% | 33.5% | 7.1% |
| Capex / operating cash flow | — | — | — | — | — | — | — | 314.1% | — | — |
| Capex / depreciation | 0.56 | 1.65 | 3.64 | 2.19 | 3.69 | 1.65 | 2.74 | 5.93 | 3.77 | 1.56 |
| Stock-based compensation / revenue | 7.0% | 10.5% | 9.7% | 5.2% | 6.2% | 2.6% | 4.6% | 3.6% | 4.8% | 3.2% |
| R&D / revenue | 21.5% | 49.4% | 49.5% | 26.5% | 16.3% | 6.8% | 22.7% | 25.5% | 21.3% | 19.3% |
| SG&A / revenue | 38.4% | 57.6% | 52.3% | 61.0% | 54.5% | 37.6% | 52.5% | 27.8% | 27.1% | 23.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 117.2 | 111.8 | 53.3 | 55.3 | 108.2 | 73.6 | 102.2 | 186.8 | 177.6 | 143.9 |
| Days of inventory on hand | 197.7 | 244.3 | 239.0 | 180.1 | 252.8 | 244.9 | 240.5 | 270.7 | 291.2 | 234.5 |
| Days payables outstanding | 39.1 | 60.5 | 74.6 | 54.1 | 61.8 | 61.6 | 88.0 | 137.8 | 120.0 | 57.5 |
| Cash conversion cycle (days) | 275.8 | 295.6 | 217.7 | 181.3 | 299.2 | 257.0 | 254.7 | 319.7 | 348.9 | 321.0 |
| Receivables turnover | 3.11 | 3.26 | 6.85 | 6.60 | 3.37 | 4.96 | 3.57 | 1.95 | 2.05 | 2.54 |
| Payables turnover | 9.32 | 6.03 | 4.90 | 6.74 | 5.91 | 5.93 | 4.15 | 2.65 | 3.04 | 6.35 |
| Inventory turnover | 1.85 | 1.49 | 1.53 | 2.03 | 1.44 | 1.49 | 1.52 | 1.35 | 1.25 | 1.56 |
| Asset turnover | 0.17 | 0.12 | 0.13 | 0.14 | 0.10 | 0.17 | 0.18 | 0.25 | 0.26 | 0.35 |
| Average receivables | $50.8M | $34.4M | $18.0M | $19.8M | $20.6M | $14.3M | $17.0M | $45.8M | $46.6M | $42.7M |
| Average payables | $19.8M | $24.6M | $27.4M | $23.7M | $14.4M | $13.3M | $19.8M | $32.6M | $30.5M | $17.1M |
| Average inventory | $99.9M | $99.1M | $87.7M | $79.0M | $59.0M | $52.7M | $54.0M | $64.0M | $74.2M | $69.8M |
| Intangibles / total assets | 0.4% | 2.0% | 2.1% | 2.3% | 2.6% | 4.6% | 7.6% | 4.0% | 3.6% | 4.0% |
Computed from FCEL's annual financial statements (latest annual report filed December 18, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FCEL valuation and financial ratios
FuelCell Energy earned a return on equity of −26.1% and a return on invested capital of −15.9% in fiscal 2025. It ended the year with $144.0 million of debt and $278.1 million in cash and short-term investments, a net cash position of $134.1 million. It returned $3.2 million to shareholders: $3.2 million in dividends and $0 in share buybacks.
See the FCEL income statement, the FCEL chart for price history, or the FCEL stock overview for the latest quote and news.
FCEL key metrics FAQ
What is FuelCell Energy's return on equity?
FuelCell Energy's return on equity (ROE) was −26.1% in fiscal 2025: net income of -$187.9 million on average shareholders' equity of $719.4 million.
What is FuelCell Energy's ROIC?
FuelCell Energy's return on invested capital was −15.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does FuelCell Energy have?
FuelCell Energy had total debt of $144.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.20 and more cash than debt.
What is FuelCell Energy's dividend yield?
FuelCell Energy paid $3.2 million in dividends in fiscal 2025 ($0.12 per share), a payout ratio of —.
What is FuelCell Energy's free cash flow yield?
FuelCell Energy generated -$147.8 million of free cash flow in fiscal 2025, a free cash flow yield of −64.2% on its market value at year-end ($230.4 million).
What is FuelCell Energy's current ratio?
FuelCell Energy's current ratio was 6.63 at the end of fiscal 2025: current assets were 6.63 times current liabilities.