Is the business good?
How good a business is FCEL?
FuelCell Energy, Inc. earns −37% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−37%
Return on invested capital · cost of capital 9.0% · 46 points below what the capital costs: growth destroys value
- Operating margin
- −136%
Operating margin · Electrical Equipment & Parts median 7.3% · 12 months to Q2 2026
- Share count, year on year
- +149%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 17%
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 Q2 2026
- −18%
- Operating margin12 months to Q2 2026
- −136%
- Net margin12 months to Q2 2026
- −132%
- Free cash flow margin
- −71%
- R&D as % of revenue
- 17%
- Revenue, trailing twelve months
- $168M
- Free cash flow, trailing twelve months
- −$120M
- Net income, trailing twelve months
- −$222M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −37%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Electrical Equipment & Parts
Ranks #11 of 20 by Smart Score