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Clean Energy Fuels
(NASDAQ:CLNE)
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Rating:49Neutral
Price Target:
$2.00
▲(23.46% Upside)
Action:Reiterated
Date:08/07/26
CLNE scores below-average primarily due to weak profitability despite improving revenue and mixed cash-flow strength, alongside bearish technical signals (below key moving averages with negative MACD). The earnings call is a relative positive—guidance was maintained with positive EBITDA and stronger liquidity—but regulatory and adoption risks temper that support, while negative earnings limit valuation confidence.
Positive Factors
Fuel Volume Growth
Higher fuel volumes indicate continued fleet usage and network demand, supporting recurring fuel-sales revenue. Growth in RNG volumes also expands exposure to lower-carbon transportation fuels, although the pace remains moderate.
Negative Factors
Weak and Unsustainable Profitability
Sharp revenue growth has not yet translated into durable earnings because margins remain thin and losses continue. Until operating leverage and fuel economics improve consistently, the company may need to rely on project execution and external incentives.
Read all positive and negative factors
Positive Factors
Negative Factors
Fuel Volume Growth
Higher fuel volumes indicate continued fleet usage and network demand, supporting recurring fuel-sales revenue. Growth in RNG volumes also expands exposure to lower-carbon transportation fuels, although the pace remains moderate.
Read all positive factors
Clean Energy Fuels Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down earnings by business segment, highlighting which areas drive growth and profitability, and revealing strategic focus.
Breaks down earnings by business segment, highlighting which areas drive growth and profitability, and revealing strategic focus.
Data provided by:
The Fly
The FlyClean Energy Fuels (CLNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$354.92M
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth4.50%
EPS Growth52.98%
CountryUS
Employees503
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)-0.44
Shares Outstanding220,445,020
10 Day Avg. Volume1,657,117
30 Day Avg. Volume1,798,305
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.83
Price to Sales (P/S)1.09
P/FCF Ratio18.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$2.75Price Target Upside69.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.02
Revenue Forecast (FY)$452.14M
Clean Energy Fuels Business Overview & Revenue Model
Company Description
Clean Energy Fuels Corp. specializes in providing natural gas as an alternative fuel source and comprehensive fueling infrastructure, primarily serving markets in the United States and Canada. The company supplies various forms of natural gas, inc...
How the Company Makes Money
Clean Energy Fuels primarily generates revenue by selling natural gas vehicle fuel (CNG and LNG) to customers, with RNG (sold as Redeem/RNG) generally carrying environmental attributes that can improve economics depending on applicable programs. T...
Clean Energy Fuels Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed a generally constructive operational and financial picture: revenue and fuel volumes grew YoY, cash improved, Q2 adjusted EBITDA was positive, RNG upstream operations are trending better, new projects and markets (Canadian CNG network, hydrogen contract, gas-to-power work) demonstrate diversification and growth potential. Key risks tempering the outlook include regulatory timing and valuation uncertainty around Section 45Z and LCFS pathways, slower-than-expected heavy-duty truck engine adoption due to EPA-driven diesel prebuys, and normal seasonal/commodity-driven sequential volatility. Management is maintaining full-year guidance while noting the upside potential (roughly $5M) if 45Z rules are finalized favorably in 2026.Positive Updates
Revenue and Financial Position
Second-quarter revenue of $106.4M, up from $102.0M year-over-year (+4.3%). Reported Q2 adjusted EBITDA of $16M and management maintained full-year adjusted EBITDA guidance of $70–$75M. Cash and short-term investments finished the quarter at $138M, up from $126M at March-end (+9.5% QoQ).
Negative Updates
45Z Production Tax Credit Timing and Value Uncertainty
Treasury finalization of Section 45Z rules and GREET model delayed to Q4. Management expects the finalized rules to be positive and has factored up to ~$5M of incremental adjusted EBITDA into outlook, but if rules are delayed beyond 2026 or provide minimal benefit, adjusted EBITDA could fall below the $70–$75M guidance range.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Financial Position
Second-quarter revenue of $106.4M, up from $102.0M year-over-year (+4.3%). Reported Q2 adjusted EBITDA of $16M and management maintained full-year adjusted EBITDA guidance of $70–$75M. Cash and short-term investments finished the quarter at $138M, up from $126M at March-end (+9.5% QoQ).
Read all positive updates
Company Guidance
Management maintained its full‑year 2026 outlook while reporting Q2 results of $106.4 million in revenue (up from $102.0M a year ago), approximately $16 million of adjusted EBITDA, and total fuel volumes of 81.8 million gallons (+7% YoY) including 3.2 million gallons of RNG (+3% YoY) and 2.1 million gallons of dairy RNG production; fuel margins were largely in line with plan but revenue declined sequentially from Q1 due to lower natural gas prices and reduced trading volatility. The company finished June with $138 million of cash and short‑term investments (vs. $126M at March), has 8 operating RNG projects and 3 JV projects under construction (2 expected online later this year, 1 next year), and has contributed $24M to the Moss JV through June plus $12M in July (less than $5M remains). Management reiterated full‑year adjusted EBITDA guidance of $70–75 million but noted final Treasury/CARB GREET/45Z rulemaking expected in Q4 could add up to ~$5 million of incremental adjusted EBITDA; if the rule is delayed or provides minimal benefit, adjusted EBITDA could fall below the $70–75M range.Clean Energy Fuels Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
47
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 442.32M | 426.50M | 415.87M | 425.16M | 420.16M | 255.65M |
| Gross Profit | 84.33M | 17.97M | 83.58M | 35.87M | 57.75M | -5.14M |
| EBITDA | 2.12M | -74.16M | -4.08M | -31.92M | 1.61M | -44.42M |
| Net Income | -94.08M | -222.02M | -83.07M | -99.50M | -58.73M | -93.15M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 1.06B | 1.24B | 1.26B | 1.08B | 957.07M |
| Cash, Cash Equivalents and Short-Term Investments | 140.15M | 158.31M | 217.48M | 263.13M | 265.52M | 229.17M |
| Total Debt | 320.72M | 98.90M | 365.13M | 360.51M | 201.76M | 82.31M |
| Total Liabilities | 467.13M | 491.65M | 524.36M | 525.81M | 354.89M | 201.66M |
| Stockholders Equity | 553.33M | 559.42M | 713.27M | 726.77M | 719.99M | 747.08M |
Cash Flow | ||||||
| Free Cash Flow | 22.86M | 25.64M | -15.38M | -77.50M | 13.23M | 12.39M |
| Operating Cash Flow | 46.62M | 85.53M | 64.58M | 43.78M | 66.73M | 41.30M |
| Investing Cash Flow | -46.32M | 63.10M | -77.68M | -202.01M | -148.54M | -207.66M |
| Financing Cash Flow | -74.57M | -82.11M | -1.94M | 139.12M | 101.65M | 152.83M |
Clean Energy Fuels Technical Analysis
Neutral
1.62
Price Trends
1.90
Negative
2.00
Negative
2.15
Negative
Market Momentum
-0.08
Negative
49.37
Neutral
64.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLNE, the sentiment is Neutral. The current price of 1.62 is below the 20-day moving average (MA) of 1.66, below the 50-day MA of 1.90, and below the 200-day MA of 2.15, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 49.37 is Neutral, neither overbought nor oversold. The STOCH value of 64.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CLNE.
Clean Energy Fuels Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $4.01B | 4.62 | 57.75% | ― | 13.19% | ― | |
67 Neutral | $887.91M | 16.23 | -72.93% | 9.65% | 0.29% | 21.69% | |
66 Neutral | $419.66M | 6.27 | 20.42% | 5.86% | 7.58% | 33.62% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | $1.80B | -10.98 | -13.21% | 2.09% | 7.56% | 58.21% | |
52 Neutral | $131.35M | -2.09 | 19.17% | ― | 2.95% | 43.31% | |
49 Neutral | $354.92M | -3.94 | -16.68% | ― | 4.50% | 52.98% |
* Energy Sector Average
CLNE
Clean Energy Fuels
1.72
-0.78
-31.20%
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Clean Energy Fuels Corporate Events
Business Operations and StrategyExecutive/Board Changes
Clean Energy Fuels Names Bart Frabotta Chief Operating Officer
Positive
Jun 23, 2026
On June 23, 2026, Clean Energy Fuels appointed long-time executive Bartolomeo A. (Bart) Frabotta as chief operating officer, elevating him from group vice president to oversee company-wide operations and making him a named executive officer. Frabo...
Executive/Board ChangesShareholder Meetings
Clean Energy Fuels Shareholders Back Board and Pay Policies
Positive
Jun 10, 2026
On June 10, 2026, Clean Energy Fuels held its 2026 annual stockholders’ meeting, where shareholders elected six director nominees to the board for one-year terms, signaling continued support for the company’s existing leadership. The d...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.