Want to see FCEL full AI Analyst Report?
Top Page
Fuelcell Energy
(NASDAQ:FCEL)
Select Model
Select Model
Rating:47Neutral
Price Target:
$12.50
▼(-35.20% Downside)
Action:Reiterated
Date:09/13/26
The score is held down primarily by very weak financial performance (deeply negative margins and ongoing cash burn) and a soft technical setup (price below key short/intermediate moving averages with negative MACD). The earnings call provides a partial offset via strong liquidity, expanding data-center opportunity, and targeted profitability milestones, but execution and near-term operating results remain significant risks. Valuation provides little support due to a negative P/E and no dividend yield in the provided data.
Positive Factors
Data-center market entry
Data-center demand can broaden FCEL’s addressable market beyond existing projects, while the initial 30-MW commitment provides a concrete commercial entry point. If deliveries and follow-on phases convert, this channel could support larger deployments and improve manufacturing utilization over several quarters.
Negative Factors
Deeply negative profitability
The deeply negative gross, operating, and net margins show that FCEL’s current revenue base does not cover production and operating costs. Persistent losses weaken earnings quality, make growth capital-intensive, and leave the company dependent on successful pricing, cost reductions, and higher volumes.
Read all positive and negative factors
Positive Factors
Negative Factors
Data-center market entry
Data-center demand can broaden FCEL’s addressable market beyond existing projects, while the initial 30-MW commitment provides a concrete commercial entry point. If deliveries and follow-on phases convert, this channel could support larger deployments and improve manufacturing utilization over several quarters.
Read all positive factors
Fuelcell Energy Key Performance Indicators (KPIs)
Any
Total Backlog
Indicates the value of pending orders, providing insight into future revenue streams and demand for the company's products.
Indicates the value of pending orders, providing insight into future revenue streams and demand for the company's products.
Data provided by:
The Fly
The FlyFuelcell Energy (FCEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend YieldN/A
Average Volume (3M)6.56M
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth1.09%
EPS Growth62.70%
CountryUS
Employees424
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-3.43
Shares Outstanding79,954,190
10 Day Avg. Volume8,446,536
30 Day Avg. Volume6,560,968
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)0.32
Price to Sales (P/S)1.46
P/FCF Ratio-1.56
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue6.96
Enterprise Value/Gross Profit-21.48
Enterprise Value/Ebitda-8.28
Forecast
1Y Price Target
$20.17Price Target Upside4.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)-2.83
Revenue Forecast (FY)$147.84M
Fuelcell Energy Business Overview & Revenue Model
Company Description
FuelCell Energy, Inc., alongside its subsidiaries, is involved in the complete lifecycle of stationary fuel cell power plants, covering their design, manufacturing, sales, installation, continuous operation, and servicing. These systems are develo...
How the Company Makes Money
FuelCell Energy makes money primarily through a mix of (1) selling and installing fuel cell power plants and related equipment, and (2) generating recurring revenue from operating and servicing those assets over time.
Key revenue streams include:...
Fuelcell Energy Earnings Call Summary
Earnings Call Date:Sep 02, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Dec 22, 2026
Earnings Call Sentiment Positive
The call presented strong commercial momentum, including the first data center order, a $3.6 billion committed and awarded capacity backlog, a 10-gigawatt proposal pipeline, manufacturing expansion, a strong cash position, and technology partnerships with ExxonMobil and Siemens. However, the quarter also showed a 29% revenue decline, a substantially larger gross loss, negative adjusted EBITDA, low production volumes, and material Fit Energy-related charges. The strategic and commercial highlights outweighed the reported-quarter financial challenges, although several growth and profitability milestones remain dependent on execution and customer elections.Positive Updates
First Data Center FuelCell Energy Blocks Order
FuelCell Energy secured its first order for FuelCell Energy Blocks to supply baseload power for data center applications. The capital equipment purchase agreement with Fit Energy covers up to 380 megawatts across four phases, with an upfront deposit received for the initial committed 30-megawatt Phase 0, expected to begin delivery in the fourth quarter of fiscal 2026.
Negative Updates
Revenue Declined 29%
Third-quarter fiscal 2026 total revenue was $33.0 million, down 29% from $46.7 million in the third quarter of fiscal 2025.
Read all updates
Q3-2026 Updates
Positive
Negative
First Data Center FuelCell Energy Blocks Order
FuelCell Energy secured its first order for FuelCell Energy Blocks to supply baseload power for data center applications. The capital equipment purchase agreement with Fit Energy covers up to 380 megawatts across four phases, with an upfront deposit received for the initial committed 30-megawatt Phase 0, expected to begin delivery in the fourth quarter of fiscal 2026.
Read all positive updates
Company Guidance
Management expects to begin recognizing revenue on the Fit Energy Phase 0 order in the fourth quarter of our fiscal year, with the balance of it being completed in fiscal 2027; it is scaling annualized production from approximately 37 megawatts to a targeted annualized production rate of 100 megawatts in October 2026, or by the end of the fourth quarter of fiscal '26, and expects at least 100 megawatts of volume to support achieving positive adjusted EBITDA results in the fourth quarter of fiscal year 2027, if not more. Torrington is targeted to reach 500 megawatts of annualized production capacity by June 2028, with the total requirement estimated to be between $200 million and $275 million; fiscal '26 CapEx is now expected to be $10 million to $20 million, given timing.Fuelcell Energy Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 154.14M | 158.16M | 112.13M | 123.39M | 130.48M | 69.58M |
| Gross Profit | -49.92M | -26.41M | -35.92M | -10.54M | -29.57M | -15.64M |
| EBITDA | -129.44M | -140.46M | -110.87M | -74.85M | -118.75M | -73.79M |
| Net Income | -175.62M | -187.90M | -126.01M | -107.57M | -142.72M | -101.03M |
Balance Sheet | ||||||
| Total Assets | 1.31B | 932.15M | 944.12M | 955.52M | 939.72M | 875.25M |
| Cash, Cash Equivalents and Short-Term Investments | 658.08M | 278.10M | 257.26M | 353.71M | 458.06M | 432.21M |
| Total Debt | 178.66M | 143.96M | 156.47M | 139.25M | 104.29M | 97.84M |
| Total Liabilities | 328.26M | 201.00M | 216.66M | 195.22M | 185.33M | 169.92M |
| Stockholders Equity | 975.11M | 722.04M | 716.78M | 742.35M | 744.25M | 702.29M |
Cash Flow | ||||||
| Free Cash Flow | -107.04M | -147.83M | -212.46M | -232.61M | -158.82M | -143.67M |
| Operating Cash Flow | -96.30M | -125.29M | -152.91M | -140.25M | -112.17M | -70.44M |
| Investing Cash Flow | -16.93M | 88.86M | -60.05M | -192.37M | -46.65M | -73.23M |
| Financing Cash Flow | 619.28M | 169.26M | 122.15M | 151.07M | 180.58M | 411.91M |
Fuelcell Energy Technical Analysis
Negative
19.29
Price Trends
17.49
Negative
19.67
Negative
14.75
Negative
Market Momentum
-0.99
Positive
35.29
Neutral
6.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCEL, the sentiment is Negative. The current price of 19.29 is above the 20-day moving average (MA) of 16.54, above the 50-day MA of 17.49, and above the 200-day MA of 14.75, indicating a bearish trend. The MACD of -0.99 indicates Positive momentum. The RSI at 35.29 is Neutral, neither overbought nor oversold. The STOCH value of 6.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FCEL.
Fuelcell Energy Risk Analysis
Fuelcell Energy disclosed 41 risk factors in its most recent earnings report. Fuelcell Energy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fuelcell Energy Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $66.63B | 270.66 | 24.77% | ― | 90.98% | 685.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
47 Neutral | $1.03B | -3.76 | -22.15% | ― | 1.09% | 62.70% | |
47 Neutral | $1.91B | -1.01 | -176.19% | ― | 10.59% | 41.83% | |
47 Neutral | $659.14M | -0.40 | 55.63% | ― | 533.87% | 31.49% | |
47 Neutral | $759.38M | -6.60 | 5877.34% | ― | -42.46% | -6.74% |
* Industrials Sector Average
FCEL
Fuelcell Energy
12.89
4.10
46.64%
PLUG
Plug Power
1.37
-2.03
-59.71%
BE
Bloom Energy
226.22
117.16
107.43%
EOSE
Eos Energy Enterprises
1.81
-13.20
-87.94%
ADSE
ADS-TEC Energy
10.10
-0.28
-2.70%
Fuelcell Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
FuelCell Energy Appoints New Chief Financial Officer
Neutral
Oct 7, 2026
On October 4, 2026, FuelCell Energy decided that long-serving finance chief Michael S. Bishop would step down as Executive Vice President, Chief Financial Officer and Treasurer effective October 6, 2026, transitioning to a six-month role as Senior...
Business Operations and StrategyFinancial Disclosures
FuelCell Energy Highlights Q3 Results and Data Center Push
Positive
Sep 2, 2026
FuelCell Energy reported third fiscal quarter 2026 results on September 2, 2026, highlighting a 4.1% year-over-year increase in committed backlog to $1.3 billion and a $2.4 billion boost in awarded capacity backlog tied to Fit Energy’s optio...
Business Operations and StrategyRegulatory Filings and Compliance
FuelCell Energy Updates Shelf Registration for Future Financing
Neutral
Jul 21, 2026
On July 21, 2026, FuelCell Energy, Inc. filed a prospectus supplement to its existing automatic shelf registration statement with the Securities and Exchange Commission, enabling it to issue and sell certain securities in the capital markets. The ...
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.