Clean Energy Fuels - Public Comps and Valuation Multiples

Clean Energy Fuels Overview

About Clean Energy Fuels

Clean Energy Fuels Corp is a natural gas marketer and retailer operating in the United States and Canada. The company supplies compressed natural gas, liquefied natural gas for the United States (U.S.) and Canadian transportation markets. The majority of revenue is generated within the U.S. and mostly consists of compressed natural gas. The company operates by purchasing natural gas from local utilities; compressing, cooling, or liquefying it at company-owned plants; and selling natural gas products through company-owned or customer-owned fueling stations. The company also builds, operates, and maintains natural gas fueling stations for customers. The company's target markets include heavy-duty trucking, airports, public transit, institutional energy users, and government fleets.

Founded

2001

HQ

Employees

577

Website

cleanenergyfuels.com

Sectors

Fossil Fuels
Energy Exploration & Generation

Financials

LTM Revenue $425M

LTM EBITDA $66.0M

EV

$659M

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Clean Energy Fuels Financials

As of August 2025, Clean Energy Fuels reported last 12-month revenue of $425M and EBITDA of $66.0M.

In the same period, Clean Energy Fuels generated $130M in LTM gross profit and -$174M in net income.

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Clean Energy Fuels P&L

In the most recent fiscal year, Clean Energy Fuels reported revenue of $416M and EBITDA of -$4.1M.

Clean Energy Fuels expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$425M	XXX	$416M	XXX	XXX	XXX
Gross Profit	$130M	XXX	$83.6M	XXX	XXX	XXX
Gross Margin	31%	XXX	20%	XXX	XXX	XXX
EBITDA	$66.0M	XXX	-$4.1M	XXX	XXX	XXX
EBITDA Margin	16%	XXX	-1%	XXX	XXX	XXX
EBIT	-$111M	XXX	-$28.3M	XXX	XXX	XXX
EBIT Margin	-26%	XXX	-7%	XXX	XXX	XXX
Net Profit	-$174M	XXX	-$83.1M	XXX	XXX	XXX
Net Margin	-41%	XXX	-20%	XXX	XXX	XXX
Net Debt	XXX	XXX	$176M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Clean Energy Fuels including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $425M. EBITDA for the last twelve months was $66.0M. In the most recent fiscal year, Clean Energy Fuels achieved $416M in revenue and -$4.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$425M	Analyst estimates available to subscribers	$416M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$130M	Analyst estimates available to subscribers	$83.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	30.6% gross margin	Analyst estimates available to subscribers	20.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$66.0M	Analyst estimates available to subscribers	-$4.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	15.5% EBITDA margin	Analyst estimates available to subscribers	-1.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$111M	Analyst estimates available to subscribers	-$28.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-26.2% EBIT margin	Analyst estimates available to subscribers	-6.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$174M	Analyst estimates available to subscribers	-$83.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-40.9% net profit margin	Analyst estimates available to subscribers	-20.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$176M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Clean Energy Fuels

This financial data table provides comprehensive performance metrics for Clean Energy Fuels, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Clean Energy Fuels generated $425M in revenue over the last twelve months.
The company achieved $66.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $130M.
Net income over the last twelve months reached -$174M.

Fiscal Year Performance

In the most recent fiscal year, Clean Energy Fuels reported $416M in total revenue.
Fiscal year EBITDA was -$4.1M.
The company maintained a gross profit margin of 20.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was -1.0%.
Net profit margin reached -20.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Clean Energy Fuels. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Clean Energy Fuels Stock Performance

Clean Energy Fuels has current market cap of $526M, and EV of $659M.

Market Cap Evolution

Clean Energy Fuels Stock Data

As of September 12, 2025, Clean Energy Fuels's stock price is $2.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$659M	$526M	XXX	XXX	XXX	XXX	$-0.14

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Clean Energy Fuels Valuation Multiples

Clean Energy Fuels's trades at 1.6x EV/Revenue multiple, and -161.6x EV/EBITDA.

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Clean Energy Fuels Financial Valuation Multiples

As of September 12, 2025, Clean Energy Fuels has market cap of $526M and EV of $659M.

Equity research analysts estimate Clean Energy Fuels's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Clean Energy Fuels has a P/E ratio of -3.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$526M	XXX	$526M	XXX	XXX	XXX
EV (current)	$659M	XXX	$659M	XXX	XXX	XXX
EV/Revenue	1.6x	XXX	1.6x	XXX	XXX	XXX
EV/EBITDA	10.0x	XXX	-161.6x	XXX	XXX	XXX
EV/EBIT	-5.9x	XXX	-23.3x	XXX	XXX	XXX
EV/Gross Profit	5.1x	XXX	n/a	XXX	XXX	XXX
P/E	-3.0x	XXX	-6.3x	XXX	XXX	XXX
EV/FCF	-45.0x	XXX	-42.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Clean Energy Fuels Margins & Growth Rates

Clean Energy Fuels's last 12 month revenue growth is 2%

Clean Energy Fuels's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.2M for the same period.

Clean Energy Fuels's rule of 40 is -5% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Clean Energy Fuels's rule of X is 21% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Clean Energy Fuels Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	16%	XXX	-1%	XXX	XXX	XXX
EBITDA Growth	5%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-5%	XXX	1%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	21%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	27%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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