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Fuel Tech Valuation Multiples
Discover revenue and EBITDA valuation multiples for Fuel Tech and similar public comparables like 374Water, Frigoglass, Metacon, Unibios Holdings and more.
Fuel Tech Overview
About Fuel Tech
Fuel Tech Inc is an technology provider of boiler optimization, efficiency improvement, and air pollution reduction to utility and industrial customers. The company operates in two segments, Air Pollution Control and Fuel Chem. The Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. The Fuel Chem technology segment uses chemical processes in combination with Computational Fluid Dynamics and Chemical Kinetics Modeling boiler modeling for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace using TIFI Targeted In-Furnace Injection technology.
Founded
1987
HQ
Employees
72
Website
Financials (LTM)
EV
$22M
Fuel Tech Financials
Fuel Tech reported last 12-month revenue of $27M and negative EBITDA of ($3M).
In the same LTM period, Fuel Tech generated $13M in gross profit, ($3M) in EBITDA losses, and had net loss of ($2M).
Revenue (LTM)
Fuel Tech P&L
In the most recent fiscal year, Fuel Tech reported revenue of $27M and EBITDA of ($3M).
Fuel Tech expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $27M | XXX | $27M | XXX | XXX | XXX |
| Gross Profit | $13M | XXX | $12M | XXX | XXX | XXX |
| Gross Margin | 46% | XXX | 46% | XXX | XXX | XXX |
| EBITDA | ($3M) | XXX | ($3M) | XXX | XXX | XXX |
| EBITDA Margin | (10%) | XXX | (10%) | XXX | XXX | XXX |
| EBIT Margin | (13%) | XXX | (14%) | XXX | XXX | XXX |
| Net Profit | ($2M) | XXX | ($2M) | XXX | XXX | XXX |
| Net Margin | (8%) | XXX | (9%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Fuel Tech Stock Performance
Fuel Tech has current market cap of $47M, and enterprise value of $22M.
Market Cap Evolution
Fuel Tech's stock price is $1.51.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $22M | $47M | 0.0% | XXX | XXX | XXX | $-0.07 |
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Start Free TrialFuel Tech Valuation Multiples
Fuel Tech trades at 0.8x EV/Revenue multiple, and (8.3x) EV/EBITDA.
EV / Revenue (LTM)
Fuel Tech Financial Valuation Multiples
As of March 17, 2026, Fuel Tech has market cap of $47M and EV of $22M.
Equity research analysts estimate Fuel Tech's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Fuel Tech has a P/E ratio of (20.3x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $47M | XXX | $47M | XXX | XXX | XXX |
| EV (current) | $22M | XXX | $22M | XXX | XXX | XXX |
| EV/Revenue | 0.8x | XXX | 0.8x | XXX | XXX | XXX |
| EV/EBITDA | (8.3x) | XXX | (8.0x) | XXX | XXX | XXX |
| EV/EBIT | (6.0x) | XXX | (5.8x) | XXX | XXX | XXX |
| EV/Gross Profit | 1.7x | XXX | 1.7x | XXX | XXX | XXX |
| P/E | (20.3x) | XXX | (20.1x) | XXX | XXX | XXX |
| EV/FCF | — | XXX | 9.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Fuel Tech Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Fuel Tech Margins & Growth Rates
Fuel Tech's revenue in the last 12 month grew by 12%.
Fuel Tech's revenue per employee in the last FY averaged $0.4M.
Fuel Tech's rule of 40 is 2% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Fuel Tech's rule of X is 20% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Fuel Tech Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 12% | XXX | 12% | XXX | XXX | XXX |
| EBITDA Margin | (10%) | XXX | (10%) | XXX | XXX | XXX |
| EBITDA Growth | (23%) | XXX | (19%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 2% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 20% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| R&D Expenses to Revenue | 8% | XXX | 8% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 60% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Fuel Tech Public Comps
See public comps and valuation multiples for other Machinery and Waste & Environmental Services comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| 374Water | XXX | XXX | XXX | XXX | XXX | XXX |
| Frigoglass | XXX | XXX | XXX | XXX | XXX | XXX |
| Metacon | XXX | XXX | XXX | XXX | XXX | XXX |
| Unibios Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| Esautomotion | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Fuel Tech M&A Activity
Fuel Tech acquired XXX companies to date.
Last acquisition by Fuel Tech was on XXXXXXXX, XXXXX. Fuel Tech acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Fuel Tech
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialFuel Tech Investment Activity
Fuel Tech invested in XXX companies to date.
Fuel Tech made its latest investment on XXXXXXXX, XXXXX. Fuel Tech invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Fuel Tech
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Fuel Tech
| When was Fuel Tech founded? | Fuel Tech was founded in 1987. |
| Where is Fuel Tech headquartered? | Fuel Tech is headquartered in United States. |
| How many employees does Fuel Tech have? | As of today, Fuel Tech has over 72 employees. |
| Who is the CEO of Fuel Tech? | Fuel Tech's CEO is Vincent J. Arnone. |
| Is Fuel Tech publicly listed? | Yes, Fuel Tech is a public company listed on Nasdaq. |
| What is the stock symbol of Fuel Tech? | Fuel Tech trades under FTEK ticker. |
| When did Fuel Tech go public? | Fuel Tech went public in 1993. |
| Who are competitors of Fuel Tech? | Fuel Tech main competitors are 374Water, Frigoglass, Metacon, Unibios Holdings. |
| What is the current market cap of Fuel Tech? | Fuel Tech's current market cap is $47M. |
| What is the current revenue of Fuel Tech? | Fuel Tech's last 12 months revenue is $27M. |
| What is the current revenue growth of Fuel Tech? | Fuel Tech revenue growth (NTM/LTM) is 12%. |
| What is the current EV/Revenue multiple of Fuel Tech? | Current revenue multiple of Fuel Tech is 0.8x. |
| Is Fuel Tech profitable? | No, Fuel Tech is not profitable. |
| What is the current EBITDA of Fuel Tech? | Fuel Tech has negative EBITDA and is not profitable. |
| What is Fuel Tech's EBITDA margin? | Fuel Tech's last 12 months EBITDA margin is (10%). |
| What is the current EV/EBITDA multiple of Fuel Tech? | Current EBITDA multiple of Fuel Tech is (8.3x). |
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