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FuelCell Energy Valuation Multiples

Discover revenue and EBITDA valuation multiples for FuelCell Energy and similar public comparables like Corre Energy, Aegis Logistics, and Lion E-Mobility.

FuelCell Energy Overview

About FuelCell Energy

FuelCell Energy Inc is a fuel-cell power company. FuelCell designs manufactures, sells, installs, operates, and services fuel cell products and electrolysis platforms that decarbonize power and produce hydrogen. It serves various industries such as Industrial, Wastewater treatment, Commercial and Hospitality, Data centers and Communications, Education and Healthcare, and others. Geographically, the company operates in USA, South Korea, Europe and Canada. Majority of revenue is from USA and South Korea.


Founded

1969

HQ

United States of America
Employees

584

Financials

LTM Revenue $135M

LTM EBITDA -$81.6M

EV

$120M

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FuelCell Energy Financials

FuelCell Energy has a last 12-month revenue (LTM) of $135M and a last 12-month EBITDA of -$81.6M.

In the most recent fiscal year, FuelCell Energy achieved revenue of $112M and an EBITDA of -$111M.

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

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FuelCell Energy P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $135M XXX $112M XXX XXX XXX
Gross Profit -$27.0M XXX -$35.9M XXX XXX XXX
Gross Margin -20% XXX -32% XXX XXX XXX
EBITDA -$81.6M XXX -$111M XXX XXX XXX
EBITDA Margin -61% XXX -99% XXX XXX XXX
EBIT -$134M XXX -$156M XXX XXX XXX
EBIT Margin -100% XXX -139% XXX XXX XXX
Net Profit -$124M XXX -$126M XXX XXX XXX
Net Margin -92% XXX -112% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

FuelCell Energy Stock Performance

As of May 30, 2025, FuelCell Energy's stock price is $5.

FuelCell Energy has current market cap of $116M, and EV of $120M.

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FuelCell Energy Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$120M $116M XXX XXX XXX XXX $-6.58

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FuelCell Energy Valuation Multiples

As of May 30, 2025, FuelCell Energy has market cap of $116M and EV of $120M.

FuelCell Energy's trades at 1.0x EV/Revenue multiple, and -1.2x EV/EBITDA.

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

FuelCell Energy has a P/E ratio of -0.9x.

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FuelCell Energy Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $116M XXX $116M XXX XXX XXX
EV (current) $120M XXX $120M XXX XXX XXX
EV/Revenue 0.9x XXX 1.0x XXX XXX XXX
EV/EBITDA -1.5x XXX -1.2x XXX XXX XXX
EV/EBIT -0.9x XXX -0.8x XXX XXX XXX
EV/Gross Profit -4.4x XXX n/a XXX XXX XXX
P/E -0.9x XXX -0.9x XXX XXX XXX
EV/FCF -0.9x XXX -0.6x XXX XXX XXX

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FuelCell Energy Margins & Growth Rates

FuelCell Energy's last 12 month revenue growth is 22%

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

FuelCell Energy's rule of 40 is -45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

FuelCell Energy's rule of X is -6% (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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FuelCell Energy Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 22% XXX 24% XXX XXX XXX
EBITDA Margin -61% XXX -87% XXX XXX XXX
EBITDA Growth -30% XXX n/a XXX XXX XXX
Rule of 40 -45% XXX -66% XXX XXX XXX
Bessemer Rule of X XXX XXX -6% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M 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 49% XXX XXX XXX
Opex to Revenue XXX XXX 107% XXX XXX XXX

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FuelCell Energy Public Comps

See public comps and valuation multiples for Energy Storage and Electrical Parts & Equipment comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Alfen XXX XXX XXX XXX XXX XXX
Royal Vopak XXX XXX XXX XXX XXX XXX
Lion E-Mobility XXX XXX XXX XXX XXX XXX
Aegis Logistics XXX XXX XXX XXX XXX XXX
Corre Energy 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.

FuelCell Energy M&A and Investment Activity

FuelCell Energy acquired  XXX companies to date.

Last acquisition by FuelCell Energy was  XXXXXXXX, XXXXX XXXXX XXXXXX . FuelCell Energy acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by FuelCell Energy

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About FuelCell Energy

When was FuelCell Energy founded? FuelCell Energy was founded in 1969.
Where is FuelCell Energy headquartered? FuelCell Energy is headquartered in United States of America.
How many employees does FuelCell Energy have? As of today, FuelCell Energy has 584 employees.
Who is the CEO of FuelCell Energy? FuelCell Energy's CEO is Mr. Jason B. Few.
Is FuelCell Energy publicy listed? Yes, FuelCell Energy is a public company listed on NAS.
What is the stock symbol of FuelCell Energy? FuelCell Energy trades under FCEL ticker.
When did FuelCell Energy go public? FuelCell Energy went public in 1992.
Who are competitors of FuelCell Energy? Similar companies to FuelCell Energy include e.g. Alfen, Royal Vopak, Lion E-Mobility, Aegis Logistics.
What is the current market cap of FuelCell Energy? FuelCell Energy's current market cap is $116M
What is the current revenue of FuelCell Energy? FuelCell Energy's last 12 months revenue is $135M.
What is the current revenue growth of FuelCell Energy? FuelCell Energy revenue growth (NTM/LTM) is 22%.
What is the current EV/Revenue multiple of FuelCell Energy? Current revenue multiple of FuelCell Energy is 0.9x.
Is FuelCell Energy profitable? Yes, FuelCell Energy is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of FuelCell Energy? FuelCell Energy's last 12 months EBITDA is -$81.6M.
What is FuelCell Energy's EBITDA margin? FuelCell Energy's last 12 months EBITDA margin is -61%.
What is the current EV/EBITDA multiple of FuelCell Energy? Current EBITDA multiple of FuelCell Energy is -1.5x.
What is the current FCF of FuelCell Energy? FuelCell Energy's last 12 months FCF is -$140M.
What is FuelCell Energy's FCF margin? FuelCell Energy's last 12 months FCF margin is -104%.
What is the current EV/FCF multiple of FuelCell Energy? Current FCF multiple of FuelCell Energy is -0.9x.

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