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FuelCell Energy Valuation Multiples
Discover revenue and EBITDA valuation multiples for FuelCell Energy and similar public comparables like Ulusoy Elektrik Imalat, Mikron Holding, IPD Group, Luceco and more.
FuelCell Energy Overview
About FuelCell Energy
FuelCell Energy Inc is a clean energy technology company engaged in the development, design, production, and servicing of high temperature fuel cells for clean electric power generation. The Company provides proprietary molten carbonate fuel cell systems that generate electricity electrochemically with ultra low emissions and high efficiency, and operates as a solutions provider managing the design, manufacturing, installation, and maintenance of its systems under long term power purchase, service, and engineering procurement agreements. The Company serves utilities, data centers, and commercial and industrial customers, and operates in the United States, South Korea, Europe, and Canada, with maximum revenue generated from the United States.
Founded
1969
HQ
Employees
424
Website
Financials (LTM)
EV
$295M
FuelCell Energy Financials
FuelCell Energy reported last 12-month revenue of $160M and negative EBITDA of ($62M).
In the same LTM period, FuelCell Energy generated ($23M) in gross profit, ($62M) in EBITDA losses, and had net loss of ($151M).
Revenue (LTM)
FuelCell Energy P&L
In the most recent fiscal year, FuelCell Energy reported revenue of $158M and EBITDA of ($74M).
FuelCell Energy expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $160M | XXX | $158M | XXX | XXX | XXX |
| Gross Profit | ($23M) | XXX | ($26M) | XXX | XXX | XXX |
| Gross Margin | (14%) | XXX | (17%) | XXX | XXX | XXX |
| EBITDA | ($62M) | XXX | ($74M) | XXX | XXX | XXX |
| EBITDA Margin | (39%) | XXX | (47%) | XXX | XXX | XXX |
| EBIT Margin | (84%) | XXX | (77%) | XXX | XXX | XXX |
| Net Profit | ($151M) | XXX | ($188M) | XXX | XXX | XXX |
| Net Margin | (94%) | XXX | (119%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
FuelCell Energy Stock Performance
FuelCell Energy has current market cap of $384M, and enterprise value of $295M.
Market Cap Evolution
FuelCell Energy's stock price is $7.25.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $295M | $384M | 0.0% | XXX | XXX | XXX | $-3.55 |
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Start Free TrialFuelCell Energy Valuation Multiples
FuelCell Energy trades at 1.8x EV/Revenue multiple, and (4.8x) EV/EBITDA.
EV / Revenue (LTM)
FuelCell Energy Financial Valuation Multiples
As of April 20, 2026, FuelCell Energy has market cap of $384M and EV of $295M.
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 (2.6x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $384M | XXX | $384M | XXX | XXX | XXX |
| EV (current) | $295M | XXX | $295M | XXX | XXX | XXX |
| EV/Revenue | 1.8x | XXX | 1.9x | XXX | XXX | XXX |
| EV/EBITDA | (4.8x) | XXX | (4.0x) | XXX | XXX | XXX |
| EV/EBIT | (2.2x) | XXX | (2.4x) | XXX | XXX | XXX |
| EV/Gross Profit | (13.1x) | XXX | (11.2x) | XXX | XXX | XXX |
| P/E | (2.6x) | XXX | (2.0x) | XXX | XXX | XXX |
| EV/FCF | (3.1x) | XXX | (3.4x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified FuelCell Energy 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.
FuelCell Energy Margins & Growth Rates
FuelCell Energy's revenue in the last 12 month grew by 21%.
FuelCell Energy's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.
FuelCell Energy's rule of 40 is (16%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
FuelCell Energy's rule of X is (2%) (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).
FuelCell Energy Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 21% | XXX | 3% | XXX | XXX | XXX |
| EBITDA Margin | (39%) | XXX | (47%) | XXX | XXX | XXX |
| EBITDA Growth | (36%) | XXX | (35%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | (16%) | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | (2%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 36% | XXX | 38% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 20% | XXX | 22% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 60% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
FuelCell Energy Public Comps
See public comps and valuation multiples for other Energy Storage and Electrical Parts & Equipment comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| FuelCell Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Ulusoy Elektrik Imalat | XXX | XXX | XXX | XXX | XXX | XXX |
| Mikron Holding | XXX | XXX | XXX | XXX | XXX | XXX |
| IPD Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Luceco | XXX | XXX | XXX | XXX | XXX | XXX |
| Gerard Perrier Industrie | 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 Activity
FuelCell Energy acquired XXX companies to date.
Last acquisition by FuelCell Energy was on XXXXXXXX, XXXXX. FuelCell Energy acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by FuelCell Energy
| 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 TrialFuelCell Energy Investment Activity
FuelCell Energy invested in XXX companies to date.
FuelCell Energy made its latest investment on XXXXXXXX, XXXXX. FuelCell Energy invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by FuelCell Energy
| 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 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. |
| How many employees does FuelCell Energy have? | As of today, FuelCell Energy has over 424 employees. |
| Who is the CEO of FuelCell Energy? | FuelCell Energy's CEO is Jason B. Few. |
| Is FuelCell Energy publicly listed? | Yes, FuelCell Energy is a public company listed on Nasdaq. |
| 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? | FuelCell Energy main competitors are Ulusoy Elektrik Imalat, Mikron Holding, IPD Group, Luceco. |
| What is the current market cap of FuelCell Energy? | FuelCell Energy's current market cap is $384M. |
| What is the current revenue of FuelCell Energy? | FuelCell Energy's last 12 months revenue is $160M. |
| What is the current revenue growth of FuelCell Energy? | FuelCell Energy revenue growth (NTM/LTM) is 21%. |
| What is the current EV/Revenue multiple of FuelCell Energy? | Current revenue multiple of FuelCell Energy is 1.8x. |
| Is FuelCell Energy profitable? | No, FuelCell Energy is not profitable. |
| What is the current EBITDA of FuelCell Energy? | FuelCell Energy has negative EBITDA and is not profitable. |
| What is FuelCell Energy's EBITDA margin? | FuelCell Energy's last 12 months EBITDA margin is (39%). |
| What is the current EV/EBITDA multiple of FuelCell Energy? | Current EBITDA multiple of FuelCell Energy is (4.8x). |
| What is the current FCF of FuelCell Energy? | FuelCell Energy's last 12 months FCF is ($94M). |
| What is FuelCell Energy's FCF margin? | FuelCell Energy's last 12 months FCF margin is (59%). |
| What is the current EV/FCF multiple of FuelCell Energy? | Current FCF multiple of FuelCell Energy is (3.1x). |
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