FuelCell Energy - Public Comps and Valuation Multiples

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

fuelcellenergy.com

Sectors

Energy Storage
Electrical Parts & Equipment
EnergyTech
Industry 4.0
DeepTech
ClimateTech

Financials

LTM Revenue $162M

LTM EBITDA -$68.2M

EV

$310M

Valuation Multiples

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FuelCell Energy Financials

As of December 2025, FuelCell Energy reported last 12-month revenue of $162M and EBITDA of -$68.2M.

In the same period, FuelCell Energy generated -$24.0M in LTM gross profit and -$176M in net income.

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FuelCell Energy P&L

In the most recent fiscal year, FuelCell Energy reported revenue of $158M and EBITDA of -$140M.

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

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$162M	XXX	$158M	XXX	XXX	XXX
Gross Profit	-$24.0M	XXX	-$26.4M	XXX	XXX	XXX
Gross Margin	-15%	XXX	-17%	XXX	XXX	XXX
EBITDA	-$68.2M	XXX	-$140M	XXX	XXX	XXX
EBITDA Margin	-42%	XXX	-89%	XXX	XXX	XXX
EBIT	-$153M	XXX	-$121M	XXX	XXX	XXX
EBIT Margin	-94%	XXX	-77%	XXX	XXX	XXX
Net Profit	-$176M	XXX	-$188M	XXX	XXX	XXX
Net Margin	-108%	XXX	-119%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for FuelCell Energy including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $162M. EBITDA for the last twelve months was -$68.2M. In the most recent fiscal year, FuelCell Energy achieved $158M in revenue and -$140M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$162M	Analyst estimates available to subscribers	$158M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	-$24.0M	Analyst estimates available to subscribers	-$26.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	-14.8% gross margin	Analyst estimates available to subscribers	-16.7% 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)	-$68.2M	Analyst estimates available to subscribers	-$140M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-42.0% EBITDA margin	Analyst estimates available to subscribers	-88.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$153M	Analyst estimates available to subscribers	-$121M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-94.0% EBIT margin	Analyst estimates available to subscribers	-76.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$176M	Analyst estimates available to subscribers	-$188M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-108.3% net profit margin	Analyst estimates available to subscribers	-118.8% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for FuelCell Energy

This financial data table provides comprehensive performance metrics for FuelCell Energy, 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

FuelCell Energy generated $162M in revenue over the last twelve months.
The company achieved -$68.2M in EBITDA over the last twelve months.
Gross profit for the last twelve months was -$24.0M.
Net income over the last twelve months reached -$176M.

Fiscal Year Performance

In the most recent fiscal year, FuelCell Energy reported $158M in total revenue.
Fiscal year EBITDA was -$140M.
The company maintained a gross profit margin of -16.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was -88.8%.
Net profit margin reached -118.8% in the most recent fiscal year.

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

FuelCell Energy Stock Performance

FuelCell Energy has current market cap of $384M, and EV of $310M.

Market Cap Evolution

FuelCell Energy Stock Data

As of January 19, 2026, FuelCell Energy's stock price is $8.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$310M	$384M	XXX	XXX	XXX	XXX	$-6.59

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FuelCell Energy Valuation Multiples

FuelCell Energy's trades at 1.9x EV/Revenue multiple, and -2.5x EV/EBITDA.

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FuelCell Energy Financial Valuation Multiples

As of January 19, 2026, FuelCell Energy has market cap of $384M and EV of $310M.

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 -2.2x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$384M	XXX	$384M	XXX	XXX	XXX
EV (current)	$310M	XXX	$310M	XXX	XXX	XXX
EV/Revenue	1.9x	XXX	1.9x	XXX	XXX	XXX
EV/EBITDA	-4.5x	XXX	-2.5x	XXX	XXX	XXX
EV/EBIT	-2.0x	XXX	-2.6x	XXX	XXX	XXX
EV/Gross Profit	-12.9x	XXX	n/a	XXX	XXX	XXX
P/E	-2.2x	XXX	-2.2x	XXX	XXX	XXX
EV/FCF	-3.6x	XXX	-2.2x	XXX	XXX	XXX

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

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FuelCell Energy Margins & Growth Rates

FuelCell Energy's last 12 month revenue growth is 19%

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 -78% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

FuelCell Energy's rule of X is 5% (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 2026	FY 2027	FY 2028
Revenue Growth	19%	XXX	28%	XXX	XXX	XXX
EBITDA Margin	-42%	XXX	-76%	XXX	XXX	XXX
EBITDA Growth	-47%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-78%	XXX	-57%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	5%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	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	22%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	60%	XXX	XXX	XXX

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

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