Latest Ratios: P/E Ratio -2.1x · EV/EBITDA 86.7x · ROE -34.6%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $469M | $463M | $561M | $854M | $1.2B | $1.3B | $1.6B | $482M | $311M | $305M | $341M |
| Enterprise Value | $410M | $405M | $836M | $1.1B | $1.2B | $1.3B | $1.6B | $555M | $369M | $529M | $618M |
| P/E Ratio → | -2.11 | — | — | — | — | — | — | 23.40 | — | — | — |
| P/S Ratio | 1.10 | 1.09 | 1.35 | 2.01 | 2.75 | 5.11 | 5.41 | 1.40 | 0.90 | 0.89 | 0.85 |
| P/B Ratio | 0.83 | 0.82 | 0.78 | 1.16 | 1.59 | 1.73 | 3.02 | 0.89 | 0.59 | 0.68 | 0.69 |
| P/FCF | 7.84 | 7.74 | — | — | 87.44 | 105.42 | 33.02 | — | 24.43 | — | 15.23 |
| P/OCF | 5.48 | 5.42 | 8.68 | 19.50 | 17.33 | 31.63 | 25.84 | 39.25 | 8.18 | — | 7.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.95 | 2.01 | 2.61 | 2.93 | 5.04 | 5.43 | 1.61 | 1.06 | 1.55 | 1.53 |
| EV / EBITDA | 86.65 | 85.45 | 99.74 | — | 415.36 | — | 41.86 | 9.31 | 6.62 | — | 14.84 |
| EV / EBIT | — | — | — | — | — | — | — | 25.57 | 52.07 | — | 35.89 |
| EV / FCF | — | 6.76 | — | — | 93.17 | 104.03 | 33.16 | — | 28.99 | — | 27.55 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.2% | 4.2% | 20.1% | 8.4% | 13.7% | -2.0% | 20.1% | 23.9% | 23.6% | 8.5% | 21.8% |
| Operating Margin | -22.0% | -22.0% | -8.7% | -18.0% | -12.3% | -37.2% | -3.4% | 2.9% | 1.1% | -39.4% | -4.4% |
| Net Profit Margin | -52.1% | -52.1% | -20.0% | -23.4% | -14.0% | -36.4% | -3.4% | 5.9% | -1.1% | -23.2% | -3.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -34.6% | -34.6% | -11.4% | -13.6% | -7.9% | -14.6% | -1.9% | 3.8% | -0.8% | -16.8% | -3.0% |
| ROA | -19.3% | -19.3% | -6.6% | -8.5% | -5.8% | -11.1% | -1.3% | 2.8% | -0.5% | -9.4% | -1.3% |
| ROIC | -9.4% | -9.4% | -2.7% | -6.4% | -5.0% | -11.2% | -1.3% | 1.2% | 0.5% | -14.0% | -1.6% |
| ROCE | -9.4% | -9.4% | -3.3% | -7.5% | -5.9% | -13.0% | -1.6% | 1.6% | 0.6% | -19.3% | -2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.51 | 0.49 | 0.28 | 0.11 | 0.22 | 0.22 | 0.17 | 0.58 | 0.63 |
| Debt / EBITDA | 20.89 | 20.89 | 43.55 | — | 68.00 | — | 3.05 | 2.04 | 1.59 | — | 7.50 |
| Net Debt / Equity | — | -0.10 | 0.38 | 0.35 | 0.10 | -0.02 | 0.01 | 0.13 | 0.11 | 0.50 | 0.56 |
| Net Debt / EBITDA | -12.43 | -12.43 | 32.87 | — | 25.55 | — | 0.17 | 1.22 | 1.04 | — | 6.64 |
| Debt / FCF | — | -0.98 | — | — | 5.73 | -1.38 | 0.14 | — | 4.56 | — | 12.32 |
| Interest Coverage | -1.78 | -1.78 | -1.52 | -3.38 | -8.41 | -20.23 | -0.53 | 2.86 | 0.44 | -3.69 | 0.58 |
Net cash position: cash ($158M) exceeds total debt ($99M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.32 | 2.32 | 2.67 | 2.87 | 3.18 | 3.26 | 3.29 | 1.81 | 2.81 | 1.50 | 2.93 |
| Quick Ratio | 2.03 | 2.03 | 2.39 | 2.59 | 2.93 | 3.01 | 2.94 | 1.62 | 2.38 | 1.33 | 2.60 |
| Cash Ratio | 1.05 | 1.05 | 1.41 | 1.61 | 1.79 | 1.82 | 1.73 | 0.65 | 1.20 | 0.87 | 1.23 |
| Asset Turnover | — | 0.40 | 0.33 | 0.34 | 0.39 | 0.27 | 0.41 | 0.44 | 0.50 | 0.43 | 0.45 |
| Inventory Turnover | 9.30 | 9.30 | 7.65 | 8.59 | 9.76 | 8.33 | 8.30 | 8.76 | 7.57 | 8.87 | 10.66 |
| Days Sales Outstanding | — | 91.56 | 112.06 | 101.47 | 94.22 | 159.74 | 106.90 | 156.06 | 88.94 | 88.90 | 91.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 4.3% | — | — | — |
| FCF Yield | 12.8% | 12.9% | — | — | 1.1% | 0.9% | 3.0% | — | 4.1% | — | 6.6% |
| Buyback Yield | 1.7% | 1.7% | 0.0% | 0.0% | 0.0% | 0.2% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.7% | 1.7% | 0.0% | 0.0% | 0.0% | 0.2% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $221M | $223M | $223M | $222M | $213M | $201M | $206M | $181M | $150M | $119M |
Regulatory credit price volatility
According to current market data, CLNE trades at a P/S ratio of 0.97 and an EV/EBITDA of 74.56, suggesting that investors are pricing the company as a long-term growth option on decarbonization rather than a traditional energy firm with established, stable earnings power.
The elevated EV/EBITDA multiple relative to the broader energy sector indicates that the market is willing to overlook current negative earnings in anticipation of future RNG-driven margin expansion. Investors should note that this valuation is highly sensitive to the successful scaling of dairy-derived RNG production, as the current multiple would likely compress significantly if the company fails to transition from a capital-intensive developer to a cash-generative operator.
Based on reported figures, CLNE has struggled to generate positive returns, with ROIC remaining negative at -0.5% in 2026Q1, reflecting a multi-year trend where the company's heavy investment in infrastructure has failed to yield returns exceeding the cost of capital.
The consistent inability to achieve positive ROIC suggests that the company's asset base is not yet optimized for profitability, likely due to the long gestation period of RNG projects. This trend warrants further investigation into whether the current capital allocation strategy toward dairy digesters will eventually drive a structural improvement in returns or if the company remains trapped in a cycle of perpetual reinvestment.
As reported in recent financial statements, the company's cash conversion cycle reached 104 days in 2026Q1, indicating that CLNE faces significant friction in converting its fuel sales and environmental credit generation into actual cash, which complicates its short-term liquidity management.
The high DSO of 86 days suggests that the company may be offering extended payment terms to its fleet customers to incentivize adoption, which effectively subsidizes the customer at the expense of the company's own cash flow. This inefficiency appears structural, as the reliance on credit-based revenue streams often introduces delays that are not present in traditional retail fuel operations.
According to recent SEC filings, the company's current ratio of 2.46 in 2026Q1 provides a superficial appearance of safety, yet the rapid decline in cash reserves suggests that the firm's liquidity position is more vulnerable to operational volatility than the headline ratio implies.
While the quick ratio of 2.14 suggests that the company can cover its immediate obligations, the reliance on non-cash environmental credits means that actual cash availability is less robust than the balance sheet suggests. Investors should monitor the burn rate closely, as any sustained downturn in credit pricing could rapidly erode the current liquidity cushion.
The most commonly misapplied metric for CLNE is the P/E ratio, which is fundamentally inappropriate for a company currently in a capital-intensive growth phase where GAAP earnings are heavily distorted by non-cash charges and the timing of environmental credit recognition.
Using P/E to evaluate CLNE obscures the underlying operational progress, as it fails to account for the significant depreciation of the station network and the lumpy nature of tax credits. Analysts should instead focus on cash-based metrics like EV/EBITDA or adjusted free cash flow, which better capture the company's ability to eventually monetize its RNG production assets.
Includes 30+ ratios · 22 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CLNE stock.
Clean Energy Fuels Corp.'s current P/E ratio is -2.1x. The historical average is 23.4x.
Clean Energy Fuels Corp.'s current EV/EBITDA is 86.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 46.6x.
Clean Energy Fuels Corp.'s return on equity (ROE) is -34.6%. The historical average is -12.5%.
Based on historical data, Clean Energy Fuels Corp. is trading at a P/E of -2.1x. Compare with industry peers and growth rates for a complete picture.
Clean Energy Fuels Corp. has 4.2% gross margin and -22.0% operating margin.
Clean Energy Fuels Corp.'s Debt/EBITDA ratio is 20.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.