Latest Ratios: P/E Ratio -4.0x · EV/EBITDA N/A · ROE -25.8%. (1996–2025 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 | $1.6B | $230M | $2.7B | $13.7B | $35.9B | $80.2B | $13.3B | $394M | $2.1B | $3.3B | $3.0B |
| Enterprise Value | $1.4B | $96M | $2.7B | $13.6B | $35.5B | $79.9B | $13.4B | $496M | $2.1B | $3.3B | $3.0B |
| P/E Ratio → | -4.01 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 9.96 | 1.46 | 24.10 | 111.24 | 274.84 | 1153.09 | 187.91 | 6.48 | 23.46 | 34.28 | 27.64 |
| P/B Ratio | 1.05 | 0.32 | 3.71 | 18.05 | 47.54 | 113.76 | 52.35 | 2.90 | 11.86 | 17.37 | 17.17 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | 128.57 | — | — |
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 | — | 0.61 | 24.17 | 110.34 | 272.13 | 1148.28 | 188.38 | 8.17 | 24.02 | 34.73 | 27.66 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | -16.7% | -16.7% | -32.0% | -8.5% | -22.7% | -22.5% | -10.9% | -35.0% | 3.5% | 2.9% | -0.3% |
| Operating Margin | -76.6% | -76.6% | -139.1% | -110.3% | -110.1% | -93.3% | -55.3% | -110.2% | -49.9% | -47.0% | -42.8% |
| Net Profit Margin | -118.8% | -118.8% | -112.4% | -87.2% | -109.4% | -145.2% | -125.7% | -127.7% | -52.9% | -56.3% | -47.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.8% | -25.8% | -16.9% | -14.2% | -19.6% | -21.1% | -45.7% | -49.6% | -25.9% | -29.7% | -31.0% |
| ROA | -20.0% | -20.0% | -13.3% | -11.4% | -15.7% | -14.4% | -20.8% | -23.0% | -13.1% | -14.9% | -16.5% |
| ROIC | -13.6% | -13.6% | -16.9% | -19.4% | -27.9% | -14.8% | -11.2% | -21.6% | -14.6% | -16.5% | -23.8% |
| ROCE | -14.0% | -14.0% | -17.7% | -15.6% | -17.1% | -10.1% | -10.7% | -24.3% | -15.8% | -15.7% | -18.9% |
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 | 0.20 | 0.20 | 0.22 | 0.18 | 0.14 | 0.14 | 0.72 | 0.83 | 0.50 | 0.49 | 0.49 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.18 | 0.01 | -0.15 | -0.47 | -0.47 | 0.13 | 0.76 | 0.28 | 0.23 | 0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -17.43 | -17.43 | -15.18 | -13.83 | -21.90 | -12.72 | -4.82 | -6.35 | -4.56 | -4.97 | -9.30 |
Net cash position: cash ($278M) exceeds total debt ($144M)
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 | 6.63 | 6.63 | 6.01 | 7.23 | 6.76 | 10.30 | 3.97 | 1.34 | 2.17 | 2.07 | 3.87 |
| Quick Ratio | 5.36 | 5.36 | 4.48 | 5.95 | 5.70 | 9.03 | 3.11 | 0.48 | 1.28 | 1.32 | 2.46 |
| Cash Ratio | 4.10 | 4.10 | 3.48 | 5.37 | 5.34 | 8.19 | 2.54 | 0.15 | 0.65 | 0.50 | 1.61 |
| Asset Turnover | — | 0.17 | 0.12 | 0.13 | 0.14 | 0.08 | 0.14 | 0.18 | 0.26 | 0.25 | 0.32 |
| Inventory Turnover | 2.14 | 2.14 | 1.30 | 1.59 | 1.76 | 1.27 | 1.54 | 1.50 | 1.61 | 1.25 | 1.47 |
| Days Sales Outstanding | — | 122.33 | 158.20 | 59.47 | 44.49 | 124.07 | 90.66 | 65.94 | 94.02 | 261.43 | 82.92 |
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 | 0.4% | 1.4% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.2% | 0.1% | 0.1% |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | 1.4% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.2% | 0.1% | 0.1% |
| Shares Outstanding | — | $26M | $262M | $420M | $383M | $335M | $222M | $55M | $7M | $4M | $2M |
Persistent negative gross margins
According to recent market data, FCEL trades at a price-to-sales ratio of 8.04, which appears disconnected from its negative gross margins and suggests investors are pricing in speculative upside for carbon capture technology rather than current operational performance or tangible earnings power.
The valuation multiple implies a growth-oriented pricing model that is difficult to justify given the company's historical inability to achieve positive gross margins. Investors should monitor whether this premium is sustainable or if it reflects a misunderstanding of the company's long-term path to commercial viability.
As reported in financial statements, FCEL's ROIC has remained consistently negative, reaching -10.3% in 2026Q2, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investments in fuel cell stack manufacturing and utility-scale generation assets.
The persistent negative return on invested capital suggests that the cost of maintaining the existing fleet and funding R&D significantly outweighs the returns generated by the business. This trend warrants further investigation into whether the pivot to new technologies will improve capital efficiency or merely extend the current cycle of value erosion.
Based on quarterly data, the company's cash conversion cycle remains highly volatile, peaking at 619 days in 2025Q1 and settling at 274 days in 2026Q2, which highlights significant inefficiencies in managing inventory and collecting receivables relative to the long-term nature of its project-based revenue model.
The extended cash conversion cycle suggests that the company faces structural challenges in converting its project backlog into liquid cash. This inefficiency forces a reliance on external financing to bridge the gap between manufacturing costs and final project completion, increasing the company's sensitivity to capital market conditions.
While the current ratio of 8.59 reported in 2026Q2 appears robust, it is largely a function of project-based accounting and does not reflect the company's ongoing cash burn, which remains a critical risk factor for long-term solvency according to recent financial filings.
The high liquidity ratios may provide a false sense of security, as they do not account for the significant cash outflows required to sustain operations and service long-term contracts. Investors should focus on the absolute cash balance and the rate of depletion rather than the current ratio, which is heavily influenced by non-cash working capital items.
The most commonly misapplied metric for FCEL is top-line revenue growth, which obscures the fact that the company's negative gross margins mean that each additional dollar of revenue may actually increase the total cash burn rather than contributing to operational profitability.
Analysts should prioritize gross margin expansion and unit-level economics over headline revenue growth, as the latter is often driven by capital-intensive projects that do not yet demonstrate a path to scale. Focusing on revenue without adjusting for the cost of goods sold leads to an overestimation of the company's commercial progress.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FCEL stock.
FuelCell Energy, Inc.'s current P/E ratio is -4.0x. This places it at the 50th percentile of its historical range.
FuelCell Energy, Inc.'s return on equity (ROE) is -25.8%. The historical average is -40.9%.
Based on historical data, FuelCell Energy, Inc. is trading at a P/E of -4.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FuelCell Energy, Inc.'s current dividend yield is 0.42%.
FuelCell Energy, Inc. has -16.7% gross margin and -76.6% operating margin.