Latest Ratios: P/E Ratio -23.7x · EV/EBITDA N/A · ROE -5.7%. (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 | $55M | $48M | $32M | $32M | $38M | $42M | $96M | $23M | $29M | $27M | $27M |
| Enterprise Value | $44M | $37M | $24M | $15M | $15M | $6M | $87M | $10M | $17M | $18M | $15M |
| P/E Ratio → | -23.70 | — | — | — | — | 777.78 | — | — | — | — | — |
| P/S Ratio | 2.08 | 1.81 | 1.28 | 1.18 | 1.43 | 1.71 | 4.25 | 0.75 | 0.51 | 0.59 | 0.49 |
| P/B Ratio | 1.38 | 1.21 | 0.77 | 0.73 | 0.86 | 0.90 | 4.29 | 0.88 | 0.84 | 0.78 | 0.62 |
| P/FCF | 23.68 | 20.61 | — | 114.62 | — | 61.41 | — | — | 6.60 | — | — |
| P/OCF | 18.39 | 16.00 | — | 45.78 | — | 54.63 | — | — | 5.84 | — | — |
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 | — | 1.38 | 0.96 | 0.55 | 0.57 | 0.24 | 3.86 | 0.34 | 0.30 | 0.41 | 0.27 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 17.55 | — | — |
| EV / EBIT | — | — | — | — | — | 67.97 | — | — | 39.33 | — | — |
| EV / FCF | — | 15.76 | — | 53.60 | — | 8.74 | — | — | 3.85 | — | — |
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 | 46.4% | 46.4% | 42.3% | 43.0% | 43.2% | 49.0% | 47.2% | 35.5% | 35.5% | 39.9% | 34.1% |
| Operating Margin | -13.8% | -13.8% | -18.7% | -9.8% | -5.7% | -6.1% | -19.2% | -27.0% | 0.2% | -15.6% | -26.9% |
| Net Profit Margin | -8.7% | -8.7% | -7.7% | -5.7% | -5.4% | 0.2% | -19.0% | -25.8% | -0.0% | -24.3% | -31.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | -4.5% | -3.5% | -3.2% | 0.2% | -17.7% | -26.1% | -0.1% | -28.3% | -34.0% |
| ROA | -4.8% | -4.8% | -3.9% | -3.1% | -2.9% | 0.1% | -13.9% | -18.8% | -0.1% | -20.3% | -26.0% |
| ROIC | -8.8% | -8.8% | -11.6% | -8.2% | -7.1% | -9.2% | -23.9% | -34.7% | 0.3% | -18.4% | -32.3% |
| ROCE | -8.8% | -8.8% | -10.7% | -5.9% | -3.3% | -4.2% | -16.9% | -26.8% | 0.3% | -18.0% | -28.7% |
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 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.09 | 0.02 | 0.00 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 0.08 | — | — |
| Net Debt / Equity | — | -0.28 | -0.19 | -0.39 | -0.52 | -0.77 | -0.39 | -0.48 | -0.35 | -0.24 | -0.27 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -12.50 | — | — |
| Debt / FCF | — | -4.85 | — | -61.02 | — | -52.67 | — | — | -2.75 | — | — |
| Interest Coverage | — | — | — | -68.95 | -80.65 | 4.58 | -1054.25 | — | — | — | — |
Net cash position: cash ($12M) exceeds total debt ($580000)
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 | 5.09 | 5.09 | 5.06 | 6.74 | 7.52 | 12.87 | 3.81 | 4.51 | 2.37 | 2.15 | 2.89 |
| Quick Ratio | 5.03 | 5.03 | 4.99 | 6.66 | 7.43 | 12.76 | 3.79 | 4.45 | 2.32 | 2.09 | 2.82 |
| Cash Ratio | 3.97 | 3.97 | 3.19 | 5.22 | 5.52 | 11.14 | 1.92 | 2.71 | 0.70 | 0.53 | 0.84 |
| Asset Turnover | — | 0.57 | 0.52 | 0.54 | 0.54 | 0.49 | 0.75 | 0.96 | 1.09 | 0.89 | 0.95 |
| Inventory Turnover | 38.32 | 38.32 | 36.55 | 35.14 | 39.03 | 35.53 | 122.80 | 74.38 | 38.11 | 28.72 | 35.94 |
| Days Sales Outstanding | — | 73.27 | 136.05 | 90.69 | 104.71 | 49.03 | 105.66 | 78.06 | 118.79 | 165.12 | 124.91 |
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 | — | — | — | — | — | 0.1% | — | — | — | — | — |
| FCF Yield | 4.2% | 4.9% | — | 0.9% | — | 1.6% | — | — | 15.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 0.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 0.6% |
| Shares Outstanding | — | $31M | $31M | $30M | $30M | $30M | $25M | $24M | $24M | $24M | $23M |
Coal plant retirement acceleration
Based on reported figures, Fuel Tech's P/S ratio of 2.51 and negative P/E suggest the market is pricing the firm as a speculative option on regulatory catalysts rather than a traditional industrial compounder, especially when compared to the more consistent EBITDA generation seen in peers like CECO Environmental.
The absence of a positive P/E ratio reflects the company's persistent struggle to achieve scale-driven profitability. Investors appear to be assigning value primarily to the company's cash-rich balance sheet and potential for a pivot into new water treatment verticals, rather than current earnings power.
According to recent financial statements, Fuel Tech's ROIC has remained consistently negative, reaching -4.1% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it, a trend that warrants further investigation into the viability of its core combustion-related business model.
The inability to generate positive returns on invested capital suggests that the high fixed costs associated with specialized engineering and R&D are not being adequately offset by project margins. This persistent decay in returns highlights the structural challenge of maintaining a high-tech industrial footprint within a shrinking addressable market.
As reported in quarterly filings, the company's cash conversion cycle has fluctuated wildly, ranging from 9 to 81 days over the last ten quarters, which underscores the operational inefficiency inherent in managing lumpy, project-based revenue streams alongside a recurring chemical sales model.
The significant swings in DSO and CCC suggest that the company lacks consistent leverage over its customer base, often resulting in delayed cash collection. This volatility complicates liquidity management and forces the company to maintain higher cash balances than would be required in a more predictable industrial business.
Based on recent SEC filings, Fuel Tech maintains a strong current ratio of 5.44, providing a substantial liquidity buffer that appears sufficient to sustain the company through its current period of negative operating margins and the ongoing secular decline of its primary coal-fired utility customer base.
The company's liquidity position is a clear strength, effectively insulating it from immediate insolvency risks despite the lack of consistent cash flow generation. However, this liquidity is largely a function of conservative capital management rather than operational success, and investors should monitor how effectively this capital is deployed.
The P/E ratio is the most commonly misapplied metric for Fuel Tech, as it fails to account for the company's lumpy, project-based revenue recognition and the significant impact of non-cash items, which together render traditional earnings-based valuation models largely irrelevant for this specific industrial business model.
Instead of P/E, analysts should focus on EV/Sales or cash-burn metrics to better understand the company's runway and the value of its proprietary technology library. Relying on earnings multiples in a business that is currently in a transition phase risks ignoring the underlying value of the company's cash position and its potential for diversification.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FTEK stock.
Fuel Tech, Inc.'s current P/E ratio is -23.7x. The historical average is 59.5x.
Fuel Tech, Inc.'s return on equity (ROE) is -5.7%. The historical average is -2.7%.
Based on historical data, Fuel Tech, Inc. is trading at a P/E of -23.7x. Compare with industry peers and growth rates for a complete picture.
Fuel Tech, Inc. has 46.4% gross margin and -13.8% operating margin.