FuelCell Energy, Inc. (FCEL) Stock

FuelCell Energy, Inc. (FCEL) is a Industrials stock trading at $18.54 (as of 2026-08-20), with a market capitalization of $1.25B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

FuelCell Energy, Inc. designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload generation. It offers SureSource power plant platforms, including systems for hydrogen and other energy outputs, along with carbon capture equipment and related engineering, procurement, construction, financing, and monitoring support for utilities, microgrids, distributed hydrogen users, and industrial facilities.

Understand FuelCell Energy, Inc.: how it makes money

FuelCell Energy designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants, it earns money from selling its SureSource platform systems and modules, and from related generation revenue and service agreements or license revenue tied to those deployments.

FuelCell Energy's revenue mix links its economics to both deployment scale (how many platforms and modules are in commercial operation) and contract-linked recurring streams (generation revenue and service agreements or license revenue tied to operating projects).

Business quality (Weak): The company has clear operating metrics around deployed platforms and pipeline, but the latest provided results show revenue_b of 0.0B with deeply negative gross and operating margins, and the provided segment revenue candidates do not reconcile cleanly to the latest total revenue figure, so near-term profitability signals are weak in this dataset.

Bull case

Commercial deployment footprint is measurable: The provided operational metrics show 95.0 Platforms in Commercial Operation and 188.0 Fuel Cell Modules in Commercial Operation.
Business has multiple revenue streams tied to projects: Revenue categories provided include Product Revenue, Generation Revenue, and Service Agreements and License Revenue, supporting the idea that both installs and ongoing operations matter.
Pipeline provides visibility into future deployments: The provided operational metrics include Pipeline (Submitted Proposals) of 4.0 (count).

Bear case

Profitability is severely negative in the latest provided period: Gross margin is -36.3% and operating margin is -218.9% in the latest provided financials.
Near-term revenue appears minimal in the provided snapshot: The provided revenue_b is 0.0 for the latest period, which makes it harder to judge progress toward sustainable earnings power from this dataset alone.
Some provided service line revenue is flat or near zero: In the provided segment revenue candidates, Service Agreement Revenue is listed as 0.0B, which could indicate limited contribution from that specific line in the snapshot.

Valuation — source: SEC EDGAR (first-party)
Price	$18.54
Market Cap	$1.25B
Price / Book	1.72
Price / Sales	7.47
FCF Yield	-9.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$158.16M
Net Margin	-118.8%
Revenue Growth (YoY)	-4.9%
EPS Growth (YoY)	-19.0%
FCF Growth (YoY)	-17.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	-0.73 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Industrials)	25.9
Industry P/E (Electrical Equipment)	37.8

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Legal & General Group Plc ($18.71M)
Institutional Holders Tracked	10
Congressional Trades (recent)	5

Company
Sector	Industrials
Industry	Electrical Equipment
CEO	Jason Few
Employees	584
Country	US
IPO Date	1992-06-25

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.