Fuel Tech, Inc. (FTEK) Stock

Fuel Tech, Inc. (FTEK) is a Industrials stock trading at $1.38 (as of 2026-08-20), with a market capitalization of $43.08M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Fuel Tech, Inc. provides technologies and chemical programs for stationary combustion units, focused on improving boiler performance and reducing emissions. It operates through two segments—Air Pollution Control Technology for reducing NOx in flue gas and FUEL CHEM Technology for managing combustion-related deposits and related environmental parameters for utility and industrial customers.

Understand Fuel Tech, Inc.: how it makes money

Fuel Tech supplies air pollution control and boiler optimization solutions for utility and industrial customers, and it makes money by selling NOx reduction technologies and related fuel chemistry solutions across its two segments, Air Pollution Control Technology and FUEL CHEM Technology.

The company’s profit model depends on converting environmental compliance demand into segment revenue, but the latest quarter shows a wide gap between gross profit and operating profit (gross margin positive while operating margin is negative).

Revenue by segment (latest quarter)
Air Pollution Control$0.0B
FuelChem$0.0B

Business quality (Weak): Clear two-segment structure (Air Pollution Control and FuelChem), but the latest quarter indicates that gross margin is not yet turning into operating profitability, so order to revenue conversion and operating cost coverage are central questions.

Bull case

  • Strong gross margin in the latest quarter: Fuel Tech reported gross_margin_pct of 43.5% in the latest quarter.
  • Demand signal tracked through orders: The company’s operating flow appears order-driven, with Air Pollution Control Business Segment Orders provided as an operating KPI.

Bear case

  • Operating losses despite positive gross margin: In the latest quarter, operating_margin_pct was -26.2%, indicating operating expenses exceeded gross profit.
  • Revenue scale appears small in the latest quarter: The reported revenue_b is 0.0B for the latest quarter, which can amplify the impact of fixed operating costs.
Valuation — source: SEC EDGAR (first-party)
Price$1.38
Market Cap$43.08M
Price / Book1.15
Price / Sales1.65
FCF Yield-0.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$26.68M
Net Margin-8.7%
Revenue Growth (YoY)6.1%
EPS Growth (YoY)33.3%
FCF Growth (YoY)-161.5%
Financial Health — source: SEC EDGAR
Altman Z-Score0.86 (distress)
Valuation vs Sector & Industry
Sector P/E (Industrials)25.9
Industry P/E (Machinery)32.3
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderGRACE & WHITE INC /NY ($1.88M)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryMachinery
CEOVincent J. Arnone
Employees72
CountryUS
IPO Date1993-09-07

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FTEK earnings history · FTEK institutional & insider holders · FTEK KPIs & operating metrics · FTEK financials · FTEK investor presentations & press releases · FTEK SEC filings · FTEK peers · Congress trades · Insider trades · Short interest · Stock screener

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.