FuelCell Energy, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Oct 2025, Product was 44% and Electricity Generation was 30% of revenue; Product rose from 16% in the fiscal year to Oct 2023.

In the fiscal year to Oct 2025, United States was 52% and South Korea was 48% of revenue.

Quarters: FuelCell Energy, Inc.'s SEC filings, named by the month they end. Fiscal years: FuelCell Energy, Inc.'s annual reports to the SEC.

How it makes money

The company loses $118.8 for every $100 of revenue.

Circled: Jul 2023 (net −95.2%, operating −162.3%), Jan 2024 (net −118.6%, operating −254.5%), Apr 2024 (net −143.4%, operating −184.5%). Net margin is usually about 7 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: FuelCell Energy, Inc.'s annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

FuelCell Energy had $658M in cash and short-term investments at the end of Jul 2026. It burned $101M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 26 quarters.

From FuelCell Energy, Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report FuelCell Energy buys from 52nd Street Business Centre; sells to GGE, Ameresco, Exxon Mobil and 8 more. Since then its 8-K filings name Fit as a partner (Jun 24, 2026).

Suppliers

5

52nd Street Business Centre

 

FCELFuelCell Energy

Customers

Ameresco AMRC

CLPC CNTHP

Exxon Mobil XOM

Southern California Edison SCE-PM

Toyota TM

C

CGN

E.ON Connecting Energies

G

GGE

KOSPO

N

Noeul Green Energy

U

UIL Holdings

+3 more

Their customers

B

Berkshire Hathaway BRK-Bfrom Toyota

Joby Aviation JOBYfrom Toyota

Show 2

FuelCell Energy's 10-K for the year to Oct 2025 gives 7 customers' shares of its revenue: Gyeonggi Green Energy (46%), Connecticut Light And Power. (15%), United Illuminating (7%), Exxon Mobile Research And Engineering Company (6%), Esso Nederland (5%), Ameresco Inc (2%) and Korea Southern Power Company (1%). Separately, it gives a group of customers: Top Customers (82%).

From FuelCell Energy, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Partners

RREICo-owns Yaphank tax equity partnership$12.4 million tax equity commitment, November 2021 transaction

Exxon Mobil XOMLicenses carbon capture fuel cell technology$10 million license payment, June 2019 agreement

FFitinvested in FuelCell Energy · Receives warrants tied to commercial purchases · 8-K, Jun 24, 2026Warrants for up to 12,000,000 shares at $26.44 per share, issued June 22, 2026

PPOSCO EnergyLicenses technology for existing customer module replacements

FFranklin ParkCo-owns Derby tax equity partnership

East West Bank EWBCCo-owns Groton tax equity partnership

Only the companies FuelCell Energy names in its 10-K filed Dec 18, 2025 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 5.3x, above the peer median of 3.5x. Revenue is down 29% from a year ago.

Above the peer median of 3.5x. The market pays more per $1 of revenue than for peers.

FuelCell Energy, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $21.10, 106% above the current price; 55% of 11 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 6 analysts (55%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $9.08 to $21.78 (+140%), while FCEL went from $7.04 to $10.25 (+46%). In the past three months targets were cut once and never raised. 4 upgrades and no downgrades over the year; the latest: UBS moved it to Buy from Neutral on Jul 14, 2026.

The day after each of these reports the stock moved +5.6% (Oct 2025, beat); −7.2% (Jan 2026, beat); +0.9% (Apr 2026, missed); −14.1% (Jul 2026, missed).

For the quarter ending Oct 2026 (FuelCell Energy reports on Dec 17, 2026), analysts expect an adjusted loss of $0.35 a share, against a loss of $0.93 a year earlier, and revenue of $48M, down 12% on a year earlier. For the fiscal year ending Oct 2027, they expect an adjusted loss of $1.02 a share, and revenue of $242M, up 62% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $4.8M exceeds operating cash flow of −$96M, leaving free cash flow of −$101M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 6.6, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 funds whose copy leaves FCEL out (not traded on the exchange): CloudAlpha Capital Management Limited/Hong Kong, Swiss National Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held FCEL at the end of their latest quarter (for most, Q3 2026). Over that quarter 1 added shares, 1 cut and 4 bought new. The largest of them is Renaissance Technologies, 3.19M shares worth $52.3M at Sep 30, 2026, 150.5% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FCEL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

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