Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FUELCELL ENERGY INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
108
95.7
89.4
60.8
70.9
69.6
130
123
112
158
Cost of revenue
109
92.9
86.3
82
78.6
85.2
160
134
148
185
Gross profit
-0.36
2.73
3.09
-21.3
-7.73
-15.6
-29.6
-10.5
-35.9
-26.4
Research and development
20.8
20.4
22.8
13.8
4.8
11.3
34.5
61
55.4
34.1
Selling, general and administrative
25.2
25.9
24.9
31.9
26.6
37.9
79.6
64.5
64.6
60.7
Operating expenses
46
47.7
47.7
45.7
31.4
49.3
114
126
123
166
Operating income
-46.4
-44.9
-44.6
-66.9
-39.2
-64.9
-144
-136
-158
-192
Interest expense
4.96
9.17
9.06
10.6
15.3
7.36
6.39
7.25
9.69
10.4
Interest income
0.03
3.39
15.8
13.7
8.31
Other non-operating income
0.62
0.25
3.34
0.09
0.68
-0.73
0.32
4.72
-2.3
3.18
Pre-tax income
-50.7
-53.9
-50.3
-77.5
-89.1
-101
-146
-107
-157
-191
Income tax
0.52
0.04
-3.02
0.11
0.05
0
0.82
0.58
0.03
0.14
Net income to minority interests
-0.25
0
0
0.03
-4.51
-0.49
-30.8
-3.47
Net income
-51
-53.9
-47.3
-77.6
-89.1
-101
-143
-108
-126
-188
EBITDA
-42.1
-40.5
-36
-54.6
-19.8
-45
-122
-111
-122
-152
EPS, basic
-659.33
-412.98
-271.01
-54.74
-12.63
-9.32
-11.43
-7.92
-7.83
-7.42
EPS, diluted
-659.33
-412.98
-271.01
-54.74
-12.63
-9.32
-11.43
-7.92
-7.83
-7.42
Shares, basic (weighted)
0.08
0.14
0.23
1.83
7.38
11.1
12.8
14
16.5
25.7
Shares, diluted (weighted)
0.08
0.14
0.23
1.83
7.38
11.1
12.8
14
16.5
25.7
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
84.2
49.3
39.3
9.43
150
432
458
250
148
278
Short-term investments
104
109
Receivables
24.6
68.5
9.28
3.29
9.56
14.7
4.89
3.81
11.8
4
Inventory
73.8
74.5
53.6
54.5
51
67.1
90.9
84.5
114
86.2
Other current assets
10.2
6.57
8.59
5.92
6.31
9.18
11
12.9
12.7
15.9
Total current assets
202
204
130
84.3
234
543
580
476
444
450
Property, plant and equipment
36.6
43.6
48.2
41.1
36.3
39.4
58.1
89.7
131
96.4
Lease right-of-use assets
10.1
10.1
8.11
7.19
8.35
8.12
11.2
Goodwill
4.08
4.08
4.08
4.08
4.08
4.08
4.08
4.08
4.08
Intangible assets
9.59
9.59
9.59
21.3
20
18.7
17.4
16.1
14.8
3.89
Other non-current assets
16.4
16.5
13.5
9.49
15.3
17
13.7
51.2
48.5
104
Total assets
341
384
340
333
524
875
940
956
944
932
Accounts payable
18.5
42.6
22.6
16.9
9.58
19.3
28.2
26.5
22.6
17
Accrued liabilities
20.9
18.4
7.63
11.5
15.7
16.1
27.4
26.3
30.4
31.3
Deferred revenue
6.81
7.96
11.3
11.5
10.4
6.29
16.3
2.41
4.23
2.73
Short-term debt
5.01
28.3
17.6
21.9
21.4
10.1
13.2
10.1
15.9
15.8
Total current liabilities
52
98.1
60.1
62.7
58.9
52.8
85.8
65.9
73.9
67.8
Long-term debt
76.8
59.5
70.3
84.4
144
77.6
69.2
109
116
104
Lease liabilities
9.82
8.09
7.58
8.99
8.89
12
Other non-current liabilities
80.9
63.8
71.6
90.1
151
78.6
82.9
120
131
115
Total liabilities
166
195
163
198
269
170
185
195
217
201
Total debt
81.8
87.8
87.9
106
165
87.7
82.4
119
132
120
Paid-in capital
1,005
1,045
1,073
1,151
1,359
1,908
2,094
2,200
2,300
2,493
Retained earnings
-890
-944
-991
-1,075
-1,164
-1,265
-1,408
-1,516
-1,642
-1,829
Treasury stock
-0.18
-0.28
-0.36
-0.47
-0.43
-0.59
-0.86
-1.08
-1.2
-1.41
Other comprehensive income
-0.54
-0.42
-0.4
-0.65
-0.74
-0.82
-1.75
-1.67
-1.56
-1.7
Shareholders' equity
114
101
82.2
75.7
195
642
684
682
657
662
Minority interests
0
7.11
18
10.7
9.11
Total equity
114
101
82.2
75.7
195
642
691
700
668
671
Total liabilities and equity
341
384
340
333
524
875
940
956
944
932
Shares outstanding
0.1
2.31
0.27
6.44
9.8
12.2
406
15
20.4
46.1
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-51.2
-53.9
-47.3
-77.6
-89.1
-101
-147
-108
-157
-191
Depreciation and amortization
4.3
4.4
8.65
12.4
19.4
19.9
21.3
25.4
36.2
40.4
Stock-based compensation
3.43
4.59
3.24
2.8
1.87
4.29
6.79
12
11.8
11.1
Deferred income tax
0
0
-3.04
0
0
Change in receivables
30.2
-35.4
24.2
4.84
-6.27
-5.17
9.2
1.08
-7.94
7.75
Change in inventory
-8.05
-7.97
31.7
-6.43
-2.11
-18.8
-28.1
4.69
-29.2
15.9
Change in payables
-3.02
25
-19.8
-0.17
-7.06
1.99
6.33
3
-1
-2.76
Cash from operations
-46.6
-71.8
16.3
-30.6
-36.8
-70.4
-112
-140
-153
-125
Capital expenditures
-7.73
-12.4
-10
-2.15
-0.38
-6.35
-21.1
-39.4
-47.7
-18.6
Cash from investing
-41.5
-31.4
-51.3
-69.3
-32.5
-73.2
-46.7
-192
-60
88.9
Debt issued
85.9
17.9
13.1
69.6
87.8
10.2
101
23.1
Debt repaid
-30.5
-8.57
-16.6
-48.4
-30.1
-98.6
-9.54
-47.8
-11.7
-14.4
Stock issued
70.9
Cash from financing
121
72.3
27.7
59.7
222
412
181
151
122
169
Exchange rate effect
-0.09
-0.08
-0.93
0.08
0.11
0.08
Net change in cash
32.6
-30.9
-7.21
-40.5
152
268
20.8
-181
-90.7
133
Free cash flow
-54.3
-84.2
6.29
-32.7
-37.2
-76.8
-133
-180
-201
-144
Interest paid
1.94
2.72
4.49
4.09
8.38
5.77
1.56
3.09
6.8
7.25
Income taxes paid
0.08
0
0
0.05
0
0.01
0
0.01
0.02
0.15
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $16.14 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-32.4%
Gross profit / revenue.
Operating margin
-116.3%
Operating income / revenue.
EBITDA margin
-89.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-115.7%
Pre-tax income / revenue.
Net margin
-113.6%
Net income / revenue.
FCF margin
-65.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-62.5%
Cash from operations / revenue.
Return on equity (ROE)
-18.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-13.4%
Net income / average total assets.
Return on invested capital (ROIC)
-30.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
18.6%
Research and development expense / revenue.
SG&A / revenue
37.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
6.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.1%
Capital expenditures / revenue.
D&A / revenue
26.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
41.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
6.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
17.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
0.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-1.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
27.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-1.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-0.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
12.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
56.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
26.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
28.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.67x
Current assets / current liabilities.
Quick ratio
6.92x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
6.85x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.16x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
11.7%
Total debt / total assets.
Liabilities / assets
20.5%
Total liabilities / total assets.
Net debt
-$504.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$2.49
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.19
Revenue / diluted weighted shares.
FCF per share
-$1.44
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.37
Cash from operations / diluted weighted shares.
Book value per share
$12.20
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
8.37x
Market cap / revenue.
P/B
1.32x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.33x
Market cap / tangible book value, when positive.
EV/Sales
5.10x
Enterprise value / revenue.
FCF yield
-7.8%
Free cash flow / market cap.
Earnings yield
-13.6%
Net income / market cap (the inverse of P/E).
What was FUELCELL ENERGY INC's revenue in fiscal 2025?
FUELCELL ENERGY INC reported revenue of $158.2M for fiscal 2025, 41% higher than the year before.
Was FUELCELL ENERGY INC profitable in fiscal 2025?
No. It reported a net loss of $187.9M.
How much free cash flow did FUELCELL ENERGY INC generate in fiscal 2025?
Cash from operations of $125.3M minus capital expenditures of $18.6M left free cash flow of -$143.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.