Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FUEL TECH, 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
55.2
45.2
56.5
30.5
22.6
24.3
26.9
27.1
25.1
26.7
Cost of revenue
36.4
27.1
36.5
19.6
11.9
12.4
15.3
15.4
14.5
14.3
Gross profit
18.8
18
20.1
10.8
10.6
11.9
11.6
11.7
10.6
12.4
Research and development
1.75
1.07
1.07
1.13
1.18
1.33
0.9
1.51
1.56
2.01
Selling, general and administrative
25.6
20.9
18.6
17.2
13.6
12.1
12.3
12.8
13.8
14.1
Operating income
-12
-7.07
0.11
-8.24
-4.34
-1.49
-1.53
-2.66
-4.7
-3.68
Interest expense
0
0
0
0.02
0.02
0.02
0
Interest income
0.03
0.01
0.01
0.04
0.01
0.2
1.3
1.25
1.42
Other non-operating income
-0.93
-0.06
0
-0.01
0.12
1.57
-0.05
-0.09
1.59
-0.04
Pre-tax income
-12.9
-7.12
0.12
-7.84
-4.22
0.07
-1.39
-1.47
-1.87
-2.31
Income tax
1.66
-0.58
0.03
0.01
0.06
0.01
0.05
0.07
0.08
0.02
Income from continuing operations
-14.6
-6.54
0.09
-7.85
-4.28
Net income
-17.4
-10.4
-0.03
-7.85
-4.28
0.05
-1.44
-1.54
-1.94
-2.32
EBITDA
-10.2
-5.75
0.76
-7.43
-3.67
-0.91
-1.18
-2.38
-4.3
-3.02
EPS, basic
-0.01
-0.44
0.00
-0.32
-0.17
0.00
-0.05
-0.05
-0.06
-0.08
EPS, diluted
-0.74
-0.44
0.00
-0.32
-0.17
0.00
-0.05
-0.05
-0.06
-0.08
Shares, basic (weighted)
23.4
23.9
24.2
24.2
24.7
29.6
30.3
30.3
30.6
30.9
Shares, diluted (weighted)
23.4
23.9
24.2
24.2
24.7
29.7
30.3
30.3
30.6
30.9
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
11.8
8.37
12
10.9
10.6
35.9
23.3
17.6
8.51
11.9
Short-term investments
0.01
0.01
0
0
2.98
12.1
10.2
12.9
Receivables
18.8
19.7
18.4
6.47
6.55
3.26
7.73
6.73
9.37
5.36
Inventory
1.01
0.95
0.96
0.26
0.1
0.35
0.39
0.44
0.4
0.37
Other current assets
2.89
3.59
3.3
1.88
2.19
1.07
1.4
1.44
1.16
1.34
Total current assets
40.6
33.7
40.7
21.6
21.1
41.5
35.8
38.3
29.6
31.9
Property, plant and equipment
10.5
6.27
5.98
5.66
5.22
4.61
4.44
4.54
5.08
4.74
Lease right-of-use assets
0
0.36
0.39
0.24
0.2
0.61
0.59
0.54
Goodwill
2.12
2.12
2.12
2.12
2.12
2.12
2.12
2.12
2.12
2.12
Intangible assets
1.8
1.67
1.16
0.91
0.55
0.45
0.4
0.36
0.33
0.65
Long-term investments
0
6.36
3.66
10.9
6.99
Other non-current assets
0.67
1.19
1.26
0.44
0.36
0.82
0.79
0.78
0.19
0.21
Total assets
57.8
50.5
51.7
31.6
30.1
50
50.1
50.4
48.8
47.2
Accounts payable
6.3
9.07
9.5
2.12
2.35
1.56
2.71
2.42
2.92
3.24
Accrued liabilities
1.39
1.49
1.56
0.52
0.93
0.69
1.11
1.25
1.25
1.31
Deferred revenue
1.23
0.71
0.85
0.39
0.37
1.28
0.72
1.03
Short-term debt
0
Total current liabilities
14.1
15.7
17.2
4.79
5.53
3.22
4.77
5.69
5.86
6.27
Long-term debt
0
1.56
0
Lease liabilities
0
0.18
0.24
0.12
0.07
0.53
0.55
0.49
Other non-current liabilities
0.35
0.42
0.34
0.29
0.31
0.29
0.27
0.28
0.26
0.3
Total liabilities
14.4
16.3
17.7
5.43
7.77
3.77
5.28
6.67
6.84
7.25
Total debt
0
1.56
0
Paid-in capital
137
139
139
140
140
164
164
165
165
166
Retained earnings
-92.2
-103
-102
-110
-115
-115
-116
-118
-119
-122
Treasury stock
-1.21
-1.47
-1.48
-1.61
-2.18
-2.23
-2.25
-2.25
-2.35
-2.57
Other comprehensive income
-1.57
-0.77
-1.29
-1.78
-1.37
-1.6
-1.73
-1.75
-1.92
-1.72
Shareholders' equity
42.7
34.2
34.1
26.2
22.3
46.2
44.8
43.7
42
39.9
Total equity
42.7
34.2
34.1
26.2
22.3
46.2
44.8
43.7
42
39.9
Total liabilities and equity
57.8
50.5
51.7
31.6
30.1
50
50.1
50.4
48.8
47.2
Shares outstanding
23.4
24.1
24.2
24.6
25.2
30.3
30.3
30.4
30.7
31.1
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-17.4
-10.4
-0.03
-7.85
-4.28
0.05
-1.44
-1.54
-1.94
-2.32
Depreciation and amortization
1.78
1.31
0.65
0.81
0.66
0.58
0.35
0.28
0.4
0.66
Stock-based compensation
1.99
1.39
0.23
0.57
0.29
0.08
0.22
0.39
0.45
0.33
Deferred income tax
1.2
-0.53
0
0
-0.04
0.01
0.04
-0.01
0
0.01
Change in receivables
3.52
0.11
0.85
11.4
1.1
3.79
-4.45
1.04
-1.13
2.52
Change in inventory
0.45
-0.13
-0.11
0.82
0.17
-0.25
-0.05
-0.05
0.04
0.03
Change in payables
-2.45
2.5
0.52
-7.33
0.2
-0.77
1.16
-0.3
0.52
0.26
Cash from operations
-2.74
-3.57
4.93
-3.39
-2.71
0.76
-4.14
0.7
-3.43
3.02
Capital expenditures
-0.94
-0.49
-0.57
-0.55
-0.25
-0.08
-0.21
-0.42
-0.38
-0.67
Acquisitions
0
Cash from investing
-0.94
-0.49
-0.57
-0.05
-0.25
-0.08
-9.48
-6.44
-5.44
0.55
Stock issued
0
0
0
0
0.3
0
0
0.04
0
0
Share buybacks
-0.13
-0.57
-0.05
-0.02
0
-0.1
-0.22
Cash from financing
-0.17
-0.26
-0.01
-0.13
1.28
24
-0.02
0.04
-0.1
-0.22
Exchange rate effect
0.01
0.86
-0.67
-1
0.78
-0.21
-0.09
-0.04
-0.1
0.09
Net change in cash
-3.84
-3.46
3.67
-4.56
-0.9
24.4
-13.7
-5.75
-9.07
3.43
Free cash flow
-3.68
-4.06
4.36
-3.94
-2.95
0.68
-4.35
0.28
-3.81
2.34
Interest paid
0
0
0
0.02
0.1
Income taxes paid
0.37
0.03
0.03
0.02
0.1
-0.05
0.01
0.01
0.05
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.72 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
44.7%
Gross profit / revenue.
Operating margin
-16.8%
Operating income / revenue.
EBITDA margin
-14.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-12.7%
Pre-tax income / revenue.
Net margin
-12.8%
Net income / revenue.
FCF margin
-4.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-0.8%
Cash from operations / revenue.
Return on equity (ROE)
-9.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-8.1%
Net income / average total assets.
Return on invested capital (ROIC)
-12.2%
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
7.8%
Research and development expense / revenue.
SG&A / revenue
53.7%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
0.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.6%
Capital expenditures / revenue.
D&A / revenue
2.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
6.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-0.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
3.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
16.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
2.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
3.1%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-4.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-3.8%
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
12.3%
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
-3.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-2.0%
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
9.4%
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
1.2%
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
0.7%
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
4.6%
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
5.10x
Current assets / current liabilities.
Quick ratio
4.79x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.00x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.11
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
$0.88
Revenue / diluted weighted shares.
FCF per share
-$0.04
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.01
Cash from operations / diluted weighted shares.
Book value per share
$1.20
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.96x
Market cap / revenue.
P/B
1.43x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.55x
Market cap / tangible book value, when positive.
EV/Sales
1.24x
Enterprise value / revenue.
FCF yield
-2.2%
Free cash flow / market cap.
Earnings yield
-6.5%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.1%
(Dividends paid + share buybacks) / market cap.
What was FUEL TECH, INC.'s revenue in fiscal 2025?
FUEL TECH, INC. reported revenue of $26.7M for fiscal 2025, 6.1% higher than the year before.
Was FUEL TECH, INC. profitable in fiscal 2025?
No. It reported a net loss of $2.3M.
How much free cash flow did FUEL TECH, INC. generate in fiscal 2025?
Cash from operations of $3.0M minus capital expenditures of $674.0K left free cash flow of $2.3M.
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.