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Graftech International vs Fuelcell Energy: revenue, profit, margins and growth compared

Graftech International brought in $504.1M of revenue in fiscal 2025, Fuelcell Energy $158.2M in fiscal 2025. Revenue changed by -6.4% at Graftech International and +41.0% at Fuelcell Energy on the year before, so Fuelcell Energy grew faster. Graftech International kept -43.6% of its revenue as net profit, Fuelcell Energy -118.8%. Free cash flow was -$120.5M at Graftech International and -$143.9M at Fuelcell Energy.

Side by side, latest fiscal year

EAFFCEL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (October 31, 2025)
Revenue$504.1M$158.2M
Revenue growth-6.4%+41.0%
Net income-$219.8M-$187.9M
Net margin-43.6%-118.8%
Free cash flow-$120.5M-$143.9M
Free cash flow margin-23.9%-91.0%
Earnings per share (diluted)-$8.45-$7.42
Cash$138.4M$278.1M
Debt$1.1B$119.6M
Price to earningsn/an/a
Market value$259.9M$1.3B
Dividend yieldn/an/a
Rank by revenue in sector#105 of 163 · Energy#128 of 163 · Energy

Over the years

Revenue
EAF FY2018: $1.9BEAF FY2019: $1.8BEAF FY2020: $1.2BEAF FY2021: $1.3BEAF FY2022: $1.3BEAF FY2023: $620.5MEAF FY2024: $538.8MEAF FY2025: $504.1MFCEL FY2018: $89.4MFCEL FY2019: $60.8MFCEL FY2020: $70.9MFCEL FY2021: $69.6MFCEL FY2022: $130.5MFCEL FY2023: $123.4MFCEL FY2024: $112.1MFCEL FY2025: $158.2MFY18FY19FY20FY21FY22FY23FY24FY25
EAF $504.1MFCEL $158.2M
Net income
EAF FY2018: $854.2MEAF FY2019: $744.6MEAF FY2020: $434.4MEAF FY2021: $388.3MEAF FY2022: $383MEAF FY2023: -$255.3MEAF FY2024: -$131.2MEAF FY2025: -$219.8MFCEL FY2018: -$47.3MFCEL FY2019: -$77.6MFCEL FY2020: -$89.1MFCEL FY2021: -$101.1MFCEL FY2022: -$142.7MFCEL FY2023: -$107.6MFCEL FY2024: -$126MFCEL FY2025: -$187.9MFY18FY19FY20FY21FY22FY23FY24FY25
EAF -$219.8MFCEL -$187.9M
Net margin
EAF FY2018: 45.1%EAF FY2019: 41.6%EAF FY2020: 35.5%EAF FY2021: 28.9%EAF FY2022: 29.9%EAF FY2023: -41.1%EAF FY2024: -24.3%EAF FY2025: -43.6%FCEL FY2018: -52.9%FCEL FY2019: -127.7%FCEL FY2020: -125.7%FCEL FY2021: -145.2%FCEL FY2022: -109.4%FCEL FY2023: -87.2%FCEL FY2024: -112.4%FCEL FY2025: -118.8%FY18FY19FY20FY21FY22FY23FY24FY25
EAF -43.6%FCEL -118.8%
Revenue growth
EAF FY2019: -5.5%EAF FY2020: -31.6%EAF FY2021: +9.9%EAF FY2022: -4.8%EAF FY2023: -51.6%EAF FY2024: -13.2%EAF FY2025: -6.4%FCEL FY2019: -32.1%FCEL FY2020: +16.7%FCEL FY2021: -1.8%FCEL FY2022: +87.5%FCEL FY2023: -5.4%FCEL FY2024: -9.1%FCEL FY2025: +41.0%FY19FY20FY21FY22FY23FY24FY25
EAF -6.4%FCEL +41.0%
Free cash flow
EAF FY2018: $768.4MEAF FY2019: $741.2MEAF FY2020: $527.6MEAF FY2021: $384.8MEAF FY2022: $252.5MEAF FY2023: $22.5MEAF FY2024: -$74.4MEAF FY2025: -$120.5MFCEL FY2018: $6.3MFCEL FY2019: -$32.7MFCEL FY2020: -$37.2MFCEL FY2021: -$76.8MFCEL FY2022: -$133.2MFCEL FY2023: -$179.6MFCEL FY2024: -$200.6MFCEL FY2025: -$143.9MFY18FY19FY20FY21FY22FY23FY24FY25
EAF -$120.5MFCEL -$143.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Graftech International and Fuelcell Energy

Which is bigger by revenue, Graftech International or Fuelcell Energy?

Graftech International is bigger by revenue: $504.1M in fiscal 2025, against $158.2M for Fuelcell Energy in fiscal 2025.

Which keeps more of its revenue as profit, Graftech International or Fuelcell Energy?

Graftech International had a net margin of -43.6% in fiscal 2025; Fuelcell Energy had -118.8% in fiscal 2025.

Which grew revenue faster, Graftech International or Fuelcell Energy?

In their latest fiscal years revenue changed by -6.4% at Graftech International and +41.0% at Fuelcell Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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