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Fuelcell Energy vs Woodward: revenue, profit, margins and growth compared

Fuelcell Energy brought in $158.2M of revenue in fiscal 2025, Woodward $3.6B in fiscal 2025. Revenue changed by +41.0% at Fuelcell Energy and +7.3% at Woodward on the year before, so Fuelcell Energy grew faster. Fuelcell Energy kept -118.8% of its revenue as net profit, Woodward 12.4%. Free cash flow was -$143.9M at Fuelcell Energy and $340.4M at Woodward.

Side by side, latest fiscal year

FCELWWD
Fiscal year endedFY2025 (October 31, 2025)FY2025 (September 30, 2025)
Revenue$158.2M$3.6B
Revenue growth+41.0%+7.3%
Net income-$187.9M$442.1M
Net margin-118.8%12.4%
Free cash flow-$143.9M$340.4M
Free cash flow margin-91.0%9.5%
Earnings per share (diluted)-$7.42$7.19
Cash$278.1M$327.4M
Debt$119.6M$579.9M
Price to earningsn/a45.3
Market value$1.3B$19.2B
Dividend yieldn/a0.33%
Rank by revenue in sector#128 of 163 · Energy#50 of 163 · Energy

Over the years

Revenue
FCEL FY2018: $89.4MFCEL FY2019: $60.8MFCEL FY2020: $70.9MFCEL FY2021: $69.6MFCEL FY2022: $130.5MFCEL FY2023: $123.4MFCEL FY2024: $112.1MFCEL FY2025: $158.2MWWD FY2018: $2.3BWWD FY2019: $2.9BWWD FY2020: $2.5BWWD FY2021: $2.2BWWD FY2022: $2.4BWWD FY2023: $2.9BWWD FY2024: $3.3BWWD FY2025: $3.6BFY18FY19FY20FY21FY22FY23FY24FY25
FCEL $158.2MWWD $3.6B
Net income
FCEL FY2018: -$47.3MFCEL FY2019: -$77.6MFCEL FY2020: -$89.1MFCEL FY2021: -$101.1MFCEL FY2022: -$142.7MFCEL FY2023: -$107.6MFCEL FY2024: -$126MFCEL FY2025: -$187.9MWWD FY2018: $180.4MWWD FY2019: $259.6MWWD FY2020: $240.4MWWD FY2021: $208.6MWWD FY2022: $171.7MWWD FY2023: $232.4MWWD FY2024: $373MWWD FY2025: $442.1MFY18FY19FY20FY21FY22FY23FY24FY25
FCEL -$187.9MWWD $442.1M
Net margin
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%WWD FY2018: 7.8%WWD FY2019: 9.0%WWD FY2020: 9.6%WWD FY2021: 9.3%WWD FY2022: 7.2%WWD FY2023: 8.0%WWD FY2024: 11.2%WWD FY2025: 12.4%FY18FY19FY20FY21FY22FY23FY24FY25
FCEL -118.8%WWD 12.4%
Revenue growth
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%WWD FY2019: +24.7%WWD FY2020: -13.9%WWD FY2021: -10.0%WWD FY2022: +6.1%WWD FY2023: +22.3%WWD FY2024: +14.1%WWD FY2025: +7.3%FY19FY20FY21FY22FY23FY24FY25
FCEL +41.0%WWD +7.3%
Free cash flow
FCEL FY2018: $6.3MFCEL FY2019: -$32.7MFCEL FY2020: -$37.2MFCEL FY2021: -$76.8MFCEL FY2022: -$133.2MFCEL FY2023: -$179.6MFCEL FY2024: -$200.6MFCEL FY2025: -$143.9MWWD FY2018: $172.2MWWD FY2019: $291.5MWWD FY2020: $302.4MWWD FY2021: $427MWWD FY2022: $140.8MWWD FY2023: $232MWWD FY2024: $342.8MWWD FY2025: $340.4MFY18FY19FY20FY21FY22FY23FY24FY25
FCEL -$143.9MWWD $340.4M

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

Questions about Fuelcell Energy and Woodward

Which is bigger by revenue, Fuelcell Energy or Woodward?

Woodward is bigger by revenue: $3.6B in fiscal 2025, against $158.2M for Fuelcell Energy in fiscal 2025.

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

Fuelcell Energy had a net margin of -118.8% in fiscal 2025; Woodward had 12.4% in fiscal 2025.

Which grew revenue faster, Fuelcell Energy or Woodward?

In their latest fiscal years revenue changed by +41.0% at Fuelcell Energy and +7.3% at Woodward.

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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