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FCEL 
FuelCell Energy Inc (FCEL)
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Upturn Advisory Summary
11/18/2025: FCEL (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
8 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $7.84
1 Year Target Price $7.84
| 0 | Strong Buy |
| 0 | Buy |
| 6 | Hold |
| 1 | Sell |
| 1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -48.52% | Avg. Invested days 23 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/18/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 326.10M USD | Price to earnings Ratio - | 1Y Target Price 7.84 |
Price to earnings Ratio - | 1Y Target Price 7.84 | ||
Volume (30-day avg) 8 | Beta 1.15 | 52 Weeks Range 3.58 - 13.98 | Updated Date 11/18/2025 |
52 Weeks Range 3.58 - 13.98 | Updated Date 11/18/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -9.86 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -130.81% | Operating Margin (TTM) -57.43% |
Management Effectiveness
Return on Assets (TTM) -9.21% | Return on Equity (TTM) -29.43% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 347441362 | Price to Sales(TTM) 2.14 |
Enterprise Value 347441362 | Price to Sales(TTM) 2.14 | ||
Enterprise Value to Revenue 2.28 | Enterprise Value to EBITDA -4.19 | Shares Outstanding 47676043 | Shares Floating 32244449 |
Shares Outstanding 47676043 | Shares Floating 32244449 | ||
Percent Insiders 0.15 | Percent Institutions 24.92 |
Upturn AI SWOT
FuelCell Energy Inc
Company Overview
History and Background
FuelCell Energy, Inc. was founded in 1969. It develops, manufactures, installs, and operates fuel cell technology platforms for power generation.
Core Business Areas
- Service Agreements: Long-term service agreements to maintain and service its fuel cell platforms, contributing to recurring revenue.
- Power Generation: Generates and sells electricity directly to utilities and commercial customers using its installed fuel cell plants.
- Advanced Technologies: Develops advanced technologies such as carbon capture and hydrogen production using fuel cell technology.
- Fuel Cell Manufacturing: Manufacturing and sales of fuel cell stacks and systems.
Leadership and Structure
Jason Few is the President and CEO. The company has a board of directors and operates with a functional organizational structure across departments like engineering, sales, and finance.
Top Products and Market Share
Key Offerings
- SureSource Power Plants: Fuel cell power plants that generate clean electricity and heat. FuelCell Energy has a limited market share in the overall distributed generation market. Competitors include Bloom Energy, Cummins, and General Electric.
- SureSource Capture: Carbon capture systems integrated with fuel cells. The market is emerging, with limited market share data currently available. Competitors include Mitsubishi Heavy Industries, and Saipem.
- SureSource Hydrogen: Hydrogen production via fuel cell technology. The market is rapidly expanding, and market share data is still developing. Competitors include Plug Power, and ITM Power.
Market Dynamics
Industry Overview
The fuel cell industry is growing due to increasing demand for clean energy and government incentives. It's competitive with various players focusing on different applications.
Positioning
FuelCell Energy focuses on large-scale, stationary fuel cell solutions for power generation, carbon capture, and hydrogen production. Its competitive advantages include its multi-faceted technology and experience.
Total Addressable Market (TAM)
The global fuel cell market is expected to reach hundreds of billions of dollars in the coming years. FuelCell Energy is positioned to capitalize on this growing market by expanding its products in power generation and carbon capture, focusing on large-scale industrial clients.
Upturn SWOT Analysis
Strengths
- Technological innovation in fuel cell technology
- Strong portfolio of patents
- Service agreements providing recurring revenue
- Established presence in stationary power generation
Weaknesses
- History of net losses and negative cash flow
- High debt levels
- Dependence on government subsidies and incentives
- Relatively small market share compared to larger energy companies
Opportunities
- Growing demand for clean energy solutions
- Increasing government support for fuel cell technology
- Expansion into new markets such as hydrogen production and carbon capture
- Partnerships and collaborations with other energy companies
Threats
- Competition from other renewable energy sources (solar, wind)
- Fluctuations in natural gas prices
- Changes in government regulations and incentives
- Technological advancements by competitors
Competitors and Market Share
Key Competitors
- BE
- BLDP
- ITM.L
Competitive Landscape
FuelCell Energy competes with companies specializing in fuel cells (Bloom Energy and Ballard Power) and also broader energy companies. FuelCell Energy is differentiating by focusing on large-scale industrial application. However, the company's financial health is less robust than the financial health of its competitors.
Growth Trajectory and Initiatives
Historical Growth: FuelCell Energy's growth has been uneven, with periods of rapid expansion followed by financial challenges.
Future Projections: Analyst estimates vary, with some projecting significant revenue growth driven by increased adoption of fuel cell technology, but these depend on macroeconomic conditions.
Recent Initiatives: Recent initiatives include expansion into carbon capture and hydrogen production, as well as strategic partnerships to develop and deploy its technology.
Summary
FuelCell Energy is a company that shows promise in a growing field. It is weighed down by historical financial challenges, as it competes in a demanding market. If macroeconomic conditions are favorable, it is positioned to capitalize on increasing demand for fuel cell technology in clean energy, including strategic partnerships and carbon capture development. The company should be watched due to its potential and its weakness.
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Sources and Disclaimers
Data Sources:
- Company Filings
- Analyst Reports
- Industry Reports
- Financial News Outlets
Disclaimers:
Data is based on publicly available information and may not be entirely accurate or complete. This analysis is for informational purposes only and should not be considered investment advice.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About FuelCell Energy Inc
Exchange NASDAQ | Headquaters Danbury, CT, United States | ||
IPO Launch date 1992-06-25 | President, CEO & Director Mr. Jason B. Few | ||
Sector Industrials | Industry Electrical Equipment & Parts | Full time employees 584 | Website https://www.fuelcellenergy.com |
Full time employees 584 | Website https://www.fuelcellenergy.com | ||
FuelCell Energy, Inc., together with its subsidiaries, manufactures and sells stationary fuel cell and electrolysis platforms that decarbonize power and produce hydrogen. The company provides various configurations and applications of its platform, including on-site power, utility grid support, and microgrid, as well as distributed hydrogen; solid oxide-based electrolysis; solutions for long duration hydrogen-based energy storage and electrolysis technology; and carbon capture, separation, and utilization systems. It also offers technology to produce electricity, heat, clean hydrogen, and water. In addition, the company provides turn-key solutions, including development, engineering, procurement, construction, interconnection, and operation services. It serves various markets, including utilities and independent power producers, data centers and communication, wastewater treatment, government, commercial and hospitality, food and beverage, microgrids, manufacturing, pharmaceutical processing, universities, healthcare facilities, industrial hydrogen, port, oil and gas, wind and solar projects, and hydrogen for mobility and material handling, as well as engineering, procurement, and construction firms. The company primarily operates in the United States, South Korea, Europe, and Canada. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.
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