FCEL
FuelCell Energy, Inc.

FuelCell Energy, Inc.FCEL

Industrials · Electrical Equipment & Parts
9.96USD
+11.53%
Nov 08, 2026
FCEL overview ready
Megawatt-Scale Carbonate Fuel Cell Systems for Data Centers and Utilities
FuelCell Energy manufactures, delivers, and services megawatt-scale carbonate fuel-cell generation systems and develops related power projects.
Primary theme is lagging
Power / Grid is lagging (-16.9pp vs SPY over 21 sessions; 8 of 32 members ahead of SPY).
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the growth it delivers per turn of revenue multiple.
Solid fundamentals
Ev / sales is strong.
Primary risk
Continued negative margins and cash burn.
Market Nov 6Filing Jul 31Price action Nov 7Research Oct 2

Conviction Level

PriceAction1.4BusinessPerformance2.0BusinessQuality—Valuation3.0ThemeMomentum1.0Weakening — Revenue fell 29% year over year in the latest quarter. Per-share figures are not comparable across a large share-count change; the net loss moved to -$44.5M from -$91.7M a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Power / GridLagging
vs SPY
−16.9pp
Theme return
−21.9%
Beating SPY
8 of 32
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$796.3M
Avg Volume (60D)
6.6M
60 sessions
Revenue Growth YoY
+41.0%
FY2025 vs FY2024
Gross Margin
-32.4%
Operating Margin
-116.3%
Trailing twelve months
Free Cash Flow Yield
-12.7%
Distance from 200DMA
-33.5%
Next Earnings
2026-12-17
P/E
N/M
EV / Sales
1.9x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jul 31, 2026
Filed balance-sheet data as of Jul 31, 2026

Business Performance

Weakening

Revenue fell 29% year over year in the latest quarter. Per-share figures are not comparable across a large share-count change; the net loss moved to -$44.5M from -$91.7M a year earlier.

Latest reported: Q3 FY2026, ended Jul 31
Revenue growthDeclining
-29%
$33.0M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +12%
  2. +61%
  3. -4.9%
  4. -29%
Earnings growthLoss narrowing
-$44.5M
Net income -$44.5M. Per-share figures are not comparable across a large share-count change.
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
-141.4%
+62.6 pp YoY
The business is consuming cash
The share count is rising

Business Quality

Not assessed

Not assessed yet — the business is too early-stage for its economics to show in filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; peers is the dissenting view.
FuelCell Energy, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the growth it delivers per turn of revenue multiple.

What changed

  • FCEL rose 11.5% in one session
    FCEL closed +11.5% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
FuelCell Energy manufactures, delivers, and services megawatt-scale carbonate fuel-cell generation systems and develops related power projects. Its current commercial emphasis includes utility-scale and onsite baseload power for data centers, while it also advances carbon-capture and solid-oxide electrolysis offerings.
Opportunity
Moderate opportunity
Large-load owners, particularly data-center developers, are pursuing modular onsite and behind-the-meter generation to secure reliable power and shorten time-to-power when grid interconnection and transmission additions lag load growth.
Key risk
Continued negative margins and cash burn.

Economic classification

Loading the economic classification…

Business & Markets

Industrials · Electrical Equipment & Parts
What they do

FuelCell Energy designs, produces, constructs, operates, and services high-temperature fuel cells for clean electric power generation, focusing on carbonate fuel cell technology and solid oxide electrolysis for distributed hydrogen.

How it earns

Project-based sales of fuel cell systems and related power generation services, including electricity, heat, steam, capacity, and renewable energy credits.

Products & services
Carbonate fuel cell generation systems
Solid oxide electrolysis technology
Electricity and heat sales
Renewable energy credits
Customers & end markets
Utilities and independent power producers
Data centers
Wastewater treatment facilities
Commercial and hospitality sectors
Microgrids
Market position

Niche player specializing in megawatt-scale carbonate fuel cell systems for onsite and utility-scale power.

Demand drivers
Medium cyclicality

Demand tied to capital investment cycles in data centers and utilities, influenced by energy infrastructure development.

Related companies

Finding other covered companies in the same part of this story…