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FCEL · FUELCELL ENERGY INC

FuelCell Energy, Inc., together with its subsidiaries, engages in the design, development, production, construction, operation, and servicing of high temperature fuel cells for clean electric power generation. The company engages in the provision of carbonate fuel cell technology; and commercialization of solid oxide electrolysis technology for distributed hydrogen. It also offers carbonate fuel cell products in various configurations and applications of its platform, including on-site power, grid support, and microgrid; carbon capture, recovery, and utilization technologies; and carbonate-based Tri-gen system that produces zero-carbon hydrogen. In addition, the company sells electricity, heat, steam, capacity, and renewable energy credits. In addition, the company provides turn-key solutions, including development, engineering, procurement, construction, interconnection, and operation services for fuel cell projects. It serves utilities and independent power producers, data centers, wastewater treatment, commercial and hospitality, and microgrids; and industrial, commercial, municipal, and government customers, including manufacturing facilities, pharmaceutical processing facilities, universities, and healthcare facilities. 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.

Cap structure and valuation

Cap structure
SP$15.53
SO80.0M
Options0.0M
Warrants6.0M
FD SO86.0M
MC$1.34B
Cash$658.1M
Total debt$134.8M
EV$811.9M
TTM Multiples
EV / Revenue5.3x
EV / EBITDA—
MC / Net Income—
EV / FCF—
MC / FCF—
Ownership & coverage
Institutional57.0%
Insiders4.8%
# Institutions307
Analysts8
ConsensusBuy
Avg target$20.50
Short % float25.2%
Days to cover2.60

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-27. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-16 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.

Financial statements

LTM10/31/2510/31/2410/31/2310/31/22
Total Revenue 154.14158.16112.13123.39130.48
Revenue YoY % (2.5%)41.0%(9.1%)(5.4%)—
Cost of Revenue 204.06184.57148.05133.93160.06
Gross Profit (49.92)(26.41)(35.92)(10.54)(29.57)
Gross Profit YoY % (89.0%)26.5%(240.9%)64.4%—
Gross Margin % (32.4%)(16.7%)(32.0%)(8.5%)(22.7%)
SG&A 57.0060.7464.6064.5379.62
R&D 28.6434.0855.4061.0234.53
Operating Expense 129.26165.94122.57125.55114.15
Operating Income (179.19)(192.35)(158.49)(136.08)(143.72)
Operating Income YoY % 6.8%(21.4%)(16.5%)5.3%—
Operating Margin % (116.3%)(121.6%)(141.3%)(110.3%)(110.1%)
EBITDA (138.62)(151.95)(122.30)(110.71)(122.45)
EBITDA Margin % (89.9%)(96.1%)(109.1%)(89.7%)(93.8%)
Interest Expense 11.2010.389.697.256.39
Other Income / (Expense) 12.0411.4911.4335.863.71
Pretax Income (178.34)(191.24)(156.75)(107.47)(146.41)
Tax Provision —0.140.030.580.82
Net Income (178.30)(191.37)(156.78)(108.06)(147.23)
Net Income to Common (175.10)(187.90)(126.01)(107.57)(142.72)
Net Margin % (115.7%)(121.0%)(139.8%)(87.6%)(112.8%)
Diluted EPS -$2.78-$7.42-$7.83-$7.92-$11.43
Basic EPS -$2.78-$7.42-$7.83-$7.92-$11.43
Diluted Avg Shares 70.425.716.514.012.8
Basic Avg Shares 70.425.716.514.012.8

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-09-15 Livingston III Homer John Director 2026-09-14 P 16,404 $15.05 $246,955
2026-07-20 Livingston III Homer John Director 2026-07-16 P 26,343 $18.79 $494,967
2026-07-16 Livingston III Homer John Director 2026-07-15 A 833 — $0
2026-07-16 Hansen Cynthia L Director 2026-07-15 A 988 — $0
2026-07-16 England James Herbert Director 2026-07-15 A 1,451 — $0
2026-07-08 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2026-07-06 S (2,500) $28.71 -$71,775
2026-06-15 Livingston III Homer John Director 2026-06-11 A 534 — $0
2026-06-15 Livingston III Homer John Director 2026-06-11 A 5,896 — $0
2026-05-12 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2026-05-08 M 2,020 — $0
2026-05-12 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2026-05-08 F (492) $13.70 -$6,740
2026-05-12 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2026-05-08 M (2,020) — $-0
2026-04-22 von Althann Natica Director 2026-04-21 M 23,859 — $0
2026-04-22 von Althann Natica Director 2026-04-21 M (23,859) — $-0
2026-04-22 Bingham Betsy B Director 2026-04-21 M 23,859 — $0
2026-04-22 Bingham Betsy B Director 2026-04-21 M (23,859) — $-0
2026-04-21 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2026-04-20 S (2,500) $8.00 -$20,000
2026-04-17 Hansen Cynthia L Director 2026-04-15 A 2,657 — $0
2026-04-17 England James Herbert Director 2026-04-15 A 3,902 — $0
2026-04-13 Bingham Betsy B Director 2026-04-08 A 17,424 — $0
2026-04-10 Jordan Tyrone Michael Director 2026-04-08 A 17,424 — $0
2026-04-10 Sims Wilson Donna Director 2026-04-08 A 17,424 — $0
2026-04-10 von Althann Natica Director 2026-04-08 A 17,424 — $0
2026-04-10 HILZINGER MATTHEW F Director 2026-04-08 A 17,424 — $0
2026-04-10 Hansen Cynthia L Director 2026-04-08 A 17,424 — $0
2026-04-10 England James Herbert Director 2026-04-08 A 17,424 — $0
2026-04-10 Bingham Betsy B Director 2026-04-08 A 17,424 — $0
2026-04-10 Bingham Betsy B Director 2026-04-08 A 17,424 — $0
2026-01-27 Schreiber Amanda Justine Officer (*EVP, GC, and Corp Secy) 2026-01-23 A 49,277 — $0
2026-01-27 Schreiber Amanda Justine Officer (*EVP, GC, and Corp Secy) 2026-01-23 A 49,277 — $0
2026-01-20 Hansen Cynthia L Director 2026-01-15 A 2,266 — $0
2026-01-20 England James Herbert Director 2026-01-15 A 3,943 — $0
2026-01-02 Few Jason Director, Officer (CEO) 2025-12-30 M 29,250 — $0
2026-01-02 Few Jason Director, Officer (CEO) 2025-12-30 F (9,167) $7.94 -$72,786
2026-01-02 Few Jason Director, Officer (CEO) 2025-12-30 M (29,250) — $-0
2026-01-02 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-30 M 6,250 — $0
2026-01-02 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-30 F (1,959) $7.94 -$15,554
2026-01-02 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-30 M (6,250) — $-0
2026-01-02 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-30 M 11,363 — $0
2026-01-02 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-30 F (3,562) $7.94 -$28,282
2026-01-02 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-30 M (11,363) — $-0
2026-01-02 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-12-30 M 6,250 — $0
2026-01-02 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-12-30 F (1,688) $7.94 -$13,403
2026-01-02 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-12-30 M (6,250) — $-0
2025-12-23 Bingham Betsy B Director 2025-12-22 S (8,608) $8.52 -$73,371
2025-12-15 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-11 M 4,591 — $0
2025-12-15 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-11 F (1,439) $8.75 -$12,591
2025-12-15 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-11 M (4,591) — $-0
2025-12-15 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-11 M 2,525 — $0
2025-12-15 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-11 F (792) $8.75 -$6,930
2025-12-15 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-11 M (2,525) — $-0
2025-12-15 Few Jason Director, Officer (CEO) 2025-12-11 M 11,818 — $0
2025-12-15 Few Jason Director, Officer (CEO) 2025-12-11 F (3,704) $8.75 -$32,410
2025-12-15 Few Jason Director, Officer (CEO) 2025-12-11 M (11,818) — $-0
2025-12-09 Few Jason Director, Officer (CEO) 2025-12-05 M 4,654 — $0
2025-12-09 Few Jason Director, Officer (CEO) 2025-12-05 F (1,459) $8.37 -$12,212
2025-12-09 Few Jason Director, Officer (CEO) 2025-12-05 M 5,135 — $0
2025-12-09 Few Jason Director, Officer (CEO) 2025-12-05 F (1,610) $8.37 -$13,476
2025-12-09 Few Jason Director, Officer (CEO) 2025-12-05 M (4,654) — $-0
2025-12-09 Few Jason Director, Officer (CEO) 2025-12-05 M (5,135) — $-0
2025-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-05 M 813 — $0
2025-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-05 F (255) $8.37 -$2,134
2025-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-05 M 898 — $0
2025-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-05 F (282) $8.37 -$2,360
2025-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-05 M (813) — $-0
2025-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-12-05 M (898) — $-0
2025-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-05 M 1,057 — $0
2025-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-05 F (332) $8.37 -$2,779
2025-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-05 M 1,167 — $0
2025-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-05 F (366) $8.37 -$3,063
2025-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-05 M (1,057) — $-0
2025-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-12-05 M (1,167) — $-0
2025-12-01 Few Jason Director, Officer (CEO) 2025-11-28 A 111,695 — $0
2025-12-01 Few Jason Director, Officer (CEO) 2025-11-28 A 111,695 — $0
2025-12-01 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-11-28 A 36,136 — $0
2025-12-01 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-11-28 A 36,137 — $0
2025-12-01 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-11-28 A 36,136 — $0
2025-12-01 Dolger Joshua Officer (General Counsel & Corp Sec) 2025-11-28 A 36,137 — $0
2025-12-01 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-11-28 A 52,562 — $0
2025-12-01 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2025-11-28 A 52,562 — $0
2025-10-16 Hansen Cynthia L Director 2025-10-15 A 1,576 — $0
2025-10-16 England James Herbert Director 2025-10-15 A 2,743 — $0
2025-07-16 Hansen Cynthia L Director 2025-07-15 A 3,283 — $0
2025-07-16 England James Herbert Director 2025-07-15 A 5,715 — $0
2025-05-12 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-05-08 M 2,020 — $0
2025-05-12 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-05-08 F (492) $4.19 -$2,061
2025-05-12 Achanta Shankar Officer (EVP, Chf. Product &Tech Ofc.) 2025-05-08 M (2,020) — $-0
2025-04-23 Hansen Cynthia L Director 2025-04-21 A 4,383 — $0
2025-04-23 Hansen Cynthia L Director 2025-04-21 A 23,859 — $0
2025-04-23 England James Herbert Director 2025-04-21 A 7,630 — $0
2025-04-23 England James Herbert Director 2025-04-21 A 23,859 — $0
2025-04-23 von Althann Natica Director 2025-04-21 A 23,859 — $0
2025-04-23 HILZINGER MATTHEW F Director 2025-04-21 A 23,859 — $0
2025-04-23 Sims Wilson Donna Director 2025-04-21 A 23,859 — $0
2025-04-23 Bingham Betsy B Director 2025-04-21 A 23,859 — $0
2025-04-23 Jordan Tyrone Michael Director 2025-04-21 A 23,859 — $0
2025-04-23 Bingham Betsy B Director 2025-04-15 M 3,362 — $0
2025-04-23 Bingham Betsy B Director 2025-04-15 M (3,362) — $-0
2025-04-23 Jordan Tyrone Michael Director 2024-04-29 A 123,749 — $0
2025-01-16 England James Herbert Director 2025-01-15 A 3,001 — $0
2025-01-16 Bingham Betsy B Director 2025-01-15 A 1,293 $9.79 $12,658
2025-01-16 von Althann Natica Director 2025-01-15 A 537 — $0
2025-01-02 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-30 A 22,727 — $0
2025-01-02 Few Jason Director, Officer (CEO) 2024-12-30 A 58,500 — $0
2025-01-02 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-30 A 11,111 — $0
2025-01-02 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-30 A 12,500 — $0
2025-01-02 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-30 A 11,111 — $0
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-11 M 2,525 — $0
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-11 F (918) $12.56 -$11,530
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-11 M (2,525) — $-0
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-11 M 2,525 — $0
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-11 F (1,322) $12.56 -$16,604
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-11 M (2,525) — $-0
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-11 M 11,818 — $0
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-11 F (6,068) $12.56 -$76,214
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-11 M (11,818) — $-0
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-11 M 2,525 — $0
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-11 F (792) $12.56 -$9,948
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-11 M (2,525) — $-0
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-11 M 4,591 — $0
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-11 F (2,128) $12.56 -$26,728
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-11 M (4,591) — $-0
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-10 M 157 — $0
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-10 F (58) $11.35 -$658
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-10 M 248 — $0
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-10 F (91) $11.35 -$1,033
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-10 M (157) — $-0
2024-12-12 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-10 M (248) — $-0
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-10 M 343 — $0
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-10 F (180) $11.35 -$2,043
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-10 M 217 — $0
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-10 F (114) $11.35 -$1,294
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-10 M (343) — $-0
2024-12-12 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-10 M (217) — $-0
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-10 M 694 — $0
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-10 F (218) $11.35 -$2,474
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-10 M 1,097 — $0
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-10 F (564) $11.35 -$6,401
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-10 M (694) — $-0
2024-12-12 Few Jason Director, Officer (CEO) 2024-12-10 M (1,097) — $-0
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-10 M 217 — $0
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-10 F (69) $11.35 -$783
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-10 M 343 — $0
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-10 F (108) $11.35 -$1,226
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-10 M (217) — $-0
2024-12-12 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-10 M (343) — $-0
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-10 M 217 — $0
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-10 F (101) $11.35 -$1,146
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-10 M 343 — $0
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-10 F (159) $11.35 -$1,805
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-10 M (217) — $-0
2024-12-12 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-10 M (343) — $-0
2024-12-09 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-05 M 1,058 — $0
2024-12-09 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-05 F (332) $10.74 -$3,566
2024-12-09 Lisowski Michael Officer (EVP, Strategic Partnerships) 2024-12-05 M (1,058) — $-0
2024-12-09 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-05 M 1,058 — $0
2024-12-09 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-05 F (554) $10.74 -$5,950
2024-12-09 Feasel Mark Officer (EVP & Ch. Commercial Officer) 2024-12-05 M (1,058) — $-0
2024-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-05 M 1,058 — $0
2024-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-05 F (491) $10.74 -$5,273
2024-12-09 Bishop Michael S. Officer (EVP, TREASURER & CFO) 2024-12-05 M (1,058) — $-0
2024-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-05 M 814 — $0
2024-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-05 F (296) $10.74 -$3,179
2024-12-09 Dolger Joshua Officer (General Counsel & Corp Sec) 2024-12-05 M (814) — $-0
2024-12-09 Few Jason Director, Officer (CEO) 2024-12-05 M 4,655 — $0
2024-12-09 Few Jason Director, Officer (CEO) 2024-12-05 F (2,390) $10.74 -$25,669
2024-12-09 Few Jason Director, Officer (CEO) 2024-12-05 M (4,655) — $-0
2024-10-17 Bingham Betsy B Director 2024-10-15 A 38,434 $0.33 $12,656
2024-10-17 von Althann Natica Director 2024-10-15 A 15,943 — $0
2024-10-17 England James Herbert Director 2024-10-15 A 89,205 — $0