Clean Energy Fuels Corp. (CLNE) intrinsic value & 10-year financials
Clean Energy Fuels Corp. (CLNE) has a Graham intrinsic value of $0.84 per share. At $1.50 on Oct 17, 2026, the stock trades 79% above that value. Over the last 10 fiscal years revenue grew 0.6% a year to $424.8M, with an average return on invested capital of -7.6%.
- Graham intrinsic value
- $0.84
- Share price (Oct 17, 2026)
- $1.50
- Price vs Graham value
- 79% above
- Market cap
- $331.0M
- Revenue (FY2025)
- $424.8M
- Revenue growth (10-yr CAGR)
- 0.6%
- ROIC (10-yr avg)
- -7.6%
- Free cash flow (FY2025)
- $59.9M
CLNE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $424.8M | -$222.0M | -$1.01 | $59.9M | -37.6% | -18.6% |
| FY2024 | $415.9M | -$83.1M | -$0.37 | -$418.0K | -8.7% | -3.7% |
| FY2023 | $425.2M | -$99.5M | -$0.45 | -$57.2M | -18.0% | -8.6% |
| FY2022 | $420.2M | -$58.7M | -$0.26 | $22.2M | -12.3% | -6.8% |
| FY2021 | $255.6M | -$93.1M | -$0.44 | $18.2M | -37.2% | -15.3% |
| FY2020 | $291.7M | -$9.9M | -$0.05 | $47.8M | -3.4% | -1.8% |
| FY2019 | $344.1M | $20.4M | $0.10 | -$14.8M | 2.9% | 1.6% |
| FY2018 | $346.4M | -$3.8M | -$0.02 | $12.7M | 1.1% | 0.7% |
| FY2017 | $341.6M | -$79.2M | -$0.53 | -$40.6M | -39.4% | -21.0% |
| FY2016 | $402.7M | -$13.7M | — | $22.6M | -4.4% | -2.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Clean Energy Fuels Corp. has demonstrated mature, steady growth, with revenue compounding at 0.6% annually over the past decade.
Clean Energy Fuels Corp. has historically struggled to out-earn its cost of capital, averaging just -7.6% ROIC.
Clean Energy Fuels Corp. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Clean Energy Fuels Corp. is modeled at 0.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.84 per share.