Fuelcell Energy Inc. (FCEL) intrinsic value & 10-year financials
Fuelcell Energy Inc. (FCEL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 4.3% a year to $158.2M, with an average return on invested capital of -33.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $13.00
- Market cap
- $334.7M
- Revenue (FY2025)
- $158.2M
- Revenue growth (10-yr CAGR)
- 4.3%
- ROIC (10-yr avg)
- -33.7%
- Free cash flow (FY2025)
- -$143.9M
FCEL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $158.2M | -$187.9M | -$7.42 | -$143.9M | -121.6% | -33.6% |
| FY2024 | $112.1M | -$126.0M | -$7.83 | -$200.6M | -141.3% | -26.6% |
| FY2023 | $123.4M | -$107.6M | -$0.26 | -$179.6M | -110.3% | -31.6% |
| FY2022 | $130.5M | -$142.7M | -$0.38 | -$133.2M | -110.1% | -47.4% |
| FY2021 | $69.6M | -$101.1M | -$0.31 | -$76.8M | -93.3% | -25.6% |
| FY2020 | $70.9M | -$89.1M | -$0.42 | -$37.2M | -55.3% | -20.5% |
| FY2019 | $60.8M | -$77.6M | -$0.46 | -$32.7M | -110.2% | -44.1% |
| FY2018 | $89.4M | -$47.3M | -$0.19 | $6.3M | -49.9% | -31.0% |
| FY2017 | $95.7M | -$53.9M | -$0.28 | -$84.2M | -47.0% | -35.5% |
| FY2016 | $108.3M | -$51.0M | -$0.46 | -$54.3M | -42.8% | -40.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FUELCELL ENERGY INC has demonstrated mature, steady growth, with revenue compounding at 4.3% annually over the past decade.
FUELCELL ENERGY INC has historically struggled to out-earn its cost of capital, averaging just -33.7% ROIC.
Over the decade, FUELCELL ENERGY INC shows that management has aggressively returned capital to shareholders by retiring 78.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FUELCELL ENERGY INC is modeled at 4.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-109.47 per share.