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.

FCEL stock: frequently asked questions

What is the intrinsic value of Fuelcell Energy Inc. (FCEL) stock?

Graham's formula only works with positive earnings. Fuelcell Energy Inc. reported diluted EPS of -$7.42 in fiscal 2025, so no Graham value is shown. The 10-year table shows revenue and cash-flow trends instead.

How fast has Fuelcell Energy Inc. grown?

Revenue went from $108.3M in fiscal 2016 to $158.2M in fiscal 2025, a compound annual growth rate of 4.3%. Net income was -$187.9M in fiscal 2025.

Does Fuelcell Energy Inc. generate free cash flow?

Fuelcell Energy Inc. generated -$143.9M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 1 of the last 10 reported years.

What is FCEL's return on invested capital?

Average ROIC over the last 10 fiscal years was -33.7%, and average return on equity was -41.9%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this FCEL data come from?

From Fuelcell Energy Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Jun 8, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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