Fuel TECH, Inc. (FTEK) intrinsic value & 10-year financials
Fuel TECH, Inc. (FTEK) has a Graham intrinsic value of $0.48 per share. At $1.40 on Oct 17, 2026, the stock trades 192% above that value. Over the last 10 fiscal years revenue shrank 7.8% a year to $26.7M, with an average return on invested capital of -18.3%.
- Graham intrinsic value
- $0.48
- Share price (Oct 17, 2026)
- $1.40
- Price vs Graham value
- 192% above
- Market cap
- $43.3M
- Revenue (FY2025)
- $26.7M
- Revenue growth (10-yr CAGR)
- -7.8%
- ROIC (10-yr avg)
- -18.3%
- Free cash flow (FY2025)
- $2.3M
FTEK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $26.7M | -$2.3M | -$0.08 | $2.3M | -13.8% | -11.8% |
| FY2024 | $25.1M | -$1.9M | -$0.06 | -$3.8M | -18.7% | -15.5% |
| FY2023 | $27.1M | -$1.5M | -$0.05 | $278.0K | -9.8% | -11.0% |
| FY2022 | $26.9M | -$1.4M | -$0.05 | -$4.3M | -5.7% | -9.5% |
| FY2021 | $24.3M | $54.0K | $0.00 | $677.0K | -6.1% | -9.9% |
| FY2020 | $22.6M | -$4.3M | -$0.17 | -$3.0M | -19.2% | -29.5% |
| FY2019 | $30.5M | -$7.9M | -$0.32 | -$3.9M | -27.0% | -43.4% |
| FY2018 | $56.5M | -$28.0K | $0.00 | $4.4M | 0.2% | 0.2% |
| FY2017 | $45.2M | -$11.0M | -$0.46 | -$4.1M | -15.6% | -18.1% |
| FY2016 | $55.2M | -$17.4M | -$0.74 | -$3.7M | -26.9% | -34.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FUEL TECH, INC. is facing top-line stagnation, with revenue contracting over the decade.
FUEL TECH, INC. has historically struggled to out-earn its cost of capital, averaging just -18.3% ROIC.
FUEL TECH, INC. 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, FUEL TECH, INC. is modeled at -7.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.48 per share.