FuelCell Energy Inc. Common Stock (FCEL)

FairStock Score: 62/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a student of Buffett and Graham, I start with whether the business earns durable profits. FuelCell Energy does not yet clear that bar. In fiscal Q3 2026, the quarter ended 2026-07-31, revenue was $33.0M and net loss was $44.5M, or -$0.64 per diluted share. That was better than fiscal Q3 2025, when revenue was $46.7M and net loss was $91.7M, but the improvement came mostly from a smaller loss, not stronger sales. For FY2025, revenue rose to $158.2M from $112.1M in FY2024, yet net loss widened to $187.9M from $126.0M. That tells me growth is not yet translating into owner earnings. The balance sheet is not heavily leveraged with debt-to-equity of 0.16, but trailing free cash flow is -$113.2M and FCF yield is -9.1%. FairStock calculations show a negative P/E of -5.62 and ROE of -21.38%; P/B is 1.27 at the 2026-10-13 close. The Piotroski F-Score of 4/9 and Altman Z-Score of 1.24 suggest weak financial quality and some distress risk. A moat? I see none proven by the numbers. The technology may be differentiated, but no pricing power or recurring profit is visible. The Lynch screen reports no category because losses occurred in each of the last four years. At $15.50, the market is paying for a future that must be funded. I prefer businesses that compound cash; this one consumes it. Until revenue grows with positive cash flow, it remains a speculation, not a Graham bargain.

In plain English: FuelCell Energy makes fuel-cell power systems and hydrogen equipment. The business is not strong: it keeps losing money, burns cash, and sales are uneven. At $15.50, the price does not look cheap compared with its net assets and current losses, so it looks more like a turnaround bet than a proven bargain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-07-31) · fiscal Q2 2026 10-Q (period ended 2026-04-30) · fiscal Q1 2026 10-Q (period ended 2026-01-31) · fiscal Q3 2025 10-Q (period ended 2025-07-31) · FY2025 10-K (period ended 2025-10-31) · FY2024 10-K (period ended 2024-10-31) · FY2023 10-K (period ended 2023-10-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer