Fuel Tech Inc. Common Stock (FTEK)

FairStock Score: 65/100 — STEADY

Key Financials

AI Analysis

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

Mr. Market is offering Fuel Tech at $1.61 as of the 2026-10-13 close, with a market value of $50.3M. That is not a large enterprise, and the financial record is not what I look for. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $6.5M but net income was -$1.2M, or -$0.04 per diluted share. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $6.1M and net income was -$1.4M. The one recent bright spot was fiscal Q3 2025, the quarter ended 2025-09-30, when revenue was $7.5M and net income was $303,000, or $0.01 per diluted share. But fiscal year 2025, ended 2025-12-31, showed revenue of $26.7M and a net loss of $2.3M, or -$0.08 per diluted share. Fiscal 2024 had a $1.9M loss and fiscal 2023 a $1.5M loss. That is the opposite of consistent earning power. The company sells pollution-control and process-optimization technology to industrial customers, but with 77 employees and persistent losses, I see little evidence of a durable competitive moat or pricing power. The balance sheet is a redeeming feature: debt-to-equity is only 0.01. Still, FairStock calculates trailing free cash flow of -$1.2M, a -2.4% FCF yield, and an Altman Z-Score of 1.73, suggesting financial stress. FairStock also shows ROE of -8.92% and ROCE of -6.35%. At the 2026-10-13 close, FairStock calculates a P/B of 1.34 and a P/E of -14.64. Without earnings there is no margin of safety in the Graham sense. I would want to see several quarters of positive net income and cash generation before trusting the value.

In plain English: Fuel Tech is a small industrial company that sells technology to reduce air pollution and improve processes for utilities and factories. The business has been growing sales but losing money in recent years, and it does not earn a profit. At $1.61 a share, the price does not look clearly cheap because there are no profits or positive cash flow to support it.

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

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

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