Clean Energy Fuels
CLNE on Nasdaq. Clean Energy Fuels sells natural gas fuel to truck and bus fleets. Market value $344m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.65 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -7 cents a year. Above 10 is good.
Quality score: 52 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$1.56 a share, at its 1-year low
Over the past year the price has ranged from $1.53 to $3.11.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $23 million in the past 12 months, $60 million in the year to December 2025.
| Revenue | |||||
| Revenue | $256m | $420m | $425m | $416m | $425m |
| Operating margin | |||||
| Operating margin | -37.2% | -12.3% | -18.0% | -8.7% | -37.6% |
| Debt to equity | |||||
| Debt to equity | 0.05 | 0.21 | 0.36 | 0.38 | 0.41 |
| Shares outstanding | |||||
| Shares outstanding | 0.22bn | 0.22bn | 0.22bn | 0.22bn | 0.22bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.41× equity
- Revenue growth, five yearsSlow, 7.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $106 million last quarter, up 4% on a year ago.
- A loss of $15 million, compared with a loss of $20 million a year ago.
- It loses 7 cents on each $1 of sales, compared with 37 cents a year earlier.
- Spare cash over the past 12 months: $23 million, down from $57 million.
- About the same number of shares as a year ago.
- Debt is $175 million more than cash, up from $149 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $105m |
| December 2024 | $109m |
| March 2025 | $104m |
| June 2025 | $103m |
| September 2025 | $106m |
| December 2025 | $112m |
| March 2026 | $118m |
| June 2026 | $106m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$18m |
| December 2024 | -$30m |
| March 2025 | -$135m |
| June 2025 | -$20m |
| September 2025 | -$24m |
| December 2025 | -$43m |
| March 2026 | -$12m |
| June 2026 | -$15m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 192 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GMOJeremy Grantham | $22m | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$31mCut
- GMO$22mCut
- Global Alpha Capital Management$20mAdded
- Vanguard Capital Management$15m
- State Street$13mAdded
- Dimensional Fund Advisors LP$12mCut
- Geode Capital Management$9mAdded
- Vanguard Portfolio Management$8m
- D. E. Shaw$6mCut
- ECP ControlCo$5m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- TotalEnergies SEat least 23.6%+0.3 pts(filed with 1 related holder)Since 27 February 2026
What they said
Item 4 of the Schedule 13D is hereby supplemented with the following: On November 24, 2025, the Reporting Persons entered into a 10b5-1 Sale Plan Agreement (the "Rule 10b5-1 Plan") with J.P. Morgan Securities LLC, an SEC-registered broker-dealer ("JPMS"), that is intended to…
Read the filing - Stonepeak CLNE-W Holdings LPPassive investorat least 8.4%(filed with 6 related holders)Since 13 October 2025
- BlackRock, Inc.Passive investor6.6%−1.4 ptsSince 31 March 2025
- GMOPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
TotalEnergies SE | at least 23.6%+0.3 pts (filed with 1 related holder) | 27 February 2026 | What they saidItem 4 of the Schedule 13D is hereby supplemented with the following: On November 24, 2025, the Reporting Persons entered into a 10b5-1 Sale Plan Agreement (the "Rule 10b5-1 Plan") with J.P. Morgan Securities LLC, an SEC-registered broker-dealer ("JPMS"), that is intended to… Read the filing |
Stonepeak CLNE-W Holdings LP Passive investor | at least 8.4% (filed with 6 related holders) | 13 October 2025 | |
BlackRock, Inc. Passive investor | 6.6%−1.4 pts | 31 March 2025 | |
GMO Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $109,030 of shares on the open market. 1 sold $338,250.
- Corbus BarclayPRESIDENT AND CEO, DirectorBought
- Date
- 10 August 2026
- Shares
- 25,000
- Price
- $1.62
- Value
- $40,500
- Scully StephenDirectorBought
- Date
- 25 June 2026
- Shares
- 25,000
- Price
- $1.75
- Value
- $43,750
- Corbus BarclayPRESIDENT AND CEO, DirectorBought
- Date
- 23 June 2026
- Shares
- 14,000
- Price
- $1.77
- Value
- $24,780
- Littlefair Andrew JDirectorSold
- Date
- 18 May 2026
- Shares
- 165,000
- Price
- $2.05
- Value
- $338,250
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 August 2026 | Corbus Barclay PRESIDENT AND CEO, Director | Bought | 25,000 | $1.62 | $40,500 |
| 25 June 2026 | Scully Stephen Director | Bought | 25,000 | $1.75 | $43,750 |
| 23 June 2026 | Corbus Barclay PRESIDENT AND CEO, Director | Bought | 14,000 | $1.77 | $24,780 |
| 18 May 2026 | Littlefair Andrew J Director | Sold | 165,000 | $2.05 | $338,250 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.