Fuelcell Energy
FCEL on Nasdaq. Fuelcell Energy sells fuel cell power plants to businesses, utilities, and governments. Market value $1.4bn.
Price checks use the past 12 months to July 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to October 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-8.72 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -20 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$20.65 a share, 262% above its 1-year low
Over the past year the price has ranged from $5.71 to $37.88.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $70m | $130m | $123m | $112m | $158m |
| Operating margin | |||||
| Operating margin | -93.3% | -110.1% | -110.3% | -141.3% | -121.6% |
| Debt to equity | |||||
| Debt to equity | 0.14 | 0.12 | 0.18 | 0.20 | 0.18 |
| Shares outstanding | |||||
| Shares outstanding | 0.41bn | 0.45bn | 0.56bn | 0.03bn | 0.08bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.18× equity
- Revenue growth, five yearsStrong, 17.4% a year
- Buying back its own sharesYes, 80% fewer since 2021
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $33 million last quarter, down 29% on a year ago.
- A loss of $44 million, compared with a loss of $92 million a year ago.
- It loses 116 cents on each $1 of sales, compared with 134 cents a year earlier.
- 188% more shares than a year ago. Each share owns a bit less of the company.
- It has $505 million more cash than debt, up from $52 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $49m |
| January 2025 | $19m |
| April 2025 | $37m |
| July 2025 | $47m |
| October 2025 | $55m |
| January 2026 | $31m |
| April 2026 | $36m |
| July 2026 | $33m |
| Quarter to | Amount |
|---|---|
| October 2024 | -$41m |
| January 2025 | -$28m |
| April 2025 | -$38m |
| July 2025 | -$92m |
| October 2025 | -$30m |
| January 2026 | -$23m |
| April 2026 | -$78m |
| July 2026 | -$44m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 December 2025
- Next quarterly (estimated, 10-Q)
- 2 December 2026
Who owns it
None of the long-term investors we follow own it. 222 funds in all.
Largest holders overall
- BlackRock$155mAdded
- Legal & General Group$87mCut
- Vanguard Capital Management$84mAdded
- State Street$77mAdded
- TWO Sigma Investments, LP$74mAdded
- Geode Capital Management$51mAdded
- Encompass Capital Advisors$49mNew
- UBS Group AG$46mAdded
- Renaissance Technologies$46mAdded
- Anatole Investment Management$42mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor6.2%+4.1 ptsSince 30 June 2026
- Alex MerueloPassive investorat least 4.6%(filed with 1 related holder)Since 18 June 2026
- Citadel Securities GP LLCPassive investorat least 3.8%(filed with 6 related holders)Since 28 July 2026
- Legal & General Group PlcPassive investorat least 3.6%−2.5 pts(filed with 5 related holders)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 6.2%+4.1 pts | 30 June 2026 | |
Alex Meruelo Passive investor | at least 4.6% (filed with 1 related holder) | 18 June 2026 | |
Citadel Securities GP LLC Passive investor | at least 3.8% (filed with 6 related holders) | 28 July 2026 | |
Legal & General Group Plc Passive investor | at least 3.6%−2.5 pts (filed with 5 related holders) | 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, 1 insider bought $741,922 of shares on the open market. 2 sold $165,115, $91,775 of it under preset trading plans.
- Livingston III Homer JohnDirectorBought
- Date
- 14 September 2026
- Shares
- 16,404
- Price
- $15.05
- Value
- $246,955
- Livingston III Homer JohnDirectorBought
- Date
- 16 July 2026
- Shares
- 26,343
- Price
- $18.79
- Value
- $494,967
- Achanta ShankarEVP, Chf. Product &Tech Ofc.Soldunder a preset trading plan
- Date
- 6 July 2026
- Shares
- 2,500
- Price
- $28.71
- Value
- $71,775
- Achanta ShankarEVP, Chf. Product &Tech Ofc.Soldunder a preset trading plan
- Date
- 20 April 2026
- Shares
- 2,500
- Price
- $8.00
- Value
- $20,000
- Bingham Betsy BDirectorSold
- Date
- 22 December 2025
- Shares
- 8,608
- Price
- $8.52
- Value
- $73,340
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Livingston III Homer John Director | Bought | 16,404 | $15.05 | $246,955 |
| 16 July 2026 | Livingston III Homer John Director | Bought | 26,343 | $18.79 | $494,967 |
| 6 July 2026 | Achanta Shankar EVP, Chf. Product &Tech Ofc. | Sold under a preset trading plan | 2,500 | $28.71 | $71,775 |
| 20 April 2026 | Achanta Shankar EVP, Chf. Product &Tech Ofc. | Sold under a preset trading plan | 2,500 | $8.00 | $20,000 |
| 22 December 2025 | Bingham Betsy B Director | Sold | 8,608 | $8.52 | $73,340 |
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 18 Dec 2025, plus the 10-Q filed 2 Sep 2026 and 11 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.