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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$143.9M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.2M 100.0% | $112.1M 100.0% | $123.4M 100.0% | $130.5M 100.0% | $69.6M 100.0% | $70.9M 100.0% | $60.8M 100.0% | $89.4M 100.0% | $95.7M 100.0% | $108.3M 100.0% |
| Cost of Revenue | $184.6M 116.7% | $148.1M 132.0% | $133.9M 108.5% | $160.1M 122.7% | $85.2M 122.5% | $78.6M 110.9% | $82.0M 135.0% | $86.3M 96.5% | $92.9M 97.1% | $108.6M 100.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $49.8M 52.1% | $63.5M 58.6% |
| Cost of Services | — | — | — | — | — | — | — | — | $25.3M 26.4% | $32.6M 30.1% |
| Gross Profit | — | — | — | — | — | -$7.7M -10.9% | -$21.3M -35.0% | $3.1M 3.5% | $2.7M 2.9% | -$357K -0.3% |
| Research & Development | $34.1M 21.5% | $55.4M 49.4% | $61.0M 49.5% | $34.5M 26.5% | $11.3M 16.3% | $4.8M 6.8% | $13.8M 22.7% | $22.8M 25.5% | $20.4M 21.3% | $20.8M 19.3% |
| Selling, General & Admin | $60.7M 38.4% | $64.6M 57.6% | $64.5M 52.3% | $79.6M 61.0% | $37.9M 54.5% | $26.6M 37.6% | $31.9M 52.5% | $24.9M 27.8% | $25.9M 27.1% | $25.1M 23.2% |
| Total Operating Expenses | $165.9M 104.9% | $122.6M 109.3% | $125.5M 101.7% | $114.1M 87.5% | $49.3M 70.8% | $31.4M 44.4% | $45.7M 75.2% | $47.7M 53.4% | $47.7M 49.8% | $46.0M 42.5% |
| Operating Income | -$192.3M -121.6% | -$158.5M -141.3% | -$136.1M -110.3% | -$143.7M -110.1% | -$64.9M -93.3% | -$39.2M -55.3% | -$66.9M -110.2% | -$44.6M -49.9% | -$44.9M -47.0% | -$46.4M -42.8% |
| Interest Expense | $10.4M 6.6% | $9.7M 8.6% | $7.2M 5.9% | $6.4M 4.9% | $7.4M 10.6% | $15.3M 21.6% | $10.6M 17.5% | $9.1M 10.1% | $9.2M 9.6% | $5.0M 4.6% |
| Interest & Investment Income | $8.3M 5.3% | $13.7M 12.2% | $15.8M 12.8% | $3.4M 2.6% | $34K 0.0% | — | — | — | — | — |
| Other Income (Expense), net | $3.2M 2.0% | -$2.3M -2.0% | $4.7M 3.8% | $319K 0.2% | -$728K -1.0% | $684K 1.0% | $93K 0.2% | $3.3M 3.7% | $247K 0.3% | $622K 0.6% |
| Pretax Income | -$191.2M -120.9% | -$156.8M -139.8% | -$107.5M -87.1% | -$146.4M -112.2% | -$101.0M -145.2% | -$89.1M -125.7% | -$77.5M -127.5% | -$50.3M -56.3% | -$53.9M -56.3% | -$50.7M -46.8% |
| Income Tax Expense | $137K 0.1% | $25K 0.0% | $581K 0.5% | $819K 0.6% | $2K 0.0% | $46K 0.1% | $109K 0.2% | -$3.0M -3.4% | $44K 0.0% | $519K 0.5% |
| Net Income | -$187.9M -118.8% | -$126.0M -112.4% | -$107.6M -87.2% | -$142.7M -109.4% | -$101.1M -145.2% | -$89.1M -125.7% | -$77.6M -127.7% | -$47.3M -52.9% | -$53.9M -56.3% | -$51.0M -47.1% |
| Per Share | ||||||||||
| EPS (Basic) | -$7.42 | -$7.83 | -$7.92 | -$11.43 | -$0.31 | -$0.42 | -$1.82 | -$9.01 | -$13.73 | -$1.82 |
| EPS (Diluted) | -$7.42 | -$7.83 | -$7.92 | -$11.43 | -$0.31 | -$0.42 | -$1.82 | -$9.01 | -$13.73 | -$1.82 |
| Weighted Avg Shares (Basic) | 25.7M | 16.5M | 14.0M | 12.8M | 334.7M | 222.0M | 55.1M | 6.9M | 4.2M | 29.8M |
| Weighted Avg Shares (Diluted) | 25.7M | 16.5M | 14.0M | 12.8M | 334.7M | 222.0M | 55.1M | 6.9M | 4.2M | 29.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~65.5% on $15.8M of debt.
Cash of $278.1M fully covers short-term debt of $15.8M.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 40th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -28% against ROIC -28% — -1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 96.5 | 135.0 | 110.9 | 122.5 | 122.7 | 108.5 | 132.0 | 116.7 |
| Gross Profit | 3.5 | -35.0 | -10.9 | — | — | — | — | — |
| R&D | 25.5 | 22.7 | 6.8 | 16.3 | 26.5 | 49.5 | 49.4 | 21.5 |
| SG&A | 27.8 | 52.5 | 37.6 | 54.5 | 61.0 | 52.3 | 57.6 | 38.4 |
| Operating Income | -49.9 | -110.2 | -55.3 | -93.3 | -110.1 | -110.3 | -141.3 | -121.6 |
| Income Tax | -3.4 | 0.2 | 0.1 | 0.0 | 0.6 | 0.5 | 0.0 | 0.1 |
| Net Income | -52.9 | -127.7 | -125.7 | -145.2 | -109.4 | -87.2 | -112.4 | -118.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FCEL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.