Fuel Tech Inc (FTEK) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Fuel Tech Inc stock $1.21, price $1.35, that is 10.4% below the price, quality 57 out of 100. Rating: overvalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.
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Fuel Tech Inc
FTEK · USOur calculation puts a fair price 10% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $0.9150 – $3.63 · fair‑value band $1.01 – $1.57 · the $1.35 price screens above the $1.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Company profile
Fuel Tech, Inc. engages in the development, commercialization, and application of technologies for air pollution control, process optimization, water treatment, and advanced engineering services to utility and industrial customers in the United States, rest of the Americas, Europe, South Africa, the Pacific Rim, and internationally.
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The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide emissions (NOx) in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources; NOxOUT selected non-catalytic reduction and selected catalytic reduction systems, including ammonia injection grid and graduated straightening grid systems; electrostatic precipitator processes and services; ULTRA technology; urea direct injection systems; and flue gas conditioning systems.
Its FUEL CHEM Technology segment provides chemical injection programs to improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units for the control of slagging, fouling, corrosion, opacity, and acid plume, as well as the formation of sulfur trioxide, ammonium bisulfate, particulate matter, sulfur dioxide, and carbon dioxide through the addition of chemicals into the furnace using targeted in-furnace injection technology.
This segment also offers its FUEL CHEM program for plants operating in the electric utility, industrial, pulp and paper, waste-to-energy, and university and district heating markets; and the owners of boilers, furnaces, and other combustion units for treating a wide variety of solid and liquid fuels, including coal, heavy oil, black liquor, biomass, and municipal waste.
In addition, the company provides dissolved gas infusion systems, which utilize a proprietary channel injector and a patented saturator that infuses oxygen, carbon dioxide, or other gases into water; and visualization software.
Fuel Tech, Inc. was incorporated in 1987 and is headquartered in Warrenville, Illinois.
Stock analysis
Fuel Tech Inc (FTEK) currently trades at $1.35, while our model-based Fair Value estimate is $1.21, 10% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $1.34 per share, and 0 of the 7 models we run sit above the $1.35 price.
Bear case: the Asset-Based group reads lowest at $0.7900, and 7 of the 7 models stay below the price. Data coverage for this calculation is low.
Scenario range: $1.01 (bear) to $1.57 (bull), the price of $1.35 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Fuel Tech Inc reported revenue of $26.7M in FY2025 versus $24.3M in FY2021, a compound +2.4%/yr. Reported net income was −$2.3M in FY2025.
Key figures
Market cap $42.1M Micro · P/S ratio 1.46 · EPS (TTM) $−0.1400 · Net margin −14.2% · Return on equity −10.4% · Return on assets (EBIT) −5.7% (5-year average) · Operating margin −6.0% · Revenue (TTM) $28.5M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 3% fair-value upside, at −10%, FTEK screens richer than that median.
Fair Value models
All 7 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, one officer or director bought shares worth $2,000, on Sep 1, 2026.
- BuyRamesh NuggihalliPresident & CEO1,471 shares at $1.36$2,000Sep 1, 2026
- BuyVincent J ArnonePresident & CEO, Director10,000 shares at $1.24$12,400Mar 6, 2026
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗
Revenue & earnings trend
Growth Forecast
FTEK screens overvalued: fair value 10% below the price. Compare with Veralto Corporation →
Earlier news
- Zacks Industry Outlook Highlights Donaldson, CECO Environmental, Fuel Tech and LiqTech International
- Fuel Tech, Inc. Q2 2026 Earnings Call Summary
- Fuel Tech Schedules 2026 Second Quarter Financial Results and Conference Call
- Considering Fuel Tech Inc (FTEK) Stock? Don’t Miss the Q1 Message
Compare Fuel Tech Inc with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Pollution & Treatment Controls · 86 stocks
Valuation Multiplesvs Pollution & Treatment Controls median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- PEG ratio by industry
- Revenue growth by industry
- Stock screener with 62 metrics
- Undervalued stocks: Industrials
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Pollution & Treatment Controls stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| China Conch Venture Holdings 0586 | HK$7.83 | HK$23.49 | +200% | vs FTEK |
| Jingjin Equipment Inc 603279 | ¥13.57 | ¥21.71 | +60% | vs FTEK |
| Zurn Elkay Water Solutions Corporation ZWS | $43.47 | $48.24 | +11% | vs FTEK |
| Mega Union Technology Inc 6944 | 608.00 TWD | 663.94 TWD | +9% | vs FTEK |
| Zhongyuan Environmental Protection Co 000544 | ¥7.15 | ¥7.36 | +3% | vs FTEK |
| Fujian Longking Co 600388 | ¥17.47 | ¥12.37 | −29% | vs FTEK |
| Veralto Corporation VLTO | $117.09 | $69.81 | −40% | vs FTEK |
| Munters Group MTRS | kr 128.95 | kr 48.58 | −62% | vs FTEK |
| GVS S.p.A GVS | €5.84 | €1.74 | −70% | vs FTEK |
| CECO Environmental Corp CECO | $43.71 | $10.47 | −76% | vs FTEK |
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Frequently asked questions
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Key figures of Fuel Tech Inc
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