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Data-driven stock valuation

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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Industrials US

FT Fuel Tech Inc logo Thin data Nov 6, 2026

Fuel Tech Inc

FTEK · US
Expensive, in a downtrend

Our calculation puts a fair price 10% below what the stock costs today.

Low debt
Generates free cash flow
Ranks above peers (7/11)
Upbeat coverage
Revenue last quarter +16% vs. a year ago.
Quality 57/100
Mixed Growth (revenue 5y +3.4 %/yr in USD)
Insiders bought $2,000 (6M)
Fair value $1.21 · Overvalued
Loss-making · -14.2% net margin (TTM)
Narrow moat 10/100 · thin data
Thin data
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Price vs Fair Value

$3.63 $0.9150 Fair Value $1.21 Aug 2021 Nov 2026

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

Bear $1.01 Fair Value $1.21 Bull $1.57
Price $1.35 · Downside -10.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF $0.9800 $1.20 $1.57 82
Growth DCF $1.01 $1.21 $1.54 80
5Y Revenue Exit $0.9700 $1.25 $1.67 74
All 7 models by family
DCF Models
FCF DCF $0.9800 $1.20 $1.57 82
5Y Revenue Exit $0.9700 $1.25 $1.67 74
10Y Revenue Exit $0.9500 $1.16 $1.37 68
Multiples
EV/Revenue $1.05 $1.34 $1.63 54
Asset-Based
NCAV (Graham) $0.5200 $0.7900 $0.9900 54
Growth DCF
Growth DCF $1.01 $1.21 $1.54 80
Rev-Margin DCF $0.9700 $1.27 $1.64 74

Open the full fair value analysis →

Quality Score breakdown

Overall quality 57/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 17
How much profit the company makes from its sales and capital
Quality Growth 58
Are margins and returns getting better?
Cashflow 55
Do the profits arrive as real cash?
Financial strength 71
Debt, balance sheet and risk of trouble
Investment 99
Does it invest with discipline instead of growing at any price?
Low Volatility 23
How calm the share price moves, does not count
Price momentum 27
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 8
Distance to the 52-week high, does not count
New shares 73
Buys back shares or issues new ones?

Open the full quality analysis →

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 Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 42/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
Start year 2020 (pandemic). Over 10 years: −9.7% a year
Revenue growth 33 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−19.2% (2020) → −13.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −8.1% a year for the price.

FTEK screens overvalued: fair value 10% below the price. Compare with Veralto Corporation →

Earlier news

News mood ⓘNews mood, the average tone of recent news (55 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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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

Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 57 · Above median
Fair Value upside −10.4% · Above median
Profitability
Return on assets −4.9% · Bottom 25%
Net margin (12 months) −14.2% · Bottom 25%
Operating margin (12 months) −6.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 15.8% · Above median
Balance sheet
Debt / equity 0.04× · Below median

Valuation Multiplesvs Pollution & Treatment Controls median · lower = cheaper

P/B 1.05× · Cheaper than median
P/S (12 months) 1.48× · Cheaper than median
Price / free cash flow (fiscal year) 18.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)19 · sector 12
FUTURE (revenue growth)79 · sector 22
PAST (return on equity)0 · sector 20
HEALTH (low debt)98 · sector 95
DIVIDEND (yield)0 · sector 37

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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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Fuel Tech Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Fuel Tech Inc Fair Value". https://www.fairvalue-calculator.com/stock/FTEK

Frequently asked questions

Is Fuel Tech Inc (FTEK) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $1.21 versus a price of $1.35, about 10% lower (overvalued).
What is the fair value of FTEK?
Our model-based fair value for Fuel Tech Inc is $1.21 (as of Nov 6, 2026), built from audited fundamentals. The current price: $1.35.
What is the quality score of FTEK?
Fuel Tech Inc has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fuel Tech Inc (FTEK)?
Our model-based price target is the fair value of $1.21 (as of Nov 6, 2026) from 7 valuation models. Cautious scenario $1.01, optimistic scenario $1.57. It is a calculation from audited fundamentals, not an analyst target.
What is the Fuel Tech Inc stock forecast for 2026?
Our models put fair value at $1.21, about 10% lower versus a price of $1.35 (overvalued). Cautious scenario $1.01, optimistic scenario $1.57. The calculation is refreshed regularly with new filings.
What is the revenue of Fuel Tech Inc (FTEK)?
Fuel Tech Inc reported trailing-twelve-month revenue of about $28.5M (latest available figure, as of Nov 6, 2026).
What growth is priced into Fuel Tech Inc (FTEK)?
For today's price to be fair in a discounted-cash-flow model, Fuel Tech Inc would have to grow free cash flow by -5.9 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.4 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of FTEK use?
Our models discount Fuel Tech Inc at 10.3 %: a base by market capitalisation (nano), damped by beta 1.21, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fuel Tech Inc that is -5.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Fuel Tech Inc (FTEK) delivered so far?
Over the past 5 years revenue at Fuel Tech Inc grew +3.4 % a year. The price currently implies free-cash-flow growth of -5.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fuel Tech Inc (FTEK) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Fuel Tech Inc (-5.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fuel Tech Inc (FTEK)?
The free-cash-flow yield on the price is 5.56 %: that much free cash flow Fuel Tech Inc produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fuel Tech Inc (FTEK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fuel Tech Inc it is $1.21 per share (as of Nov 6, 2026), against a price of $1.35. It is the blended result of 7 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Fuel Tech Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, FTEK trades above its calculated fair value: price $1.35, fair value $1.21, a gap of about −10% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FTEK?
No. The price is what the market pays today ($1.35); the fair value is what the company's own numbers justify ($1.21). For Fuel Tech Inc the two are $0.1400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fuel Tech Inc worth?
The market values Fuel Tech Inc at about $42.1M (market capitalisation, as of Nov 6, 2026). Per share that is $1.35; our models calculate a fair value of $1.21 per share.
What do the bullish and bearish scenarios say about FTEK?
Our models span a range for Fuel Tech Inc: cautious scenario $1.01, base $1.21, optimistic $1.57 per share (as of Nov 6, 2026, price $1.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of FTEK?
The PEG ratio of Fuel Tech Inc is 2.33 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Fuel Tech Inc (FTEK)?
Balance-sheet figures for Fuel Tech Inc (as of Nov 6, 2026): return on equity −10.4%, debt of 0.04 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is FTEK from its 52-week high?
Fuel Tech Inc trades at $1.35, about 39% below its 52-week high of $2.21 and 13% above the low of $1.19 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $1.21 is for.
Which stocks are comparable to Fuel Tech Inc?
From the same area (Industrials) we also value Veralto Corporation, Zurn Elkay Water Solutions Corporation, Fujian Longking Co, Munters Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fuel Tech Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $1.35, calculated fair value $1.21 (−10%), Quality Score 57/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FTEK calculated?
We run Fuel Tech Inc through 7 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $1.21 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Fuel Tech Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fuel Tech Inc (FTEK)?
The closing price on Nov 6, 2026 was $1.35. Our model-based fair value is $1.21, about 10% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fuel Tech Inc right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Fuel Tech Inc

How large is the market capitalisation of Fuel Tech Inc (FTEK)?
The market capitalisation of Fuel Tech Inc is $42.1M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fuel Tech Inc (FTEK)?
The price-to-sales ratio of Fuel Tech Inc is 1.46 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fuel Tech Inc (FTEK)?
Earnings per share at Fuel Tech Inc are $−0.1400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fuel Tech Inc (FTEK)?
The net margin of Fuel Tech Inc is −14.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fuel Tech Inc (FTEK)?
The return on equity (ROE) of Fuel Tech Inc is −10.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fuel Tech Inc (FTEK)?
On an EBIT basis the return on assets of Fuel Tech Inc is −5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fuel Tech Inc (FTEK)?
The operating margin of Fuel Tech Inc is −6.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fuel Tech Inc (FTEK)?
Revenue at Fuel Tech Inc is growing +15.8% versus a year earlier (3y avg −0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fuel Tech Inc (FTEK)?
Earnings per share at Fuel Tech Inc are growing +276% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Fuel Tech Inc (FTEK) hold?
Fuel Tech Inc holds more cash than debt, $11.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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