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FuelCell Energy Inc (FCEL) fair value: what the stock is really worth

As of Oct 16, 2026: fair value of FuelCell Energy Inc $2.55, price $13.00, upside -80.4%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · US · ISIN US35952H7008

FE FuelCell Energy Inc logo Thin data Oct 1, 2026

FuelCell Energy Inc

FCEL · US

Weakest SetupStrongly overvalued and low quality.

Our calculation puts a fair price 80% below what the stock costs today.

Low debt
Quality 42/100
Expensive Growth (revenue 5y +17.4 %/yr in USD)
Insider activity 46/100
Fair value $2.55 · Strongly overvalued (−80.4%)
Loss-making · -113.6% net margin (TTM)
Negative free cash flow
Trails peers (2/12)
Narrow moat 8/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$336.90 $3.73 Fair Value $2.55 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.

How to read this chart

60‑month range $3.73 – $336.90 · fair‑value band $1.68 – $3.19 · the $13.00 price screens above the $2.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 1, 2026.

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Company profile

FuelCell Energy, Inc., together with its subsidiaries, engages in the design, development, production, construction, operation, and servicing of high temperature fuel cells for clean electric power generation.

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The company engages in the provision of carbonate fuel cell technology; and commercialization of solid oxide electrolysis technology for distributed hydrogen.

It also offers carbonate fuel cell products in various configurations and applications of its platform, including on-site power, grid support, and microgrid; carbon capture, recovery, and utilization technologies; and carbonate-based Tri-gen system that produces zero-carbon hydrogen.

In addition, the company sells electricity, heat, steam, capacity, and renewable energy credits. In addition, the company provides turn-key solutions, including development, engineering, procurement, construction, interconnection, and operation services for fuel cell projects.

It serves utilities and independent power producers, data centers, wastewater treatment, commercial and hospitality, and microgrids; and industrial, commercial, municipal, and government customers, including manufacturing facilities, pharmaceutical processing facilities, universities, and healthcare facilities.

The company primarily operates in the United States, South Korea, Europe, and Canada. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.

Stock analysis

FuelCell Energy Inc (FCEL) currently trades at $13.00, while our model-based Fair Value estimate is $2.55, 80.4% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: $1.68 (bear) to $3.19 (bull), the price of $13.00 sits above 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 42/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

FuelCell Energy Inc reported revenue of $158M in FY2025 versus $69.6M in FY2021, a compound +22.8%/yr. Reported net income was −$188M in FY2025.

Key figures

Market cap $1.3B · P/S ratio 8.52 · EPS (TTM) $−2.84 · Dividend yield 0.2% · Net margin −119% · Return on equity −21.4% · Return on assets (EBIT) −13.3% · Operating margin −141%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (medium confidence).

What moves the price

The share trades about 64% below its 52-week high and 117% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −38% fair-value upside, at −80%, FCEL screens richer than that median.

Fair Value models

Bear $1.68 Fair Value $2.55 Bull $3.19
Price $13.00 · Upside -80.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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
NCAV (Graham) $4.52 $6.05 $9.03 54
All 1 models by family
Asset-Based
NCAV (Graham) $4.52 $6.05 $9.03 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 42/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 75
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 77
Debt, balance sheet and risk of trouble
Investment 77
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Momentum 65
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 40
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

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. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+41.0%
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.
+6.6%
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.
+17.4%
Start year 2020 (pandemic). Over 10 years: −0.3% 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.
+7.0%
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.
−55.3% (2020) → −76.6% (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

FCEL screens overvalued: fair value 80% below the price. Compare with Contemporary Amperex Technology Co →

Recent news

News mood ⓘNews mood, the average tone of recent news (100 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.Electrical Equipment & Parts · 553 stocks

Beats the industry median on 2/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside −80.4% · Bottom 25%
Profitability
Return on assets −20.2% · Bottom 25%
Net margin (12 months) −113.6% · Bottom 25%
Operating margin (12 months) −141.4% · Bottom 25%
Growth and dividend
Revenue growth −29.4% · Bottom 25%
Dividend yield (12 months) 0.2% · Bottom 25%
Balance sheet
Debt / equity 0.16× · Above median

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/B 1.82× · Cheaper than median
P/S (12 months) 8.52× · Priciest 25%
PEG 0.36× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 57
PAST (return on equity)0 · sector 26
HEALTH (low debt)92 · sector 97
DIVIDEND (yield)5 · sector 23

VALUE 0: the price sits above our fair-value range.

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 Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Contemporary Amperex Technology Co 300750 ¥278.50 ¥695.24 +150% vs FCEL
Sungrow Power Supply Co 300274 ¥82.35 ¥185.48 +125% vs FCEL
Vertiv Holdings VRT $242.78 $178.68 −26% vs FCEL
Hubbell Incorporated HUBB $474.11 $293.28 −38% vs FCEL
Prysmian S.p.A PRY €122.30 €75.63 −38% vs FCEL
Legrand SA LR €138.00 €82.77 −40% vs FCEL
LG Energy Solution, Ltd 373220 371,000 KRW 201,455 KRW −46% vs FCEL
ABB Ltd ABBN CHF 78.88 CHF 29.89 −62% vs FCEL
nVent Electric plc NVT $167.43 $43.51 −74% vs FCEL
Delta Electronics (Thailand) Public Company DELTA 251.00 THB 38.64 THB −85% vs FCEL

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FuelCell Energy Inc · Fair Value
$2.55 −80%Fair Value
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Cite: Fair Value Calculator (2026). "FuelCell Energy Inc Fair Value". https://www.fairvalue-calculator.com/stock/FCEL

Frequently asked questions

Is FuelCell Energy Inc (FCEL) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of $2.55 versus a price of $13.00, about −80% upside (overvalued).
What is the fair value of FCEL?
Our model-based fair value for FuelCell Energy Inc is $2.55 (as of Oct 1, 2026), built from audited fundamentals. The current price: $13.00.
What is the quality score of FCEL?
FuelCell Energy Inc has a Quality Score of 42/100. 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 FuelCell Energy Inc (FCEL)?
Our model-based price target is the fair value of $2.55 (as of Oct 1, 2026) from 1 valuation models. Cautious scenario $1.68, optimistic scenario $3.19. It is a calculation from audited fundamentals, not an analyst target.
What is the FuelCell Energy Inc stock forecast for 2026?
Our models put fair value at $2.55, about −80% upside versus a price of $13.00 (overvalued). Cautious scenario $1.68, optimistic scenario $3.19. The calculation is refreshed regularly with new filings.
What is the revenue of FuelCell Energy Inc (FCEL)?
FuelCell Energy Inc reported trailing-twelve-month revenue of about $154M (latest available figure, as of Oct 1, 2026).
Does FuelCell Energy Inc pay a dividend?
FuelCell Energy Inc currently shows a dividend yield of about 0.24% relative to its recent price (as of Oct 1, 2026).
What is the intrinsic value of FuelCell Energy Inc (FCEL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FuelCell Energy Inc it is $2.55 per share (as of Oct 1, 2026), against a price of $13.00. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is FuelCell Energy Inc stock overvalued or undervalued in 2026?
As of Oct 1, 2026, FCEL trades above its calculated fair value: price $13.00, fair value $2.55, a gap of about −80% (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 FCEL?
No. The price is what the market pays today ($13.00); the fair value is what the company's own numbers justify ($2.55). For FuelCell Energy Inc the two are $10.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is FuelCell Energy Inc worth?
The market values FuelCell Energy Inc at about $1.3B (market capitalisation, as of Oct 1, 2026). Per share that is $13.00; our models calculate a fair value of $2.55 per share.
What do the bullish and bearish scenarios say about FCEL?
Our models span a range for FuelCell Energy Inc: cautious scenario $1.68, base $2.55, optimistic $3.19 per share (as of Oct 1, 2026, price $13.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of FCEL?
The PEG ratio of FuelCell Energy Inc is 0.36 (P/E divided by earnings growth, as of Oct 1, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of FuelCell Energy Inc (FCEL)?
Balance-sheet figures for FuelCell Energy Inc (as of Oct 1, 2026): return on equity −21.4%, debt of 0.16 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is FCEL from its 52-week high?
FuelCell Energy Inc trades at $13.00, about 64% below its 52-week high of $36.01 and 117% above the low of $6.00 (as of Oct 16, 2026). Distance from the high says nothing about value: that is what the fair value of $2.55 is for.
Which stocks are comparable to FuelCell Energy Inc?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, 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 FuelCell Energy Inc stock attractive at the current price?
The data as of Oct 1, 2026: price $13.00, calculated fair value $2.55 (−80%), Quality Score 42/100, from 1 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 FCEL calculated?
We run FuelCell Energy Inc through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.55, 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 14.4 % above its aggregate fair value. FuelCell Energy 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 FuelCell Energy Inc (FCEL)?
The closing price on Oct 16, 2026 was $13.00. Our model-based fair value is $2.55, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FuelCell Energy Inc right now?
The price sits above even our optimistic bull case ($3.19). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($1.68 to $3.19) leaves room in how you read the outcome.

Key figures of FuelCell Energy Inc

How large is the market capitalisation of FuelCell Energy Inc (FCEL)?
The market capitalisation of FuelCell Energy Inc is $1.3B. 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 FuelCell Energy Inc (FCEL)?
The price-to-sales ratio of FuelCell Energy Inc is 8.52 (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 FuelCell Energy Inc (FCEL)?
Earnings per share at FuelCell Energy Inc are $−2.84. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of FuelCell Energy Inc (FCEL)?
The dividend yield of FuelCell Energy Inc is 0.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of FuelCell Energy Inc (FCEL)?
The net margin of FuelCell Energy Inc is −119% (fiscal year 2025). 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 FuelCell Energy Inc (FCEL)?
The return on equity (ROE) of FuelCell Energy Inc is −21.4% (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 FuelCell Energy Inc (FCEL)?
On an EBIT basis the return on assets of FuelCell Energy Inc is −13.3% (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 FuelCell Energy Inc (FCEL)?
The operating margin of FuelCell Energy Inc is −141% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FuelCell Energy Inc (FCEL)?
Revenue at FuelCell Energy Inc is growing −29.4% versus a year earlier (3y avg +6.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does FuelCell Energy Inc (FCEL) generate?
The free cash flow of FuelCell Energy Inc is −$148M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does FuelCell Energy Inc (FCEL) hold?
FuelCell Energy Inc holds more cash than debt, $134M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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