Clean Energy Fuels

CLNE

Oil & Gas Refining & Marketing · Energy

Also trades as: 0I04.L

Price

$1.56

-0.01 (-0.63%)

Market Cap

$344.7M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 10, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+3.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 213.1M (2021) → 220.6M (2025)

Clean Energy Fuels Corp. builds and operates natural gas fueling stations for vehicles like trucks, buses, and garbage trucks. Its main customers are trucking fleets, transit agencies, and waste management companies across the United States and Canada. The company is one of the largest providers of natural gas fuel for transportation in North America, and it sells a product called Renewable Natural Gas (RNG), which is made from organic waste like landfill gas and dairy farm methane.

The company makes money by selling compressed natural gas (CNG) and RNG directly to fleet operators at its network of over 500 fueling stations. Most of its revenue comes from fuel sales, with some income from station construction and maintenance services. Clean Energy's competitive edge comes from its established fueling infrastructure, which is expensive and time-consuming to replicate. However, the company currently operates at a loss, and its growth depends heavily on fleet operators choosing natural gas over diesel and electric alternatives.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+29.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

21.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$416M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Clean Energy Fuels is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-19.8%

Thin — -19.8% gross margin

Operating Margin

3.3%

Thin — 3.3% operating margin

ROCE

0.4%

Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.9%

Slow sales growth (+4.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

1.7%

Thin free cash flow (1.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.41

Conservative — low debt load (0.41)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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