FuelCell Energy

FCEL

Electrical Equipment & Parts · Industrials

Price

$18.50

+1.24 (+7.16%)

Market Cap

$979.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−92.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 334.7M (2021) → 25.7M (2025)

FuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation. It offers SureSource1500, a 1.4-megawatt (MW) platform; SureSource 3000, a 2.8 MW platform; SureSource 4000, a 3.7 MW platform; SureSource 250, a 250- kilowatt (kW) platform; SureSource 400, a 400-kW platform; and SureSource Hydrogen, a 2.3 MW platform that is designed to produce up to 1,200 kilograms of

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

+60.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+65.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$34M/ year

↓ Declining (-38% vs prior year)

21.5% of revenue

5.4x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$312M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$312M cash & investments at current burn rate

Revenue accelerating

FuelCell Energy grew revenue 61% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

-19.2%

Thin — -19.2% gross margin

Operating Margin

-86.1%

Losing money on operations — -86.1%

ROCE

-2.9%

Weak — -2.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+48.3%

Fast-growing sales (48.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-77.6%

Burning cash (-77.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

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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