FuelCell Energy, Inc.

FCELNASDAQIndustrials● Active

$15.50

$-1.83(-10.56%)

Market Cap$821156923

P/E Ratio—

52W High$27.69

52W Low$3.78

Avg Volume6.5M

Open$17.49

Beta2.44

Overview

FuelCell Energy, Inc. (FCEL) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FCEL · free cash flow · updated Jun 8, 2026

Core FCF metrics

FCEL · FCF · TTM · margin & CAGR

Free cash flow was −$147.8M for FY2025 (fiscal year ending 2025-10-31), up 30.4% year-over-year The FCF margin was -93.5%.

FY2025 Free Cash Flow−$147.8M▲ +30.4% YoY

Trailing 12M (TTM)−$123.4Mtrailing 4 quarters sum

FCF Margin-93.5%−$147.8M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

FCEL · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$125.3M(23M)−$147.8M▲ +30.4%-93.5%

FY2024−$152.9M(60M)−$212.5M▲ +8.7%-189.5%

FY2023−$140.3M(92M)−$232.6M▼ 46.5%-188.5%

FY2022−$112.2M(47M)−$158.8M▼ 10.5%-121.7%

FY2021−$70.4M(73M)−$143.7M▼ 109.2%-206.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

FCEL · P/FCF · FCF yield · FCF per share

FuelCell Energy, Inc. (FCEL) reported negative free cash flow of −$0.15B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-10-31

Cash flow statement summary

FCEL · cash flow statement · operating / investing / financing

For FY2025, FuelCell Energy, Inc. generated −$125.3M in operating cash flow and spent 23M in capital expenditures, yielding −$147.8M in free cash flow.

Operating Activities

−$125.3M

Cash from core business operations

2025-10-31

Investing Activities

+$88.9M

CapEx, acquisitions & investments

2025-10-31

Financing Activities

+$169.3M

Buybacks, dividends & debt

2025-10-31

FCF FormulaOperating CF (−$125.3M) − |CapEx| (23M) = FCF (−$147.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

FCEL vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

FuelCell Energy, Inc.YOU

FCEL

−$147.8M+30.4%-93.5%

Loss

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

FuelCell Energy, Inc. (FCEL) reported free cash flow of −$147.8M for FY2025 (fiscal year ending 2025-10-31), up 30.4% year-over-year. The FCF margin was -93.5%.

FuelCell Energy, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 15 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

FCEL free cash flow · 8 questions

FuelCell Energy, Inc. free cash flow was −$147.8M for FY2025, up 30.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$123.4M.

FCEL free cash flowFCEL FCFFCEL FCF 2025FCEL free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · FuelCell Energy, Inc. · FuelCell Energy, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026