Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Fuelcell Energy Inc (FCEL)
A forensic read on Fuelcell Energy Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-3.1
P / E (ttm)
-28.4%
ROE
$1.6B
Market cap
0.19%
Dividend yield
41.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Fuelcell Energy Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-25.2%
FY2025
Return on invested capital.Return on invested capital is -25.2% in the latest fiscal year and rising from -28% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+26.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +102% over the last 3 years to FY2025 (+26.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2013, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~26.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~50%.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue in FY2025 — about $0.43 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 27.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
$4M
FY2025–FY2025
Goodwill impairments.Took $4M of goodwill writedowns across 1 year (FY2025 ($4M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$158.2M
Revenue Growth YoY+41.0%
Revenue CAGR (3yr)+6.6%
Net Margin-118.8%
Free Cash Flow-$143.9M
Return on Equity-28.4%
Debt / Equity0.18x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Fuelcell Energy Inc's actual 10-K/10-Q/8-K filings?