What is FuelCell Energy's cash ratio?

FuelCell Energy (FCEL) reported cash ratio of 5.9× in Q1 2026.

How has FuelCell Energy's cash ratio changed year-over-year?

FuelCell Energy's cash ratio increased by 247.2% year-over-year, from 1.7× to 5.9×.

What is the long-term trend for FuelCell Energy's cash ratio?

Over 5 years (2020 to 2025), FuelCell Energy's cash ratio has grown at a 10.0% compound annual growth rate (CAGR), from 2.5× to 4.1×.

What does cash ratio mean?

Cash and equivalents divided by current liabilities at the quarter end. The most conservative liquidity measure — what the company could pay immediately with cash on hand.

FuelCell Energy FCEL Cash ratio

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Other financials

Income statement

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Revenue$35.6M-4.9%

Gross profit-$12.9M-37.0%

Operating income-$77.9M-118%

Net income-$77.9M-105%

EPS (diluted)-$1.45+19.0%

Balance sheet

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Cash & equivalents$373.2M+222%

Total debt$30.2M+14.7%

Total equity$719.4M+18.1%

Total assets$1.0B+13.5%

Cash flow

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Operating cash flow-$27.3M+8.7%

CapEx$1.7M-67.7%

Free cash flow-$29.0M+17.5%

Valuation

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Market cap$1.46B+973%

Enterprise value$1.11B+2,320%

P/S8.7×+7.6×

Profitability

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Gross margin-18.2%-3.7pp

Operating margin-135.7%+39.6pp

Net margin-132.4%+37.4pp

FCF margin-71.3%-22.3pp

Returns & leverage

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Return on equity-33.5%+31.9pp

Debt / equity0×0.0×

Current ratio8.6×+3.0×

Where this comes from

Calculated from FuelCell Energy’s reported figures.

cash and equivalents/total current liabilities=5.9×

Based on the most recent quarter.

The official record: FuelCell Energy’s 10-Q, filed June 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is FuelCell Energy's cash ratio?: FuelCell Energy (FCEL) reported cash ratio of 5.9× in Q1 2026.
How has FuelCell Energy's cash ratio changed year-over-year?: FuelCell Energy's cash ratio increased by 247.2% year-over-year, from 1.7× to 5.9×.
What is the long-term trend for FuelCell Energy's cash ratio?: Over 5 years (2020 to 2025), FuelCell Energy's cash ratio has grown at a 10.0% compound annual growth rate (CAGR), from 2.5× to 4.1×.
What does cash ratio mean?: Cash and equivalents divided by current liabilities at the quarter end. The most conservative liquidity measure — what the company could pay immediately with cash on hand.