What is FuelCell Energy's net margin?

FuelCell Energy (FCEL) reported net margin of -132.4% in Q1 2026.

How has FuelCell Energy's net margin changed year-over-year?

FuelCell Energy's net margin decreased by 22.0% year-over-year, from -108.5% to -132.4%.

What is the long-term trend for FuelCell Energy's net margin?

Over 5 years (2020 to 2025), FuelCell Energy's net margin has grown at a -1.1% compound annual growth rate (CAGR), from -125.7% to -118.8%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

FuelCell Energy FCEL Net margin

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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+746%

Enterprise value$1.11B+4,228%

P/S8.7×+7.3×

Profitability

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Gross margin-18.2%-3.7pp

Operating margin-135.7%+39.6pp

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.

net income/total revenue=-132.4%

Based on trailing twelve months.

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 net margin?: FuelCell Energy (FCEL) reported net margin of -132.4% in Q1 2026.
How has FuelCell Energy's net margin changed year-over-year?: FuelCell Energy's net margin decreased by 22.0% year-over-year, from -108.5% to -132.4%.
What is the long-term trend for FuelCell Energy's net margin?: Over 5 years (2020 to 2025), FuelCell Energy's net margin has grown at a -1.1% compound annual growth rate (CAGR), from -125.7% to -118.8%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.