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FuelCell Energy FCEL Operating 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
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×
Current ratio8.6×+3.0×

Where this comes from

Calculated from FuelCell Energy’s reported figures.

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 operating margin?
FuelCell Energy (FCEL) reported operating margin of -135.7% in Q1 2026.
How has FuelCell Energy's operating margin changed year-over-year?
FuelCell Energy's operating margin decreased by 22.6% year-over-year, from -110.7% to -135.7%.
What is the long-term trend for FuelCell Energy's operating margin?
Over 5 years (2020 to 2025), FuelCell Energy's operating margin has grown at a 17.1% compound annual growth rate (CAGR), from -55.3% to -121.6%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.