Fuelcell Energy (FCEL) FCF Margin (2010 - 2026)
Fuelcell Energy's FCF Margin came in at -40.99% for fiscal Q3 2026 (quarter ended Jul 31, 2026), up 27.64 percentage points from -68.62% a year earlier and up 40.50 percentage points from the prior quarter.
Fuelcell Energy (FCEL) FCF Margin (2010 - 2026) Analysis & Trends
Over the trailing twelve months to Jul 31, 2026, Fuelcell Energy reported FCF Margin of -65.60%, up 16.19 percentage points year-over-year; for FY2025 (ended Oct 31, 2025), it was -90.98%, up 87.94 percentage points from FY2024.
- FCF Margin carries a five-year change of -38.54 percentage points (FY2020 to FY2025).
- Going back by fiscal year, FCF Margin was -178.92% in FY2024 (-33.37 pp), -145.55% in FY2023 (-43.44 pp), -102.12% in FY2022 (+8.24 pp) and -110.36% in FY2021 (-57.92 pp).
- The fiscal Q3 2026 figure represents the highest quarterly FCF Margin since fiscal Q4 2024.
- Year-over-year, FCF Margin has increased for three consecutive quarters, with an average year-over-year change of +100.23 percentage points over the last eight quarters.
- The fastest year-over-year change in FCF Margin over five years came in fiscal Q3 2025 (a gain of 255.34 percentage points), and the weakest in fiscal Q1 2024 (a drop of 247.47 percentage points).
- Business Quant data shows FCEL's FCF Margin at -81.49% (Q2 2026), -113.69% (Q1 2026) and -43.40% (Q4 2025) in the three fiscal quarters before Q3 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 243.10 Bn | 203.02 Bn | 2.36 Bn | 45.98% |
| 2 | Bloom Energy | 64.89 Bn | 56.68 Bn | 355.57 Mn | 16.41% |
| 3 | First Solar | 18.91 Bn | 9.86 Bn | 605.00 Mn | -28.99% |
| 4 | BWX Technologies | 12.53 Bn | 10.83 Bn | 202.31 Mn | 12.75% |
| 5 | Nextpower | 12.05 Bn | 7.94 Bn | 335.85 Mn | 11.25% |
| 6 | Generac Holdings | 11.57 Bn | 10.40 Bn | 521.81 Mn | 5.36% |
| 7 | EnerSys | 6.26 Bn | 4.45 Bn | 313.36 Mn | 23.27% |
| 8 | Enphase Energy | 4.16 Bn | -697.01 Mn | 175.01 Mn | 8.88% |
| 9 | Mirion Technologies | 3.75 Bn | 1.59 Bn | 133.10 Mn | 18.03% |
| 10 | Fuelcell Energy | 884.30 Mn | -736.90 Mn | -24.50 Mn | -40.99% |
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | -40.99% |
| Apr 30, 2026 | -81.49% |
| Jan 31, 2026 | -113.69% |
| Oct 31, 2025 | -43.40% |
| Jul 31, 2025 | -68.62% |
| Apr 30, 2025 | -94.01% |
| Jan 31, 2025 | -277.78% |
| Oct 31, 2024 | -9.53% |
| Jul 31, 2024 | -323.97% |
| Apr 30, 2024 | -224.49% |
| Jan 31, 2024 | -412.39% |
| Oct 31, 2023 | -120.56% |
| Jul 31, 2023 | -184.05% |
| Apr 30, 2023 | -115.86% |
| Jan 31, 2023 | -164.92% |
| Oct 31, 2022 | -74.91% |
| Jul 31, 2022 | -66.76% |
| Apr 30, 2022 | -134.38% |
| Jan 31, 2022 | -166.96% |
| Oct 31, 2021 | -95.44% |
Fuelcell Energy FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "FCEL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();