Fuelcell Energy (FCEL) Gross Margin (2010 - 2026)
Fuelcell Energy's (FCEL) quarterly Gross Margin came in at 36.33% in Q2 2026, down 1110.0% YoY from 3.6% in Q2 2025, and down 89.37% on a QoQ basis from 19.18% in Q1 2026.
Fuelcell Energy (FCEL) Gross Margin (2010 - 2026) Analysis & Trends
Fuelcell Energy's Gross Margin history runs 17 years deep, the most recent figure standing at 36.33% for Q2 2026.
- On a quarterly basis, Gross Margin fell 1110.0% year-over-year to 36.33% in Q2 2026; TTM through Apr 2026 was 18.2%, a 634.0% increase from a year earlier, with the FY2025 full-year figure at 16.7%, up 1534.0% from the prior year.
- Gross Margin was 36.33% for Q2 2026 at Fuelcell Energy, down from 19.18% in the prior quarter.
- Over the last five years, Gross Margin for FCEL reached as high as 14.13% in Q1 2023 and fell as low as 70.25% in Q1 2024.
- A 5-year average of 23.55% and a median of 23.68% in 2024 frame the typical range for Gross Margin.
- The widest annual swing landed in 2024, when Gross Margin tumbled 8437 bps; it then surged 4285 bps in 2025.
- Tracing FCEL's Gross Margin over 5 years: stood at 38.75% in 2022, then soared by 83 bps to 6.52% in 2023, then tumbled by 240 bps to 22.13% in 2024, then jumped by 46 bps to 12.05% in 2025, then plunged by 201 bps to 36.33% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 36.33%, 19.18%, and 12.05% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Novonix | 479.97 Bn | 479.92 Bn | - | - |
| 2 | Vertiv Holdings | 114.69 Bn | 112.19 Bn | 999.70 Mn | 37.73% |
| 3 | Bloom Energy | 79.53 Bn | 77.06 Bn | 225.54 Mn | 30.03% |
| 4 | nVent Electric | 27.08 Bn | 26.89 Bn | 445.60 Mn | 35.88% |
| 5 | Hubbell | 26.67 Bn | 26.16 Bn | 505.30 Mn | 33.32% |
| 6 | Advanced Energy Industries | 13.19 Bn | 13.19 Bn | 200.90 Mn | 39.32% |
| 7 | Powell Industries | 10.63 Bn | 10.09 Bn | 87.94 Mn | 29.65% |
| 8 | Ballard Power Systems | 10.07 Bn | 9.54 Bn | 5.64 Mn | 16.77% |
| 9 | Acuity Inc. (De) | 9.39 Bn | 9.12 Bn | 520.40 Mn | 49.29% |
| 10 | Fuelcell Energy | 1.02 Bn | 1.02 Bn | -12.93 Mn | -36.33% |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | -36.33% |
| Jan 31, 2026 | -19.18% |
| Oct 31, 2025 | -12.05% |
| Jul 31, 2025 | -10.98% |
| Apr 30, 2025 | -25.23% |
| Jan 31, 2025 | -27.39% |
| Oct 31, 2024 | -22.13% |
| Jul 31, 2024 | -26.17% |
| Apr 30, 2024 | -31.55% |
| Jan 31, 2024 | -70.25% |
| Oct 31, 2023 | -6.52% |
| Jul 31, 2023 | -32.20% |
| Apr 30, 2023 | -15.89% |
| Jan 31, 2023 | 14.13% |
| Oct 31, 2022 | -38.75% |
| Jul 31, 2022 | -9.70% |
| Apr 30, 2022 | -44.62% |
| Jan 31, 2022 | -9.11% |
| Oct 31, 2021 | -60.03% |
| Jul 31, 2021 | 4.10% |