Fuelcell Energy (FCEL) Gross Margin (2010 - 2026)
Fuelcell Energy (FCEL) posted Gross Margin of -74.25% for fiscal Q3 2026 (quarter ended Jul 31, 2026), down 63.27 percentage points from -10.98% a year earlier and down 37.92 percentage points from the prior quarter.
Fuelcell Energy (FCEL) Gross Margin (2010 - 2026) Analysis & Trends
For the trailing twelve months through Jul 31, 2026, Gross Margin at Fuelcell Energy was -32.39%, down 12.26 percentage points year-over-year; for FY2025 (ended Oct 31, 2025), it was -16.70%, up 15.34 percentage points from FY2024.
- Annual Gross Margin shows a five-year change of -5.80 percentage points (FY2020 to FY2025).
- In prior fiscal years, Fuelcell Energy's Gross Margin was -32.03% in FY2024 (-23.49 pp), -8.54% in FY2023 (+14.13 pp), -22.67% in FY2022 (-0.19 pp) and -22.47% in FY2021 (-11.57 pp).
- The fiscal Q3 2026 figure stands as the lowest quarterly Gross Margin since fiscal Q4 2019.
- On a year-over-year basis, Gross Margin increased in five of the last eight quarters, with an average year-over-year change of -0.92 percentage points.
- The strongest year-over-year quarter for Gross Margin in the past five years was fiscal Q1 2025, with a gain of 42.85 percentage points; the weakest was fiscal Q1 2024, with a drop of 84.37 percentage points.
- According to Business Quant data, Gross Margin for the three prior fiscal quarters was -36.33% (Q2 2026), -19.18% (Q1 2026) and -12.05% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 243.42 Bn | 203.34 Bn | 2.36 Bn | 21.25% |
| 2 | Bloom Energy | 64.86 Bn | 56.65 Bn | 355.57 Mn | 33.38% |
| 3 | First Solar | 18.49 Bn | 9.44 Bn | 605.00 Mn | 57.28% |
| 4 | BWX Technologies | 12.47 Bn | 10.77 Bn | 202.31 Mn | 22.44% |
| 5 | Nextpower | 12.04 Bn | 7.93 Bn | 335.85 Mn | 35.91% |
| 6 | Generac Holdings | 11.40 Bn | 10.23 Bn | 521.81 Mn | 44.47% |
| 7 | EnerSys | 6.16 Bn | 4.36 Bn | 313.36 Mn | 33.49% |
| 8 | Enphase Energy | 4.04 Bn | -817.10 Mn | 175.01 Mn | 59.97% |
| 9 | Mirion Technologies | 3.66 Bn | 1.50 Bn | 133.10 Mn | 49.89% |
| 10 | Fuelcell Energy | 903.66 Mn | -717.54 Mn | -24.50 Mn | -74.25% |
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | -74.25% |
| 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% |
Fuelcell Energy Gross 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=gross-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-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=gross-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();