Fuelcell Energy (FCEL) Gross Margin (2010 - 2026)
Fuelcell Energy (FCEL) reported Gross Margin of 36.33% for Q2 2026, down 1110.0% on a YoY basis from 3.6% in Q2 2025, and down 89.37% sequentially from 19.18% in Q1 2026.
Fuelcell Energy (FCEL) Gross Margin (2010 - 2026) Analysis & Trends
Fuelcell Energy (FCEL) has 17 years of Gross Margin data on file, last reported at 36.33% in Q2 2026.
- For the quarter ending Q2 2026, Gross Margin fell 1110.0% year-over-year to 36.33%; the trailing twelve-month figure through Apr 2026 stood at 18.2% (up 634.0% YoY), and the FY2025 full-year result was 16.7%, up 1534.0% from the prior year.
- Gross Margin fell to 36.33% in Q2 2026, from 19.18% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 14.13% in Q1 2023 to a low of 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.
- Across the five-year window, Gross Margin slumped 8437 bps in 2024 and soared 4285 bps in 2025, its largest moves.
- Tracing FCEL's Gross Margin over 5 years: stood at 38.75% in 2022, then jumped by 83 bps to 6.52% in 2023, then tumbled by 240 bps to 22.13% in 2024, then surged by 46 bps to 12.05% in 2025, then plunged by 201 bps to 36.33% in 2026.
- Business Quant data shows FCEL's Gross Margin at 36.33% in Q2 2026, 19.18% in Q1 2026, and 12.05% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Electrovaya | 406.91 Bn | 406.88 Bn | 6.04 Mn | 33.45% |
| 2 | Vertiv Holdings | 106.92 Bn | 104.42 Bn | 999.70 Mn | 37.73% |
| 3 | Bloom Energy | 51.54 Bn | 49.04 Bn | 225.54 Mn | 30.03% |
| 4 | Hubbell | 25.76 Bn | 25.25 Bn | 505.30 Mn | 33.32% |
| 5 | nVent Electric | 23.48 Bn | 23.29 Bn | 445.60 Mn | 35.88% |
| 6 | Advanced Energy Industries | 10.92 Bn | 10.23 Bn | 200.90 Mn | 39.32% |
| 7 | Acuity Inc. (De) | 10.08 Bn | 9.67 Bn | 606.40 Mn | 50.62% |
| 8 | Powell Industries | 8.00 Bn | 7.45 Bn | 87.94 Mn | 29.65% |
| 9 | EnerSys | 6.97 Bn | 6.53 Bn | 290.87 Mn | 29.44% |
| 10 | Fuelcell Energy | 1.13 Bn | 761.72 Mn | -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% |