Fuelcell Energy (FCEL) Gross Margin (2010 - 2026)
Fuelcell Energy (FCEL) posted Gross Margin of 36.33% for Q2 2026, down 89.37% sequentially from 19.18% in Q1 2026, and down 1110.0% YoY from 3.6% in Q2 2025.
Fuelcell Energy (FCEL) Gross Margin (2010 - 2026) Analysis & Trends
Fuelcell Energy has reported Gross Margin for 17 years, with the latest figure at 36.33% in Q2 2026.
- Quarterly Gross Margin fell 1110.0% year-over-year to 36.33% in Q2 2026, while the trailing twelve-month figure through Apr 2026 was 18.2% (up 634.0% YoY) and the FY2025 annual result came in at 16.7%, up 1534.0% from the prior year.
- Gross Margin fell to 36.33% in Q2 2026 per FCEL's latest filing, from 19.18% in the prior quarter.
- Over five years, Gross Margin peaked at 14.13% in Q1 2023 and troughed at 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 sharpest annual moves came in 2024 and 2025: Gross Margin plunged 8437 bps in 2024, then surged 4285 bps in 2025.
- Over 5 years, Gross Margin stood at 38.75% in 2022, then jumped by 83 bps to 6.52% in 2023, then slumped by 240 bps to 22.13% in 2024, then surged by 46 bps to 12.05% in 2025, then tumbled 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 | Vertiv Holdings | 99.68 Bn | 96.57 Bn | 1.23 Bn | 37.71% |
| 2 | Bloom Energy | 57.18 Bn | 54.51 Bn | 355.57 Mn | 33.38% |
| 3 | Hubbell | 24.99 Bn | 24.60 Bn | 613.00 Mn | 35.81% |
| 4 | nVent Electric | 24.97 Bn | 24.72 Bn | 558.00 Mn | 37.93% |
| 5 | Advanced Energy Industries | 11.15 Bn | 9.73 Bn | 236.10 Mn | 41.13% |
| 6 | Acuity Inc. (De) | 10.33 Bn | 9.92 Bn | 606.40 Mn | 50.62% |
| 7 | Powell Industries | 7.21 Bn | 6.58 Bn | 95.30 Mn | 30.57% |
| 8 | EnerSys | 6.90 Bn | 6.37 Bn | 313.36 Mn | 33.49% |
| 9 | Hayward Holdings | 3.17 Bn | 2.69 Bn | 155.05 Mn | 48.70% |
| 10 | Fuelcell Energy | 1.01 Bn | 634.56 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% |