Fuelcell Energy (FCEL) Net Margin (2010 - 2026)
Fuelcell Energy's Net Margin was -137.17% in fiscal Q3 2026 (quarter ended Jul 31, 2026), up 60.63 percentage points from -197.80% a year earlier and up 83.99 percentage points from the prior quarter.
Fuelcell Energy (FCEL) Net Margin (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Fuelcell Energy's Net Margin was -115.68% through Jul 31, 2026, up 17.23 percentage points year-over-year; for FY2025 (ended Oct 31, 2025), it was -120.82%, down 5.60 percentage points from FY2024.
- Net Margin shows a five-year change of +9.61 percentage points (FY2020 to FY2025).
- In earlier fiscal years, Net Margin was -115.23% in FY2024 (-25.46 pp), -89.77% in FY2023 (+22.06 pp), -111.83% in FY2022 (+37.99 pp) and -149.82% in FY2021 (-19.39 pp).
- Quarterly Net Margin has moved between -221.16% (fiscal Q2 2026) and -52.39% (fiscal Q1 2023) over five years.
- Compared with a year earlier, Net Margin was higher in five of the last eight quarters, with an average year-over-year change of +7.34 percentage points.
- The best year-over-year quarter for Net Margin over five years was fiscal Q1 2022 (a gain of 184.03 percentage points); the worst was fiscal Q2 2026 (a drop of 117.30 percentage points).
- Per Business Quant data, FCEL's Net Margin in the three fiscal quarters before Q3 2026 was -221.16% (Q2 2026), -77.50% (Q1 2026) and -55.74% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 239.17 Bn | 199.09 Bn | 2.36 Bn | 6.02% |
| 2 | Bloom Energy | 63.80 Bn | 55.59 Bn | 355.57 Mn | 18.42% |
| 3 | First Solar | 18.85 Bn | 9.81 Bn | 605.00 Mn | 40.01% |
| 4 | BWX Technologies | 12.35 Bn | 10.65 Bn | 202.31 Mn | 9.87% |
| 5 | Nextpower | 12.04 Bn | 7.93 Bn | 335.85 Mn | 17.68% |
| 6 | Generac Holdings | 11.46 Bn | 10.29 Bn | 521.81 Mn | 12.21% |
| 7 | EnerSys | 6.24 Bn | 4.43 Bn | 313.36 Mn | 12.45% |
| 8 | Enphase Energy | 4.21 Bn | -645.55 Mn | 175.01 Mn | 12.36% |
| 9 | Mirion Technologies | 3.73 Bn | 1.57 Bn | 133.10 Mn | 2.89% |
| 10 | Fuelcell Energy | 878.31 Mn | -742.89 Mn | -24.50 Mn | -137.17% |
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | -137.17% |
| Apr 30, 2026 | -221.16% |
| Jan 31, 2026 | -77.50% |
| Oct 31, 2025 | -55.74% |
| Jul 31, 2025 | -197.80% |
| Apr 30, 2025 | -103.86% |
| Jan 31, 2025 | -153.32% |
| Oct 31, 2024 | -85.59% |
| Jul 31, 2024 | -141.21% |
| Apr 30, 2024 | -146.92% |
| Jan 31, 2024 | -123.38% |
| Oct 31, 2023 | -138.74% |
| Jul 31, 2023 | -98.31% |
| Apr 30, 2023 | -91.54% |
| Jan 31, 2023 | -52.39% |
| Oct 31, 2022 | -110.37% |
| Jul 31, 2022 | -70.10% |
| Apr 30, 2022 | -189.31% |
| Jan 31, 2022 | -130.28% |
| Oct 31, 2021 | -179.27% |
Fuelcell Energy Net 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=net-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();