Fuelcell Energy (FCEL) Operating Margin (2010 - 2026)
Fuelcell Energy (FCEL) posted Operating Margin of -141.39% for fiscal Q3 2026 (quarter ended Jul 31, 2026), up 62.63 percentage points from -204.02% a year earlier and up 77.53 percentage points from the prior quarter.
Fuelcell Energy (FCEL) Operating Margin (2010 - 2026) Analysis & Trends
For the trailing twelve months through Jul 31, 2026, Operating Margin at Fuelcell Energy was -116.25%, up 18.24 percentage points year-over-year; for FY2025 (ended Oct 31, 2025), it was -121.61%, up 19.73 percentage points from FY2024.
- Annual Operating Margin shows a five-year change of -66.35 percentage points (FY2020 to FY2025).
- In prior fiscal years, Fuelcell Energy's Operating Margin was -141.34% in FY2024 (-31.06 pp), -110.28% in FY2023 (-0.14 pp), -110.15% in FY2022 (-16.88 pp) and -93.27% in FY2021 (-38.01 pp).
- Quarterly Operating Margin has run from a low of -254.50% in fiscal Q1 2024 to a high of -51.48% in fiscal Q4 2025 over five years.
- On a year-over-year basis, Operating Margin increased in six of the last eight quarters, with an average year-over-year change of +30.61 percentage points.
- The strongest year-over-year quarter for Operating Margin in the past five years was fiscal Q2 2025, with a gain of 88.75 percentage points; the weakest was fiscal Q1 2024, with a drop of 193.93 percentage points.
- According to Business Quant data, Operating Margin for the three prior fiscal quarters was -218.92% (Q2 2026), -86.11% (Q1 2026) and -51.48% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 243.42 Bn | 203.34 Bn | 2.36 Bn | 5.88% |
| 2 | Bloom Energy | 64.86 Bn | 56.65 Bn | 355.57 Mn | 17.11% |
| 3 | First Solar | 18.49 Bn | 9.44 Bn | 605.00 Mn | 42.64% |
| 4 | BWX Technologies | 12.47 Bn | 10.77 Bn | 202.31 Mn | 12.66% |
| 5 | Nextpower | 12.04 Bn | 7.93 Bn | 335.85 Mn | 20.41% |
| 6 | Generac Holdings | 11.40 Bn | 10.23 Bn | 521.81 Mn | 17.93% |
| 7 | EnerSys | 6.16 Bn | 4.36 Bn | 313.36 Mn | 16.18% |
| 8 | Enphase Energy | 4.04 Bn | -817.10 Mn | 175.01 Mn | 17.65% |
| 9 | Mirion Technologies | 3.66 Bn | 1.50 Bn | 133.10 Mn | 6.71% |
| 10 | Fuelcell Energy | 903.66 Mn | -717.54 Mn | -24.50 Mn | -141.39% |
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | -141.39% |
| Apr 30, 2026 | -218.92% |
| Jan 31, 2026 | -86.11% |
| Oct 31, 2025 | -51.48% |
| Jul 31, 2025 | -204.02% |
| Apr 30, 2025 | -95.73% |
| Jan 31, 2025 | -172.93% |
| Oct 31, 2024 | -83.19% |
| Jul 31, 2024 | -141.87% |
| Apr 30, 2024 | -184.48% |
| Jan 31, 2024 | -254.50% |
| Oct 31, 2023 | -161.94% |
| Jul 31, 2023 | -162.27% |
| Apr 30, 2023 | -93.50% |
| Jan 31, 2023 | -60.57% |
| Oct 31, 2022 | -108.84% |
| Jul 31, 2022 | -64.95% |
| Apr 30, 2022 | -172.22% |
| Jan 31, 2022 | -141.04% |
| Oct 31, 2021 | -161.85% |
Fuelcell Energy Operating 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=operating-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=FCEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();