# FUEL TECH, INC. (FTEK) · Edgar & Edgarette company card

> Fuel Tech (FTEK) grew revenue 6.1% in FY2025 to $27 million, operating margin -13.8% against a 13.5% median for industrial & commercial fans & blowers & air purifing equip, equity 84.6% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 846913 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/FTEK) · [JSON](https://www.pops4.com/boards/company/FTEK.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $27M |
| Revenue growth, 1 year | 6.1% |
| Revenue growth per year | 2.4% |
| Operating margin | -13.8% (prior year -18.7%) |
| Net margin | -8.7% |
| Operating cash flow | $3M |
| Capital spending | $674,000 |
| Free cash flow | $2M |
| Cash | $12M |
| Long-term debt | — |
| Total assets | $47M |
| Total equity | $40M |
| Equity ÷ assets | 84.6% |
| Return on equity | -5.8% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 0.41 (distress zone)
- Piotroski F: 6 of 9 (solid)
- Beneish M: -3.59 (below the −1.78 line)
- Health Harbor boat: Weathered boat · two warning signs · operating loss: a margin of -13.8% in FY2025; revenue is hard to predict: its 80% range is ±40%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $26.7M (FY2025). Experience: revenue up 6.1% on the year, up 2.4% a year over 4 years; operating margin -13.8%, up from -18.7%. Soundness: equity 84.6% of assets, return on equity -5.8%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $17.5M and $41.2M next year (method v4.1: its own 6-year record of growth weighed at 63% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $16.5M to $43.8M. A statistical range, not company guidance. Against peers (23 filers, $50M+ revenue, its industry group): operating margin -13.8% against a 13.5% median; growth 6.1% against 5.8%.

Range logged 2026-09-25, receipt 1264e51044254209, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 4, latest 2026-09-02 ([filing](https://www.sec.gov/Archives/edgar/data/846913/000143774926029510/0001437749-26-029510-index.htm))

## Recent filings

- 10-Q · filed 2026-11-03 · [filing](https://www.sec.gov/Archives/edgar/data/846913/000143774926034679/0001437749-26-034679-index.htm)
- 8-K · filed 2026-11-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/846913/000143774926034676/0001437749-26-034676-index.htm)
- 8-K · filed 2026-09-18 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/846913/000143774926030744/0001437749-26-030744-index.htm)
- 8-K · filed 2026-09-02 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/846913/000143774926029510/0001437749-26-029510-index.htm)
- 10-Q · filed 2026-08-04 · [filing](https://www.sec.gov/Archives/edgar/data/846913/000143774926025711/0001437749-26-025711-index.htm)
- 8-K · filed 2026-08-04 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/846913/000143774926025707/0001437749-26-025707-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000846913.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=846913

## Cite

POPS4, Edgar & Edgarette: FUEL TECH, INC. (FTEK) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/FTEK. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.