# FUELCELL ENERGY, INC. (FCEL) · Edgar & Edgarette company card

> Fuelcell Energy, Inc. (FCEL) grew revenue 41.0% in FY2025 to $158 million, operating margin -122% against a 5.2% median for electrical industrial apparatus, equity 71.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 886128 · fiscal year ended 2025-10-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/FCEL) · [JSON](https://www.pops4.com/boards/company/FCEL.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $158M |
| Revenue growth, 1 year | 41.0% |
| Revenue growth per year | 22.8% |
| Operating margin | -121.6% (prior year -141.3%) |
| Net margin | -121.0% |
| Operating cash flow | −$125M |
| Capital spending | $19M |
| Free cash flow | −$144M |
| Cash | $278M |
| Long-term debt | $120M |
| Total assets | $932M |
| Total equity | $662M |
| Equity ÷ assets | 71.0% |
| Return on equity | -28.9% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -1.64 (distress zone)
- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -121.6% in FY2025; revenue is hard to predict: its 80% range is ±39%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $158.2M (FY2025), total debt $119.6M. Experience: revenue up 41.0% on the year, up 22.8% a year over 4 years; operating margin -121.6%, up from -141.3%. Soundness: equity 71.0% of assets, return on equity -28.9%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $127.2M and $292.8M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B 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 $103.0M to $364.7M. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, its industry group): operating margin -121.6% against a 5.2% median; growth 41.0% against 7.5%.

Range logged 2026-09-29, receipt 360b9ec7f05ef0a0, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 7, latest 2026-10-28 ([filing](https://www.sec.gov/Archives/edgar/data/886128/000110465926119362/0001104659-26-119362-index.htm))

## Recent filings

- 8-K · filed 2026-10-28 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/886128/000110465926119362/0001104659-26-119362-index.htm)
- 8-K · filed 2026-10-07 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/886128/000110465926114207/0001104659-26-114207-index.htm)
- 10-Q · filed 2026-09-02 · [filing](https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/0001104659-26-104501-index.htm)
- 8-K · filed 2026-09-02 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/0001104659-26-104498-index.htm)
- 8-K · filed 2026-07-21 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/886128/000110465926085427/0001104659-26-085427-index.htm)
- 8-K · filed 2026-07-09 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/886128/000110465926082100/0001104659-26-082100-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000886128.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=886128

## Cite

POPS4, Edgar & Edgarette: FUELCELL ENERGY, INC. (FCEL) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/FCEL. 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.