Fuelcell Energy Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Fuelcell Energy Inc (FCEL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Fuelcell Energy Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 154M vs 24M combined for tracked competitors (86.5% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-14.4% annualized vs trailing 12 months), vs decelerating (-35.1%) for its tracked peer group.
- Growth: Fuelcell Energy Inc generated -29.4% revenue growth year over year in Q3 2026, vs -21.7% for its tracked competitors combined.
- Profitability: Its -137.2% net margin compares with -15.9% for the peer group.
- Scale: Fuelcell Energy Inc ranks #63 of 143 companies by market capitalization in the Industrial Machinery and Components industry, holding 0.1% of industry market cap.
- Peer revenue share: Fuelcell Energy Inc accounted for 89.4% of combined revenue among its tracked peer group, down from 90.4% a year earlier.
- Peer differentiation: Revenue per employee of $0.36M compares with $0.32M for the peer group (1.1x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FCEL Sales vs. its Competitors, Q3 2026
Fuelcell Energy Inc reported revenue contraction of 29.40 % year on year in Q3 2026, below its competitors' combined revenue change of -21.66 %.
With a net margin of -137.22 %, Fuelcell Energy Inc reported lower profitability than its competitors (-15.93 %).
Fuelcell Energy Inc generated 89.43 % of the combined sales of its peer group, down from 90.38 % a year earlier.
Fuelcell Energy Inc vs. its Competitors, Q3 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Fuelcell Energy Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Fuelcell Energy inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Fuelcell Energy Inc's competitor groups requires a Commercial License.
For context: the Industrial Machinery and Components industry grew revenue 12.4% year over year, combined, vs -29.4% for Fuelcell Energy Inc. Fuelcell Energy Inc's share of combined industry revenue moved from 0.04% to 0.02%, a loss of 0.01 percentage points.
Fuelcell Energy Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Fuelcell Energy inc | No | Yes | No | No |
| Competitors combined (3) | ||||
| High-Confidence Competitors (4) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 25.00 % (2 of 8) | 25.00 % (2 of 8) | 25.00 % (2 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FCEL Stock Performance relative to its Competitors
FCEL Stock Performance relative to High-Confidence Competitors
FCEL Stock Performance relative to Similar-Size Competitors
FCEL Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Yunhong Green Cti Ltd | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Fuelcell Energy Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Fuelcell Energy Inc's Comment on Competition and Industry Peers
Fuel cell technologies are classified according to the electrolyte used by each fuel cell type. Our DFC technology utilizes a carbonate electrolyte. Carbonate-based fuel cells offer a number of advantages over other types of fuel cells designed for megawatt-class commercial applications. These advantages include carbonate fuel cells ability to generate electricity directly from readily available fuels such as natural gas or renewable biogas, lower raw material costs as the high temperature of the fuel cell enables the use of commodity metals rather than precious metals, and high-quality heat suitable for CHP applications. We are also actively developing SOFC technology, as discussed in the prior Advanced Technology section. Other fuel cell types that may be used for commercial applications include phosphoric acid (PAFC) and proton exchange membrane (PEM).
Several companies in the U.S. are engaged in fuel cell development, although we believe we are the only domestic company engaged in significant manufacturing and commercialization of stationary carbonate fuel cells. Emerging fuel cell technologies (and the companies developing them) include stationary PEM fuel cells (Ballard Power Systems), portable PEM fuel cells (Ballard Power Systems, Plug Power, and increasing activity by numerous automotive companies including Toyota, Hyundai, Honda and GM), stationary phosphoric acid fuel cells (Doosan), stationary solid oxide fuel cells (LG/Rolls Royce partnership, General Electric, Bloom Energy), and small residential solid oxide fuel cells (Parker Hannifin, Toyota/Kyocera and Ceramic Fuel Cells Ltd.). Each of these competitors with stationary fuel cell applications has the potential to capture market share in our target markets.
There are other potential fuel cell competitors internationally. In Japan, Fuji Electric has been involved with both PEM and phosphoric acid fuel cells and Panasonic is involved with PEM fuel cells for micro-CHP applications. In the United Kingdom, AFC Energy is engaged in alkaline fuel cell development and Intelligent Energy Holdings is engaged in PEM development for consumer products and transportation.
Other than fuel cell developers, we also compete with companies such as Caterpillar, Cummins, Wartsilla, MTU Friedrichshafen GmbH (MTU), Mitsubishi Heavy Industries and Detroit Diesel, which manufacture more mature combustion-based distributed power generation equipment, including various engines and turbines, and have well-established manufacturing and distribution operations along with product operating and cost features. Competition on larger MW projects may also come from gas turbine companies like General Electric, Caterpillar Solar Turbines and Kawasaki.
We also compete against the electric grid, which is readily available to prospective customers. The electric grid is supplied by traditional centralized power plants including coal, gas and nuclear, with transmission lines used to transport the electricity to the point of use.
Our stationary fuel cell power plants generally do not directly compete against solar and wind, but can complement their intermittency with the continuous power output of the fuel cells. Solar and wind require specific geographies and weather profiles, as well as up to ten times the land requirements of our DFC plants, making them difficult to site in urban areas, unlike fuel cell power plants.
We believe that only carbonate fuel cells are suitable for fuel cell carbon capture applications, so our fuel cell carbon capture solution does not compete against fuel cells from manufacturers utilizing other fuel cell technologies.
Our distributed hydrogen solution competes against traditional centralized hydrogen generation as well as electrolyzers used for distributed applications. Hydrogen is typically generated at a central location in large quantities by combustion-based steam reforming and then distributed to end users by diesel truck. Besides utilizing tri-generation DFC plants for distributed hydrogen, electrolyzers can be used that are in essence, reverse fuel cells. Electrolyzers take electricity and convert it to hydrogen. The hydrogen can be used as it is generated, compressed and stored, or injected into the natural gas pipeline. Companies using fuel cell-based electrolyzer technology for transportation applications include Proton Onsite and H2 Logic. Hydrogenics is pursuing both transportation and utility-scale electrolyzer applications.
Publicly Traded Peers of Fuelcell Energy inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Fuelcell Energy inc | 1,126.49 | 154.14 |
| Yunhong Green Cti Ltd | 6.37 | 20.66 |
| Brenmiller Energy Ltd | 0.05 | 0.39 |
| Flywheel Advanced Technology Inc | - | 3.38 |
| SUBTOTAL | 1,132.90 | 178.57 |
Sources: Fuelcell Energy inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Fuelcell Energy inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Fuelcell Energy Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| General Electric | Named by the company | 85% |
| Intelligent Energy Holdings | Named by the company | 85% |
| Advanced Technology | Named by the company | 85% |
| Fuji Electric | Named by the company | 85% |
| Bloom Energy | Named by the company | 85% |
| MTU Friedrichshafen GmbH | Named by the company | 85% |
| Ballard Power Systems | Named by the company | 85% |
| AFC Energy | Named by the company | 85% |
| Ceramic Fuel Cells Ltd | Named by the company | 85% |
| Mitsubishi Heavy Industries | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Fuelcell Energy Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Fuelcell Energy Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Fuelcell Energy inc | 1,126 | 363,531 | -420,528 |
| Yunhong Green Cti Ltd | 6 | 397,346 | -55,750 |
| Brenmiller Energy Ltd | 0 | 15,480 | -934,400 |
| Flywheel Advanced Technology Inc | - | - | - |
| PEERS TOTAL | 6 | 317,282 | -413,939 |
Fuelcell Energy Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Fuelcell Energy inc | US 51.91 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Fuelcell Energy Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 128 companies in Fuelcell Energy Inc's industry classification, broader than the peer set above. Market cap in millions of $.Fuelcell Energy Inc ranks #63 of 128 companies by market capitalization in its industry, holding 0.05 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,546, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Asml Holding Nv | 683,986 | 31.64 % |
| 2 | Lam Research Corporation | 396,692 | 18.35 % |
| 3 | Deere and Co | 185,991 | 8.60 % |
| 4 | Eaton Corporation Plc | 171,770 | 7.95 % |
| 5 | Cae Inc | 1,234 | 5.2% |
| 6 | Bloom Energy Corporation | 1,234 | 5.2% |
| 7 | Illinois Tool Works Inc | 1,234 | 5.2% |
| 8 | Carrier Global Corporation | 1,234 | 5.2% |
| 9 | Ingersoll Rand Inc | 1,234 | 5.2% |
| 10 | Nvent Electric Plc | 1,234 | 5.2% |
| 63 | Fuelcell Energy inc | 1,126 | 0.05 % |
Market cap and industry share for the rest of Fuelcell Energy Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Fuelcell Energy Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 58 | Energizer Holdings Inc | 1,515 | -15.22 % |
| 59 | Amprius Technologies Inc | 1,479 | -6.87 % |
| 60 | Cricut Inc | 1,300 | -1.60 % |
| 61 | Lindsay Corporation | 1,181 | -17.22 % |
| 62 | Tennant Co | 1,234 | 12.3% |
| 63 | Fuelcell Energy inc | 1,126 | 103.05 % |
| 64 | Eos Energy Enterprises Inc | 1,234 | 12.3% |
| 65 | Fluence Energy Inc | 1,234 | 12.3% |
| 66 | Graham Corporation | 1,234 | 12.3% |
| 67 | Energy Vault Holdings Inc | 1,234 | 12.3% |
| 68 | Kornit Digital Ltd | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Fuelcell Energy Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Fuelcell Energy Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Industrial Machinery and Components industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (166 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | -32.39 % | 28.58 % (avg) | -61.0 pp |
| Operating Margin | -116.25 % | industry median | -121.9 pp |
| EBITDA Margin | -59.30 % | 3.86 % (avg) | -63.2 pp |
| Capital Intensity (Capex / Revenue) | - | 5.98 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Fuelcell Energy Inc's Valuation vs Competitive Position
Valuation multiples vs the Industrial Machinery and Components industry average (166 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 33.3x | - |
| EV / EBITDA | - | 19.5x | - |
| P/B | 1.9x | 4.0x | -2.1x |
| Return on Equity | -23.35 % | industry aggregate | -39.01 % |
| Return on Invested Capital | -10.37 % | 1.28 % (avg) | -11.65 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Fuelcell Energy Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -12.75 % | 27.79 % | -41.50 % | -13.66 % | 17.31 % | 24.49 % | 11.09 % | 48.29 % |
| Operating Margin | -22.78 % | -33.73 % | -79.18 % | -92.56 % | -72.53 % | -110.25 % | -131.03 % | -109.48 % |
| Return on Invested Capital | -11.54 % | -10.83 % | -16.09 % | -16.16 % | -8.56 % | -7.61 % | -10.08 % | -13.20 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Fuelcell Energy Inc's Strategic Group Map
Every company in Fuelcell Energy Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Fuelcell Energy Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Fuelcell Energy Inc's BCG Growth-Share Matrix
Relative market share (vs Fuelcell Energy Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) — a common framework, not a precision instrument.
Fuelcell Energy Inc falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 7.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Fuelcell Energy Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,546 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Fuelcell Energy Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Fuelcell Energy Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Fuelcell Energy Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Fuelcell Energy Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Fuelcell Energy Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) — not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Operating margin 121.9 points below the industry median.
- Return on equity 39.0 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-14.4% annualized vs trailing 12 months).
- Low relative market share vs the industry leader (0.00x).
Opportunities
- A meaningful share of tracked competitors (33.30 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-35.1% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Fuelcell Energy Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Fuelcell Energy inc | 5.63 | 7.72 | 0.12 |
| Yunhong Green Cti Ltd | 0.03 | 1.42 | 0.17 |
| Brenmiller Energy Ltd | 1.02 | 1.33 | 1.91 |
| Flywheel Advanced Technology Inc | 0.01 | 0.02 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Fuelcell Energy Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Fuelcell Energy inc | Q2 2026 | -29.4 % | - |
| Yunhong Green Cti Ltd | Q2 2026 | -21.7 % | - |
| Brenmiller Energy Ltd | Q4 2025 | +80.8 % | - |
| Flywheel Advanced Technology Inc | Q2 2026 | - | - |
| PEERS TOTAL | -28.2 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Fuelcell Energy Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Fuelcell Energy inc | Q2 2026 | +10.8 % | -74.8 % |
| Yunhong Green Cti Ltd | Q2 2026 | -15.9 % | -86.4 % |
| Brenmiller Energy Ltd | Q4 2025 | +265.1 % | -64.9 % |
| Flywheel Advanced Technology Inc | Q2 2026 | - | - |
Fuelcell Energy Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Fuelcell Energy inc | - | - | - |
| Yunhong Green Cti Ltd | - | - | - |
| Brenmiller Energy Ltd | - | - | - |
| Flywheel Advanced Technology Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Fuelcell Energy Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Fuelcell Energy inc | - | 7.31 |
| Yunhong Green Cti Ltd | - | 0.31 |
| Brenmiller Energy Ltd | - | 0.13 |
| Flywheel Advanced Technology Inc | - | - |
| PEERS AVERAGE | - | 6.34 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.