Fuel Tech Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Fuel Tech Inc (FTEK) 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: Fuel Tech Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 28M vs 159,930M combined for its competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+21.8% annualized vs trailing 12 months), vs accelerating (+7.8%) for its tracked peer group.
- Growth: Fuel Tech Inc generated 15.8% revenue growth year over year in Q3 2026, vs 14.2% for its competitors combined.
- Profitability: Its -3.1% net margin compares with 14.2% for the peer group.
- Scale: Fuel Tech Inc ranks #97 of 143 companies by market capitalization in the Industrial Machinery and Components industry, holding 0.0% of industry market cap.
- Peer revenue share: Fuel Tech Inc accounted for 0.0% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.37M compares with $0.46M for the peer group (0.8x).
- Structure: Fuel Tech Inc operates in the following segments: Fuelchem, Air Pollution Control.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FTEK Sales vs. its Competitors, Q3 2026
Fuel Tech Inc reported revenue growth of 15.83 % year on year in Q3 2026, above its competitors' combined revenue growth of 14.20 %.
With a net margin of -3.08 %, Fuel Tech Inc reported lower profitability than its competitors (14.18 %).
Fuel Tech Inc generated 0.02 % of the combined sales of its peer group, up from 0.02 % a year earlier.
API endpoints for this dataset
Fuel Tech 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 Fuel Tech Inc reports; 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 Fuel Tech Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Fuel Tech 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 (5) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (3) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Fuel Tech Inc's competitor groups requires a Commercial License.
For context: the Industrial Machinery and Components industry grew revenue 15.7% year over year, combined, vs 15.8% for Fuel Tech Inc. Fuel Tech Inc's share of combined industry revenue moved from 0.01% to 0.01%, a gain of 0.00 percentage points.
Fuel Tech Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Fuel Tech Inc | No | Yes | Yes | Yes |
| Competitors combined (23) | ||||
| High-Confidence Competitors (2) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 100.00 % (8 of 8) | 50.00 % (4 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.
FTEK Stock Performance relative to its Competitors
FTEK Stock Performance relative to High-Confidence Competitors
FTEK Stock Performance relative to Similar-Size Competitors
FTEK 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 | Nextnrg Inc | 282.9% | Outperformed |
| 2 | Vishay Precision Group Inc | 282.9% | Outperformed |
| 3 | Oil States International Inc | 282.9% | Outperformed |
| 4 | Huntsman Corporation | 282.9% | Outperformed |
| 5 | Innovex International Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Fuel Tech Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Fuel Tech Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Fuel Tech Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Fuel Tech Inc |
44.02 | 28.49 |
 General Electric Company |
349,297.14 | 52,575.00 |
 Eaton Corporation Plc |
139,983.28 | 31,984.00 |
 3m Company |
98,578.04 | 25,247.00 |
 Ecolab Inc |
86,531.35 | 17,679.70 |
 Dover Corp |
28,726.32 | 8,576.81 |
| SUBTOTAL | 767,034.25 | 184,736.16 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Fuel Tech Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Fuel Tech Inc's Competitors Named by the Company
Competitive relationships identified from Fuel Tech Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Chemithon, Inc. | Company report | 85% |
| CECO Environmental | Company report | 85% |
| Yara | Company report | 85% |
| Southern Environmental | Company report | 85% |
| Wahlco, Inc. | Company report | 85% |
| Hamon | Company report | 85% |
| American Superconductor Corp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Fuel Tech Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Fuel Tech Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Fuel Tech Inc | Fuelchem 56.82 % |
| General Electric Company | Commercial Engines and Services, Reportable 73.25 % |
| Eaton Corporation Plc | Electrical Americas 46.63 % |
| 3m Company | Safety and Industrial 48.33 % |
| Ecolab Inc | Water Services 51.14 % |
| Dover Corp | Clean Energy & Fueling 27.13 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Fuel Tech 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 |
|---|---|---|---|
| Fuel Tech Inc | 44 | 369,974 | -52,610 |
| General Electric Company | 349,297 | 922,368 | 159,930 |
| Eaton Corporation Plc | 139,983 | 328,705 | 40,102 |
| 3m Company | 98,578 | 417,306 | 58,579 |
| Ecolab Inc | 86,531 | 368,327 | 43,650 |
| Dover Corp | 28,726 | 357,367 | 75,230 |
| PEERS TOTAL | 766,990 | 464,555 | 50,165 |
Fuel Tech Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Fuel Tech Inc | US 86.33 % |
| 3m Company | United States 46.28 % |
| Dover Corp | United States 56.96 % |
| Bwx Technologies Inc | United States 72.74 % |
| Fluor Corporation | North America 78.15 % |
| Powell Industries Inc | United States 80.40 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Fuel Tech Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 127 companies in Fuel Tech Inc's industry classification, broader than the peer set above. Market cap in millions of $.Fuel Tech Inc ranks #97 of 127 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,557, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Asml Holding Nv | 588,503 | 32.94 % |
| 2 | Lam Research Corporation | 279,094 | 15.62 % |
| 3 | Deere and Co | 187,130 | 10.47 % |
| 4 | Eaton Corporation Plc | 139,947 | 7.83 % |
| 5 | Illinois Tool Works Inc | 1,234 | 5.2% |
| 6 | Bloom Energy Corporation | 1,234 | 5.2% |
| 7 | Carrier Global Corporation | 1,234 | 5.2% |
| 8 | Ingersoll Rand Inc | 1,234 | 5.2% |
| 9 | Dover Corp | 1,234 | 5.2% |
| 10 | Woodward Inc | 1,234 | 5.2% |
| 97 | Fuel Tech Inc | 44 | 0.00 % |
Market cap and industry share for the rest of Fuel Tech Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-09.
Fuel Tech 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 |
|---|---|---|---|
| 92 | Byrna Technologies Inc | 89 | -80.77 % |
| 93 | Net Power Inc | 74 | -75.38 % |
| 94 | Sono Tek Corp | 68 | -3.60 % |
| 95 | Tecogen Inc | 53 | -78.37 % |
| 96 | Trio tech International | 1,234 | 12.3% |
| 97 | Fuel Tech Inc | 44 | -33.02 % |
| 98 | Sci Engineered Materials inc | 1,234 | 12.3% |
| 99 | Aura Systems Inc | 1,234 | 12.3% |
| 100 | Cvd Equipment Corporation | 1,234 | 12.3% |
| 101 | Fusion Fuel Green Plc | 1,234 | 12.3% |
| 102 | Stem Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Fuel Tech Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-09. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Fuel Tech 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 (176 companies). See the full Industrial Machinery and Components industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 43.73 % | 23.13 % (avg) | +20.6 pp |
| Operating Margin | -17.93 % | industry median | -29.9 pp |
| EBITDA Margin | -13.35 % | 0.84 % (avg) | -14.2 pp |
| Capital Intensity (Capex / Revenue) | 3.33 % | 7.33 % (avg) | -4.0 pp |
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.
Fuel Tech Inc's Valuation vs Competitive Position
Valuation multiples vs the Industrial Machinery and Components industry average (176 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. See the full Industrial Machinery and Components industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 35.0x | - |
| EV / EBITDA | - | 17.1x | - |
| P/B | 1.3x | 3.9x | -2.6x |
| Return on Equity | -10.59 % | industry aggregate | -31.20 % |
| Return on Invested Capital | -6.81 % | -0.86 % (avg) | -5.95 % |
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.
Fuel Tech Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 25.17 % | -46.11 % | -25.99 % | 7.59 % | 11.05 % | 0.52 % | -7.19 % | 6.14 % |
| Operating Margin | 0.19 % | -27.05 % | -19.23 % | -6.14 % | -5.67 % | -9.81 % | -18.71 % | -13.80 % |
| Return on Invested Capital | 0.16 % | -13.25 % | -9.17 % | -1.60 % | -1.69 % | -3.06 % | -5.50 % | -4.59 % |
| 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.
Fuel Tech Inc's Strategic Group Map
Fuel Tech Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Fuel Tech Inc's trailing-12-month revenue growth of 15.3% and operating margin of -17.9% compares with an average of 9.5% growth and -11.9% margin across its 8 closest peers by combined growth, margin and ROIC -- Fuel Tech Inc sits above that peer average on growth and below it on margin.
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.
Fuel Tech Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Fuel Tech Inc falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 7.5% (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.
Fuel Tech 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 1,557 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 3.33 % vs industry average 7.33 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Fuel Tech Inc's dedicated Suppliers and Customers pages, not here.
Fuel Tech Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Fuel Tech Inc falls in the Medium attractiveness / Medium strength cell: Selective.
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.
Fuel Tech 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
- Latest-quarter revenue run-rate is accelerating (+21.8% annualized vs trailing 12 months).
Weaknesses
- Operating margin 29.9 points below the industry median.
- Return on equity 31.2 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Fuel Tech 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 |
|---|---|---|---|
| Fuel Tech Inc | 1.68 | 5.16 | 0.00 |
| General Electric Company | - | 0.90 | 1.09 |
| Eaton Corporation Plc | 0.05 | 1.24 | 0.89 |
| 3m Company | - | 1.47 | 3.62 |
| Ecolab Inc | 0.29 | 1.26 | 1.72 |
| Dover Corp | - | 1.89 | 0.48 |
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.
Fuel Tech 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 |
|---|---|---|---|
| Fuel Tech Inc | Q3 2026 | +15.8 % | - |
| General Electric Company | Q3 2026 | +15.9 % | +6.2 % |
| Eaton Corporation Plc | Q3 2026 | +28.0 % | +6.7 % |
| 3m Company | Q3 2026 | +1.0 % | +63.3 % |
| Ecolab Inc | Q3 2026 | +16.4 % | -6.5 % |
| Dover Corp | Q3 2026 | +7.5 % | -51.6 % |
| PEERS TOTAL | +13.6 % | -22.7 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Fuel Tech 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 |
|---|---|---|---|
| Fuel Tech Inc | Q3 2026 | +24.6 % | -18.5 % |
| General Electric Company | Q3 2026 | +450.6 % | +9.4 % |
| Eaton Corporation Plc | Q3 2026 | +35.5 % | +54.5 % |
| 3m Company | Q3 2026 | +0.2 % | +17.4 % |
| Ecolab Inc | Q3 2026 | +14.2 % | +19.8 % |
| Dover Corp | Q3 2026 | +6.9 % | +2.3 % |
Fuel Tech Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Fuel Tech Inc | - | - | - |
| General Electric Company | 7.10% | 10.18% | 50.08% |
| Eaton Corporation Plc | 7.43% | 9.80% | 19.38% |
| 3m Company | 9.60% | 13.24% | 93.07% |
| Ecolab Inc | 7.57% | 7.61% | 20.76% |
| Dover Corp | 13.30% | 16.39% | 23.89% |
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).
Fuel Tech Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Fuel Tech Inc | - | 1.55 |
| General Electric Company | 38.79 | 6.64 |
| Eaton Corporation Plc | 35.97 | 4.38 |
| 3m Company | 28.11 | 3.90 |
| Ecolab Inc | 41.85 | 4.89 |
| Dover Corp | 34.91 | 3.35 |
| PEERS AVERAGE | 38.46 | 4.15 |
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.