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The Moat Index

FUELCELL ENERGY INC

FCEL · Industrials · $852.2M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

14/ 100
No moat

The four filters

Pricing power0

Median gross margin -13.8% over 10y, variable.

Returns on capital0

Median ROIC -44.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -19x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$18.50
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

FUELCELL ENERGY INC booked $158.2M of revenue in FY2025 in the Industrials sector and kept −16.7% of it as gross profit — a thin-margin business by that measure. After every other cost, −118.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $88.0M (FY2009) to $158.2M (FY2025) — about 3.7% a year compounded over 16 years.

It earned −39.6% on invested capital in FY2025, with a median of −46.7% across 12 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $83.2M of total debt in FY2016. Balance-Sheet Safety scores it 28/100.

The share count fell 59.2% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 44/100.

Put together: Capital Discipline is the strongest of the four filters (44/100) and Pricing Power the weakest (0/100), which is how FCEL lands at 14/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from FCEL’s SEC filings

RevenueSales, as filed$158.2M FY2025
$0$100M$200M2008201420202025
Gross marginRevenue kept after cost of goods−16.7% FY2025
−20%0%2008201420202025
Return on invested capitalOperating profit on the capital employed−39.6% FY2025
−50%0%2008201420202025
Owner earningsCash an owner could take out−$166.1M FY2025
−$100M$02008201420202025

Gaps in a line mean that item isn’t in FCEL’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale14.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FCEL has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#289 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #287SGLA SINO GREEN LAND CORPORATION14.4No moat
  2. #288BE BLOOM ENERGY CORPORATION14.4No moat
  3. #290OLOX OLENOX INDUSTRIES INC.14.3No moat
  4. #291CUEN CUENTAS, INC.14.3No moat

Compare FCEL with its nearest peers →All Industrials companies on the Index →

Common questions about FCEL

Does FUELCELL ENERGY INC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores FUELCELL ENERGY INC (FCEL) 14.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has FCEL's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 14.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FCEL. See the disclaimer.

FUELCELL ENERGY INC (FCEL) Moat Score — The Moat Index · Buy Like Buffett