FuelCell Energy, Inc. Financial Ratios — FCELB Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-27.36	-18.92	-16.01	-14.71	-10.53	-16.49	-14.88	-13.07	-23.02	-20.8	-14.45	-15.73	-11.35	-13.27	-20.03
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	-10.29	0.37	3.8	7.61	7.83	-0.33	2.86	3.46	-35.01	-10.9	-22.47	-22.67	-8.54	-32.03	-16.7
EBITDA Margin (%)	-32.02	-22.34	-13.7	-12.72	-15.2	-38.25	-36.65	-40.23	-89.83	-27.92	-64.71	-93.84	-89.72	-106.78	-51.11
Operating Margin (%)	-37.27	-26.64	-15.89	-15.15	-17.72	-42.82	-45.55	-49.9	-110.17	-55.26	-93.27	-110.15	-110.28	-139.06	-76.65
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-37.49	-29.71	-18.62	-21.3	-18.03	-46.83	-56.3	-56.3	-127.5	-125.67	-145.18	-112.21	-87.1	-139.79	-120.91
Profit Margin (%)	-37.3	-29.43	-18.31	-21.15	-18	-47.07	-56.34	-52.92	-127.68	-125.73	-145.23	-109.38	-87.17	-112.38	-118.8
Net Income to Common Margin (%)	-39.91	-32.09	-20.01	-22.92	-19.97	-50.03	-59.69	-69.51	-159.79	-130.43	-149.82	-111.83	-89.77	-115.23	-120.82
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-24.33	-11.19	-3.15	-2.67	-3.02	-1.77	-1.67	17.14	18.2	-3.4	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	9	9	60	15	20	86	92	89	112	183	98	104	139	156	144
ST Debt	5	5	7	1	7	5	28	18	22	22	11	14	11	17	17
LT Debt	4	4	53	13	13	81	64	72	90	160	87	90	129	140	127
Total Debt/EBITDA	-0.23	-0.34	-2.32	-0.65	-0.82	-2.07	-2.63	-2.48	-2.05	-9.24	-2.17	-0.85	-1.26	-1.31	-1.78
Net Debt/EBITDA	1.08	1.4	0.31	3.01	1.55	-0.04	-1.22	-1.39	-1.88	-1.12	7.63	2.96	1.09	0.01	1.82
Total Debt/EBIT	-0.2	-0.28	-2	-0.54	-0.7	-1.85	-2.11	-2	-1.67	-4.67	-1.51	-0.73	-1.02	-1	-1.19
Net Debt/EBIT	0.93	1.17	0.27	2.52	1.33	-0.04	-0.98	-1.12	-1.53	-0.57	5.29	2.52	0.88	0.01	1.21
EBITDA to Interest Expense	-15.22	-11.69	-6.47	-6.44	-8.38	-8.35	-3.82	-3.97	-5.14	-1.29	-6.12	-19.15	-15.28	-12.36	-7.79
EBITDA-CapEx/Interest Expense	-15.22	-11.69	-6.47	-6.44	-8.38	-8.35	-3.82	-3.97	-5.14	-1.29	-6.12	-19.15	-15.28	-12.36	-7.79
EBIT to Interest Expense	-17.72	-13.94	-7.5	-7.67	-9.76	-9.35	-4.75	-4.93	-6.3	-2.56	-8.81	-22.48	-18.78	-16.09	-11.68
Interest Expense	3	2	4	4	3	5	9	9	11	15	7	6	7	10	10
Common Equity/Total Assets	-381.92	-384.79	-324.52	-288.38	-302.52	-261.09	-245.85	-291.07	-322.41	-222.37	-144.55	-149.83	-158.61	-173.87	-196.26
Long-Term Debt/Equity (%)	- -	5.37	112.88	8.44	8.41	46.4	33.77	40.48	66.48	63.08	12.3	11.99	16.91	19.21	17.39
Long-Term Debt/Capital (%)	-0.59	-0.59	-8.07	-1.82	-1.71	-10.87	-8.35	-8.88	-9.98	-17.41	-7.85	-7.33	-9.9	-9.88	-7.87
Long-Term Debt/Total Assets (%)	2.24	2.08	22.17	4.76	4.69	23.73	16.61	21.04	27.03	30.65	9.91	9.62	13.46	14.8	13.64
Total Debt/Equity (%)	-63.73	12.35	127.73	9.35	13.17	49.28	48.75	50.43	82.64	71.84	13.87	13.82	18.31	21.51	19.69
Total Debt/Capital (%)	-1.32	-1.37	-9.14	-2.01	-2.68	-11.54	-12.05	-11.06	-12.41	-19.83	-8.86	-8.45	-10.72	-11.06	-8.91
Total Debt/Total Assets (%)	4.99	4.77	25.08	5.28	7.34	25.2	23.98	26.21	33.61	34.91	11.18	11.1	14.57	16.57	15.44
Net Debt to Equity	293.94	-51.01	-17.34	-43.53	-24.9	0.96	22.64	28.22	75.68	8.71	-48.7	-47.99	-15.82	-0.19	-20.11
Net Debt/Capital (%)	5.68	5.28	1.12	8.4	4.71	-0.2	-5.26	-5.9	-11.25	-2.07	22.35	21.4	7.77	0.09	7.76
EBITDA	-39	-27	-26	-23	-25	-41	-35	-36	-55	-20	-45	-122	-111	-120	-81
EBITDA-CapEx	-39	-27	-26	-23	-25	-41	-35	-36	-55	-20	-45	-122	-111	-120	-81
Operating Income (Loss)	-46	-32	-30	-27	-29	-46	-44	-45	-67	-39	-65	-144	-136	-156	-121

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.56	0.55	0.64	1.12	0.79	1.62	0.5	0.65	0.15	2.54	8.19	5.34	5.37	3.48	4.1
Current Ratio	1.16	1.66	1.78	2.89	2.72	3.89	2.07	2.17	1.34	3.97	10.3	6.76	7.23	6.01	6.63
Quick Ratio	0.75	0.98	1.1	1.98	1.61	2.11	1.2	1.04	0.33	2.84	8.64	5.52	5.67	4.14	4.88
CFO/Avg Current Liab	-0.1	-0.59	-0.17	-0.63	-0.59	-0.73	-0.96	0.21	-0.5	-0.6	-1.26	-1.62	-1.85	-2.19	-1.77
Common Equity/Total Assets	-381.92	-384.79	-324.52	-288.38	-302.52	-261.09	-245.85	-291.07	-322.41	-222.37	-144.55	-149.83	-158.61	-173.87	-196.26
Long-Term Debt/Equity (%)	- -	5.37	112.88	8.44	8.41	46.4	33.77	40.48	66.48	63.08	12.3	11.99	16.91	19.21	17.39
Long-Term Debt/Capital (%)	-0.59	-0.59	-8.07	-1.82	-1.71	-10.87	-8.35	-8.88	-9.98	-17.41	-7.85	-7.33	-9.9	-9.88	-7.87
Long-Term Debt/Total Assets (%)	2.24	2.08	22.17	4.76	4.69	23.73	16.61	21.04	27.03	30.65	9.91	9.62	13.46	14.8	13.64
Total Debt/Equity (%)	-63.73	12.35	127.73	9.35	13.17	49.28	48.75	50.43	82.64	71.84	13.87	13.82	18.31	21.51	19.69
Total Debt/Capital (%)	-1.32	-1.37	-9.14	-2.01	-2.68	-11.54	-12.05	-11.06	-12.41	-19.83	-8.86	-8.45	-10.72	-11.06	-8.91
Total Debt/Total Assets (%)	4.99	4.77	25.08	5.28	7.34	25.2	23.98	26.21	33.61	34.91	11.18	11.1	14.57	16.57	15.44
CFO/Total Liabilities	-4.29	-49.92	-8.72	-46.98	-36.11	-27.99	-36.85	9.98	-15.45	-13.67	-41.45	-60.52	-71.84	-70.57	-62.33
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-5.38	-4.96	-3.98	-3.27	-3.61	-3.39	-3.36	-4.16	-5.32	-2.96	-1.56	-1.87	-2.09	-2.44	-2.53

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.13	5.92	10.16	12.22	10.47	7.83	3.76	3.42	9.66	11.03	5.73	13.3	28.39	14.41	20.08
Days Sales Outstanding	59.58	61.67	35.92	29.88	34.86	46.59	97.06	106.69	37.77	33.1	63.71	27.43	12.86	25.32	18.17
Inventory Turnover	3.68	2.74	3.48	2.97	2.47	1.56	1.25	1.35	1.52	1.49	1.44	2.03	1.53	1.49	1.85
Days Inventory Outstanding	99.24	133.36	105.02	122.8	147.71	234.51	291.24	270.7	240.5	244.94	252.78	180.13	238.96	244.27	197.66
Accounts Payable Turnover	11.62	9.61	10.22	7	8.27	6.82	3.07	2.01	4.2	5.66	7.03	7.75	4.66	7.22	7.93
Accounts Payable Turnover Days	31.4	38	35.72	52.14	44.11	53.53	119.09	181.91	86.97	64.48	51.95	47.1	78.33	50.54	46.01
Cash Conversion Cycle	127.42	157.03	105.22	100.54	138.46	227.57	269.21	195.48	191.3	213.56	264.55	160.46	173.49	219.05	169.82
Inventory to Cash Days	-39.65	-71.68	-69.1	-92.92	-112.85	-187.91	-194.17	-164	-202.74	-211.84	-189.07	-152.7	-226.1	-218.94	-179.48
Inventories	40	48	56	56	66	74	74	54	55	51	67	91	84	114	86
Raw Materials	18	18	21	25	29	25	20	24	25	- -	- -	- -	- -	- -	- -
Work In Process	22	30	36	30	37	49	54	29	31	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	-2	51	67	91	84	114	86

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	51	47	68	84	59	84	49	39	9	150	432	458	250	148	278
+ Preferred Equity and Hybrid Capital	- -	60	60	60	60	60	88	95	60	60	60	60	60	60	60
+ Minority/Non Controlling Interest	-1	- -	-1	-2	-1	- -	- -	- -	- -	- -	3	10	18	11	9
+ Total Debt	9	9	60	15	20	86	92	89	112	183	98	104	139	156	144
Enterprise Value	-55	22	51	-11	21	62	130	145	162	93	-271	-284	-137	-30	-65
Total Capital	-693	-668	-652	-736	-759	-744	-764	-807	-903	-922	-1,104	-1,234	-1,298	-1,415	-1,617
Total Debt/Capital (%)	-1.32	-1.37	-9.14	-2.01	-2.68	-11.54	-12.05	-11.06	-12.41	-19.83	-8.86	-8.45	-10.72	-11.06	-8.91
Total Debt / EV	-0.17	0.42	1.17	-1.4	0.98	1.4	0.71	0.62	0.69	1.97	-0.36	-0.37	-1.02	-5.17	-2.21
EV/Sales	- -	0.18	0.27	- -	0.13	0.57	1.36	1.62	2.67	1.31	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	5.82	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	5.82	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-43	22	51	-11	21	62	130	145	162	93	-271	-284	-33	79	-65
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	123	121	188	180	163	108	96	89	61	71	70	130	123	112	158
TTM EBITDA	-39	-27	-26	-23	-25	-41	-35	-36	-55	-20	-45	-122	-111	-120	-81
TTM Operating Income	-46	-32	-30	-27	-29	-46	-44	-45	-67	-39	-65	-144	-136	-156	-121
TTM Cash Flow to Firm	-6	-56	-13	-54	-41	-42	-63	25	-20	-21	-63	-106	-133	-143	-115
TTM Free Cash Flow to Firm	-6	-56	-13	-54	-41	-42	-63	25	-20	-21	-63	-106	-133	-143	-115

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-55	22	51	-11	21	62	130	145	162	93	-271	-284	-137	-30	-65
Low Price	220	273.08	287.5	390	177	212	150	225	24	100.04	447.5	500	355	298	287.5
EV/Sales	- -	0.18	0.27	- -	0.13	0.57	1.36	1.62	2.67	1.31	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	0.18	0.27	- -	0.13	0.57	1.36	1.62	2.67	1.31	- -	- -	- -	0.7	- -
EV/Sales High	- -	0.18	0.27	- -	0.13	0.57	1.36	1.62	2.67	1.31	- -	- -	- -	0.7	- -
EV/Sales Low	- -	0.18	0.27	- -	0.13	0.57	1.36	1.62	2.67	1.31	- -	- -	- -	0.7	- -
EV/EBITDA Average	1.1	-0.81	-1.98	0.46	-0.84	-1.49	-3.72	-4.02	-2.98	-4.69	6.03	2.32	0.3	-0.66	0.81
EV/EBITDA High	1.1	-0.81	-1.98	0.46	-0.84	-1.49	-3.72	-4.02	-2.98	-4.69	6.03	2.32	0.3	-0.66	0.81
EV/EBITDA Low	1.1	-0.81	-1.98	0.46	-0.84	-1.49	-3.72	-4.02	-2.98	-4.69	6.03	2.32	0.3	-0.66	0.81
EV/EBIT Average	0.95	-0.68	-1.71	0.39	-0.72	-1.33	-2.99	-3.24	-2.43	-2.37	4.18	1.97	0.24	-0.51	0.54
EV/EBIT High	0.95	-0.68	-1.71	0.39	-0.72	-1.33	-2.99	-3.24	-2.43	-2.37	4.18	1.97	0.24	-0.51	0.54
EV/EBIT Low	0.95	-0.68	-1.71	0.39	-0.72	-1.33	-2.99	-3.24	-2.43	-2.37	4.18	1.97	0.24	-0.51	0.54
Last Price	299.44	287.5	390	565	400	300	400	255	114.95	456	560	519	400	359.13	351
High Price	324.78	320	390	650	565	400	439	469	289	504.96	643	573.5	524.5	420	387
Enterprise Value Average	-43	22	51	-11	21	62	130	145	162	93	-271	-284	-33	79	-65
Enterprise Value High	-43	22	51	-11	21	62	130	145	162	93	-271	-284	-33	79	-65
Enterprise Value Low	-43	22	51	-11	21	62	130	145	162	93	-271	-284	-33	79	-65

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	6	10	12	14	15	20	46
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

FuelCell Energy, Inc.

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