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Side-by-side financial comparison of AMERISAFE INC (AMSF) and FUELCELL ENERGY INC (FCEL). Click either name above to swap in a different company.
AMERISAFE INC is the larger business by last-quarter revenue ($80.1M vs $55.0M, roughly 1.5× FUELCELL ENERGY INC). AMERISAFE INC runs the higher net margin — 10.2% vs -54.3%, a 64.5% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs 10.3%). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 2.8%).
AMERISAFE Inc. is a specialty insurance provider that focuses exclusively on workers' compensation coverage for small and mid-sized businesses in high-hazard industries including construction, logging, trucking, and manufacturing. It operates across 49 U.S. states, offering tailored insurance policies paired with targeted risk management support for clients.
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
AMSF vs FCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $80.1M | $55.0M |
| Net Profit | $8.1M | $-29.9M |
| Gross Margin | — | -12.1% |
| Operating Margin | — | -51.5% |
| Net Margin | 10.2% | -54.3% |
| Revenue YoY | 10.3% | 11.5% |
| Net Profit YoY | -9.0% | 27.9% |
| EPS (diluted) | $0.43 | $-0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $80.1M | — | ||
| Q4 25 | $81.6M | $55.0M | ||
| Q3 25 | $82.0M | $46.7M | ||
| Q2 25 | $81.1M | $37.4M | ||
| Q1 25 | $72.6M | $19.0M | ||
| Q4 24 | $74.0M | $49.3M | ||
| Q3 24 | $78.7M | $23.7M | ||
| Q2 24 | $75.8M | $22.4M |
| Q1 26 | $8.1M | — | ||
| Q4 25 | $10.4M | $-29.9M | ||
| Q3 25 | $13.8M | $-91.7M | ||
| Q2 25 | $14.0M | $-38.0M | ||
| Q1 25 | $8.9M | $-28.3M | ||
| Q4 24 | $13.2M | $-41.4M | ||
| Q3 24 | $14.3M | $-32.7M | ||
| Q2 24 | $11.0M | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | -12.1% | ||
| Q3 25 | — | -11.0% | ||
| Q2 25 | — | -25.2% | ||
| Q1 25 | — | -27.4% | ||
| Q4 24 | — | -22.1% | ||
| Q3 24 | — | -26.2% | ||
| Q2 24 | — | -31.6% |
| Q1 26 | — | — | ||
| Q4 25 | 15.6% | -51.5% | ||
| Q3 25 | 21.3% | -204.0% | ||
| Q2 25 | 21.5% | -95.7% | ||
| Q1 25 | 15.5% | -172.9% | ||
| Q4 24 | 22.7% | -83.2% | ||
| Q3 24 | 22.6% | -141.9% | ||
| Q2 24 | 18.1% | -184.5% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | 12.8% | -54.3% | ||
| Q3 25 | 16.9% | -196.1% | ||
| Q2 25 | 17.2% | -101.7% | ||
| Q1 25 | 12.3% | -149.1% | ||
| Q4 24 | 17.8% | -84.0% | ||
| Q3 24 | 18.2% | -137.8% | ||
| Q2 24 | 14.5% | -143.4% |
| Q1 26 | $0.43 | — | ||
| Q4 25 | $0.55 | $-0.43 | ||
| Q3 25 | $0.72 | $-3.78 | ||
| Q2 25 | $0.73 | $-1.79 | ||
| Q1 25 | $0.47 | $-1.42 | ||
| Q4 24 | $0.69 | $-2.29 | ||
| Q3 24 | $0.75 | $-1.99 | ||
| Q2 24 | $0.57 | $-2.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.2M | $278.1M |
| Total DebtLower is stronger | — | $103.8M |
| Stockholders' EquityBook value | $246.6M | $662.2M |
| Total Assets | — | $932.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.2M | — | ||
| Q4 25 | $61.9M | $278.1M | ||
| Q3 25 | $54.7M | $174.7M | ||
| Q2 25 | $48.5M | $177.0M | ||
| Q1 25 | $44.8M | $208.4M | ||
| Q4 24 | $44.1M | $257.3M | ||
| Q3 24 | $63.7M | $267.2M | ||
| Q2 24 | $30.6M | $260.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $103.8M | ||
| Q3 25 | — | $106.4M | ||
| Q2 25 | — | $109.4M | ||
| Q1 25 | — | $112.3M | ||
| Q4 24 | — | $115.7M | ||
| Q3 24 | — | $112.7M | ||
| Q2 24 | — | $116.2M |
| Q1 26 | $246.6M | — | ||
| Q4 25 | $251.6M | $662.2M | ||
| Q3 25 | $274.8M | $556.2M | ||
| Q2 25 | $265.6M | $609.2M | ||
| Q1 25 | $260.8M | $635.2M | ||
| Q4 24 | $257.3M | $656.9M | ||
| Q3 24 | $314.4M | $675.8M | ||
| Q2 24 | $301.0M | $639.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $932.1M | ||
| Q3 25 | $1.2B | $830.5M | ||
| Q2 25 | $1.2B | $883.8M | ||
| Q1 25 | $1.2B | $907.5M | ||
| Q4 24 | $1.2B | $944.1M | ||
| Q3 24 | $1.3B | $948.9M | ||
| Q2 24 | $1.2B | $916.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.18× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-22.9M |
| Free Cash FlowOCF − Capex | — | $-23.9M |
| FCF MarginFCF / Revenue | — | -43.4% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $11.1M | $-22.9M | ||
| Q3 25 | $10.7M | $-26.8M | ||
| Q2 25 | $-8.4M | $-29.9M | ||
| Q1 25 | $-1.8M | $-45.7M | ||
| Q4 24 | $24.2M | $5.8M | ||
| Q3 24 | $8.4M | $-63.4M | ||
| Q2 24 | $-2.6M | $-37.1M |
| Q1 26 | — | — | ||
| Q4 25 | $8.9M | $-23.9M | ||
| Q3 25 | $9.8M | $-32.1M | ||
| Q2 25 | $-9.5M | $-35.2M | ||
| Q1 25 | $-1.8M | $-52.8M | ||
| Q4 24 | $23.4M | $-4.7M | ||
| Q3 24 | $8.4M | $-76.8M | ||
| Q2 24 | $-2.6M | $-50.3M |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | -43.4% | ||
| Q3 25 | 11.9% | -68.6% | ||
| Q2 25 | -11.7% | -94.0% | ||
| Q1 25 | -2.5% | -277.8% | ||
| Q4 24 | 31.5% | -9.5% | ||
| Q3 24 | 10.7% | -324.0% | ||
| Q2 24 | -3.5% | -224.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.8% | ||
| Q3 25 | 1.1% | 11.2% | ||
| Q2 25 | 1.3% | 14.1% | ||
| Q1 25 | 0.0% | 37.2% | ||
| Q4 24 | 1.1% | 21.4% | ||
| Q3 24 | 0.0% | 56.6% | ||
| Q2 24 | 0.1% | 58.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.06× | — | ||
| Q3 25 | 0.77× | — | ||
| Q2 25 | -0.61× | — | ||
| Q1 25 | -0.20× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | -0.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMSF
Segment breakdown not available.
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
