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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Inogen Inc (INGN). Click either name above to swap in a different company.
Inogen Inc is the larger business by last-quarter revenue ($68.6M vs $55.0M, roughly 1.2× FUELCELL ENERGY INC). On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs 3.4%). Inogen Inc produced more free cash flow last quarter ($-1.9M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 4.2%).
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.
Inogen Inc is a medical technology firm specializing in the development, production and distribution of portable oxygen concentrators and associated respiratory care products. It caters primarily to patients with chronic respiratory conditions needing long-term oxygen therapy across North America, Europe and other global markets, focusing on home care and ambulatory patient segments to enhance users' quality of life.
FCEL vs INGN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $68.6M |
| Net Profit | $-29.9M | — |
| Gross Margin | -12.1% | 51.4% |
| Operating Margin | -51.5% | -13.6% |
| Net Margin | -54.3% | — |
| Revenue YoY | 11.5% | 3.4% |
| Net Profit YoY | 27.9% | — |
| EPS (diluted) | $-0.43 | $-0.26 |
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.
| Q4 25 | $55.0M | $68.6M | ||
| Q3 25 | $46.7M | $79.1M | ||
| Q2 25 | $37.4M | $79.2M | ||
| Q1 25 | $19.0M | $68.5M | ||
| Q4 24 | $49.3M | $66.3M | ||
| Q3 24 | $23.7M | $74.9M | ||
| Q2 24 | $22.4M | $74.4M | ||
| Q1 24 | $16.7M | $63.1M |
| Q4 25 | $-29.9M | — | ||
| Q3 25 | $-91.7M | $-5.3M | ||
| Q2 25 | $-38.0M | $-4.2M | ||
| Q1 25 | $-28.3M | $-6.2M | ||
| Q4 24 | $-41.4M | — | ||
| Q3 24 | $-32.7M | $-6.0M | ||
| Q2 24 | $-32.1M | $-5.6M | ||
| Q1 24 | $-19.8M | $-14.6M |
| Q4 25 | -12.1% | 51.4% | ||
| Q3 25 | -11.0% | 52.2% | ||
| Q2 25 | -25.2% | 52.2% | ||
| Q1 25 | -27.4% | 53.1% | ||
| Q4 24 | -22.1% | 54.7% | ||
| Q3 24 | -26.2% | 55.2% | ||
| Q2 24 | -31.6% | 57.4% | ||
| Q1 24 | -70.2% | 54.5% |
| Q4 25 | -51.5% | -13.6% | ||
| Q3 25 | -204.0% | -9.0% | ||
| Q2 25 | -95.7% | -7.7% | ||
| Q1 25 | -172.9% | -11.2% | ||
| Q4 24 | -83.2% | -17.2% | ||
| Q3 24 | -141.9% | -10.4% | ||
| Q2 24 | -184.5% | -9.5% | ||
| Q1 24 | -254.5% | -25.8% |
| Q4 25 | -54.3% | — | ||
| Q3 25 | -196.1% | -6.7% | ||
| Q2 25 | -101.7% | -5.2% | ||
| Q1 25 | -149.1% | -9.0% | ||
| Q4 24 | -84.0% | — | ||
| Q3 24 | -137.8% | -8.0% | ||
| Q2 24 | -143.4% | -7.5% | ||
| Q1 24 | -118.6% | -23.1% |
| Q4 25 | $-0.43 | $-0.26 | ||
| Q3 25 | $-3.78 | $-0.20 | ||
| Q2 25 | $-1.79 | $-0.15 | ||
| Q1 25 | $-1.42 | $-0.25 | ||
| Q4 24 | $-2.29 | $-0.41 | ||
| Q3 24 | $-1.99 | $-0.25 | ||
| Q2 24 | $-2.18 | $-0.24 | ||
| Q1 24 | $-1.37 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $278.1M | $103.7M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $192.2M |
| Total Assets | $932.1M | $298.6M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $103.7M | ||
| Q3 25 | $174.7M | $106.5M | ||
| Q2 25 | $177.0M | $103.7M | ||
| Q1 25 | $208.4M | $118.9M | ||
| Q4 24 | $257.3M | $113.8M | ||
| Q3 24 | $267.2M | $105.7M | ||
| Q2 24 | $260.1M | $97.9M | ||
| Q1 24 | $297.5M | $107.4M |
| 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 24 | $107.2M | — |
| Q4 25 | $662.2M | $192.2M | ||
| Q3 25 | $556.2M | $197.2M | ||
| Q2 25 | $609.2M | $199.5M | ||
| Q1 25 | $635.2M | $198.0M | ||
| Q4 24 | $656.9M | $173.9M | ||
| Q3 24 | $675.8M | $185.4M | ||
| Q2 24 | $639.8M | $187.6M | ||
| Q1 24 | $663.9M | $191.9M |
| Q4 25 | $932.1M | $298.6M | ||
| Q3 25 | $830.5M | $307.0M | ||
| Q2 25 | $883.8M | $312.0M | ||
| Q1 25 | $907.5M | $308.4M | ||
| Q4 24 | $944.1M | $296.2M | ||
| Q3 24 | $948.9M | $306.2M | ||
| Q2 24 | $916.8M | $308.9M | ||
| Q1 24 | $923.2M | $315.6M |
| 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× | — | ||
| Q1 24 | 0.16× | — |
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 | $-943.0K |
| Free Cash FlowOCF − Capex | $-23.9M | $-1.9M |
| FCF MarginFCF / Revenue | -43.4% | -2.8% |
| Capex IntensityCapex / Revenue | 1.8% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $-13.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $-943.0K | ||
| Q3 25 | $-26.8M | $2.2M | ||
| Q2 25 | $-29.9M | $4.3M | ||
| Q1 25 | $-45.7M | $-16.8M | ||
| Q4 24 | $5.8M | $-3.0M | ||
| Q3 24 | $-63.4M | $7.0M | ||
| Q2 24 | $-37.1M | $6.7M | ||
| Q1 24 | $-58.3M | $-4.7M |
| Q4 25 | $-23.9M | $-1.9M | ||
| Q3 25 | $-32.1M | $1.6M | ||
| Q2 25 | $-35.2M | $3.7M | ||
| Q1 25 | $-52.8M | $-17.1M | ||
| Q4 24 | $-4.7M | $-3.3M | ||
| Q3 24 | $-76.8M | $5.3M | ||
| Q2 24 | $-50.3M | $6.6M | ||
| Q1 24 | $-68.8M | $-6.1M |
| Q4 25 | -43.4% | -2.8% | ||
| Q3 25 | -68.6% | 2.0% | ||
| Q2 25 | -94.0% | 4.6% | ||
| Q1 25 | -277.8% | -24.9% | ||
| Q4 24 | -9.5% | -5.0% | ||
| Q3 24 | -324.0% | 7.1% | ||
| Q2 24 | -224.5% | 8.9% | ||
| Q1 24 | -412.4% | -9.6% |
| Q4 25 | 1.8% | 1.4% | ||
| Q3 25 | 11.2% | 0.7% | ||
| Q2 25 | 14.1% | 0.9% | ||
| Q1 25 | 37.2% | 0.4% | ||
| Q4 24 | 21.4% | 0.5% | ||
| Q3 24 | 56.6% | 2.2% | ||
| Q2 24 | 58.9% | 0.1% | ||
| Q1 24 | 63.3% | 2.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
INGN
| Other | $36.1M | 53% |
| Non Us | $32.5M | 47% |
