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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
LandBridge Co LLC is the larger business by last-quarter revenue ($56.8M vs $55.0M, roughly 1.0× FUELCELL ENERGY INC). LandBridge Co LLC runs the higher net margin — 14.2% vs -54.3%, a 68.5% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs 11.5%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 72.8%).
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.
FCEL vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $56.8M |
| Net Profit | $-29.9M | $8.1M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 60.0% |
| Net Margin | -54.3% | 14.2% |
| Revenue YoY | 11.5% | 55.6% |
| Net Profit YoY | 27.9% | -83.7% |
| EPS (diluted) | $-0.43 | $0.24 |
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 | $56.8M | ||
| Q3 25 | $46.7M | $50.8M | ||
| Q2 25 | $37.4M | $47.5M | ||
| Q1 25 | $19.0M | $44.0M | ||
| Q4 24 | $49.3M | $36.5M | ||
| Q3 24 | $23.7M | $28.5M | ||
| Q2 24 | $22.4M | $26.0M | ||
| Q1 24 | $16.7M | $19.0M |
| Q4 25 | $-29.9M | $8.1M | ||
| Q3 25 | $-91.7M | $8.1M | ||
| Q2 25 | $-38.0M | $7.5M | ||
| Q1 25 | $-28.3M | $6.5M | ||
| Q4 24 | $-41.4M | $49.3M | ||
| Q3 24 | $-32.7M | $2.7M | ||
| Q2 24 | $-32.1M | $-57.7M | ||
| Q1 24 | $-19.8M | $10.8M |
| 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 24 | -70.2% | — |
| Q4 25 | -51.5% | 60.0% | ||
| Q3 25 | -204.0% | 60.8% | ||
| Q2 25 | -95.7% | 60.0% | ||
| Q1 25 | -172.9% | 57.0% | ||
| Q4 24 | -83.2% | 49.4% | ||
| Q3 24 | -141.9% | 11.2% | ||
| Q2 24 | -184.5% | -197.4% | ||
| Q1 24 | -254.5% | 71.1% |
| Q4 25 | -54.3% | 14.2% | ||
| Q3 25 | -196.1% | 15.9% | ||
| Q2 25 | -101.7% | 15.8% | ||
| Q1 25 | -149.1% | 14.7% | ||
| Q4 24 | -84.0% | 135.2% | ||
| Q3 24 | -137.8% | 9.3% | ||
| Q2 24 | -143.4% | -222.1% | ||
| Q1 24 | -118.6% | 56.7% |
| Q4 25 | $-0.43 | $0.24 | ||
| Q3 25 | $-3.78 | $0.26 | ||
| Q2 25 | $-1.79 | $0.24 | ||
| Q1 25 | $-1.42 | $0.20 | ||
| Q4 24 | $-2.29 | — | ||
| Q3 24 | $-1.99 | $-0.04 | ||
| Q2 24 | $-2.18 | — | ||
| Q1 24 | $-1.37 | — |
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 | $30.7M |
| Total DebtLower is stronger | $103.8M | $570.7M |
| Stockholders' EquityBook value | $662.2M | $340.3M |
| Total Assets | $932.1M | $1.4B |
| Debt / EquityLower = less leverage | 0.16× | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $30.7M | ||
| Q3 25 | $174.7M | $28.3M | ||
| Q2 25 | $177.0M | $20.3M | ||
| Q1 25 | $208.4M | $14.9M | ||
| Q4 24 | $257.3M | $37.0M | ||
| Q3 24 | $267.2M | $14.4M | ||
| Q2 24 | $260.1M | $24.6M | ||
| Q1 24 | $297.5M | — |
| Q4 25 | $103.8M | $570.7M | ||
| Q3 25 | $106.4M | $366.1M | ||
| Q2 25 | $109.4M | $370.9M | ||
| Q1 25 | $112.3M | $375.5M | ||
| Q4 24 | $115.7M | $385.5M | ||
| Q3 24 | $112.7M | $242.4M | ||
| Q2 24 | $116.2M | $360.8M | ||
| Q1 24 | $107.2M | — |
| Q4 25 | $662.2M | $340.3M | ||
| Q3 25 | $556.2M | $272.0M | ||
| Q2 25 | $609.2M | $266.4M | ||
| Q1 25 | $635.2M | $217.0M | ||
| Q4 24 | $656.9M | $211.8M | ||
| Q3 24 | $675.8M | $97.2M | ||
| Q2 24 | $639.8M | $296.4M | ||
| Q1 24 | $663.9M | $162.3M |
| Q4 25 | $932.1M | $1.4B | ||
| Q3 25 | $830.5M | $1.1B | ||
| Q2 25 | $883.8M | $1.1B | ||
| Q1 25 | $907.5M | $1.0B | ||
| Q4 24 | $944.1M | $1.0B | ||
| Q3 24 | $948.9M | $689.9M | ||
| Q2 24 | $916.8M | $710.5M | ||
| Q1 24 | $923.2M | — |
| Q4 25 | 0.16× | 1.68× | ||
| Q3 25 | 0.19× | 1.35× | ||
| Q2 25 | 0.18× | 1.39× | ||
| Q1 25 | 0.18× | 1.73× | ||
| Q4 24 | 0.18× | 1.82× | ||
| Q3 24 | 0.17× | 2.49× | ||
| Q2 24 | 0.18× | 1.22× | ||
| 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 | $126.3M |
| Free Cash FlowOCF − Capex | $-23.9M | $122.0M |
| FCF MarginFCF / Revenue | -43.4% | 214.9% |
| Capex IntensityCapex / Revenue | 1.8% | 7.5% |
| Cash ConversionOCF / Net Profit | — | 15.68× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $207.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $126.3M | ||
| Q3 25 | $-26.8M | $34.9M | ||
| Q2 25 | $-29.9M | $37.3M | ||
| Q1 25 | $-45.7M | $15.9M | ||
| Q4 24 | $5.8M | $67.6M | ||
| Q3 24 | $-63.4M | $7.5M | ||
| Q2 24 | $-37.1M | $16.0M | ||
| Q1 24 | $-58.3M | $17.2M |
| Q4 25 | $-23.9M | $122.0M | ||
| Q3 25 | $-32.1M | $33.7M | ||
| Q2 25 | $-35.2M | $36.1M | ||
| Q1 25 | $-52.8M | $15.8M | ||
| Q4 24 | $-4.7M | $66.7M | ||
| Q3 24 | $-76.8M | $7.1M | ||
| Q2 24 | $-50.3M | $15.7M | ||
| Q1 24 | $-68.8M | $17.1M |
| Q4 25 | -43.4% | 214.9% | ||
| Q3 25 | -68.6% | 66.3% | ||
| Q2 25 | -94.0% | 75.9% | ||
| Q1 25 | -277.8% | 36.0% | ||
| Q4 24 | -9.5% | 182.6% | ||
| Q3 24 | -324.0% | 25.1% | ||
| Q2 24 | -224.5% | 60.4% | ||
| Q1 24 | -412.4% | 90.1% |
| Q4 25 | 1.8% | 7.5% | ||
| Q3 25 | 11.2% | 2.3% | ||
| Q2 25 | 14.1% | 2.6% | ||
| Q1 25 | 37.2% | 0.2% | ||
| Q4 24 | 21.4% | 2.7% | ||
| Q3 24 | 56.6% | 1.1% | ||
| Q2 24 | 58.9% | 1.4% | ||
| Q1 24 | 63.3% | 0.5% |
| Q4 25 | — | 15.68× | ||
| Q3 25 | — | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.60× |
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% |
LB
Segment breakdown not available.
