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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Liquidia Corp (LQDA). Click either name above to swap in a different company.
Liquidia Corp is the larger business by last-quarter revenue ($92.0M vs $55.0M, roughly 1.7× FUELCELL ENERGY INC). Liquidia Corp runs the higher net margin — 15.8% vs -54.3%, a 70.1% gap on every dollar of revenue. On growth, Liquidia Corp posted the faster year-over-year revenue change (3054.6% vs 11.5%). Liquidia Corp produced more free cash flow last quarter ($42.2M vs $-23.9M).
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.
Liquidia Corp is a late-stage biopharmaceutical firm focused on developing and commercializing innovative inhaled therapies for respiratory and rare diseases. It uses its proprietary PRINT particle engineering tech to create optimized drug products, with core markets in North America covering pulmonary arterial hypertension and asthma indications.
FCEL vs LQDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $92.0M |
| Net Profit | $-29.9M | $14.6M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 21.5% |
| Net Margin | -54.3% | 15.8% |
| Revenue YoY | 11.5% | 3054.6% |
| Net Profit YoY | 27.9% | 137.9% |
| EPS (diluted) | $-0.43 | $0.18 |
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 | $92.0M | ||
| Q3 25 | $46.7M | $54.3M | ||
| Q2 25 | $37.4M | — | ||
| Q1 25 | $19.0M | — | ||
| Q4 24 | $49.3M | — | ||
| Q3 24 | $23.7M | — | ||
| Q2 24 | $22.4M | — | ||
| Q1 24 | $16.7M | — |
| Q4 25 | $-29.9M | $14.6M | ||
| Q3 25 | $-91.7M | $-3.5M | ||
| Q2 25 | $-38.0M | — | ||
| Q1 25 | $-28.3M | — | ||
| Q4 24 | $-41.4M | — | ||
| Q3 24 | $-32.7M | — | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-19.8M | — |
| 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% | 21.5% | ||
| Q3 25 | -204.0% | 3.3% | ||
| Q2 25 | -95.7% | — | ||
| Q1 25 | -172.9% | — | ||
| Q4 24 | -83.2% | — | ||
| Q3 24 | -141.9% | — | ||
| Q2 24 | -184.5% | — | ||
| Q1 24 | -254.5% | — |
| Q4 25 | -54.3% | 15.8% | ||
| Q3 25 | -196.1% | -6.5% | ||
| Q2 25 | -101.7% | — | ||
| Q1 25 | -149.1% | — | ||
| Q4 24 | -84.0% | — | ||
| Q3 24 | -137.8% | — | ||
| Q2 24 | -143.4% | — | ||
| Q1 24 | -118.6% | — |
| Q4 25 | $-0.43 | $0.18 | ||
| Q3 25 | $-3.78 | $-0.04 | ||
| Q2 25 | $-1.79 | — | ||
| Q1 25 | $-1.42 | — | ||
| Q4 24 | $-2.29 | — | ||
| Q3 24 | $-1.99 | — | ||
| 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 | $190.7M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $44.7M |
| Total Assets | $932.1M | $327.9M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $190.7M | ||
| Q3 25 | $174.7M | $157.5M | ||
| Q2 25 | $177.0M | — | ||
| Q1 25 | $208.4M | — | ||
| Q4 24 | $257.3M | — | ||
| Q3 24 | $267.2M | — | ||
| Q2 24 | $260.1M | — | ||
| Q1 24 | $297.5M | — |
| 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 | $44.7M | ||
| Q3 25 | $556.2M | $22.1M | ||
| Q2 25 | $609.2M | — | ||
| Q1 25 | $635.2M | — | ||
| Q4 24 | $656.9M | — | ||
| Q3 24 | $675.8M | — | ||
| Q2 24 | $639.8M | — | ||
| Q1 24 | $663.9M | — |
| Q4 25 | $932.1M | $327.9M | ||
| Q3 25 | $830.5M | $276.0M | ||
| Q2 25 | $883.8M | — | ||
| Q1 25 | $907.5M | — | ||
| Q4 24 | $944.1M | — | ||
| Q3 24 | $948.9M | — | ||
| Q2 24 | $916.8M | — | ||
| Q1 24 | $923.2M | — |
| 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 | $44.2M |
| Free Cash FlowOCF − Capex | $-23.9M | $42.2M |
| FCF MarginFCF / Revenue | -43.4% | 45.9% |
| Capex IntensityCapex / Revenue | 1.8% | 2.2% |
| Cash ConversionOCF / Net Profit | — | 3.04× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $44.2M | ||
| Q3 25 | $-26.8M | $-9.8M | ||
| Q2 25 | $-29.9M | — | ||
| Q1 25 | $-45.7M | — | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $-63.4M | — | ||
| Q2 24 | $-37.1M | — | ||
| Q1 24 | $-58.3M | — |
| Q4 25 | $-23.9M | $42.2M | ||
| Q3 25 | $-32.1M | $-10.7M | ||
| Q2 25 | $-35.2M | — | ||
| Q1 25 | $-52.8M | — | ||
| Q4 24 | $-4.7M | — | ||
| Q3 24 | $-76.8M | — | ||
| Q2 24 | $-50.3M | — | ||
| Q1 24 | $-68.8M | — |
| Q4 25 | -43.4% | 45.9% | ||
| Q3 25 | -68.6% | -19.7% | ||
| Q2 25 | -94.0% | — | ||
| Q1 25 | -277.8% | — | ||
| Q4 24 | -9.5% | — | ||
| Q3 24 | -324.0% | — | ||
| Q2 24 | -224.5% | — | ||
| Q1 24 | -412.4% | — |
| Q4 25 | 1.8% | 2.2% | ||
| Q3 25 | 11.2% | 1.7% | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 37.2% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 56.6% | — | ||
| Q2 24 | 58.9% | — | ||
| Q1 24 | 63.3% | — |
| Q4 25 | — | 3.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
LQDA
Segment breakdown not available.
