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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $55.0M, roughly 1.9× FUELCELL ENERGY INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -54.3%, a 93.1% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs 11.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 12.5%).
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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
FCEL vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $104.0M |
| Net Profit | $-29.9M | $40.3M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 48.3% |
| Net Margin | -54.3% | 38.8% |
| Revenue YoY | 11.5% | 12.5% |
| Net Profit YoY | 27.9% | 16.9% |
| EPS (diluted) | $-0.43 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $46.7M | $102.9M | ||
| Q2 25 | $37.4M | $95.7M | ||
| Q1 25 | $19.0M | $89.4M | ||
| Q4 24 | $49.3M | $92.4M | ||
| Q3 24 | $23.7M | $90.7M | ||
| Q2 24 | $22.4M | $85.0M | ||
| Q1 24 | $16.7M | $82.2M |
| Q4 25 | $-29.9M | $40.3M | ||
| Q3 25 | $-91.7M | $41.7M | ||
| Q2 25 | $-38.0M | $36.0M | ||
| Q1 25 | $-28.3M | $32.6M | ||
| Q4 24 | $-41.4M | $34.5M | ||
| Q3 24 | $-32.7M | $32.5M | ||
| Q2 24 | $-32.1M | $29.3M | ||
| Q1 24 | $-19.8M | $27.8M |
| 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% | 48.3% | ||
| Q3 25 | -204.0% | 50.4% | ||
| Q2 25 | -95.7% | 46.8% | ||
| Q1 25 | -172.9% | 44.9% | ||
| Q4 24 | -83.2% | 46.8% | ||
| Q3 24 | -141.9% | 45.0% | ||
| Q2 24 | -184.5% | 43.3% | ||
| Q1 24 | -254.5% | 41.8% |
| Q4 25 | -54.3% | 38.8% | ||
| Q3 25 | -196.1% | 40.6% | ||
| Q2 25 | -101.7% | 37.6% | ||
| Q1 25 | -149.1% | 36.4% | ||
| Q4 24 | -84.0% | 37.3% | ||
| Q3 24 | -137.8% | 35.8% | ||
| Q2 24 | -143.4% | 34.5% | ||
| Q1 24 | -118.6% | 33.8% |
| Q4 25 | $-0.43 | $2.63 | ||
| Q3 25 | $-3.78 | $2.73 | ||
| Q2 25 | $-1.79 | $2.34 | ||
| Q1 25 | $-1.42 | $2.08 | ||
| Q4 24 | $-2.29 | $2.21 | ||
| Q3 24 | $-1.99 | $2.10 | ||
| Q2 24 | $-2.18 | $1.92 | ||
| Q1 24 | $-1.37 | $1.82 |
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 | — |
| Total DebtLower is stronger | $103.8M | $134.9M |
| Stockholders' EquityBook value | $662.2M | $1.3B |
| Total Assets | $932.1M | $9.2B |
| Debt / EquityLower = less leverage | 0.16× | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | — | ||
| Q3 25 | $174.7M | — | ||
| 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 | $134.9M | ||
| Q3 25 | $106.4M | $134.6M | ||
| Q2 25 | $109.4M | $134.3M | ||
| Q1 25 | $112.3M | $156.6M | ||
| Q4 24 | $115.7M | $161.4M | ||
| Q3 24 | $112.7M | $161.2M | ||
| Q2 24 | $116.2M | $162.4M | ||
| Q1 24 | $107.2M | $162.3M |
| Q4 25 | $662.2M | $1.3B | ||
| Q3 25 | $556.2M | $1.2B | ||
| Q2 25 | $609.2M | $1.2B | ||
| Q1 25 | $635.2M | $1.2B | ||
| Q4 24 | $656.9M | $1.2B | ||
| Q3 24 | $675.8M | $1.1B | ||
| Q2 24 | $639.8M | $1.1B | ||
| Q1 24 | $663.9M | $1.1B |
| Q4 25 | $932.1M | $9.2B | ||
| Q3 25 | $830.5M | $9.0B | ||
| Q2 25 | $883.8M | $8.9B | ||
| Q1 25 | $907.5M | $9.0B | ||
| Q4 24 | $944.1M | $8.8B | ||
| Q3 24 | $948.9M | $8.6B | ||
| Q2 24 | $916.8M | $8.6B | ||
| Q1 24 | $923.2M | $8.4B |
| Q4 25 | 0.16× | 0.11× | ||
| Q3 25 | 0.19× | 0.11× | ||
| Q2 25 | 0.18× | 0.11× | ||
| Q1 25 | 0.18× | 0.13× | ||
| Q4 24 | 0.18× | 0.14× | ||
| Q3 24 | 0.17× | 0.14× | ||
| Q2 24 | 0.18× | 0.15× | ||
| Q1 24 | 0.16× | 0.15× |
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 | $153.5M |
| Free Cash FlowOCF − Capex | $-23.9M | $149.4M |
| FCF MarginFCF / Revenue | -43.4% | 143.7% |
| Capex IntensityCapex / Revenue | 1.8% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $153.5M | ||
| Q3 25 | $-26.8M | $45.9M | ||
| Q2 25 | $-29.9M | $38.9M | ||
| Q1 25 | $-45.7M | $41.8M | ||
| Q4 24 | $5.8M | $133.7M | ||
| Q3 24 | $-63.4M | $39.6M | ||
| Q2 24 | $-37.1M | $37.3M | ||
| Q1 24 | $-58.3M | $23.4M |
| Q4 25 | $-23.9M | $149.4M | ||
| Q3 25 | $-32.1M | $45.9M | ||
| Q2 25 | $-35.2M | $38.4M | ||
| Q1 25 | $-52.8M | $41.3M | ||
| Q4 24 | $-4.7M | $116.8M | ||
| Q3 24 | $-76.8M | $34.7M | ||
| Q2 24 | $-50.3M | $34.4M | ||
| Q1 24 | $-68.8M | $20.1M |
| Q4 25 | -43.4% | 143.7% | ||
| Q3 25 | -68.6% | 44.6% | ||
| Q2 25 | -94.0% | 40.1% | ||
| Q1 25 | -277.8% | 46.2% | ||
| Q4 24 | -9.5% | 126.4% | ||
| Q3 24 | -324.0% | 38.3% | ||
| Q2 24 | -224.5% | 40.5% | ||
| Q1 24 | -412.4% | 24.4% |
| Q4 25 | 1.8% | 3.9% | ||
| Q3 25 | 11.2% | 0.0% | ||
| Q2 25 | 14.1% | 0.6% | ||
| Q1 25 | 37.2% | 0.5% | ||
| Q4 24 | 21.4% | 18.3% | ||
| Q3 24 | 56.6% | 5.4% | ||
| Q2 24 | 58.9% | 3.5% | ||
| Q1 24 | 63.3% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
