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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and NPK International Inc. (NPKI). Click either name above to swap in a different company.
NPK International Inc. is the larger business by last-quarter revenue ($75.2M vs $55.0M, roughly 1.4× FUELCELL ENERGY INC). On growth, NPK International Inc. posted the faster year-over-year revenue change (30.7% vs 11.5%). NPK International Inc. produced more free cash flow last quarter ($5.8M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 23.9%).
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 NPKI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $75.2M |
| Net Profit | $-29.9M | — |
| Gross Margin | -12.1% | 37.7% |
| Operating Margin | -51.5% | 16.7% |
| Net Margin | -54.3% | — |
| Revenue YoY | 11.5% | 30.7% |
| Net Profit YoY | 27.9% | — |
| EPS (diluted) | $-0.43 | $0.17 |
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 | $75.2M | ||
| Q3 25 | $46.7M | $68.8M | ||
| Q2 25 | $37.4M | $68.2M | ||
| Q1 25 | $19.0M | $64.8M | ||
| Q4 24 | $49.3M | $57.5M | ||
| Q3 24 | $23.7M | $44.2M | ||
| Q2 24 | $22.4M | $66.8M | ||
| Q1 24 | $16.7M | $49.0M |
| Q4 25 | $-29.9M | — | ||
| Q3 25 | $-91.7M | $5.7M | ||
| Q2 25 | $-38.0M | $8.7M | ||
| Q1 25 | $-28.3M | $10.0M | ||
| Q4 24 | $-41.4M | — | ||
| Q3 24 | $-32.7M | $-174.3M | ||
| Q2 24 | $-32.1M | $8.0M | ||
| Q1 24 | $-19.8M | $7.3M |
| Q4 25 | -12.1% | 37.7% | ||
| Q3 25 | -11.0% | 31.9% | ||
| Q2 25 | -25.2% | 36.9% | ||
| Q1 25 | -27.4% | 39.0% | ||
| Q4 24 | -22.1% | 39.2% | ||
| Q3 24 | -26.2% | 27.5% | ||
| Q2 24 | -31.6% | 37.2% | ||
| Q1 24 | -70.2% | 36.0% |
| Q4 25 | -51.5% | 16.7% | ||
| Q3 25 | -204.0% | 13.2% | ||
| Q2 25 | -95.7% | 17.0% | ||
| Q1 25 | -172.9% | 20.9% | ||
| Q4 24 | -83.2% | 20.2% | ||
| Q3 24 | -141.9% | 2.8% | ||
| Q2 24 | -184.5% | 18.7% | ||
| Q1 24 | -254.5% | 14.2% |
| Q4 25 | -54.3% | — | ||
| Q3 25 | -196.1% | 8.2% | ||
| Q2 25 | -101.7% | 12.7% | ||
| Q1 25 | -149.1% | 15.4% | ||
| Q4 24 | -84.0% | — | ||
| Q3 24 | -137.8% | -394.3% | ||
| Q2 24 | -143.4% | 12.0% | ||
| Q1 24 | -118.6% | 14.9% |
| Q4 25 | $-0.43 | $0.17 | ||
| Q3 25 | $-3.78 | $0.07 | ||
| Q2 25 | $-1.79 | $0.10 | ||
| Q1 25 | $-1.42 | $0.11 | ||
| Q4 24 | $-2.29 | $0.10 | ||
| Q3 24 | $-1.99 | $-1.99 | ||
| Q2 24 | $-2.18 | $0.09 | ||
| Q1 24 | $-1.37 | $0.08 |
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 | $5.1M |
| Total DebtLower is stronger | $103.8M | $16.9M |
| Stockholders' EquityBook value | $662.2M | $351.2M |
| Total Assets | $932.1M | $441.8M |
| Debt / EquityLower = less leverage | 0.16× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $5.1M | ||
| Q3 25 | $174.7M | $35.6M | ||
| Q2 25 | $177.0M | $26.0M | ||
| Q1 25 | $208.4M | $20.8M | ||
| Q4 24 | $257.3M | $17.8M | ||
| Q3 24 | $267.2M | $42.9M | ||
| Q2 24 | $260.1M | $35.1M | ||
| Q1 24 | $297.5M | $37.7M |
| Q4 25 | $103.8M | $16.9M | ||
| Q3 25 | $106.4M | $9.5M | ||
| Q2 25 | $109.4M | $9.3M | ||
| Q1 25 | $112.3M | $8.1M | ||
| Q4 24 | $115.7M | $7.7M | ||
| Q3 24 | $112.7M | $14.0M | ||
| Q2 24 | $116.2M | $58.0M | ||
| Q1 24 | $107.2M | $77.4M |
| Q4 25 | $662.2M | $351.2M | ||
| Q3 25 | $556.2M | $333.9M | ||
| Q2 25 | $609.2M | $328.8M | ||
| Q1 25 | $635.2M | $326.9M | ||
| Q4 24 | $656.9M | $326.5M | ||
| Q3 24 | $675.8M | $316.5M | ||
| Q2 24 | $639.8M | $426.6M | ||
| Q1 24 | $663.9M | $421.6M |
| Q4 25 | $932.1M | $441.8M | ||
| Q3 25 | $830.5M | $404.5M | ||
| Q2 25 | $883.8M | $393.7M | ||
| Q1 25 | $907.5M | $390.0M | ||
| Q4 24 | $944.1M | $393.7M | ||
| Q3 24 | $948.9M | $389.6M | ||
| Q2 24 | $916.8M | $624.8M | ||
| Q1 24 | $923.2M | $640.8M |
| Q4 25 | 0.16× | 0.05× | ||
| Q3 25 | 0.19× | 0.03× | ||
| Q2 25 | 0.18× | 0.03× | ||
| Q1 25 | 0.18× | 0.02× | ||
| Q4 24 | 0.18× | 0.02× | ||
| Q3 24 | 0.17× | 0.04× | ||
| Q2 24 | 0.18× | 0.14× | ||
| Q1 24 | 0.16× | 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 | $18.0M |
| Free Cash FlowOCF − Capex | $-23.9M | $5.8M |
| FCF MarginFCF / Revenue | -43.4% | 7.6% |
| Capex IntensityCapex / Revenue | 1.8% | 16.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $26.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $18.0M | ||
| Q3 25 | $-26.8M | $24.7M | ||
| Q2 25 | $-29.9M | $21.4M | ||
| Q1 25 | $-45.7M | $8.8M | ||
| Q4 24 | $5.8M | $-4.1M | ||
| Q3 24 | $-63.4M | $2.8M | ||
| Q2 24 | $-37.1M | $27.6M | ||
| Q1 24 | $-58.3M | $11.9M |
| Q4 25 | $-23.9M | $5.8M | ||
| Q3 25 | $-32.1M | $12.0M | ||
| Q2 25 | $-35.2M | $9.7M | ||
| Q1 25 | $-52.8M | $-1.2M | ||
| Q4 24 | $-4.7M | $-17.7M | ||
| Q3 24 | $-76.8M | $-6.7M | ||
| Q2 24 | $-50.3M | $21.0M | ||
| Q1 24 | $-68.8M | $-1.9M |
| Q4 25 | -43.4% | 7.6% | ||
| Q3 25 | -68.6% | 17.4% | ||
| Q2 25 | -94.0% | 14.3% | ||
| Q1 25 | -277.8% | -1.8% | ||
| Q4 24 | -9.5% | -30.8% | ||
| Q3 24 | -324.0% | -15.2% | ||
| Q2 24 | -224.5% | 31.4% | ||
| Q1 24 | -412.4% | -3.9% |
| Q4 25 | 1.8% | 16.3% | ||
| Q3 25 | 11.2% | 18.5% | ||
| Q2 25 | 14.1% | 17.1% | ||
| Q1 25 | 37.2% | 15.5% | ||
| Q4 24 | 21.4% | 23.6% | ||
| Q3 24 | 56.6% | 21.4% | ||
| Q2 24 | 58.9% | 9.9% | ||
| Q1 24 | 63.3% | 28.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.37× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.43× | ||
| Q1 24 | — | 1.64× |
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% |
NPKI
| Rental Revenue | $34.8M | 46% |
| Products | $25.5M | 34% |
| Services | $14.9M | 20% |
