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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and NETSTREIT Corp. (NTST). Click either name above to swap in a different company.
NETSTREIT Corp. is the larger business by last-quarter revenue ($57.1M vs $55.0M, roughly 1.0× FUELCELL ENERGY INC). NETSTREIT Corp. runs the higher net margin — 10.0% vs -54.3%, a 64.3% gap on every dollar of revenue. On growth, NETSTREIT Corp. posted the faster year-over-year revenue change (24.3% vs 11.5%). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 20.1%).
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.
NETSTREIT Corp. is a US-headquartered real estate investment trust (REIT) that specializes in acquiring and operating a diversified portfolio of single-tenant net lease commercial properties. Its asset portfolio covers retail, industrial and office categories, primarily catering to investment-grade corporate tenants across the United States market.
FCEL vs NTST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $57.1M |
| Net Profit | $-29.9M | $5.7M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 34.1% |
| Net Margin | -54.3% | 10.0% |
| Revenue YoY | 11.5% | 24.3% |
| Net Profit YoY | 27.9% | 235.9% |
| EPS (diluted) | $-0.43 | $0.32 |
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.
| Q1 26 | — | $57.1M | ||
| Q4 25 | $55.0M | $52.5M | ||
| Q3 25 | $46.7M | $48.3M | ||
| Q2 25 | $37.4M | $48.3M | ||
| Q1 25 | $19.0M | $45.9M | ||
| Q4 24 | $49.3M | $44.1M | ||
| Q3 24 | $23.7M | $41.4M | ||
| Q2 24 | $22.4M | $39.6M |
| Q1 26 | — | $5.7M | ||
| Q4 25 | $-29.9M | $1.3M | ||
| Q3 25 | $-91.7M | $618.0K | ||
| Q2 25 | $-38.0M | $3.3M | ||
| Q1 25 | $-28.3M | $1.7M | ||
| Q4 24 | $-41.4M | $-5.4M | ||
| Q3 24 | $-32.7M | $-5.3M | ||
| Q2 24 | $-32.1M | $-2.3M |
| Q1 26 | — | — | ||
| 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 26 | — | 34.1% | ||
| Q4 25 | -51.5% | 2.6% | ||
| Q3 25 | -204.0% | 1.3% | ||
| Q2 25 | -95.7% | 6.8% | ||
| Q1 25 | -172.9% | 3.7% | ||
| Q4 24 | -83.2% | -12.3% | ||
| Q3 24 | -141.9% | -12.8% | ||
| Q2 24 | -184.5% | -5.8% |
| Q1 26 | — | 10.0% | ||
| Q4 25 | -54.3% | 2.5% | ||
| Q3 25 | -196.1% | 1.3% | ||
| Q2 25 | -101.7% | 6.8% | ||
| Q1 25 | -149.1% | 3.7% | ||
| Q4 24 | -84.0% | -12.3% | ||
| Q3 24 | -137.8% | -12.8% | ||
| Q2 24 | -143.4% | -5.8% |
| Q1 26 | — | $0.32 | ||
| Q4 25 | $-0.43 | $0.01 | ||
| Q3 25 | $-3.78 | $0.01 | ||
| Q2 25 | $-1.79 | $0.04 | ||
| Q1 25 | $-1.42 | $0.02 | ||
| Q4 24 | $-2.29 | $-0.07 | ||
| Q3 24 | $-1.99 | $-0.07 | ||
| Q2 24 | $-2.18 | $-0.03 |
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 | — |
| Stockholders' EquityBook value | $662.2M | $1.5B |
| Total Assets | $932.1M | $2.8B |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $103.8M | $1.1B | ||
| Q3 25 | $106.4M | $1.1B | ||
| Q2 25 | $109.4M | $926.6M | ||
| Q1 25 | $112.3M | $913.3M | ||
| Q4 24 | $115.7M | $868.3M | ||
| Q3 24 | $112.7M | $778.7M | ||
| Q2 24 | $116.2M | $726.2M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $662.2M | $1.4B | ||
| Q3 25 | $556.2M | $1.3B | ||
| Q2 25 | $609.2M | $1.3B | ||
| Q1 25 | $635.2M | $1.3B | ||
| Q4 24 | $656.9M | $1.3B | ||
| Q3 24 | $675.8M | $1.3B | ||
| Q2 24 | $639.8M | $1.3B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $932.1M | $2.6B | ||
| Q3 25 | $830.5M | $2.5B | ||
| Q2 25 | $883.8M | $2.3B | ||
| Q1 25 | $907.5M | $2.3B | ||
| Q4 24 | $944.1M | $2.3B | ||
| Q3 24 | $948.9M | $2.2B | ||
| Q2 24 | $916.8M | $2.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | 0.76× | ||
| Q3 25 | 0.19× | 0.84× | ||
| Q2 25 | 0.18× | 0.70× | ||
| Q1 25 | 0.18× | 0.70× | ||
| Q4 24 | 0.18× | 0.65× | ||
| Q3 24 | 0.17× | 0.58× | ||
| Q2 24 | 0.18× | 0.55× |
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 | — |
| Free Cash FlowOCF − Capex | $-23.9M | — |
| FCF MarginFCF / Revenue | -43.4% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-22.9M | $109.5M | ||
| Q3 25 | $-26.8M | $28.0M | ||
| Q2 25 | $-29.9M | $30.6M | ||
| Q1 25 | $-45.7M | $22.1M | ||
| Q4 24 | $5.8M | $90.2M | ||
| Q3 24 | $-63.4M | $25.1M | ||
| Q2 24 | $-37.1M | $25.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-23.9M | — | ||
| Q3 25 | $-32.1M | — | ||
| Q2 25 | $-35.2M | — | ||
| Q1 25 | $-52.8M | — | ||
| Q4 24 | $-4.7M | — | ||
| Q3 24 | $-76.8M | — | ||
| Q2 24 | $-50.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | -43.4% | — | ||
| Q3 25 | -68.6% | — | ||
| Q2 25 | -94.0% | — | ||
| Q1 25 | -277.8% | — | ||
| Q4 24 | -9.5% | — | ||
| Q3 24 | -324.0% | — | ||
| Q2 24 | -224.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | — | ||
| Q3 25 | 11.2% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 37.2% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 56.6% | — | ||
| Q2 24 | 58.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 82.46× | ||
| Q3 25 | — | 45.27× | ||
| Q2 25 | — | 9.36× | ||
| Q1 25 | — | 13.06× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
NTST
| Rental revenue (including reimbursable) | $54.0M | 95% |
| Other | $3.0M | 5% |
