vs
Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Orion Properties Inc. (ONL). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $36.3M, roughly 1.5× Orion Properties Inc.). Orion Properties Inc. runs the higher net margin — -37.4% vs -54.3%, a 16.9% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs -4.6%). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs -4.9%).
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 ONL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $36.3M |
| Net Profit | $-29.9M | $-13.6M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | -9.3% |
| Net Margin | -54.3% | -37.4% |
| Revenue YoY | 11.5% | -4.6% |
| Net Profit YoY | 27.9% | -45.0% |
| 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.
| Q1 26 | — | $36.3M | ||
| Q4 25 | $55.0M | $35.2M | ||
| Q3 25 | $46.7M | $37.1M | ||
| Q2 25 | $37.4M | $37.3M | ||
| Q1 25 | $19.0M | $38.0M | ||
| Q4 24 | $49.3M | $38.4M | ||
| Q3 24 | $23.7M | $39.2M | ||
| Q2 24 | $22.4M | $40.1M |
| Q1 26 | — | $-13.6M | ||
| Q4 25 | $-29.9M | $-35.8M | ||
| Q3 25 | $-91.7M | $-69.0M | ||
| Q2 25 | $-38.0M | $-25.1M | ||
| Q1 25 | $-28.3M | $-9.4M | ||
| Q4 24 | $-41.4M | $-32.8M | ||
| Q3 24 | $-32.7M | $-10.2M | ||
| Q2 24 | $-32.1M | $-33.8M |
| 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 | — | -9.3% | ||
| Q4 25 | -51.5% | -101.5% | ||
| Q3 25 | -204.0% | -185.8% | ||
| Q2 25 | -95.7% | -67.1% | ||
| Q1 25 | -172.9% | -24.4% | ||
| Q4 24 | -83.2% | -85.4% | ||
| Q3 24 | -141.9% | -25.9% | ||
| Q2 24 | -184.5% | -84.1% |
| Q1 26 | — | -37.4% | ||
| Q4 25 | -54.3% | -101.7% | ||
| Q3 25 | -196.1% | -186.0% | ||
| Q2 25 | -101.7% | -67.3% | ||
| Q1 25 | -149.1% | -24.6% | ||
| Q4 24 | -84.0% | -85.4% | ||
| Q3 24 | -137.8% | -26.1% | ||
| Q2 24 | -143.4% | -84.2% |
| Q1 26 | — | $-0.24 | ||
| Q4 25 | $-0.43 | $-0.63 | ||
| Q3 25 | $-3.78 | $-1.23 | ||
| Q2 25 | $-1.79 | $-0.45 | ||
| Q1 25 | $-1.42 | $-0.17 | ||
| Q4 24 | $-2.29 | $-0.59 | ||
| Q3 24 | $-1.99 | $-0.18 | ||
| Q2 24 | $-2.18 | $-0.60 |
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 | $10.3M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $608.5M |
| Total Assets | $932.1M | $1.2B |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $10.3M | ||
| Q4 25 | $278.1M | $22.4M | ||
| Q3 25 | $174.7M | $32.6M | ||
| Q2 25 | $177.0M | $17.4M | ||
| Q1 25 | $208.4M | $9.4M | ||
| Q4 24 | $257.3M | $15.6M | ||
| Q3 24 | $267.2M | $16.6M | ||
| Q2 24 | $260.1M | $24.2M |
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $465.0M | ||
| Q3 25 | $106.4M | $483.0M | ||
| Q2 25 | $109.4M | $483.0M | ||
| Q1 25 | $112.3M | $505.0M | ||
| Q4 24 | $115.7M | $492.0M | ||
| Q3 24 | $112.7M | $485.0M | ||
| Q2 24 | $116.2M | $462.0M |
| Q1 26 | — | $608.5M | ||
| Q4 25 | $662.2M | $623.2M | ||
| Q3 25 | $556.2M | $658.8M | ||
| Q2 25 | $609.2M | $728.0M | ||
| Q1 25 | $635.2M | $753.5M | ||
| Q4 24 | $656.9M | $763.9M | ||
| Q3 24 | $675.8M | $800.9M | ||
| Q2 24 | $639.8M | $816.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $932.1M | $1.2B | ||
| Q3 25 | $830.5M | $1.2B | ||
| Q2 25 | $883.8M | $1.3B | ||
| Q1 25 | $907.5M | $1.3B | ||
| Q4 24 | $944.1M | $1.3B | ||
| Q3 24 | $948.9M | $1.4B | ||
| Q2 24 | $916.8M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | 0.75× | ||
| Q3 25 | 0.19× | 0.73× | ||
| Q2 25 | 0.18× | 0.66× | ||
| Q1 25 | 0.18× | 0.67× | ||
| Q4 24 | 0.18× | 0.64× | ||
| Q3 24 | 0.17× | 0.61× | ||
| Q2 24 | 0.18× | 0.57× |
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% | 51.4% |
| 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 | $23.6M | ||
| Q3 25 | $-26.8M | $5.7M | ||
| Q2 25 | $-29.9M | $11.6M | ||
| Q1 25 | $-45.7M | $-2.2M | ||
| Q4 24 | $5.8M | $54.3M | ||
| Q3 24 | $-63.4M | $13.8M | ||
| Q2 24 | $-37.1M | $17.0M |
| 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 | — | 51.4% | ||
| 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% | — |
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% |
ONL
| Rental | $36.1M | 100% |
| Fee income from unconsolidated joint venture | $137.0K | 0% |
