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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $55.0M, roughly 1.0× FUELCELL ENERGY INC). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 11.5%). FUELCELL ENERGY INC produced more free cash flow last quarter ($-23.9M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
FCEL vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $57.6M |
| Net Profit | $-29.9M | — |
| Gross Margin | -12.1% | 86.7% |
| Operating Margin | -51.5% | — |
| Net Margin | -54.3% | — |
| Revenue YoY | 11.5% | 94.1% |
| Net Profit YoY | 27.9% | 71.6% |
| EPS (diluted) | $-0.43 | — |
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 | $57.6M | ||
| Q3 25 | $46.7M | $49.5M | ||
| Q2 25 | $37.4M | $39.5M | ||
| Q1 25 | $19.0M | $28.5M | ||
| Q4 24 | $49.3M | $29.7M | ||
| Q3 24 | $23.7M | $16.4M | ||
| Q2 24 | $22.4M | $7.3M | ||
| Q1 24 | $16.7M | — |
| Q4 25 | $-29.9M | — | ||
| Q3 25 | $-91.7M | $-30.0M | ||
| Q2 25 | $-38.0M | $-75.8M | ||
| Q1 25 | $-28.3M | $-94.3M | ||
| Q4 24 | $-41.4M | — | ||
| Q3 24 | $-32.7M | $-85.6M | ||
| Q2 24 | $-32.1M | $-91.4M | ||
| Q1 24 | $-19.8M | — |
| Q4 25 | -12.1% | 86.7% | ||
| Q3 25 | -11.0% | 87.5% | ||
| Q2 25 | -25.2% | 87.2% | ||
| Q1 25 | -27.4% | 86.9% | ||
| Q4 24 | -22.1% | 87.1% | ||
| Q3 24 | -26.2% | 85.6% | ||
| Q2 24 | -31.6% | 81.2% | ||
| Q1 24 | -70.2% | — |
| Q4 25 | -51.5% | — | ||
| Q3 25 | -204.0% | -30.8% | ||
| Q2 25 | -95.7% | -151.7% | ||
| Q1 25 | -172.9% | -276.5% | ||
| Q4 24 | -83.2% | — | ||
| Q3 24 | -141.9% | -433.0% | ||
| Q2 24 | -184.5% | -1055.4% | ||
| Q1 24 | -254.5% | — |
| Q4 25 | -54.3% | — | ||
| Q3 25 | -196.1% | -60.5% | ||
| Q2 25 | -101.7% | -191.9% | ||
| Q1 25 | -149.1% | -330.7% | ||
| Q4 24 | -84.0% | — | ||
| Q3 24 | -137.8% | -523.3% | ||
| Q2 24 | -143.4% | -1248.6% | ||
| Q1 24 | -118.6% | — |
| Q4 25 | $-0.43 | — | ||
| Q3 25 | $-3.78 | $-0.41 | ||
| Q2 25 | $-1.79 | $-1.05 | ||
| Q1 25 | $-1.42 | $-1.31 | ||
| Q4 24 | $-2.29 | — | ||
| Q3 24 | $-1.99 | $-1.32 | ||
| Q2 24 | $-2.18 | $-1.56 | ||
| 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 | $130.0M |
| Total DebtLower is stronger | $103.8M | $209.1M |
| Stockholders' EquityBook value | $662.2M | $-438.2M |
| Total Assets | $932.1M | $259.1M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $130.0M | ||
| Q3 25 | $174.7M | $135.2M | ||
| Q2 25 | $177.0M | $149.6M | ||
| Q1 25 | $208.4M | $212.3M | ||
| Q4 24 | $257.3M | $297.3M | ||
| Q3 24 | $267.2M | $334.7M | ||
| Q2 24 | $260.1M | $276.2M | ||
| Q1 24 | $297.5M | — |
| Q4 25 | $103.8M | $209.1M | ||
| Q3 25 | $106.4M | $207.1M | ||
| Q2 25 | $109.4M | $205.1M | ||
| Q1 25 | $112.3M | $203.2M | ||
| Q4 24 | $115.7M | $201.4M | ||
| Q3 24 | $112.7M | $175.7M | ||
| Q2 24 | $116.2M | $174.4M | ||
| Q1 24 | $107.2M | — |
| Q4 25 | $662.2M | $-438.2M | ||
| Q3 25 | $556.2M | $-422.5M | ||
| Q2 25 | $609.2M | $-405.8M | ||
| Q1 25 | $635.2M | $-338.4M | ||
| Q4 24 | $656.9M | $-253.6M | ||
| Q3 24 | $675.8M | $-187.1M | ||
| Q2 24 | $639.8M | $-233.8M | ||
| Q1 24 | $663.9M | — |
| Q4 25 | $932.1M | $259.1M | ||
| Q3 25 | $830.5M | $240.3M | ||
| Q2 25 | $883.8M | $250.2M | ||
| Q1 25 | $907.5M | $294.2M | ||
| Q4 24 | $944.1M | $378.3M | ||
| Q3 24 | $948.9M | $387.0M | ||
| Q2 24 | $916.8M | $319.4M | ||
| 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 | $-166.8M |
| Free Cash FlowOCF − Capex | $-23.9M | $-167.0M |
| FCF MarginFCF / Revenue | -43.4% | -290.0% |
| Capex IntensityCapex / Revenue | 1.8% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $-166.8M | ||
| Q3 25 | $-26.8M | $-14.1M | ||
| Q2 25 | $-29.9M | $-62.7M | ||
| Q1 25 | $-45.7M | $-84.9M | ||
| Q4 24 | $5.8M | $-266.8M | ||
| Q3 24 | $-63.4M | $-63.6M | ||
| Q2 24 | $-37.1M | $-70.7M | ||
| Q1 24 | $-58.3M | — |
| Q4 25 | $-23.9M | $-167.0M | ||
| Q3 25 | $-32.1M | $-14.1M | ||
| Q2 25 | $-35.2M | $-62.8M | ||
| Q1 25 | $-52.8M | $-84.9M | ||
| Q4 24 | $-4.7M | $-266.9M | ||
| Q3 24 | $-76.8M | $-63.6M | ||
| Q2 24 | $-50.3M | $-70.8M | ||
| Q1 24 | $-68.8M | — |
| Q4 25 | -43.4% | -290.0% | ||
| Q3 25 | -68.6% | -28.6% | ||
| Q2 25 | -94.0% | -159.0% | ||
| Q1 25 | -277.8% | -297.9% | ||
| Q4 24 | -9.5% | -899.8% | ||
| Q3 24 | -324.0% | -389.0% | ||
| Q2 24 | -224.5% | -966.2% | ||
| Q1 24 | -412.4% | — |
| Q4 25 | 1.8% | 0.4% | ||
| Q3 25 | 11.2% | 0.1% | ||
| Q2 25 | 14.1% | 0.2% | ||
| Q1 25 | 37.2% | 0.1% | ||
| Q4 24 | 21.4% | 0.5% | ||
| Q3 24 | 56.6% | 0.3% | ||
| Q2 24 | 58.9% | 0.6% | ||
| Q1 24 | 63.3% | — |
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% |
PHAT
Segment breakdown not available.
