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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $55.0M, roughly 1.5× FUELCELL ENERGY INC). P10, Inc. runs the higher net margin — 11.7% vs -54.3%, a 66.0% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 10.7%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
FCEL vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $81.0M |
| Net Profit | $-29.9M | $9.5M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 31.9% |
| Net Margin | -54.3% | 11.7% |
| Revenue YoY | 11.5% | -4.7% |
| Net Profit YoY | 27.9% | 79.0% |
| EPS (diluted) | $-0.43 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $46.7M | $75.9M | ||
| Q2 25 | $37.4M | $72.7M | ||
| Q1 25 | $19.0M | $67.7M | ||
| Q4 24 | $49.3M | $85.0M | ||
| Q3 24 | $23.7M | $74.2M | ||
| Q2 24 | $22.4M | $71.1M | ||
| Q1 24 | $16.7M | $66.1M |
| Q4 25 | $-29.9M | $9.5M | ||
| Q3 25 | $-91.7M | $2.1M | ||
| Q2 25 | $-38.0M | $3.4M | ||
| Q1 25 | $-28.3M | $4.5M | ||
| Q4 24 | $-41.4M | $5.3M | ||
| Q3 24 | $-32.7M | $1.4M | ||
| Q2 24 | $-32.1M | $7.0M | ||
| Q1 24 | $-19.8M | $5.0M |
| 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% | 31.9% | ||
| Q3 25 | -204.0% | 14.1% | ||
| Q2 25 | -95.7% | 24.4% | ||
| Q1 25 | -172.9% | 16.6% | ||
| Q4 24 | -83.2% | 26.9% | ||
| Q3 24 | -141.9% | 11.9% | ||
| Q2 24 | -184.5% | 23.7% | ||
| Q1 24 | -254.5% | 18.3% |
| Q4 25 | -54.3% | 11.7% | ||
| Q3 25 | -196.1% | 2.8% | ||
| Q2 25 | -101.7% | 4.7% | ||
| Q1 25 | -149.1% | 6.7% | ||
| Q4 24 | -84.0% | 6.2% | ||
| Q3 24 | -137.8% | 1.9% | ||
| Q2 24 | -143.4% | 9.8% | ||
| Q1 24 | -118.6% | 7.6% |
| Q4 25 | $-0.43 | $0.08 | ||
| Q3 25 | $-3.78 | $0.02 | ||
| Q2 25 | $-1.79 | $0.03 | ||
| Q1 25 | $-1.42 | $0.04 | ||
| Q4 24 | $-2.29 | $0.05 | ||
| Q3 24 | $-1.99 | $0.01 | ||
| Q2 24 | $-2.18 | $0.06 | ||
| Q1 24 | $-1.37 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | $103.8M | $373.2M |
| Stockholders' EquityBook value | $662.2M | $403.5M |
| Total Assets | $932.1M | $928.3M |
| Debt / EquityLower = less leverage | 0.16× | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $28.2M | ||
| Q3 25 | $174.7M | $40.0M | ||
| Q2 25 | $177.0M | $33.4M | ||
| Q1 25 | $208.4M | $74.4M | ||
| Q4 24 | $257.3M | $67.5M | ||
| Q3 24 | $267.2M | $61.5M | ||
| Q2 24 | $260.1M | $31.2M | ||
| Q1 24 | $297.5M | $29.0M |
| Q4 25 | $103.8M | $373.2M | ||
| Q3 25 | $106.4M | $393.4M | ||
| Q2 25 | $109.4M | $373.0M | ||
| Q1 25 | $112.3M | $357.2M | ||
| Q4 24 | $115.7M | $319.8M | ||
| Q3 24 | $112.7M | $319.4M | ||
| Q2 24 | $116.2M | $300.6M | ||
| Q1 24 | $107.2M | $314.0M |
| Q4 25 | $662.2M | $403.5M | ||
| Q3 25 | $556.2M | $396.8M | ||
| Q2 25 | $609.2M | $388.9M | ||
| Q1 25 | $635.2M | $374.3M | ||
| Q4 24 | $656.9M | $386.9M | ||
| Q3 24 | $675.8M | $394.1M | ||
| Q2 24 | $639.8M | $396.9M | ||
| Q1 24 | $663.9M | $400.1M |
| Q4 25 | $932.1M | $928.3M | ||
| Q3 25 | $830.5M | $936.0M | ||
| Q2 25 | $883.8M | $932.2M | ||
| Q1 25 | $907.5M | $877.4M | ||
| Q4 24 | $944.1M | $869.3M | ||
| Q3 24 | $948.9M | $857.0M | ||
| Q2 24 | $916.8M | $823.2M | ||
| Q1 24 | $923.2M | $832.8M |
| Q4 25 | 0.16× | 0.93× | ||
| Q3 25 | 0.19× | 0.99× | ||
| Q2 25 | 0.18× | 0.96× | ||
| Q1 25 | 0.18× | 0.95× | ||
| Q4 24 | 0.18× | 0.83× | ||
| Q3 24 | 0.17× | 0.81× | ||
| Q2 24 | 0.18× | 0.76× | ||
| Q1 24 | 0.16× | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-23.9M | $18.1M |
| FCF MarginFCF / Revenue | -43.4% | 22.3% |
| Capex IntensityCapex / Revenue | 1.8% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $23.0M | ||
| Q3 25 | $-26.8M | $-8.6M | ||
| Q2 25 | $-29.9M | $13.4M | ||
| Q1 25 | $-45.7M | $-4.7M | ||
| Q4 24 | $5.8M | $101.0M | ||
| Q3 24 | $-63.4M | $27.5M | ||
| Q2 24 | $-37.1M | $34.8M | ||
| Q1 24 | $-58.3M | $11.0M |
| Q4 25 | $-23.9M | $18.1M | ||
| Q3 25 | $-32.1M | $-9.5M | ||
| Q2 25 | $-35.2M | $11.6M | ||
| Q1 25 | $-52.8M | $-6.0M | ||
| Q4 24 | $-4.7M | $96.6M | ||
| Q3 24 | $-76.8M | $25.2M | ||
| Q2 24 | $-50.3M | $33.9M | ||
| Q1 24 | $-68.8M | $10.7M |
| Q4 25 | -43.4% | 22.3% | ||
| Q3 25 | -68.6% | -12.6% | ||
| Q2 25 | -94.0% | 15.9% | ||
| Q1 25 | -277.8% | -8.9% | ||
| Q4 24 | -9.5% | 113.6% | ||
| Q3 24 | -324.0% | 34.0% | ||
| Q2 24 | -224.5% | 47.7% | ||
| Q1 24 | -412.4% | 16.2% |
| Q4 25 | 1.8% | 6.0% | ||
| Q3 25 | 11.2% | 1.2% | ||
| Q2 25 | 14.1% | 2.5% | ||
| Q1 25 | 37.2% | 1.9% | ||
| Q4 24 | 21.4% | 5.2% | ||
| Q3 24 | 56.6% | 3.0% | ||
| Q2 24 | 58.9% | 1.3% | ||
| Q1 24 | 63.3% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
