vs
Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and SBC Medical Group Holdings Inc (SBC). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $39.6M, roughly 1.4× SBC Medical Group Holdings Inc). SBC Medical Group Holdings Inc runs the higher net margin — 35.9% vs -54.3%, a 90.2% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs -10.9%). SBC Medical Group Holdings Inc produced more free cash flow last quarter ($51.2M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs -15.0%).
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.
SBC Medical Group Holdings Inc. is a leading Japan-headquartered healthcare provider primarily focused on aesthetic medicine, dermatology, and anti-aging wellness services. It operates an extensive network of clinics across Japan, catering to both domestic patients and international medical tourists, with core offerings including cosmetic surgery and non-invasive skincare treatments.
FCEL vs SBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $39.6M |
| Net Profit | $-29.9M | $14.2M |
| Gross Margin | -12.1% | 73.1% |
| Operating Margin | -51.5% | 32.5% |
| Net Margin | -54.3% | 35.9% |
| Revenue YoY | 11.5% | -10.9% |
| Net Profit YoY | 27.9% | 117.2% |
| EPS (diluted) | $-0.43 | $0.15 |
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 | $39.6M | ||
| Q3 25 | $46.7M | $43.4M | ||
| Q2 25 | $37.4M | $43.4M | ||
| Q1 25 | $19.0M | $47.3M | ||
| Q4 24 | $49.3M | $44.4M | ||
| Q3 24 | $23.7M | $53.1M | ||
| Q2 24 | $22.4M | $53.1M | ||
| Q1 24 | $16.7M | $54.8M |
| Q4 25 | $-29.9M | $14.2M | ||
| Q3 25 | $-91.7M | $12.8M | ||
| Q2 25 | $-38.0M | $2.5M | ||
| Q1 25 | $-28.3M | $21.5M | ||
| Q4 24 | $-41.4M | $6.5M | ||
| Q3 24 | $-32.7M | $2.8M | ||
| Q2 24 | $-32.1M | $18.5M | ||
| Q1 24 | $-19.8M | $18.8M |
| Q4 25 | -12.1% | 73.1% | ||
| Q3 25 | -11.0% | 70.6% | ||
| Q2 25 | -25.2% | 69.2% | ||
| Q1 25 | -27.4% | 79.7% | ||
| Q4 24 | -22.1% | 76.3% | ||
| Q3 24 | -26.2% | 81.5% | ||
| Q2 24 | -31.6% | 74.2% | ||
| Q1 24 | -70.2% | 72.1% |
| Q4 25 | -51.5% | 32.5% | ||
| Q3 25 | -204.0% | 36.6% | ||
| Q2 25 | -95.7% | 33.6% | ||
| Q1 25 | -172.9% | 51.1% | ||
| Q4 24 | -83.2% | 10.6% | ||
| Q3 24 | -141.9% | 26.1% | ||
| Q2 24 | -184.5% | 51.4% | ||
| Q1 24 | -254.5% | 44.6% |
| Q4 25 | -54.3% | 35.9% | ||
| Q3 25 | -196.1% | 29.6% | ||
| Q2 25 | -101.7% | 5.7% | ||
| Q1 25 | -149.1% | 45.4% | ||
| Q4 24 | -84.0% | 14.7% | ||
| Q3 24 | -137.8% | 5.3% | ||
| Q2 24 | -143.4% | 34.8% | ||
| Q1 24 | -118.6% | 34.2% |
| Q4 25 | $-0.43 | $0.15 | ||
| Q3 25 | $-3.78 | $0.12 | ||
| Q2 25 | $-1.79 | $0.02 | ||
| Q1 25 | $-1.42 | $0.21 | ||
| Q4 24 | $-2.29 | $0.05 | ||
| Q3 24 | $-1.99 | $0.03 | ||
| Q2 24 | $-2.18 | $0.20 | ||
| Q1 24 | $-1.37 | $0.20 |
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 | $164.1M |
| Total DebtLower is stronger | $103.8M | $42.8M |
| Stockholders' EquityBook value | $662.2M | $248.3M |
| Total Assets | $932.1M | $380.4M |
| Debt / EquityLower = less leverage | 0.16× | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $164.1M | ||
| Q3 25 | $174.7M | $127.4M | ||
| Q2 25 | $177.0M | $152.7M | ||
| Q1 25 | $208.4M | $132.1M | ||
| Q4 24 | $257.3M | $125.0M | ||
| Q3 24 | $267.2M | $137.4M | ||
| Q2 24 | $260.1M | — | ||
| Q1 24 | $297.5M | — |
| Q4 25 | $103.8M | $42.8M | ||
| Q3 25 | $106.4M | $21.1M | ||
| Q2 25 | $109.4M | $7.1M | ||
| Q1 25 | $112.3M | $6.9M | ||
| Q4 24 | $115.7M | $6.6M | ||
| Q3 24 | $112.7M | $823.2K | ||
| Q2 24 | $116.2M | — | ||
| Q1 24 | $107.2M | — |
| Q4 25 | $662.2M | $248.3M | ||
| Q3 25 | $556.2M | $248.0M | ||
| Q2 25 | $609.2M | $244.6M | ||
| Q1 25 | $635.2M | $226.4M | ||
| Q4 24 | $656.9M | $195.1M | ||
| Q3 24 | $675.8M | $205.0M | ||
| Q2 24 | $639.8M | $8.8M | ||
| Q1 24 | $663.9M | $9.0M |
| Q4 25 | $932.1M | $380.4M | ||
| Q3 25 | $830.5M | $321.4M | ||
| Q2 25 | $883.8M | $315.3M | ||
| Q1 25 | $907.5M | $284.6M | ||
| Q4 24 | $944.1M | $266.1M | ||
| Q3 24 | $948.9M | $296.5M | ||
| Q2 24 | $916.8M | $19.5M | ||
| Q1 24 | $923.2M | $19.8M |
| Q4 25 | 0.16× | 0.17× | ||
| Q3 25 | 0.19× | 0.09× | ||
| Q2 25 | 0.18× | 0.03× | ||
| Q1 25 | 0.18× | 0.03× | ||
| Q4 24 | 0.18× | 0.03× | ||
| Q3 24 | 0.17× | 0.00× | ||
| 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 | $52.0M |
| Free Cash FlowOCF − Capex | $-23.9M | $51.2M |
| FCF MarginFCF / Revenue | -43.4% | 129.3% |
| Capex IntensityCapex / Revenue | 1.8% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 3.66× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $23.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $52.0M | ||
| Q3 25 | $-26.8M | $-20.9M | ||
| Q2 25 | $-29.9M | $-8.3M | ||
| Q1 25 | $-45.7M | $1.9M | ||
| Q4 24 | $5.8M | $-7.3M | ||
| Q3 24 | $-63.4M | $5.0M | ||
| Q2 24 | $-37.1M | $19.2M | ||
| Q1 24 | $-58.3M | $3.7M |
| Q4 25 | $-23.9M | $51.2M | ||
| Q3 25 | $-32.1M | $-20.9M | ||
| Q2 25 | $-35.2M | $-8.6M | ||
| Q1 25 | $-52.8M | $1.7M | ||
| Q4 24 | $-4.7M | $-7.9M | ||
| Q3 24 | $-76.8M | $4.6M | ||
| Q2 24 | $-50.3M | $18.3M | ||
| Q1 24 | $-68.8M | $3.0M |
| Q4 25 | -43.4% | 129.3% | ||
| Q3 25 | -68.6% | -48.3% | ||
| Q2 25 | -94.0% | -19.9% | ||
| Q1 25 | -277.8% | 3.5% | ||
| Q4 24 | -9.5% | -17.8% | ||
| Q3 24 | -324.0% | 8.7% | ||
| Q2 24 | -224.5% | 34.5% | ||
| Q1 24 | -412.4% | 5.4% |
| Q4 25 | 1.8% | 2.0% | ||
| Q3 25 | 11.2% | 0.1% | ||
| Q2 25 | 14.1% | 0.7% | ||
| Q1 25 | 37.2% | 0.5% | ||
| Q4 24 | 21.4% | 1.3% | ||
| Q3 24 | 56.6% | 0.8% | ||
| Q2 24 | 58.9% | 1.6% | ||
| Q1 24 | 63.3% | 1.3% |
| Q4 25 | — | 3.66× | ||
| Q3 25 | — | -1.63× | ||
| Q2 25 | — | -3.39× | ||
| Q1 25 | — | 0.09× | ||
| Q4 24 | — | -1.12× | ||
| Q3 24 | — | 1.77× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.20× |
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% |
SBC
| Franchising | $10.3M | 26% |
| Medical Corporation Shobikai | $8.1M | 21% |
| Medical Corporation Nasukai | $7.2M | 18% |
| Management Services | $6.3M | 16% |
| Rental Services | $4.3M | 11% |
| Medical Corporation Association Furinkai | $3.0M | 8% |
| Japan Medical And Beauty Inc | $656.5K | 2% |
