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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and SANDRIDGE ENERGY INC (SD). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $39.4M, roughly 1.4× SANDRIDGE ENERGY INC). SANDRIDGE ENERGY INC runs the higher net margin — 54.9% vs -54.3%, a 109.2% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs 1.1%). SANDRIDGE ENERGY INC produced more free cash flow last quarter ($14.4M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 14.1%).
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.
SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.
FCEL vs SD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $39.4M |
| Net Profit | $-29.9M | $21.6M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 38.5% |
| Net Margin | -54.3% | 54.9% |
| Revenue YoY | 11.5% | 1.1% |
| Net Profit YoY | 27.9% | 23.1% |
| EPS (diluted) | $-0.43 | $0.59 |
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 | $39.4M | ||
| Q3 25 | $46.7M | $39.8M | ||
| Q2 25 | $37.4M | $34.5M | ||
| Q1 25 | $19.0M | $42.6M | ||
| Q4 24 | $49.3M | $39.0M | ||
| Q3 24 | $23.7M | $30.1M | ||
| Q2 24 | $22.4M | $26.0M | ||
| Q1 24 | $16.7M | $30.3M |
| Q4 25 | $-29.9M | $21.6M | ||
| Q3 25 | $-91.7M | $16.0M | ||
| Q2 25 | $-38.0M | $19.6M | ||
| Q1 25 | $-28.3M | $13.0M | ||
| Q4 24 | $-41.4M | $17.6M | ||
| Q3 24 | $-32.7M | $25.5M | ||
| Q2 24 | $-32.1M | $8.8M | ||
| Q1 24 | $-19.8M | $11.1M |
| 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% | 38.5% | ||
| Q3 25 | -204.0% | 37.8% | ||
| Q2 25 | -95.7% | 53.7% | ||
| Q1 25 | -172.9% | 28.6% | ||
| Q4 24 | -83.2% | 25.9% | ||
| Q3 24 | -141.9% | 28.3% | ||
| Q2 24 | -184.5% | 23.9% | ||
| Q1 24 | -254.5% | 27.8% |
| Q4 25 | -54.3% | 54.9% | ||
| Q3 25 | -196.1% | 40.1% | ||
| Q2 25 | -101.7% | 56.6% | ||
| Q1 25 | -149.1% | 30.6% | ||
| Q4 24 | -84.0% | 45.1% | ||
| Q3 24 | -137.8% | 84.8% | ||
| Q2 24 | -143.4% | 33.9% | ||
| Q1 24 | -118.6% | 36.7% |
| Q4 25 | $-0.43 | $0.59 | ||
| Q3 25 | $-3.78 | $0.43 | ||
| Q2 25 | $-1.79 | $0.53 | ||
| Q1 25 | $-1.42 | $0.35 | ||
| Q4 24 | $-2.29 | $0.46 | ||
| Q3 24 | $-1.99 | $0.69 | ||
| Q2 24 | $-2.18 | $0.24 | ||
| Q1 24 | $-1.37 | $0.30 |
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 | $111.0M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $510.9M |
| Total Assets | $932.1M | $644.0M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $111.0M | ||
| Q3 25 | $174.7M | $101.2M | ||
| Q2 25 | $177.0M | $102.8M | ||
| Q1 25 | $208.4M | $99.7M | ||
| Q4 24 | $257.3M | $98.1M | ||
| Q3 24 | $267.2M | $92.7M | ||
| Q2 24 | $260.1M | $209.9M | ||
| Q1 24 | $297.5M | $207.0M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $106.4M | — | ||
| Q2 25 | $109.4M | — | ||
| Q1 25 | $112.3M | — | ||
| Q4 24 | $115.7M | — | ||
| Q3 24 | $112.7M | — | ||
| Q2 24 | $116.2M | — | ||
| Q1 24 | $107.2M | — |
| Q4 25 | $662.2M | $510.9M | ||
| Q3 25 | $556.2M | $492.4M | ||
| Q2 25 | $609.2M | $480.2M | ||
| Q1 25 | $635.2M | $464.9M | ||
| Q4 24 | $656.9M | $460.5M | ||
| Q3 24 | $675.8M | $446.8M | ||
| Q2 24 | $639.8M | $424.8M | ||
| Q1 24 | $663.9M | $419.7M |
| Q4 25 | $932.1M | $644.0M | ||
| Q3 25 | $830.5M | $619.0M | ||
| Q2 25 | $883.8M | $602.3M | ||
| Q1 25 | $907.5M | $588.3M | ||
| Q4 24 | $944.1M | $581.5M | ||
| Q3 24 | $948.9M | $565.2M | ||
| Q2 24 | $916.8M | $529.6M | ||
| Q1 24 | $923.2M | $527.4M |
| 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 | $31.7M |
| Free Cash FlowOCF − Capex | $-23.9M | $14.4M |
| FCF MarginFCF / Revenue | -43.4% | 36.6% |
| Capex IntensityCapex / Revenue | 1.8% | 43.8% |
| Cash ConversionOCF / Net Profit | — | 1.46× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $41.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $31.7M | ||
| Q3 25 | $-26.8M | $25.3M | ||
| Q2 25 | $-29.9M | $22.9M | ||
| Q1 25 | $-45.7M | $20.3M | ||
| Q4 24 | $5.8M | $26.0M | ||
| Q3 24 | $-63.4M | $20.8M | ||
| Q2 24 | $-37.1M | $11.4M | ||
| Q1 24 | $-58.3M | $15.7M |
| Q4 25 | $-23.9M | $14.4M | ||
| Q3 25 | $-32.1M | $5.9M | ||
| Q2 25 | $-35.2M | $7.3M | ||
| Q1 25 | $-52.8M | $13.9M | ||
| Q4 24 | $-4.7M | $13.2M | ||
| Q3 24 | $-76.8M | $10.8M | ||
| Q2 24 | $-50.3M | $9.0M | ||
| Q1 24 | $-68.8M | $14.6M |
| Q4 25 | -43.4% | 36.6% | ||
| Q3 25 | -68.6% | 14.9% | ||
| Q2 25 | -94.0% | 21.0% | ||
| Q1 25 | -277.8% | 32.7% | ||
| Q4 24 | -9.5% | 33.8% | ||
| Q3 24 | -324.0% | 36.1% | ||
| Q2 24 | -224.5% | 34.5% | ||
| Q1 24 | -412.4% | 48.1% |
| Q4 25 | 1.8% | 43.8% | ||
| Q3 25 | 11.2% | 48.6% | ||
| Q2 25 | 14.1% | 45.2% | ||
| Q1 25 | 37.2% | 15.0% | ||
| Q4 24 | 21.4% | 32.9% | ||
| Q3 24 | 56.6% | 33.3% | ||
| Q2 24 | 58.9% | 9.4% | ||
| Q1 24 | 63.3% | 3.7% |
| Q4 25 | — | 1.46× | ||
| Q3 25 | — | 1.58× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | — | 0.82× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 1.41× |
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% |
SD
| Oil Reserves | $19.0M | 48% |
| Natural Gas Reserves | $11.6M | 30% |
| Natural Gas Liquids Reserves | $8.7M | 22% |
