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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $55.0M, roughly 1.7× FUELCELL ENERGY INC). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -54.3%, a 48.4% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs 7.2%). FUELCELL ENERGY INC produced more free cash flow last quarter ($-23.9M vs $-78.6M). 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
FCEL vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $91.6M |
| Net Profit | $-29.9M | $-5.4M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | -1.0% |
| Net Margin | -54.3% | -5.9% |
| Revenue YoY | 11.5% | 7.2% |
| Net Profit YoY | 27.9% | -95.8% |
| EPS (diluted) | $-0.43 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $46.7M | $89.8M | ||
| Q2 25 | $37.4M | $88.6M | ||
| Q1 25 | $19.0M | $87.9M | ||
| Q4 24 | $49.3M | $85.4M | ||
| Q3 24 | $23.7M | $87.6M | ||
| Q2 24 | $22.4M | $85.8M | ||
| Q1 24 | $16.7M | $69.2M |
| Q4 25 | $-29.9M | $-5.4M | ||
| Q3 25 | $-91.7M | $-9.4M | ||
| Q2 25 | $-38.0M | $-9.0M | ||
| Q1 25 | $-28.3M | $-9.1M | ||
| Q4 24 | $-41.4M | $-2.7M | ||
| Q3 24 | $-32.7M | $-5.3M | ||
| Q2 24 | $-32.1M | $-12.9M | ||
| Q1 24 | $-19.8M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | -204.0% | -8.0% | ||
| Q2 25 | -95.7% | -10.3% | ||
| Q1 25 | -172.9% | -6.9% | ||
| Q4 24 | -83.2% | -6.7% | ||
| Q3 24 | -141.9% | -4.8% | ||
| Q2 24 | -184.5% | -18.5% | ||
| Q1 24 | -254.5% | -4.0% |
| Q4 25 | -54.3% | -5.9% | ||
| Q3 25 | -196.1% | -10.5% | ||
| Q2 25 | -101.7% | -10.2% | ||
| Q1 25 | -149.1% | -10.4% | ||
| Q4 24 | -84.0% | -3.2% | ||
| Q3 24 | -137.8% | -6.0% | ||
| Q2 24 | -143.4% | -15.0% | ||
| Q1 24 | -118.6% | 310.0% |
| Q4 25 | $-0.43 | $-0.13 | ||
| Q3 25 | $-3.78 | $-0.20 | ||
| Q2 25 | $-1.79 | $-0.19 | ||
| Q1 25 | $-1.42 | $-0.19 | ||
| Q4 24 | $-2.29 | $-0.34 | ||
| Q3 24 | $-1.99 | $-0.13 | ||
| Q2 24 | $-2.18 | $-0.24 | ||
| Q1 24 | $-1.37 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $103.8M | $642.4M |
| Stockholders' EquityBook value | $662.2M | $880.8M |
| Total Assets | $932.1M | $1.9B |
| Debt / EquityLower = less leverage | 0.16× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $27.3M | ||
| Q3 25 | $174.7M | $22.6M | ||
| Q2 25 | $177.0M | $29.1M | ||
| Q1 25 | $208.4M | $87.5M | ||
| Q4 24 | $257.3M | $46.3M | ||
| Q3 24 | $267.2M | $43.1M | ||
| Q2 24 | $260.1M | $43.8M | ||
| Q1 24 | $297.5M | $389.7M |
| Q4 25 | $103.8M | $642.4M | ||
| Q3 25 | $106.4M | $535.4M | ||
| Q2 25 | $109.4M | $513.1M | ||
| Q1 25 | $112.3M | $515.8M | ||
| Q4 24 | $115.7M | $418.0M | ||
| Q3 24 | $112.7M | $345.2M | ||
| Q2 24 | $116.2M | $297.4M | ||
| Q1 24 | $107.2M | $298.7M |
| Q4 25 | $662.2M | $880.8M | ||
| Q3 25 | $556.2M | $892.7M | ||
| Q2 25 | $609.2M | $902.0M | ||
| Q1 25 | $635.2M | $910.5M | ||
| Q4 24 | $656.9M | $918.6M | ||
| Q3 24 | $675.8M | $925.4M | ||
| Q2 24 | $639.8M | $933.1M | ||
| Q1 24 | $663.9M | $871.6M |
| Q4 25 | $932.1M | $1.9B | ||
| Q3 25 | $830.5M | $1.9B | ||
| Q2 25 | $883.8M | $1.8B | ||
| Q1 25 | $907.5M | $1.8B | ||
| Q4 24 | $944.1M | $1.7B | ||
| Q3 24 | $948.9M | $1.7B | ||
| Q2 24 | $916.8M | $1.7B | ||
| Q1 24 | $923.2M | $1.4B |
| Q4 25 | 0.16× | 0.73× | ||
| Q3 25 | 0.19× | 0.60× | ||
| Q2 25 | 0.18× | 0.57× | ||
| Q1 25 | 0.18× | 0.57× | ||
| Q4 24 | 0.18× | 0.46× | ||
| Q3 24 | 0.17× | 0.37× | ||
| Q2 24 | 0.18× | 0.32× | ||
| Q1 24 | 0.16× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-23.9M | $-78.6M |
| FCF MarginFCF / Revenue | -43.4% | -85.8% |
| Capex IntensityCapex / Revenue | 1.8% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $28.8M | ||
| Q3 25 | $-26.8M | $30.7M | ||
| Q2 25 | $-29.9M | $20.9M | ||
| Q1 25 | $-45.7M | $20.5M | ||
| Q4 24 | $5.8M | $20.6M | ||
| Q3 24 | $-63.4M | $24.3M | ||
| Q2 24 | $-37.1M | $2.5M | ||
| Q1 24 | $-58.3M | $15.2M |
| Q4 25 | $-23.9M | $-78.6M | ||
| Q3 25 | $-32.1M | $-51.4M | ||
| Q2 25 | $-35.2M | $-65.3M | ||
| Q1 25 | $-52.8M | $-62.7M | ||
| Q4 24 | $-4.7M | $-72.0M | ||
| Q3 24 | $-76.8M | $-51.3M | ||
| Q2 24 | $-50.3M | $-78.3M | ||
| Q1 24 | $-68.8M | $-54.9M |
| Q4 25 | -43.4% | -85.8% | ||
| Q3 25 | -68.6% | -57.2% | ||
| Q2 25 | -94.0% | -73.7% | ||
| Q1 25 | -277.8% | -71.3% | ||
| Q4 24 | -9.5% | -84.3% | ||
| Q3 24 | -324.0% | -58.5% | ||
| Q2 24 | -224.5% | -91.3% | ||
| Q1 24 | -412.4% | -79.3% |
| Q4 25 | 1.8% | 117.2% | ||
| Q3 25 | 11.2% | 91.4% | ||
| Q2 25 | 14.1% | 97.3% | ||
| Q1 25 | 37.2% | 94.7% | ||
| Q4 24 | 21.4% | 108.4% | ||
| Q3 24 | 56.6% | 86.2% | ||
| Q2 24 | 58.9% | 94.2% | ||
| Q1 24 | 63.3% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
