vs
Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $55.0M, roughly 1.8× FUELCELL ENERGY INC). Latham Group, Inc. runs the higher net margin — -7.0% vs -54.3%, a 47.3% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 11.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
FCEL vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $100.0M |
| Net Profit | $-29.9M | $-7.0M |
| Gross Margin | -12.1% | 28.0% |
| Operating Margin | -51.5% | -10.7% |
| Net Margin | -54.3% | -7.0% |
| Revenue YoY | 11.5% | 14.5% |
| Net Profit YoY | 27.9% | 76.0% |
| EPS (diluted) | $-0.43 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $46.7M | $161.9M | ||
| Q2 25 | $37.4M | $172.6M | ||
| Q1 25 | $19.0M | $111.4M | ||
| Q4 24 | $49.3M | $87.3M | ||
| Q3 24 | $23.7M | $150.5M | ||
| Q2 24 | $22.4M | $160.1M | ||
| Q1 24 | $16.7M | $110.6M |
| Q4 25 | $-29.9M | $-7.0M | ||
| Q3 25 | $-91.7M | $8.1M | ||
| Q2 25 | $-38.0M | $16.0M | ||
| Q1 25 | $-28.3M | $-6.0M | ||
| Q4 24 | $-41.4M | $-29.2M | ||
| Q3 24 | $-32.7M | $5.9M | ||
| Q2 24 | $-32.1M | $13.3M | ||
| Q1 24 | $-19.8M | $-7.9M |
| Q4 25 | -12.1% | 28.0% | ||
| Q3 25 | -11.0% | 35.4% | ||
| Q2 25 | -25.2% | 37.1% | ||
| Q1 25 | -27.4% | 29.5% | ||
| Q4 24 | -22.1% | 24.6% | ||
| Q3 24 | -26.2% | 32.4% | ||
| Q2 24 | -31.6% | 33.1% | ||
| Q1 24 | -70.2% | 27.7% |
| Q4 25 | -51.5% | -10.7% | ||
| Q3 25 | -204.0% | 13.3% | ||
| Q2 25 | -95.7% | 14.3% | ||
| Q1 25 | -172.9% | -4.4% | ||
| Q4 24 | -83.2% | -14.9% | ||
| Q3 24 | -141.9% | 8.9% | ||
| Q2 24 | -184.5% | 12.5% | ||
| Q1 24 | -254.5% | -1.9% |
| Q4 25 | -54.3% | -7.0% | ||
| Q3 25 | -196.1% | 5.0% | ||
| Q2 25 | -101.7% | 9.3% | ||
| Q1 25 | -149.1% | -5.4% | ||
| Q4 24 | -84.0% | -33.4% | ||
| Q3 24 | -137.8% | 3.9% | ||
| Q2 24 | -143.4% | 8.3% | ||
| Q1 24 | -118.6% | -7.1% |
| Q4 25 | $-0.43 | $-0.06 | ||
| Q3 25 | $-3.78 | $0.07 | ||
| Q2 25 | $-1.79 | $0.13 | ||
| Q1 25 | $-1.42 | $-0.05 | ||
| Q4 24 | $-2.29 | $-0.24 | ||
| Q3 24 | $-1.99 | $0.05 | ||
| Q2 24 | $-2.18 | $0.11 | ||
| Q1 24 | $-1.37 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $103.8M | $279.8M |
| Stockholders' EquityBook value | $662.2M | $405.9M |
| Total Assets | $932.1M | $823.2M |
| Debt / EquityLower = less leverage | 0.16× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | — | ||
| Q3 25 | $174.7M | — | ||
| Q2 25 | $177.0M | — | ||
| Q1 25 | $208.4M | — | ||
| Q4 24 | $257.3M | — | ||
| Q3 24 | $267.2M | — | ||
| Q2 24 | $260.1M | — | ||
| Q1 24 | $297.5M | — |
| Q4 25 | $103.8M | $279.8M | ||
| Q3 25 | $106.4M | $281.1M | ||
| Q2 25 | $109.4M | $281.5M | ||
| Q1 25 | $112.3M | $306.9M | ||
| Q4 24 | $115.7M | $281.5M | ||
| Q3 24 | $112.7M | $282.8M | ||
| Q2 24 | $116.2M | $282.4M | ||
| Q1 24 | $107.2M | $282.8M |
| Q4 25 | $662.2M | $405.9M | ||
| Q3 25 | $556.2M | $408.4M | ||
| Q2 25 | $609.2M | $398.4M | ||
| Q1 25 | $635.2M | $381.1M | ||
| Q4 24 | $656.9M | $387.2M | ||
| Q3 24 | $675.8M | $416.6M | ||
| Q2 24 | $639.8M | $408.1M | ||
| Q1 24 | $663.9M | $391.8M |
| Q4 25 | $932.1M | $823.2M | ||
| Q3 25 | $830.5M | $844.4M | ||
| Q2 25 | $883.8M | $822.1M | ||
| Q1 25 | $907.5M | $824.6M | ||
| Q4 24 | $944.1M | $794.2M | ||
| Q3 24 | $948.9M | $853.4M | ||
| Q2 24 | $916.8M | $830.0M | ||
| Q1 24 | $923.2M | $808.6M |
| Q4 25 | 0.16× | 0.69× | ||
| Q3 25 | 0.19× | 0.69× | ||
| Q2 25 | 0.18× | 0.71× | ||
| Q1 25 | 0.18× | 0.81× | ||
| Q4 24 | 0.18× | 0.73× | ||
| Q3 24 | 0.17× | 0.68× | ||
| Q2 24 | 0.18× | 0.69× | ||
| Q1 24 | 0.16× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-23.9M | $14.1M |
| FCF MarginFCF / Revenue | -43.4% | 14.1% |
| Capex IntensityCapex / Revenue | 1.8% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $23.3M | ||
| Q3 25 | $-26.8M | $51.0M | ||
| Q2 25 | $-29.9M | $36.0M | ||
| Q1 25 | $-45.7M | $-46.9M | ||
| Q4 24 | $5.8M | $6.2M | ||
| Q3 24 | $-63.4M | $37.2M | ||
| Q2 24 | $-37.1M | $52.4M | ||
| Q1 24 | $-58.3M | $-34.5M |
| Q4 25 | $-23.9M | $14.1M | ||
| Q3 25 | $-32.1M | $45.2M | ||
| Q2 25 | $-35.2M | $29.1M | ||
| Q1 25 | $-52.8M | $-50.3M | ||
| Q4 24 | $-4.7M | $-98.0K | ||
| Q3 24 | $-76.8M | $33.2M | ||
| Q2 24 | $-50.3M | $47.9M | ||
| Q1 24 | $-68.8M | $-39.9M |
| Q4 25 | -43.4% | 14.1% | ||
| Q3 25 | -68.6% | 27.9% | ||
| Q2 25 | -94.0% | 16.8% | ||
| Q1 25 | -277.8% | -45.2% | ||
| Q4 24 | -9.5% | -0.1% | ||
| Q3 24 | -324.0% | 22.1% | ||
| Q2 24 | -224.5% | 29.9% | ||
| Q1 24 | -412.4% | -36.0% |
| Q4 25 | 1.8% | 9.2% | ||
| Q3 25 | 11.2% | 3.6% | ||
| Q2 25 | 14.1% | 4.0% | ||
| Q1 25 | 37.2% | 3.1% | ||
| Q4 24 | 21.4% | 7.2% | ||
| Q3 24 | 56.6% | 2.7% | ||
| Q2 24 | 58.9% | 2.8% | ||
| Q1 24 | 63.3% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
