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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $55.0M, roughly 1.3× FUELCELL ENERGY INC). Target Hospitality Corp. runs the higher net margin — -20.3% vs -54.3%, a 33.9% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 11.5%). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
FCEL vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $73.5M |
| Net Profit | $-29.9M | $-14.9M |
| Gross Margin | -12.1% | 9.6% |
| Operating Margin | -51.5% | -22.9% |
| Net Margin | -54.3% | -20.3% |
| Revenue YoY | 11.5% | 22.0% |
| Net Profit YoY | 27.9% | -219.1% |
| EPS (diluted) | $-0.43 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $46.7M | $91.6M | ||
| Q2 25 | $37.4M | $54.9M | ||
| Q1 25 | $19.0M | $54.9M | ||
| Q4 24 | $49.3M | $60.2M | ||
| Q3 24 | $23.7M | $65.8M | ||
| Q2 24 | $22.4M | $67.5M | ||
| Q1 24 | $16.7M | $72.4M |
| Q4 25 | $-29.9M | $-14.9M | ||
| Q3 25 | $-91.7M | $-795.0K | ||
| Q2 25 | $-38.0M | $-14.9M | ||
| Q1 25 | $-28.3M | $-6.5M | ||
| Q4 24 | $-41.4M | $12.5M | ||
| Q3 24 | $-32.7M | $20.0M | ||
| Q2 24 | $-32.1M | $18.4M | ||
| Q1 24 | $-19.8M | $20.4M |
| Q4 25 | -12.1% | 9.6% | ||
| Q3 25 | -11.0% | 19.6% | ||
| Q2 25 | -25.2% | -0.6% | ||
| Q1 25 | -27.4% | 32.7% | ||
| Q4 24 | -22.1% | 61.5% | ||
| Q3 24 | -26.2% | 68.7% | ||
| Q2 24 | -31.6% | 69.4% | ||
| Q1 24 | -70.2% | 67.8% |
| Q4 25 | -51.5% | -22.9% | ||
| Q3 25 | -204.0% | 0.1% | ||
| Q2 25 | -95.7% | -30.8% | ||
| Q1 25 | -172.9% | -2.0% | ||
| Q4 24 | -83.2% | 34.5% | ||
| Q3 24 | -141.9% | 42.5% | ||
| Q2 24 | -184.5% | 43.8% | ||
| Q1 24 | -254.5% | 42.0% |
| Q4 25 | -54.3% | -20.3% | ||
| Q3 25 | -196.1% | -0.9% | ||
| Q2 25 | -101.7% | -27.2% | ||
| Q1 25 | -149.1% | -11.8% | ||
| Q4 24 | -84.0% | 20.8% | ||
| Q3 24 | -137.8% | 30.4% | ||
| Q2 24 | -143.4% | 27.2% | ||
| Q1 24 | -118.6% | 28.2% |
| Q4 25 | $-0.43 | $-0.14 | ||
| Q3 25 | $-3.78 | $-0.01 | ||
| Q2 25 | $-1.79 | $-0.15 | ||
| Q1 25 | $-1.42 | $-0.07 | ||
| Q4 24 | $-2.29 | $0.12 | ||
| Q3 24 | $-1.99 | $0.20 | ||
| Q2 24 | $-2.18 | $0.18 | ||
| 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 | $8.3M |
| Total DebtLower is stronger | $103.8M | $1.7M |
| Stockholders' EquityBook value | $662.2M | $389.3M |
| Total Assets | $932.1M | $530.2M |
| Debt / EquityLower = less leverage | 0.16× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $8.3M | ||
| Q3 25 | $174.7M | $30.4M | ||
| Q2 25 | $177.0M | $19.2M | ||
| Q1 25 | $208.4M | $34.5M | ||
| Q4 24 | $257.3M | $190.7M | ||
| Q3 24 | $267.2M | $177.7M | ||
| Q2 24 | $260.1M | $154.3M | ||
| Q1 24 | $297.5M | $124.3M |
| Q4 25 | $103.8M | $1.7M | ||
| Q3 25 | $106.4M | $2.0M | ||
| Q2 25 | $109.4M | $26.3M | ||
| Q1 25 | $112.3M | $42.9M | ||
| Q4 24 | $115.7M | $1.5M | ||
| Q3 24 | $112.7M | $994.0K | ||
| Q2 24 | $116.2M | $1.1M | ||
| Q1 24 | $107.2M | $179.9M |
| Q4 25 | $662.2M | $389.3M | ||
| Q3 25 | $556.2M | $402.4M | ||
| Q2 25 | $609.2M | $401.3M | ||
| Q1 25 | $635.2M | $415.3M | ||
| Q4 24 | $656.9M | $421.1M | ||
| Q3 24 | $675.8M | $417.6M | ||
| Q2 24 | $639.8M | $397.2M | ||
| Q1 24 | $663.9M | $375.5M |
| Q4 25 | $932.1M | $530.2M | ||
| Q3 25 | $830.5M | $541.2M | ||
| Q2 25 | $883.8M | $533.7M | ||
| Q1 25 | $907.5M | $562.5M | ||
| Q4 24 | $944.1M | $725.8M | ||
| Q3 24 | $948.9M | $709.8M | ||
| Q2 24 | $916.8M | $697.0M | ||
| Q1 24 | $923.2M | $687.2M |
| Q4 25 | 0.16× | 0.00× | ||
| Q3 25 | 0.19× | 0.01× | ||
| Q2 25 | 0.18× | 0.07× | ||
| Q1 25 | 0.18× | 0.10× | ||
| Q4 24 | 0.18× | 0.00× | ||
| Q3 24 | 0.17× | 0.00× | ||
| Q2 24 | 0.18× | 0.00× | ||
| Q1 24 | 0.16× | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $-23.9M | — |
| FCF MarginFCF / Revenue | -43.4% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $5.7M | ||
| Q3 25 | $-26.8M | $53.4M | ||
| Q2 25 | $-29.9M | $11.1M | ||
| Q1 25 | $-45.7M | $3.9M | ||
| Q4 24 | $5.8M | $30.6M | ||
| Q3 24 | $-63.4M | $31.4M | ||
| Q2 24 | $-37.1M | $39.1M | ||
| Q1 24 | $-58.3M | $50.6M |
| Q4 25 | $-23.9M | — | ||
| Q3 25 | $-32.1M | — | ||
| Q2 25 | $-35.2M | — | ||
| Q1 25 | $-52.8M | $-11.6M | ||
| Q4 24 | $-4.7M | — | ||
| Q3 24 | $-76.8M | — | ||
| Q2 24 | $-50.3M | — | ||
| Q1 24 | $-68.8M | — |
| Q4 25 | -43.4% | — | ||
| Q3 25 | -68.6% | — | ||
| Q2 25 | -94.0% | — | ||
| Q1 25 | -277.8% | -21.1% | ||
| Q4 24 | -9.5% | — | ||
| Q3 24 | -324.0% | — | ||
| Q2 24 | -224.5% | — | ||
| Q1 24 | -412.4% | — |
| Q4 25 | 1.8% | — | ||
| Q3 25 | 11.2% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 37.2% | 28.2% | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 56.6% | — | ||
| Q2 24 | 58.9% | — | ||
| Q1 24 | 63.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
