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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $51.6M, roughly 1.1× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -54.3%, a 121.6% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 11.5%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 32.3%).
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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
FCEL vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $51.6M |
| Net Profit | $-29.9M | $34.8M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 97.0% |
| Net Margin | -54.3% | 67.3% |
| Revenue YoY | 11.5% | 32.8% |
| Net Profit YoY | 27.9% | 67.0% |
| EPS (diluted) | $-0.43 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $46.7M | $49.1M | ||
| Q2 25 | $37.4M | $47.6M | ||
| Q1 25 | $19.0M | $37.5M | ||
| Q4 24 | $49.3M | $38.9M | ||
| Q3 24 | $23.7M | $35.1M | ||
| Q2 24 | $22.4M | $32.4M | ||
| Q1 24 | $16.7M | $29.5M |
| Q4 25 | $-29.9M | $34.8M | ||
| Q3 25 | $-91.7M | $25.4M | ||
| Q2 25 | $-38.0M | $26.0M | ||
| Q1 25 | $-28.3M | $18.9M | ||
| Q4 24 | $-41.4M | $20.8M | ||
| Q3 24 | $-32.7M | $15.8M | ||
| Q2 24 | $-32.1M | $14.8M | ||
| Q1 24 | $-19.8M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | -204.0% | 72.1% | ||
| Q2 25 | -95.7% | 71.3% | ||
| Q1 25 | -172.9% | 71.7% | ||
| Q4 24 | -83.2% | 82.5% | ||
| Q3 24 | -141.9% | 60.6% | ||
| Q2 24 | -184.5% | 61.3% | ||
| Q1 24 | -254.5% | 78.8% |
| Q4 25 | -54.3% | 67.3% | ||
| Q3 25 | -196.1% | 51.7% | ||
| Q2 25 | -101.7% | 54.6% | ||
| Q1 25 | -149.1% | 50.4% | ||
| Q4 24 | -84.0% | 53.5% | ||
| Q3 24 | -137.8% | 45.1% | ||
| Q2 24 | -143.4% | 45.6% | ||
| Q1 24 | -118.6% | 58.5% |
| Q4 25 | $-0.43 | $0.90 | ||
| Q3 25 | $-3.78 | $0.65 | ||
| Q2 25 | $-1.79 | $0.69 | ||
| Q1 25 | $-1.42 | $0.51 | ||
| Q4 24 | $-2.29 | $0.56 | ||
| Q3 24 | $-1.99 | $0.44 | ||
| Q2 24 | $-2.18 | $0.42 | ||
| Q1 24 | $-1.37 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $672.5M |
| Total Assets | $932.1M | $7.4B |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $92.1M | ||
| Q3 25 | $174.7M | $99.0M | ||
| Q2 25 | $177.0M | $79.6M | ||
| Q1 25 | $208.4M | $51.7M | ||
| Q4 24 | $257.3M | $49.9M | ||
| Q3 24 | $267.2M | $44.1M | ||
| Q2 24 | $260.1M | $47.4M | ||
| Q1 24 | $297.5M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $556.2M | $634.3M | ||
| Q2 25 | $609.2M | $597.9M | ||
| Q1 25 | $635.2M | $563.2M | ||
| Q4 24 | $656.9M | $516.9M | ||
| Q3 24 | $675.8M | $484.6M | ||
| Q2 24 | $639.8M | $471.3M | ||
| Q1 24 | $663.9M | $452.9M |
| Q4 25 | $932.1M | $7.4B | ||
| Q3 25 | $830.5M | $7.0B | ||
| Q2 25 | $883.8M | $6.5B | ||
| Q1 25 | $907.5M | $6.0B | ||
| Q4 24 | $944.1M | $5.5B | ||
| Q3 24 | $948.9M | $5.2B | ||
| Q2 24 | $916.8M | $4.9B | ||
| Q1 24 | $923.2M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $-23.9M | $17.9M |
| FCF MarginFCF / Revenue | -43.4% | 34.6% |
| Capex IntensityCapex / Revenue | 1.8% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $18.2M | ||
| Q3 25 | $-26.8M | $11.5M | ||
| Q2 25 | $-29.9M | $7.7M | ||
| Q1 25 | $-45.7M | $3.5M | ||
| Q4 24 | $5.8M | $37.8M | ||
| Q3 24 | $-63.4M | $-17.6M | ||
| Q2 24 | $-37.1M | $11.5M | ||
| Q1 24 | $-58.3M | $10.6M |
| Q4 25 | $-23.9M | $17.9M | ||
| Q3 25 | $-32.1M | $11.4M | ||
| Q2 25 | $-35.2M | $7.6M | ||
| Q1 25 | $-52.8M | $3.5M | ||
| Q4 24 | $-4.7M | $37.5M | ||
| Q3 24 | $-76.8M | $-17.6M | ||
| Q2 24 | $-50.3M | $11.4M | ||
| Q1 24 | $-68.8M | $10.5M |
| Q4 25 | -43.4% | 34.6% | ||
| Q3 25 | -68.6% | 23.2% | ||
| Q2 25 | -94.0% | 15.9% | ||
| Q1 25 | -277.8% | 9.2% | ||
| Q4 24 | -9.5% | 96.4% | ||
| Q3 24 | -324.0% | -50.3% | ||
| Q2 24 | -224.5% | 35.1% | ||
| Q1 24 | -412.4% | 35.8% |
| Q4 25 | 1.8% | 0.5% | ||
| Q3 25 | 11.2% | 0.1% | ||
| Q2 25 | 14.1% | 0.2% | ||
| Q1 25 | 37.2% | 0.2% | ||
| Q4 24 | 21.4% | 0.7% | ||
| Q3 24 | 56.6% | 0.2% | ||
| Q2 24 | 58.9% | 0.3% | ||
| Q1 24 | 63.3% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
