vs
Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Vanda Pharmaceuticals Inc. is the larger business by last-quarter revenue ($57.2M vs $55.0M, roughly 1.0× FUELCELL ENERGY INC). FUELCELL ENERGY INC runs the higher net margin — -54.3% vs -246.8%, a 192.5% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs 7.6%). FUELCELL ENERGY INC produced more free cash flow last quarter ($-23.9M vs $-29.5M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 9.8%).
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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
FCEL vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $57.2M |
| Net Profit | $-29.9M | $-141.2M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | -70.5% |
| Net Margin | -54.3% | -246.8% |
| Revenue YoY | 11.5% | 7.6% |
| Net Profit YoY | 27.9% | -2774.3% |
| EPS (diluted) | $-0.43 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $46.7M | $56.3M | ||
| Q2 25 | $37.4M | $52.6M | ||
| Q1 25 | $19.0M | $50.0M | ||
| Q4 24 | $49.3M | $53.2M | ||
| Q3 24 | $23.7M | $47.7M | ||
| Q2 24 | $22.4M | $50.5M | ||
| Q1 24 | $16.7M | $47.5M |
| Q4 25 | $-29.9M | $-141.2M | ||
| Q3 25 | $-91.7M | $-22.6M | ||
| Q2 25 | $-38.0M | $-27.2M | ||
| Q1 25 | $-28.3M | $-29.5M | ||
| Q4 24 | $-41.4M | $-4.9M | ||
| Q3 24 | $-32.7M | $-5.3M | ||
| Q2 24 | $-32.1M | $-4.5M | ||
| Q1 24 | $-19.8M | $-4.1M |
| 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% | -70.5% | ||
| Q3 25 | -204.0% | -55.6% | ||
| Q2 25 | -95.7% | -73.2% | ||
| Q1 25 | -172.9% | -82.0% | ||
| Q4 24 | -83.2% | -19.3% | ||
| Q3 24 | -141.9% | -23.1% | ||
| Q2 24 | -184.5% | -20.1% | ||
| Q1 24 | -254.5% | -19.5% |
| Q4 25 | -54.3% | -246.8% | ||
| Q3 25 | -196.1% | -40.1% | ||
| Q2 25 | -101.7% | -51.7% | ||
| Q1 25 | -149.1% | -58.9% | ||
| Q4 24 | -84.0% | -9.2% | ||
| Q3 24 | -137.8% | -11.2% | ||
| Q2 24 | -143.4% | -9.0% | ||
| Q1 24 | -118.6% | -8.7% |
| Q4 25 | $-0.43 | $-2.40 | ||
| Q3 25 | $-3.78 | $-0.38 | ||
| Q2 25 | $-1.79 | $-0.46 | ||
| Q1 25 | $-1.42 | $-0.50 | ||
| Q4 24 | $-2.29 | $-0.09 | ||
| Q3 24 | $-1.99 | $-0.09 | ||
| Q2 24 | $-2.18 | $-0.08 | ||
| 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 | $84.9M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $327.2M |
| Total Assets | $932.1M | $488.9M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $84.9M | ||
| Q3 25 | $174.7M | $70.0M | ||
| Q2 25 | $177.0M | $81.0M | ||
| Q1 25 | $208.4M | $111.8M | ||
| Q4 24 | $257.3M | $102.3M | ||
| Q3 24 | $267.2M | $100.5M | ||
| Q2 24 | $260.1M | $103.0M | ||
| Q1 24 | $297.5M | $125.2M |
| 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 | $327.2M | ||
| Q3 25 | $556.2M | $466.0M | ||
| Q2 25 | $609.2M | $486.3M | ||
| Q1 25 | $635.2M | $511.4M | ||
| Q4 24 | $656.9M | $538.5M | ||
| Q3 24 | $675.8M | $541.2M | ||
| Q2 24 | $639.8M | $542.5M | ||
| Q1 24 | $663.9M | $544.0M |
| Q4 25 | $932.1M | $488.9M | ||
| Q3 25 | $830.5M | $601.1M | ||
| Q2 25 | $883.8M | $624.7M | ||
| Q1 25 | $907.5M | $631.9M | ||
| Q4 24 | $944.1M | $656.2M | ||
| Q3 24 | $948.9M | $645.1M | ||
| Q2 24 | $916.8M | $651.4M | ||
| Q1 24 | $923.2M | $652.7M |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | $-23.9M | $-29.5M |
| FCF MarginFCF / Revenue | -43.4% | -51.6% |
| Capex IntensityCapex / Revenue | 1.8% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $-29.4M | ||
| Q3 25 | $-26.8M | $-31.6M | ||
| Q2 25 | $-29.9M | $-15.3M | ||
| Q1 25 | $-45.7M | $-33.1M | ||
| Q4 24 | $5.8M | $-1.8M | ||
| Q3 24 | $-63.4M | $-14.6M | ||
| Q2 24 | $-37.1M | $-6.9M | ||
| Q1 24 | $-58.3M | $7.6M |
| Q4 25 | $-23.9M | $-29.5M | ||
| Q3 25 | $-32.1M | $-31.8M | ||
| Q2 25 | $-35.2M | $-15.6M | ||
| Q1 25 | $-52.8M | $-33.6M | ||
| Q4 24 | $-4.7M | $-2.0M | ||
| Q3 24 | $-76.8M | $-14.7M | ||
| Q2 24 | $-50.3M | $-7.0M | ||
| Q1 24 | $-68.8M | $7.6M |
| Q4 25 | -43.4% | -51.6% | ||
| Q3 25 | -68.6% | -56.5% | ||
| Q2 25 | -94.0% | -29.6% | ||
| Q1 25 | -277.8% | -67.1% | ||
| Q4 24 | -9.5% | -3.8% | ||
| Q3 24 | -324.0% | -30.9% | ||
| Q2 24 | -224.5% | -13.9% | ||
| Q1 24 | -412.4% | 15.9% |
| Q4 25 | 1.8% | 0.2% | ||
| Q3 25 | 11.2% | 0.3% | ||
| Q2 25 | 14.1% | 0.6% | ||
| Q1 25 | 37.2% | 0.9% | ||
| Q4 24 | 21.4% | 0.4% | ||
| Q3 24 | 56.6% | 0.3% | ||
| Q2 24 | 58.9% | 0.2% | ||
| Q1 24 | 63.3% | 0.0% |
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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
