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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $37.2M, roughly 1.5× Waterstone Financial, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs 11.5%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 7.1%).
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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
FCEL vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $37.2M |
| Net Profit | $-29.9M | — |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 27.0% |
| Net Margin | -54.3% | — |
| Revenue YoY | 11.5% | 16.7% |
| Net Profit YoY | 27.9% | — |
| EPS (diluted) | $-0.43 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $46.7M | $37.0M | ||
| Q2 25 | $37.4M | $38.0M | ||
| Q1 25 | $19.0M | $29.7M | ||
| Q4 24 | $49.3M | $31.8M | ||
| Q3 24 | $23.7M | $34.1M | ||
| Q2 24 | $22.4M | $37.2M | ||
| Q1 24 | $16.7M | $32.4M |
| Q4 25 | $-29.9M | — | ||
| Q3 25 | $-91.7M | $7.9M | ||
| Q2 25 | $-38.0M | $7.7M | ||
| Q1 25 | $-28.3M | $3.0M | ||
| Q4 24 | $-41.4M | — | ||
| Q3 24 | $-32.7M | $4.7M | ||
| Q2 24 | $-32.1M | $5.7M | ||
| Q1 24 | $-19.8M | $3.0M |
| 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% | 27.0% | ||
| Q3 25 | -204.0% | 26.6% | ||
| Q2 25 | -95.7% | 25.4% | ||
| Q1 25 | -172.9% | 13.1% | ||
| Q4 24 | -83.2% | 19.5% | ||
| Q3 24 | -141.9% | 17.3% | ||
| Q2 24 | -184.5% | 19.2% | ||
| Q1 24 | -254.5% | 14.7% |
| Q4 25 | -54.3% | — | ||
| Q3 25 | -196.1% | 21.4% | ||
| Q2 25 | -101.7% | 20.3% | ||
| Q1 25 | -149.1% | 10.2% | ||
| Q4 24 | -84.0% | — | ||
| Q3 24 | -137.8% | 13.9% | ||
| Q2 24 | -143.4% | 15.4% | ||
| Q1 24 | -118.6% | 9.4% |
| Q4 25 | $-0.43 | $0.43 | ||
| Q3 25 | $-3.78 | $0.45 | ||
| Q2 25 | $-1.79 | $0.43 | ||
| Q1 25 | $-1.42 | $0.17 | ||
| Q4 24 | $-2.29 | $0.28 | ||
| Q3 24 | $-1.99 | $0.26 | ||
| Q2 24 | $-2.18 | $0.31 | ||
| Q1 24 | $-1.37 | $0.16 |
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 | $412.3M |
| Stockholders' EquityBook value | $662.2M | $349.4M |
| Total Assets | $932.1M | $2.3B |
| Debt / EquityLower = less leverage | 0.16× | 1.18× |
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 | $412.3M | ||
| Q3 25 | $106.4M | $469.1M | ||
| Q2 25 | $109.4M | $465.7M | ||
| Q1 25 | $112.3M | $395.9M | ||
| Q4 24 | $115.7M | $446.5M | ||
| Q3 24 | $112.7M | $560.1M | ||
| Q2 24 | $116.2M | $660.8M | ||
| Q1 24 | $107.2M | $634.2M |
| Q4 25 | $662.2M | $349.4M | ||
| Q3 25 | $556.2M | $345.5M | ||
| Q2 25 | $609.2M | $341.5M | ||
| Q1 25 | $635.2M | $341.4M | ||
| Q4 24 | $656.9M | $339.1M | ||
| Q3 24 | $675.8M | $342.0M | ||
| Q2 24 | $639.8M | $334.9M | ||
| Q1 24 | $663.9M | $338.0M |
| Q4 25 | $932.1M | $2.3B | ||
| Q3 25 | $830.5M | $2.3B | ||
| Q2 25 | $883.8M | $2.3B | ||
| Q1 25 | $907.5M | $2.2B | ||
| Q4 24 | $944.1M | $2.2B | ||
| Q3 24 | $948.9M | $2.2B | ||
| Q2 24 | $916.8M | $2.3B | ||
| Q1 24 | $923.2M | $2.2B |
| Q4 25 | 0.16× | 1.18× | ||
| Q3 25 | 0.19× | 1.36× | ||
| Q2 25 | 0.18× | 1.36× | ||
| Q1 25 | 0.18× | 1.16× | ||
| Q4 24 | 0.18× | 1.32× | ||
| Q3 24 | 0.17× | 1.64× | ||
| Q2 24 | 0.18× | 1.97× | ||
| Q1 24 | 0.16× | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | $-23.9M | $23.0M |
| FCF MarginFCF / Revenue | -43.4% | 61.9% |
| Capex IntensityCapex / Revenue | 1.8% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $24.2M | ||
| Q3 25 | $-26.8M | $32.7M | ||
| Q2 25 | $-29.9M | $-38.4M | ||
| Q1 25 | $-45.7M | $26.7M | ||
| Q4 24 | $5.8M | $48.1M | ||
| Q3 24 | $-63.4M | $74.1M | ||
| Q2 24 | $-37.1M | $-39.5M | ||
| Q1 24 | $-58.3M | $-9.9M |
| Q4 25 | $-23.9M | $23.0M | ||
| Q3 25 | $-32.1M | $32.4M | ||
| Q2 25 | $-35.2M | $-38.5M | ||
| Q1 25 | $-52.8M | $26.5M | ||
| Q4 24 | $-4.7M | $47.0M | ||
| Q3 24 | $-76.8M | $73.9M | ||
| Q2 24 | $-50.3M | $-39.7M | ||
| Q1 24 | $-68.8M | $-10.3M |
| Q4 25 | -43.4% | 61.9% | ||
| Q3 25 | -68.6% | 87.5% | ||
| Q2 25 | -94.0% | -101.2% | ||
| Q1 25 | -277.8% | 89.2% | ||
| Q4 24 | -9.5% | 147.5% | ||
| Q3 24 | -324.0% | 216.9% | ||
| Q2 24 | -224.5% | -106.7% | ||
| Q1 24 | -412.4% | -31.9% |
| Q4 25 | 1.8% | 3.1% | ||
| Q3 25 | 11.2% | 0.8% | ||
| Q2 25 | 14.1% | 0.2% | ||
| Q1 25 | 37.2% | 0.9% | ||
| Q4 24 | 21.4% | 3.5% | ||
| Q3 24 | 56.6% | 0.6% | ||
| Q2 24 | 58.9% | 0.4% | ||
| Q1 24 | 63.3% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
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% |
WSBF
Segment breakdown not available.
