Fuelcell Energy, Inc.
$1.26B- Market cap
- $1.42B
- Debt
- +$119.64M
- Cash
- −$278.10M
Capital structure 92% equity / 8% debt · EV / Revenue 7.98x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: FCEL stock price at premium vs APEI $17.76 current versus $2.53 implied using P/S multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at APEI's multiple
Implied fair value · at FCEL's multiple
Snapshot Sep 8, 2026, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Pricing power
Operating leverage
Multiple premium
Not comparable
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: FCEL FY 2025 (ended Oct 31, 2025) · APEI FY 2025 (ended Dec 31, 2025). Fiscal years are not aligned.
Trendline
13 period-end years of reported revenue, earnings, and margins. Periods and currencies are shown with the data.
Price framework
Market cap plus debt, less cash.
Capital structure 92% equity / 8% debt · EV / Revenue 7.98x
Capital structure 90% equity / 10% debt · EV / Revenue 1.16x · EV / EBITDA 10.61x
FCEL carries the larger enterprise value at $1.26B against $750.73M; APEI trades on the lower EV / Revenue multiple (1.16x vs 7.98x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
FUELCELL ENERGY, INC. · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
AMERICAN PUBLIC EDUCATION, INC. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.18x
0.32x
Net debt / EBITDA
Leverage against operating earnings
0.99x
-1.12x
Cash and equivalents
Liquid reserves on the balance sheet
$278.10M
$174.10M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
$119.64M
$94.67M
LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
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