Fuelcell Energy, Inc.
$1.04B- Market cap
- $1.20B
- Debt
- +$119.64M
- Cash
- −$278.10M
Capital structure 91% equity / 9% debt · EV / Revenue 6.56x
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 HRMY $14.95 current versus $5.60 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 HRMY's multiple
Implied fair value · at FCEL's multiple
Snapshot Sep 4, 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) · HRMY FY 2025 (ended Dec 31, 2025). Fiscal years are not aligned.
Trendline
Ten fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 91% equity / 9% debt · EV / Revenue 6.56x
Capital structure 94% equity / 6% debt · EV / Revenue 2.13x · EV / EBITDA 7.27x
HRMY carries the larger enterprise value at $1.85B against $1.04B; HRMY trades on the lower EV / Revenue multiple (2.13x vs 6.56x).
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.
HARMONY BIOSCIENCES HOLDINGS, 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
0.19x
Net debt / EBITDA
Leverage against operating earnings
0.99x
-2.41x
Cash and equivalents
Liquid reserves on the balance sheet
$278.10M
$775.34M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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