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.
FY 2025 ·
Decision snapshot: FCEL stock price at discount vs SERV $14.95 current versus $319.94 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 SERV'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 lag
Pricing power
Operating leverage
Multiple discount
Not comparable
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: FCEL FY 2025 (ended Oct 31, 2025) · SERV 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 98% equity / 2% debt · EV / Revenue 124.52x
FCEL carries the larger enterprise value at $1.04B against $330.10M; FCEL trades on the lower EV / Revenue multiple (6.56x vs 124.52x).
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.
SERVE ROBOTICS INC. · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
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
0.02x
Net debt / EBITDA
Leverage against operating earnings
0.99x
1.01x
Cash and equivalents
Liquid reserves on the balance sheet
$278.10M
$106.24M
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
$7.57M
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