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FuelCell Energy Balance Sheet 2025-2008 | FCEL
Brief overview of FuelCell Energy's balance sheet structure
The comparison uses five available annual reports from the 2021–2025 interval.
Across five periods, assets reached $932.1 million versus $875.2 million initially. Growth of +6.5% reflects gradual development.
Liabilities expanded faster than the asset base, +18.3% versus +6.5%. Debt-service capacity deserves attention.
The equity-to-assets ratio is 71%, compared with 73.4% five periods ago. The balance sheet has a substantial internal cushion.
The period ended with net cash: net debt stood at -$173.4 million. This supports financial flexibility.
The cash reserve occupies 29.8% of the balance sheet, previously 52.6%. It is one marker of short-term resilience.
The balance sheet carries negative retained earnings of -$1.8 billion. The figure may result from accumulated losses or an active capital return policy.
What the balance sheet shows
Taken together, the figures indicate acceptable resilience for FuelCell Energy. The next assessment depends on debt and equity trends.
Annual Balance Sheet FuelCell Energy
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-173 M | -31.6 M | -140 M | -388 M | -382 M | -40.5 M | 103 M | 49.9 M | 42.7 M | 3.09 M | -38.5 M | -68.9 M | -8.09 M | -48.4 M | -42.3 M | -7.36 M | - | - |
Long Term Debt |
104 M | 116 M | 109 M | 69.2 M | 77.6 M | 151 M | 90.1 M | 71.6 M | 63.8 M | 82 M | 13 M | 13.4 M | 52.7 M | 3.98 M | 4.1 M | 4.06 M | - | - |
Long Term Debt Current |
932 K | 807 K | 599 K | 650 K | 1.03 M | 939 K | - | - | - | 5.28 M | 7.36 M | 1.44 M | -6.93 M | -5.16 M | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 135 M | 103 M | 96.9 M | 116 M | 47.7 M | 47.3 M | 84.7 M | 92.5 M | 83.8 M | - | - | - |
Total Current Liabilities |
67.8 M | 73.9 M | 65.9 M | 85.8 M | 52.8 M | 58.9 M | 62.7 M | 60.1 M | 98.1 M | 52.3 M | 74.9 M | 75.1 M | 106 M | 84.9 M | 114 M | 54 M | - | - |
Total Liabilities |
201 M | 217 M | 195 M | 185 M | 170 M | 269 M | 198 M | 163 M | 195 M | 168 M | 123 M | 122 M | 191 M | 177 M | 198 M | 66.1 M | - | - |
Deferred Revenue |
2.73 M | 4.23 M | 2.41 M | 16.3 M | 6.29 M | 10.4 M | 11.5 M | 11.3 M | 7.96 M | 6.81 M | 31.8 M | 37.6 M | 51.9 M | 45.9 M | 64.1 M | 25.5 M | - | - |
Retained Earnings |
-1.83 B | -1.64 B | -1.52 B | -1.41 B | -1.27 B | -1.16 B | -1.08 B | -991 M | -944 M | -890 M | -839 M | -809 M | -771 M | -737 M | -701 M | -656 M | - | - |
Total Assets |
932 M | 944 M | 956 M | 940 M | 875 M | 524 M | 333 M | 340 M | 384 M | 342 M | 277 M | 281 M | 238 M | 191 M | 184 M | 151 M | - | - |
Cash and Cash Equivalents |
278 M | 148 M | 250 M | 458 M | 460 M | 192 M | 9.43 M | 39.3 M | 49.3 M | 84.2 M | 58.9 M | 83.7 M | 67.7 M | 46.9 M | 43 M | 11.4 M | 57.8 M | 38 M |
Book Value |
731 M | 727 M | 760 M | 754 M | 705 M | 254 M | 136 M | 177 M | 189 M | 174 M | 155 M | 158 M | 46.7 M | 14.1 M | -14.4 M | 84.4 M | - | - |
Total Shareholders Equity |
662 M | 657 M | 682 M | 684 M | 642 M | 195 M | 75.7 M | 82.2 M | 101 M | 114 M | 95.3 M | 100 M | -12.4 M | 14.5 M | -13.5 M | 8.35 M | 31.3 M | 47.1 M |
All numbers in USD currency
Quarterly Balance Sheet FuelCell Energy
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
117 M | 120 M | 120 M | 104 M | 106 M | 109 M | - | 116 M | - | 116 M | 107 M | 109 M | 95.2 M | - | 76.5 M | 69.2 M | 73.8 M | 75 M | 76.7 M | 77.6 M | 72.4 M | 77.6 M | 149 M | 144 M | 144 M | 144 M | 65.5 M | 84.4 M | 84.4 M | 84.4 M | 59 M | 70.3 M | 70.3 M | 70.3 M | 78.6 M | 59.5 M | 66.1 M | 73.2 M | - | 76.8 M | 76.8 M | 76.8 M | - | 8.94 M | 8.94 M | - | 30.5 M | 9.31 M | 9.39 M | 10.3 M | - | 44 M | 44 M | 44 M | 4.08 M | 3.39 M | 3.39 M | 4.03 M | - | 4.1 M | 4.1 M | 4.1 M |
Total Liabilities |
215 M | 214 M | 214 M | 201 M | 205 M | 205 M | - | 217 M | - | 205 M | 181 M | 195 M | 177 M | - | 183 M | 185 M | 185 M | 186 M | 165 M | 170 M | 154 M | 170 M | 267 M | 269 M | 269 M | 269 M | 193 M | 198 M | 198 M | 198 M | 188 M | 163 M | 163 M | 163 M | 163 M | 195 M | 195 M | 195 M | 139 M | 166 M | 166 M | 166 M | 127 M | 123 M | 123 M | 123 M | 155 M | 122 M | 122 M | 122 M | 144 M | 191 M | 191 M | 191 M | 129 M | 118 M | 118 M | 118 M | - | 138 M | 138 M | 138 M |
Deferred Revenue |
4.36 M | 3.95 M | 3.95 M | 2.73 M | 5.25 M | 2.92 M | - | 4.23 M | - | 6.76 M | 3.62 M | 2.41 M | 3.11 M | - | 16.2 M | 16.3 M | 20.4 M | 25.9 M | 18.7 M | 6.29 M | 8.45 M | 6.29 M | 15.3 M | 10.4 M | 10.4 M | 10.4 M | 17.2 M | 11.5 M | 11.5 M | 11.5 M | 10.4 M | 11.3 M | 9.7 M | 9.42 M | 8.1 M | 7.96 M | 7.96 M | 7.96 M | 28.5 M | 6.81 M | 6.81 M | 6.81 M | 42.9 M | 31.8 M | 31.8 M | 31.8 M | 47.6 M | 37.6 M | 37.6 M | 37.6 M | 66.6 M | 51.9 M | 51.9 M | 51.9 M | 58.2 M | 45.9 M | 45.9 M | 45.9 M | - | 64.1 M | 64.1 M | 64.1 M |
Retained Earnings |
-1.93 B | -1.85 B | -1.85 B | -1.83 B | -1.8 B | -1.71 B | - | -1.64 B | - | -1.57 B | -1.54 B | -1.52 B | -1.49 B | - | -1.31 B | -1.41 B | -1.37 B | -1.34 B | -1.21 B | -1.27 B | -1.24 B | -1.27 B | -1.12 B | -1.16 B | -1.16 B | -1.16 B | -1.02 B | -1.08 B | -1.08 B | -1.08 B | -948 M | -991 M | -991 M | -991 M | -903 M | -944 M | -944 M | -944 M | -850 M | -890 M | -890 M | -890 M | -813 M | -839 M | -839 M | -839 M | -782 M | -809 M | -809 M | -809 M | -749 M | -771 M | -771 M | -771 M | -707 M | -737 M | -737 M | -737 M | - | -701 M | -701 M | -701 M |
Total Assets |
1 B | 978 M | 978 M | 932 M | 831 M | 884 M | - | 944 M | - | 917 M | 923 M | 956 M | 945 M | - | 855 M | 940 M | 944 M | 946 M | 552 M | 875 M | 880 M | 875 M | 391 M | 524 M | 524 M | 524 M | 346 M | 333 M | 333 M | 333 M | 375 M | 340 M | 340 M | 340 M | 328 M | 384 M | 384 M | 384 M | 295 M | 341 M | 341 M | 341 M | 289 M | 277 M | 277 M | 277 M | 241 M | 281 M | 281 M | 281 M | 210 M | 238 M | 238 M | 238 M | 170 M | 191 M | 191 M | 191 M | - | 184 M | 184 M | 184 M |
Cash and Cash Equivalents |
373 M | 312 M | 312 M | 278 M | 175 M | 116 M | 98.1 M | 148 M | 159 M | 159 M | 297 M | 250 M | 304 M | 247 M | 315 M | 458 M | 480 M | 468 M | 179 M | 432 M | 494 M | 432 M | 38.3 M | 150 M | 150 M | 150 M | 27.8 M | 9.43 M | 9.4 M | 9.43 M | 76.8 M | 39.3 M | 39.3 M | 39.3 M | 57.6 M | 49.3 M | 49.3 M | 49.3 M | 76.9 M | 84.2 M | 84.2 M | 84.2 M | 84.7 M | 58.9 M | 58.9 M | 58.9 M | 78.5 M | 83.7 M | 83.7 M | 83.7 M | 81.4 M | 67.7 M | 67.7 M | 67.7 M | 37 M | 46.9 M | 46.9 M | 57.5 M | 26.1 M | 43 M | 51.4 M | 51.4 M |
Book Value |
788 M | 764 M | 764 M | 731 M | 625 M | 679 M | - | 727 M | - | 712 M | 742 M | 760 M | 768 M | - | 672 M | 754 M | 760 M | 760 M | 387 M | 705 M | 726 M | 705 M | 124 M | 254 M | 254 M | 254 M | 153 M | 136 M | 136 M | 136 M | 187 M | 177 M | 177 M | 177 M | 166 M | 189 M | 189 M | 189 M | 156 M | 174 M | 174 M | 174 M | 162 M | 155 M | 155 M | 155 M | 86.2 M | 158 M | 158 M | 158 M | 65.5 M | 46.7 M | 46.7 M | 46.7 M | 41 M | 74 M | 74 M | 74 M | - | 45.5 M | 45.5 M | 45.5 M |
Total Shareholders Equity |
719 M | 695 M | 695 M | 662 M | 556 M | 609 M | 645 M | 657 M | 685 M | 652 M | 664 M | 682 M | 700 M | 646 M | 675 M | 684 M | 697 M | 691 M | 328 M | 642 M | 666 M | 642 M | 64.6 M | 195 M | 195 M | 195 M | 58.9 M | 75.7 M | 75.7 M | 75.7 M | 107 M | 82.2 M | 82.2 M | 102 M | 106 M | 101 M | 101 M | 101 M | 96.8 M | 114 M | 114 M | 114 M | 104 M | 95.3 M | 95.3 M | 95.3 M | 27.3 M | 100 M | 100 M | 100 M | 5.68 M | -12.4 M | -12.4 M | -12.4 M | -17.8 M | 14.5 M | 14.5 M | 14.1 M | - | -13.5 M | -13.5 M | -13.5 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of FuelCell Energy, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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