Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
FuelCell EnergyFCEL +30.57%58 Debt-to-Equity is 0.21 as of Apr. 2026, which is 16% below its 10-year median of 0.25. GuruFocus rates FCEL with a GF Score™ of 58/100 and a GF Value™ of $7.32 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 2,679 Industrial Products companies, FuelCell Energy ranks better than 58.53% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for FuelCell Energy's Debt-to-Equity or its related term are showing as below:
FCEL'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.13 Med: 0.25 Max: 1.84
Current: 0.21
During the past 13 years, the highest Debt-to-Equity Ratio of FuelCell Energy was 1.84. The lowest was 0.13. And the median was 0.25.
FCEL's Debt-to-Equity is ranked better than 58.53% of 2679
companies
in the Industrial Products industry
Industry Median: 0.28
vs FCEL: 0.21
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
FuelCell Energy Debt-to-Equity Related Terms
FuelCell Energy Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for FuelCell Energy's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Electrical Equipment & Parts subindustry, FuelCell Energy's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
FuelCell Energy Debt-to-Equity vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, FuelCell Energy's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where FuelCell Energy's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FuelCell Energy (FCEL) has a Debt-to-Equity of 0.21 as of Apr. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on FuelCell Energy and its competitors. This is 16% below median its historical median of 0.25. Over the past decade, FuelCell Energy's Debt-to-Equity has ranged from 0.13 to 1.84. According to the industry distribution chart, FuelCell Energy ranks #1111 out of 2679 companies in the Industrial Products industry, placing it in the top 41.5%.
Is FuelCell Energy's Debt-to-Equity too high?
FuelCell Energy's current Debt-to-Equity of 0.21 is 16% below median its 10-year median of 0.25. Over the past 10 years, this metric has ranged from a low of 0.13 to a high of 1.84. The Industrial Products industry median Debt-to-Equity is 0.28. FuelCell Energy's value of 0.21 is 25% below this industry median. Based on the distribution chart, FuelCell Energy ranks #1111 out of 2679 companies in the Industrial Products industry, which is above the industry midpoint. Overall, FuelCell Energy has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does FuelCell Energy's Debt-to-Equity compare to PLPC and ENR?
According to the Industrial Products industry distribution chart, FuelCell Energy ranks #1111 out of 2679 companies for Debt-to-Equity. This puts FuelCell Energy in the upper half of its industry. The industry median Debt-to-Equity is 0.28. FuelCell Energy's value of 0.21 is 25% below this benchmark. Historically, FuelCell Energy's own Debt-to-Equity has ranged from 0.13 to 1.84 over the past decade. While the company's 10-year median is 0.25 vs. the industry median of 0.28, FuelCell Energy has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Industrial Products company?
The median Debt-to-Equity among Industrial Products companies is 0.28, based on 2,679 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. FuelCell Energy's current Debt-to-Equity of 0.21 is 25% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on FuelCell Energy and its competitors. For the Industrial Products industry, the median Debt-to-Equity is 0.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FuelCell Energy's current Debt-to-Equity is 0.21, which is 16% below median its own 10-year median of 0.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FuelCell Energy stock overvalued right now?
Based on GuruFocus' analysis, FuelCell Energy (FCEL) is currently considered Significantly Overvalued. The stock's GF Value™ is $7.32, compared to a current price of $23.62 — trading 222.7% above its estimated fair value. The current Debt-to-Equity is 0.21, which is 16% below median its 10-year median of 0.25 and 25% below the Industrial Products industry median of 0.28. FuelCell Energy's overall GF Score™ is 58/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For FuelCell Energy (FCEL), the current Debt-to-Equity is 0.21 as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is FuelCell Energy (FCEL) Overvalued in 2026?
Based on GuruFocus' analysis, FuelCell Energy stock appears to be overvalued.
The current stock price of $23.62 is trading 222.7% above its estimated GF Value™ of $7.32.
GuruFocus considers FuelCell Energy to be Significantly Overvalued.
Key valuation signals for FCEL:
Debt-to-Equity: 0.21 (16% below median its 10-year median of 0.25)
GF Value™: $7.32 vs. price of $23.62 (222.7% above fair value)
Industry Position: 25% below the Industrial Products median (#1111 of 2679)
No single metric tells the full story. See the FCEL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
FuelCell Energy Inc is a clean energy technology company engaged in the development, design, production, and servicing of high temperature fuel cells for clean electric power generation. The Company provides proprietary molten carbonate fuel cell systems that generate electricity electrochemically with ultra low emissions and high efficiency, and operates as a solutions provider managing the design, manufacturing, installation, and maintenance of its systems under long term power purchase, service, and engineering procurement agreements. The Company serves utilities, data centers, and commercial and industrial customers, and operates in the United States, South Korea, Europe, and Canada, with maximum revenue generated from the United States.
58GF Score
Get the complete analysis for FCEL
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FCEL has been successfully added to your 
