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 -9.53%58 Equity-to-Asset is 0.78 as of Apr. 2026, which is 8% above its 10-year median of 0.72. GuruFocus rates FCEL with a GF Score™ of 58/100 and a GF Value™ of $6.89 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 3,078 Industrial Products companies, FuelCell Energy ranks better than 84.24% on this metric.
Equity to Asset ratio is calculated as total stockholders equity divided by total asset. FuelCell Energy's Total Stockholders Equity for the quarter that ended in Apr. 2026 was $779.3 Mil. FuelCell Energy's Total Assets for the quarter that ended in Apr. 2026 was $1,003.4 Mil.
Therefore, FuelCell Energy's Equity to Asset Ratio for the quarter that ended in Apr. 2026 was 0.78.
The historical rank and industry rank for FuelCell Energy's Equity-to-Asset or its related term are showing as below:
FCEL'
s Equity-to-Asset Range Over the Past 10 Years
Min: 0.28 Med: 0.72 Max: 0.83
Current: 0.78
During the past 13 years, the highest Equity to Asset Ratio of FuelCell Energy was 0.83. The lowest was 0.28. And the median was 0.72.
FCEL's Equity-to-Asset is ranked better than 84.24% of 3078
companies
in the Industrial Products industry
Industry Median: 0.56
vs FCEL: 0.78
FuelCell Energy (NAS:FCEL) Equity-to-Asset Explanation
Equity to Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity to Asset ratio (more leveraged) may have higher ROE % because of the leverage.
For banks, the required minimum Equity to Asset ratio by regulation is 5%. Some stronger banks may have Equity to Asset Ratio of more than 10%.
FuelCell Energy Equity-to-Asset Related Terms
FuelCell Energy Equity-to-Asset Historical Data
* Premium members only.
The historical data trend for FuelCell Energy's Equity-to-Asset 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 Equity-to-Asset, along with its competitors' market caps and Equity-to-Asset 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 Equity-to-Asset vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, FuelCell Energy's Equity-to-Asset distribution charts can be found below:
* The bar in red indicates where FuelCell Energy's Equity-to-Asset falls into.
Equity to Asset ratio measures the ratios of the portion of the asset owned by shareholders out of the total asset. It indicates the leverage of the company, and the amount of debt the company uses in its operation.
Equity to Asset ratio is calculated by dividing total stockholders equity by total asset.
FuelCell Energy's Equity to Asset Ratio for the fiscal year that ended in Oct. 2025 is calculated as
* 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 Equity-to-Asset of 0.78 as of Apr. 2026. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on FuelCell Energy and its competitors. This is near median its historical median of 0.72. Over the past decade, FuelCell Energy's Equity-to-Asset has ranged from 0.28 to 0.83. According to the industry distribution chart, FuelCell Energy ranks #485 out of 3078 companies in the Industrial Products industry, placing it in the top 15.8%.
Is FuelCell Energy's Equity-to-Asset too high?
FuelCell Energy's current Equity-to-Asset of 0.78 is near median its 10-year median of 0.72. Over the past 10 years, this metric has ranged from a low of 0.28 to a high of 0.83. The Industrial Products industry median Equity-to-Asset is 0.56. FuelCell Energy's value of 0.78 is 39.3% above this industry median. Based on the distribution chart, FuelCell Energy ranks #485 out of 3078 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. 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 Equity-to-Asset compare to PLPC and ENR?
According to the Industrial Products industry distribution chart, FuelCell Energy ranks #485 out of 3078 companies for Equity-to-Asset. This places FuelCell Energy in the top 16% of its industry — outperforming the majority of peers. The industry median Equity-to-Asset is 0.56. FuelCell Energy's value of 0.78 is 39.3% above this benchmark. Historically, FuelCell Energy's own Equity-to-Asset has ranged from 0.28 to 0.83 over the past decade. While the company's 10-year median is 0.72 vs. the industry median of 0.56, FuelCell Energy has consistently been above 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 Equity-to-Asset for an Industrial Products company?
The median Equity-to-Asset among Industrial Products companies is 0.56, based on 3,078 companies in the industry. Companies in the top quartile (top 25%) have a Equity-to-Asset significantly above this median, while those in the bottom quartile fall well below. However, Equity-to-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. FuelCell Energy's current Equity-to-Asset of 0.78 is 39.3% above 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 Equity-to-Asset mean?
A high Equity-to-Asset can signal that a stock is expensive relative to its fundamentals. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on FuelCell Energy and its competitors. For the Industrial Products industry, the median Equity-to-Asset is 0.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FuelCell Energy's current Equity-to-Asset is 0.78, which is near median its own 10-year median of 0.72. 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 $6.89, compared to a current price of $18.36 — trading 166.5% above its estimated fair value. The current Equity-to-Asset is 0.78, which is near median its 10-year median of 0.72 and 39.3% above the Industrial Products industry median of 0.56. 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 Equity-to-Asset calculated?
Equity-to-Asset is calculated from a company's financial statements. For FuelCell Energy (FCEL), the current Equity-to-Asset is 0.78 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 $18.36 is trading 166.5% above its estimated GF Value™ of $6.89.
GuruFocus considers FuelCell Energy to be Significantly Overvalued.
Key valuation signals for FCEL:
Equity-to-Asset: 0.78 (near median its 10-year median of 0.72)
GF Value™: $6.89 vs. price of $18.36 (166.5% above fair value)
Industry Position: 39.3% above the Industrial Products median (#485 of 3078)
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
Equity-to-Asset 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 
