FuelCell EnergyHAM:FEY -2.42%60 Piotroski F-Score is 4 as of Jun. 25, 2026, which is at its 10-year median of 4.00. GuruFocus rates HAM:FEY with a GF Score™ of 60/100 and a GF Value™ of €6.67 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 2,979 Industrial Products companies, FuelCell Energy ranks worse than 65.12% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
FuelCell Energy has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for FuelCell Energy's Piotroski F-Score or its related term are showing as below:
HAM:FEY'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 4 Max: 6
Current: 4
During the past 13 years, the highest Piotroski F-Score of FuelCell Energy was 6. The lowest was 1. And the median was 4.
FuelCell Energy (HAM:FEY) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
FuelCell Energy Piotroski F-Score Related Terms
FuelCell Energy Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for FuelCell Energy's Piotroski F-Score 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.
HAM:FEY vs ENR, ADSE, KE: Piotroski F-Score Comparison
For the Electrical Equipment & Parts subindustry, FuelCell Energy's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, FuelCell Energy's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where FuelCell Energy's Piotroski F-Score 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
FuelCell Energy's current Net Income (TTM) was -190.3.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
FuelCell Energy's return on assets of this year was -0.24188299. FuelCell Energy's return on assets of last year was -0.15138943.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
FuelCell Energy's gearing of this year was 0.15145716. FuelCell Energy's gearing of last year was 0.13841904.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
FuelCell Energy's current ratio of this year was 8.59296761. FuelCell Energy's current ratio of last year was 5.62460754.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
FuelCell Energy's number of shares in issue this year was 54.224. FuelCell Energy's number of shares in issue last year was 21.74.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
FuelCell Energy's gross margin of this year was -0.18183526. FuelCell Energy's gross margin of last year was -0.24557548.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
FuelCell Energy's asset turnover of this year was 0.1827172. FuelCell Energy's asset turnover of last year was 0.138996.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
FuelCell Energy has an F-score of 4 indicating the company's financial situation is typical for a stable company.
FuelCell Energy (HAM:FEY) has a Piotroski F-Score of 4 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on FuelCell Energy and its competitors. This is near median its historical median of 4.00. Over the past decade, FuelCell Energy's Piotroski F-Score has ranged from 1.00 to 6.00. According to the industry distribution chart, FuelCell Energy ranks #1940 out of 2979 companies in the Industrial Products industry, placing it in the top 65.1%.
Is FuelCell Energy's Piotroski F-Score too high?
FuelCell Energy's current Piotroski F-Score of 4 is near median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 6.00. The Industrial Products industry median Piotroski F-Score is 5.00. FuelCell Energy's value of 4 is 20% below this industry median. Based on the distribution chart, FuelCell Energy ranks #1940 out of 2979 companies in the Industrial Products industry, which is below the industry midpoint. Overall, FuelCell Energy has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does FuelCell Energy's Piotroski F-Score compare to ENR and ADSE?
According to the Industrial Products industry distribution chart, FuelCell Energy ranks #1940 out of 2979 companies for Piotroski F-Score. This places FuelCell Energy in the lower half of its industry. The industry median Piotroski F-Score is 5.00. FuelCell Energy's value of 4 is 20% below this benchmark. Historically, FuelCell Energy's own Piotroski F-Score has ranged from 1.00 to 6.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, 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 Piotroski F-Score for an Industrial Products company?
The median Piotroski F-Score among Industrial Products companies is 5.00, based on 2,979 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. FuelCell Energy's current Piotroski F-Score of 4 is 20% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on FuelCell Energy and its competitors. For the Industrial Products industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FuelCell Energy's current Piotroski F-Score is 4, which is near median its own 10-year median of 4.00. 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 (HAM:FEY) is currently considered Significantly Overvalued. The stock's GF Value™ is €6.67, compared to a current price of €19.35 — trading 190.1% above its estimated fair value. The current Piotroski F-Score is 4, which is near median its 10-year median of 4.00 and 20% below the Industrial Products industry median of 5.00. FuelCell Energy's overall GF Score™ is 60/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For FuelCell Energy (HAM:FEY), the current Piotroski F-Score is 4 as of Jun. 25, 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 (HAM:FEY) Overvalued in 2026?
Based on GuruFocus' analysis, FuelCell Energy stock appears to be overvalued.
The current stock price of €19.35 is trading 190.1% above its estimated GF Value™ of €6.67.
GuruFocus considers FuelCell Energy to be Significantly Overvalued.
Key valuation signals for HAM:FEY:
Piotroski F-Score: 4 (near median its 10-year median of 4.00)
GF Value™: €6.67 vs. price of €19.35 (190.1% above fair value)
Industry Position: 20% below the Industrial Products median (#1940 of 2979)
No single metric tells the full story. See the HAM:FEY 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.
60GF Score
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