FuelCell EnergyHAM:FEY -2.42%60 Beneish M-Score is -1.71 as of Jun. 25, 2026. 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 2,926 Industrial Products companies, FuelCell Energy ranks worse than 85.44% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Warning Sign:
Beneish M-Score -1.71 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for FuelCell Energy's Beneish M-Score or its related term are showing as below:
HAM:FEY'
s Beneish M-Score Range Over the Past 10 Years
Min: -16.08 Med: -2.03 Max: -0.67
Current: -1.71
During the past 13 years, the highest Beneish M-Score of FuelCell Energy was -0.67. The lowest was -16.08. And the median was -2.03.
FuelCell Energy Beneish M-Score Related Terms
FuelCell Energy Beneish M-Score Historical Data
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The historical data trend for FuelCell Energy's Beneish M-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: Beneish M-Score Comparison
For the Electrical Equipment & Parts subindustry, FuelCell Energy's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, FuelCell Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FuelCell Energy's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of FuelCell Energy for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.7351
+
0.528 * 1.3505
+
0.404 * 2.4797
+
0.892 * 1.2101
+
0.115 * 0.3503
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7088
+
4.679 * -0.003984
-
0.327 * 0.8976
=
-1.76
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(35.899 / (35.899 + 332.821))
/
(35.007 / (35.007 + 90.947))
=
0.097361
/
0.277935
=
0.3503
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(-190.27 - -91.999
-
-94.853)
/
857.89
=
-0.003984
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
FuelCell Energy has a M-score of -1.76 signals that the company is likely to be a manipulator.
FuelCell Energy (HAM:FEY) has a Beneish M-Score of -1.71 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FuelCell Energy and its competitors. According to the industry distribution chart, FuelCell Energy ranks #2500 out of 2926 companies in the Industrial Products industry, placing it in the top 85.4%.
Is FuelCell Energy's Beneish M-Score too high?
FuelCell Energy's current Beneish M-Score is -1.71. Based on the distribution chart, FuelCell Energy ranks #2500 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. 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 Beneish M-Score compare to ENR and ADSE?
According to the Industrial Products industry distribution chart, FuelCell Energy ranks #2500 out of 2926 companies for Beneish M-Score. This places FuelCell Energy in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FuelCell Energy and its competitors. FuelCell Energy's current Beneish M-Score is -1.71. 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 Beneish M-Score is -1.71. 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 Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For FuelCell Energy (HAM:FEY), the current Beneish M-Score is -1.71 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:
Beneish M-Score: -1.71
GF Value™: €6.67 vs. price of €19.35 (190.1% above fair value)
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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