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FuelCell EnergyFCEL +1.13%58 Net-Net Working Capital is $2.19 as of Apr. 2026. GuruFocus rates FCEL with a GF Score™ of 58/100 and a GF Value™ of $7.36 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,361 Industrial Products companies, FuelCell Energy ranks worse than 56.28% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
FuelCell Energy's Net-Net Working Capital for the quarter that ended in Apr. 2026 was $2.19.
The industry rank for FuelCell Energy's Net-Net Working Capital or its related term are showing as below:
FCEL's Price-to-Net-Net-Working-Capital is ranked worse than 56.28% of 1361
companies
in the Industrial Products industry
Industry Median: 7.86
vs FCEL: 9.81
FuelCell Energy (NAS:FCEL) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
FuelCell Energy Net-Net Working Capital Related Terms
FuelCell Energy Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for FuelCell Energy's Net-Net Working Capital 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.
FCEL vs PLPC, ENR, TE: Net-Net Working Capital Comparison
For the Electrical Equipment & Parts subindustry, FuelCell Energy's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, FuelCell Energy's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where FuelCell Energy's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $2.19 mean?
FuelCell Energy (FCEL) has a Net-Net Working Capital of $2.19 as of Apr. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on FuelCell Energy According to the industry distribution chart, FuelCell Energy ranks #766 out of 1361 companies in the Industrial Products industry, placing it in the top 56.3%.
Is FuelCell Energy's Net-Net Working Capital too high?
FuelCell Energy's current Net-Net Working Capital is $2.19. The Industrial Products industry median Net-Net Working Capital is 7.86. FuelCell Energy's value of $2.19 is 72.1% below this industry median. Based on the distribution chart, FuelCell Energy ranks #766 out of 1361 companies in the Industrial Products industry, which is below 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 Net-Net Working Capital compare to PLPC and ENR?
According to the Industrial Products industry distribution chart, FuelCell Energy ranks #766 out of 1361 companies for Net-Net Working Capital. This places FuelCell Energy in the lower half of its industry. The industry median Net-Net Working Capital is 7.86. FuelCell Energy's value of $2.19 is 72.1% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Industrial Products company?
The median Net-Net Working Capital among Industrial Products companies is 7.86, based on 1,361 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. FuelCell Energy's current Net-Net Working Capital of $2.19 is 72.1% 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on FuelCell Energy For the Industrial Products industry, the median Net-Net Working Capital is 7.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FuelCell Energy's current Net-Net Working Capital is $2.19. 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 $7.36, compared to a current price of $21.48 — trading 191.8% above its estimated fair value. The current Net-Net Working Capital is $2.19 and 72.1% below the Industrial Products industry median of 7.86. 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 Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For FuelCell Energy (FCEL), the current Net-Net Working Capital is $2.19 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 $21.48 is trading 191.8% above its estimated GF Value™ of $7.36.
GuruFocus considers FuelCell Energy to be Significantly Overvalued.
Key valuation signals for FCEL:
Net-Net Working Capital: $2.19
GF Value™: $7.36 vs. price of $21.48 (191.8% above fair value)
Industry Position: 72.1% below the Industrial Products median (#766 of 1361)
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
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