FuelCell EnergyFCEL -1.03%60 PB Ratio is 1.90 as of Jun. 25, 2026, which is 65% above its 10-year median of 1.15. GuruFocus rates FCEL with a GF Score™ of 60/100 and a GF Value™ of $7.94 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 2,986 Industrial Products companies, FuelCell Energy ranks better than 57.5% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), FuelCell Energy's share price is $21.56. FuelCell Energy's Book Value per Share for the quarter that ended in Apr. 2026 was $11.32. Hence, FuelCell Energy's PB Ratio of today is 1.90.
The historical rank and industry rank for FuelCell Energy's PB Ratio or its related term are showing as below:
FCEL'
s PB Ratio Range Over the Past 10 Years
Min: 0.05 Med: 1.15 Max: 31.45
Current: 1.9
During the past 13 years, FuelCell Energy's highest PB Ratio was 31.45. The lowest was 0.05. And the median was 1.15.
FCEL's PB Ratio is ranked better than 57.5% of 2986
companies
in the Industrial Products industry
Industry Median: 2.32
vs FCEL: 1.90
During the past 12 months, FuelCell Energy's average Book Value Per Share Growth Rate was -57.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -34.30% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was -8.70% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was -34.40% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of FuelCell Energy was 140.60% per year. The lowest was -78.40% per year. And the median was -18.30% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
FuelCell Energy PB Ratio Related Terms
FuelCell Energy PB Ratio Historical Data
* Premium members only.
The historical data trend for FuelCell Energy's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, FuelCell Energy's PB Ratio distribution charts can be found below:
* The bar in red indicates where FuelCell Energy's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
FuelCell Energy's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
FuelCell Energy (FCEL) has a PB Ratio of 1.90 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on FuelCell Energy and its competitors. This is 65% above median its historical median of 1.15. Over the past decade, FuelCell Energy's PB Ratio has ranged from 0.05 to 31.45. According to the industry distribution chart, FuelCell Energy ranks #1269 out of 2986 companies in the Industrial Products industry, placing it in the top 42.5%.
Is FuelCell Energy's PB Ratio too high?
FuelCell Energy's current PB Ratio of 1.90 is 65% above median its 10-year median of 1.15. Over the past 10 years, this metric has ranged from a low of 0.05 to a high of 31.45. The Industrial Products industry median PB Ratio is 2.32. FuelCell Energy's value of 1.90 is 18.1% below this industry median. Based on the distribution chart, FuelCell Energy ranks #1269 out of 2986 companies in the Industrial Products industry, which is above 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 PB Ratio compare to ENR and ADSE?
According to the Industrial Products industry distribution chart, FuelCell Energy ranks #1269 out of 2986 companies for PB Ratio. This puts FuelCell Energy in the upper half of its industry. The industry median PB Ratio is 2.32. FuelCell Energy's value of 1.90 is 18.1% below this benchmark. Historically, FuelCell Energy's own PB Ratio has ranged from 0.05 to 31.45 over the past decade. While the company's 10-year median is 1.15 vs. the industry median of 2.32, 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 PB Ratio for an Industrial Products company?
The median PB Ratio among Industrial Products companies is 2.32, based on 2,986 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. FuelCell Energy's current PB Ratio of 1.90 is 18.1% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on FuelCell Energy and its competitors. For the Industrial Products industry, the median PB Ratio is 2.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FuelCell Energy's current PB Ratio is 1.90, which is 65% above median its own 10-year median of 1.15. 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 $7.94, compared to a current price of $21.56 — trading 171.5% above its estimated fair value. The current PB Ratio is 1.90, which is 65% above median its 10-year median of 1.15 and 18.1% below the Industrial Products industry median of 2.32. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For FuelCell Energy (FCEL), the current PB Ratio is 1.90 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 (FCEL) Overvalued in 2026?
Based on GuruFocus' analysis, FuelCell Energy stock appears to be overvalued.
The current stock price of $21.56 is trading 171.5% above its estimated GF Value™ of $7.94.
GuruFocus considers FuelCell Energy to be Significantly Overvalued.
Key valuation signals for FCEL:
PB Ratio: 1.90 (65% above median its 10-year median of 1.15)
GF Value™: $7.94 vs. price of $21.56 (171.5% above fair value)
Industry Position: 18.1% below the Industrial Products median (#1269 of 2986)
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.
60GF Score
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