Discounted Cash Flow

Fuelcell Energy Inc.

FCEL · Based on 10 years of SEC filings

DCF estimate unavailable — No positive free cash flow in recent history — company has not generated positive FCF

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $108.3m $-51.0m $-54.3m -47.1% $-1.82
2017 $95.7m (-11.6%) $-53.9m (-5.8%) $-84.2m (-55.0%) -56.3% (-19.7%) $-1.14 (37.4%)
2018 $89.4m (-6.5%) $-47.3m (12.2%) $6.3m (107.5%) -52.9% (6.1%) $-0.75 (34.2%)
2019 $60.8m (-32.1%) $-77.6m (-63.9%) $-32.7m (-619.9%) -127.7% (-141.2%) $-1.82 (-142.7%)
2020 $70.9m (16.7%) $-89.1m (-14.9%) $-37.2m (-13.6%) -125.7% (1.5%) $-0.42 (76.9%)
2021 $69.6m (-1.8%) $-101.1m (-13.4%) $-76.8m (-106.6%) -145.2% (-15.5%) $-0.31 (26.2%)
2022 $130.5m (87.5%) $-142.7m (-41.2%) $-158.8m (-106.8%) -109.4% (24.7%) $-0.38 (-22.6%)
2023 $123.4m (-5.4%) $-107.6m (24.6%) $-232.6m (-46.5%) -87.2% (20.3%) $-0.26 (31.6%)
2024 $112.1m (-9.1%) $-126.0m (-17.1%) $-212.5m (8.7%) -112.4% (-28.9%) $-7.83 (-2911.5%)
2025 $158.2m (41.0%) $-187.9m (-49.1%) $-147.8m (30.4%) -118.8% (-5.7%) $-7.42 (5.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

No positive free cash flow in recent history — company has not generated positive FCF

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.