FuelCell Energy (FCEL) Balance Sheet: Assets & Liabilities

FuelCell Energy (FCEL) Balance Sheet

As of Oct 31, 2025 (end of fiscal 2025), FuelCell Energy reported total assets of $932.15M and total liabilities of $201.00M. Shareholders' equity was $731.14M, up 2.0% from $716.78M a year earlier. Total debt stood at $129.68M against $278.10M in cash and short-term investments, a net cash position of $148.42M. That puts debt-to-equity at 0.18, compared with 0.22 a year earlier.

FuelCell Energy Balance Sheet Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for FuelCell Energy, Inc. (FCEL) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021	Oct 2020	Oct 2019	Oct 2018	Oct 2017
Current Assets
Cash and Cash Equivalents	0.28	0.15	0.25	0.46	0.43	0.15	0.01	0.04	0.05
Short-Term Investments	0.00	0.11	0.10	0.00	0.00	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	0.28	0.26	0.35	0.46	0.43	0.15	0.01	0.04	0.05
Accounts Receivable	0.05	0.05	0.02	0.00	0.02	0.02	0.01	0.02	0.07
Inventory	0.09	0.11	0.08	0.09	0.07	0.05	0.05	0.05	0.07
Other Current Assets	0.02	0.02	0.01	0.01	0.01	0.02	0.01	0.01	0.01
Total Current Assets	0.45	0.44	0.48	0.58	0.54	0.23	0.08	0.13	0.20
Non-Current Assets
Property, Plant & Equipment (Net)	0.11	0.38	0.10	0.30	0.05	0.21	0.19	0.15	0.04
Goodwill	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Intangible Assets	0.00	0.01	0.02	0.02	0.02	0.02	0.02	0.01	0.01
Other Non-Current Assets	0.32	0.10	0.32	0.04	0.24	0.06	0.04	0.05	0.12
Total Non-Current Assets	0.48	0.50	0.48	0.36	0.33	0.29	0.25	0.21	0.18
Total Assets	0.93	0.94	0.96	0.94	0.88	0.52	0.33	0.34	0.38
Current Liabilities
Accounts Payable	0.02	0.02	0.03	0.03	0.02	0.01	0.02	0.02	0.04
Short-Term Debt	0.01	0.02	0.01	0.01	0.01	0.02	0.02	0.02	0.03
Current Portion of Long-Term Debt	0.02	0.02	0.01	0.01	0.01	-	-	-	-
Accrued Liabilities	0.03	0.02	0.03	0.02	0.02	-	-	-	-
Deferred Revenue	0.00	0.00	0.00	0.02	0.01	0.01	0.01	0.01	0.01
Other Current Liabilities	0.00	0.03	0.00	0.02	0.00	0.01	0.01	0.01	0.02
Total Current Liabilities	0.07	0.07	0.07	0.09	0.05	0.06	0.06	0.06	0.10
Non-Current Liabilities
Long-Term Debt	0.12	0.14	0.12	0.08	0.08	0.16	0.09	0.07	0.06
Other Non-Current Liabilities	0.01	0.00	0.00	0.01	0.03	0.02	0.02	0.01	0.01
Total Non-Current Liabilities	0.13	0.14	0.13	0.10	0.12	0.21	0.14	0.10	0.10
Total Liabilities	0.20	0.22	0.20	0.19	0.17	0.27	0.20	0.16	0.19
Stockholders' Equity
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-1.83	-1.64	-1.51	-1.41	-1.26	-1.16	-1.08	-0.99	-0.94
Accumulated Other Comprehensive Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Treasury Stock	0.00	0.00	0.00	0.00	-	-	-	-	-
Additional Paid-in Capital	2.49	2.30	2.20	2.09	1.91	1.36	1.15	1.07	1.05
Minority Interest	0.01	0.01	0.02	0.01	0.00	0.00	0.00	0.00	0.00
Shares Outstanding	0.05	0.02	0.02	0.01	-	-	-	-	-
Total Stockholders' Equity	0.73	0.72	0.76	0.74	0.71	0.25	0.14	0.18	0.19
Total Liabilities & Equity	0.93	0.94	0.96	0.94	0.88	0.52	0.33	0.34	0.38

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About FuelCell Energy Balance Sheet

How much debt does FuelCell Energy have?

FuelCell Energy had total debt of $129.68M as of Oct 31, 2025, against $278.10M in cash and short-term investments. Its debt-to-equity ratio was 0.18. Total debt was $156.47M a year earlier.

What are FuelCell Energy's total assets?

FuelCell Energy reported total assets of $932.15M as of Oct 31, 2025, down 1.3% from $944.12M a year earlier. Total liabilities were $201.00M.

What is FuelCell Energy's shareholders' equity?

FuelCell Energy's shareholders' equity was $731.14M as of Oct 31, 2025, or about $15.87 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition