FuelCell Energy, Inc. FCEL

Competitive advantage analysis · industrials

Corporate Default
Overall moat score
37/100
Developing

Ranked against 54 peers in Electrical Equipment & Parts

About FuelCell Energy, Inc.

FuelCell Energy, Inc., together with its subsidiaries, engages in the design, development, production, construction, operation, and servicing of high temperature fuel cells for clean electric power generation. The company engages in the provision of carbonate fuel cell technology; and commercialization of solid oxide electrolysis technology for distributed hydrogen. It also offers carbonate fuel cell products in various configurations and applications … Full FCEL analysis →

Key strengths

  • Strong Liquidity Buffer Liquidity position is strong (score 0.90), providing operational cushion.

Key risks

  • ROIC Below WACC or Peers ROIC at 27.5th percentile suggests inefficient capital deployment.
  • Scale Without Profitability Despite scale, profitability lags peers (score 0.27), suggesting limited competitive advantage.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
29
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where FCEL ranks in Electrical Equipment & Parts

FuelCell Energy, Inc. ranks #31 of 55 scored companies in Electrical Equipment & Parts by moat score — the top 56%. The widest moat in the group is Espey Mfg. & Electronics Corp. (ESP) at 83/100.

# Company Moat score Rating
27 GrafTech International Ltd. EAF 43/100 Developing
28 Advent Technologies Holdings, I ADNWW 43/100 Developing
29 Pioneer Power Solutions, Inc. PPSI 42/100 Developing
30 Amprius Technologies, Inc. AMPX 38/100 Developing
31 FuelCell Energy, Inc. FCEL 37/100 Developing
32 Stem, Inc. STEM 37/100 Developing
33 Dragonfly Energy Holdings Corp. DFLIW 37/100 Developing
34 Sunrise New Energy Co., Ltd EPOW 36/100 Developing
35 ADS-TEC ENERGY PLC ADSE 36/100 Developing

See every General Corporate company ranked by moat score →

How FCEL scores on the Corporate Default defenses

Pricing Power

Score 29 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 41 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 38 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 36 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 49 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 30 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding FCEL's moat

What is FuelCell Energy, Inc.'s moat score?

FuelCell Energy, Inc. (FCEL) scores 37 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #31 of 55 scored companies in Electrical Equipment & Parts, the top 56%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 54 companies in Electrical Equipment & Parts. Its strongest defense is Resilience (49/100) and its weakest is Pricing Power (29/100).

How does FuelCell Energy, Inc. compare with other Electrical Equipment & Parts companies?

FuelCell Energy, Inc. ranks #31 of 55 scored companies in Electrical Equipment & Parts by moat score. The widest moat in Electrical Equipment & Parts is Espey Mfg. & Electronics Corp. (ESP) at 83/100. The companies ranked closest are Amprius Technologies, Inc. (AMPX) at 38 just above it and Stem, Inc. (STEM) at 37 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 54 companies in Electrical Equipment & Parts. The defenses are then weighted to produce the overall score out of 100.

Why is FuelCell Energy, Inc. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for FuelCell Energy, Inc.?

The Corporate Default template measures 6 defenses, and FCEL scores: Pricing Power (29), Cost Advantage (41), Customer Stickiness (38), Capital Efficiency (36), Resilience (49), Scale & Market Position (30). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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