Clean Energy Fuels (CLNE) AI Stock Analysis

• Market Cap: $331.47M
• Dividend Yield: N/A
• Average Volume (3M): 2.59M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: -2.19%
• EPS Growth: 16.69%
• Country: US
• Employees: 577
• Sector: Energy
• Sector Strength: 50
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): -0.37
• Shares Outstanding: 223,963,620
• 10 Day Avg. Volume: 2,172,726
• 30 Day Avg. Volume: 2,591,360
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.90
• Price to Cash Flow (P/CF): 4.30
• P/FCF Ratio: 4.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $6.19
• Price Target Upside: 318.24% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

Clean Energy Fuels is navigating operational improvements, particularly in cash flow, yet faces profitability hurdles. Technical indicators suggest continued bearish trends, and valuation metrics highlight challenges with a negative P/E ratio. The earnings call offered mixed insights, with growth prospects tempered by reduced EBITDA expectations.

Positive Factors

Distribution network

Clean Energy has a unique position with the largest distribution network and well-capitalized JVs to develop RNG production facilities, setting a foundation for strong growth in the trucking market.

Financial performance

3Q adjusted EBITDA beat expectations, largely driven by stronger RIN capture than modeled.

Fleet adoption

There is optimism that broad fleet adoption of the new 15L engine can set the stage for a meaningful penetration rate over the next few years.

Negative Factors

AFTC expiration

The expiration of the AFTC in 2025 could push down the consensus FY25 EBITDA.

Guidance

CLNE guided FY25 EBITDA to $50MM - $55MM excluding any contribution from the AFTC or PTC, which on a like-for-like basis for AFTC treatment and credit value is $15MM below our prior forecast.

Outlook

The 2025 outlook was below expectations due to RIN credit headwinds and the timing of opening new RNG production facilities.

Clean Energy Fuels Business Overview & Revenue Model

Company Description

Clean Energy Fuels Corp. provides natural gas as an alternative fuel for vehicle fleets and related fueling solutions, primarily in the United States and Canada. It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and offers operation and maintenance services for public and private vehicle fleet customer stations. The company also designs, builds, operates, and maintains fueling stations; and sells and services compressors and other equipment that are used in RNG production and fueling stations. In addition, it transports and sells CNG, RNG, and LNG through virtual natural gas pipelines and interconnects; sells U.S. federal, state, and local government credits, such as RNG as a vehicle fuel, including Renewable Identification Numbers and Low Carbon Fuel Standards credits; and obtains federal, state, and local credits, grants, and incentives. Further, the company focuses on developing, owning, and operating dairy and other livestock waste RNG projects. It serves heavy-duty trucking, airports, refuse, public transit, industrial, and institutional energy users, as well as government fleets. As of December 31, 2021, the company served approximately 1,000 fleet customers operating approximately 48,000 vehicles; and owned, operated, or supplied approximately 548 fueling stations in 42 states in the United States and 25 fueling stations in Canada. Clean Energy Fuels Corp. was incorporated in 2001 and is headquartered in Newport Beach, California.

How the Company Makes Money

Clean Energy Fuels makes money by offering a comprehensive suite of natural gas fuel solutions, which include the sale of renewable natural gas (RNG) and conventional natural gas. The company's primary revenue streams are derived from the sale of these fuels through its nationwide network of fueling stations. Additionally, Clean Energy Fuels generates income by providing services such as station construction, maintenance, and operational management for its customers. The company has established key partnerships with major logistics and transportation firms, enhancing its market reach and customer base. Furthermore, Clean Energy Fuels may receive environmental credits and incentives linked to the production and distribution of RNG, contributing to its financial performance.

Clean Energy Fuels Financial Statement Overview

Summary

Clean Energy Fuels shows operational improvements, with better cash flow management and reduced leverage. However, the company faces profitability challenges due to consistent net losses and a declining revenue trend.

Income Statement

Clean Energy Fuels has seen fluctuating revenue with a recent decline from $425.2M to $415.9M, indicating potential challenges in maintaining growth. The company has consistently reported negative EBIT and net income, reflecting ongoing profitability issues. The gross profit margin improved significantly from 8.4% to 100%, but the net profit margin remains negative, highlighting ongoing financial distress.

Balance Sheet

The company maintains a relatively stable equity position with a debt-to-equity ratio improving from 0.50 to 0.14, indicating reduced leverage. However, stockholders' equity has seen minor fluctuations, and the equity ratio stands at approximately 57.3% for 2024, suggesting a solid capital structure despite profitability challenges.

Cash Flow

Operating cash flow improved from $43.8M to $64.6M, showing a positive trend in operational efficiency. However, free cash flow remains negative due to high capital expenditures, impacting overall cash generation. The operating cash flow to net income ratio is strong, indicating good cash generation relative to reported losses.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
415.87M	425.16M	420.16M	255.65M	291.72M
	Gross Profit
415.87M	35.87M	57.75M	-5.14M	58.63M
	EBIT
-36.35M	-76.40M	-51.71M	-95.05M	-9.88M
	EBITDA
-4.08M	-32.63M	5.01M	-41.48M	46.57M
	Net Income Common Stockholders
-83.07M	-99.50M	-59.59M	-94.16M	-11.53M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
219.53M	263.13M	265.52M	229.17M	138.50M
	Total Assets
1.24B	1.26B	1.08B	957.07M	715.03M
	Total Debt
99.80M	360.51M	201.76M	82.31M	115.59M
	Net Debt
8.24M	255.57M	75.81M	-17.13M	6.62M
	Total Liabilities
524.36M	525.81M	354.89M	201.66M	192.18M
	Stockholders Equity
713.27M	726.77M	719.99M	747.08M	513.51M
Cash Flow		Free Cash Flow
-418.00K	-77.50M	13.23M	12.39M	47.77M
	Operating Cash Flow
64.58M	43.78M	66.73M	41.30M	61.04M
	Investing Cash Flow
-77.68M	-202.01M	-148.54M	-207.66M	24.17M
	Financing Cash Flow
-1.94M	139.12M	101.65M	152.83M	-18.66M

Clean Energy Fuels Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.48
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLNE, the sentiment is Neutral. The current price of 1.48 is above the 20-day moving average (MA) of 1.45, below the 50-day MA of 1.83, and below the 200-day MA of 2.64, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 44.80 is Neutral, neither overbought nor oversold. The STOCH value of 54.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CLNE.

Clean Energy Fuels Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SGU	63 Neutral	$435.54M	10.02	15.62%	5.48%	-5.82%	93.64%
PARR	60 Neutral	$781.57M	3.02	-2.64%	―	-3.13%	-105.02%
Sector *	55 Neutral	$7.11B	3.51	-6.23%	6.00%	>-0.01%	-51.70%
CAPL	54 Neutral	$900.11M	46.04	666.62%	8.75%	-6.57%	-50.55%
DK	50 Neutral	$811.06M	―	-108.21%	7.80%	-28.68%	-4373.94%
CLNE	44 Neutral	$331.47M	―	-11.54%	―	-2.19%	16.69%
AMTX	36 Underperform	$71.98M	―	37.38%	―	43.34%	-56.81%

Clean Energy Fuels Corporate Events

Clean Energy Fuels Resumes Share Repurchase Program

On March 27, 2025, Clean Energy Fuels Corp. announced the resumption of its share repurchase program, with approximately $26.5 million remaining for repurchases. This decision reflects the company’s confidence in its financial stability and growth potential, particularly as the renewable natural gas solution gains traction in the fleet transportation market. The program, which began in March 2020 and was expanded in December 2021, allows for repurchases through various methods and does not have an expiration date, providing flexibility in execution.