Clean Energy Fuels (CLNE) AI Stock Analysis

• Market Cap: $609.62M
• Dividend Yield: N/A
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.84
• Revenue Growth: 2.59%
• EPS Growth: -192.73%
• Country: US
• Employees: 577
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 0.00
• Shares Outstanding: 219,289,220
• 10 Day Avg. Volume: 1,431,472
• 30 Day Avg. Volume: 1,457,387
• PEG Ratio: 0.38
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 1.35
• P/FCF Ratio: -1.34K
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 1.34
• Enterprise Value/Gross Profit: 28.00
• Enterprise Value/Ebitda: -6.96
• 1Y Price Target: $4.00
• Price Target Upside: 81.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $2.00 ▼(-9.09% Downside)

The overall stock score reflects significant challenges in profitability and valuation, despite strong revenue growth and strategic advancements in RNG production. Technical indicators suggest bearish momentum, and the lack of a dividend yield further impacts the valuation score.

Positive Factors

RNG Production Expansion

Expanding RNG production enhances Clean Energy Fuels' capacity and market position, supporting long-term revenue growth and sustainability.

Hydrogen Fueling Station Contracts

Securing hydrogen fueling station contracts diversifies Clean Energy's offerings, positioning it for growth in the emerging hydrogen market.

Pioneer Clean Fleet Solutions Launch

This partnership enhances Clean Energy's competitive edge in low-carbon vehicle solutions, potentially boosting market share and revenue.

Negative Factors

Rising Debt Levels

Increasing debt levels can strain financial flexibility and cash flow, posing risks to long-term financial health and operational stability.

GAAP Net Loss

Ongoing net losses highlight profitability challenges, impacting Clean Energy's ability to reinvest in growth and maintain financial resilience.

Challenges with LCFS Credit Prices

Persistently low LCFS credit prices reduce profitability in this segment, affecting overall margins and financial performance.

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 generates revenue through multiple key streams. The primary source is the sale of natural gas and renewable natural gas (RNG) to its customers at fueling stations, which includes both retail and wholesale transactions. Additionally, the company earns income from long-term contracts with fleet operators who commit to using its fueling services, creating stable cash flows. Clean Energy Fuels also benefits from partnerships with various municipalities and private companies to develop and operate fueling infrastructure, which can include government grants and incentives for clean energy initiatives. Furthermore, the company may receive revenue from the sale of carbon credits and environmental attributes associated with its RNG production, enhancing its earnings potential. Overall, the company's revenue model is supported by its focus on sustainability and the growing demand for cleaner transportation fuels.

Clean Energy Fuels Financial Statement Overview

Summary

Clean Energy Fuels shows strong revenue growth and improvements in cash flow, but struggles with profitability and increasing leverage. The company needs to focus on cost management and operational efficiency to enhance profitability and ensure long-term financial stability.

Income Statement

Clean Energy Fuels shows a mixed performance in its income statement. The TTM data indicates a significant revenue growth rate of 37.6%, which is a positive sign. However, the company struggles with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin has improved over time, but the net losses are concerning, reflecting challenges in managing costs and achieving operational efficiency.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio, which has increased over time, indicating rising leverage. The equity ratio remains stable, suggesting a solid asset base. However, the negative return on equity highlights ongoing profitability issues, which could pose risks if not addressed. Overall, the balance sheet shows stability but with potential risks due to increasing debt levels.

Cash Flow

The cash flow statement shows improvement in free cash flow growth, with a significant increase in the TTM period. The operating cash flow to net income ratio is healthy, indicating good cash generation relative to net income. However, the free cash flow to net income ratio is low, reflecting challenges in converting profits into free cash flow. Overall, cash flow management appears to be improving, but there are still areas that need attention.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	422.16M	415.87M	425.16M	420.16M	255.65M	291.72M
Gross Profit	20.24M	83.58M	35.87M	57.75M	-5.14M	58.63M
EBITDA	-81.41M	-4.08M	-31.92M	1.61M	-44.42M	43.81M
Net Income	-209.19M	-83.07M	-99.50M	-58.73M	-93.15M	-9.86M
Balance Sheet
Total Assets	1.13B	1.24B	1.26B	1.08B	957.07M	715.03M
Cash, Cash Equivalents and Short-Term Investments	234.27M	217.48M	263.13M	265.52M	229.17M	138.50M
Total Debt	381.56M	365.13M	360.51M	201.76M	82.31M	115.59M
Total Liabilities	534.05M	524.36M	525.81M	354.89M	201.66M	192.18M
Stockholders Equity	585.21M	713.27M	726.77M	719.99M	747.08M	513.51M
Cash Flow
Free Cash Flow	35.56M	-418.00K	-77.50M	13.23M	12.39M	47.77M
Operating Cash Flow	94.28M	64.58M	43.78M	66.73M	41.30M	61.04M
Investing Cash Flow	-17.10M	-77.68M	-202.01M	-148.54M	-207.66M	24.17M
Financing Cash Flow	-12.82M	-1.94M	139.12M	101.65M	152.83M	-18.66M

Clean Energy Fuels Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• 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 Negative. The current price of 2.2 is below the 20-day moving average (MA) of 2.28, below the 50-day MA of 2.57, and above the 200-day MA of 2.14, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 39.55 is Neutral, neither overbought nor oversold. The STOCH value of 56.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CLNE.

Clean Energy Fuels Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PARR	73 Outperform	$2.30B	9.60	17.81%	―	-10.11%	-7.00%
SGU	66 Neutral	$403.28M	7.80	16.22%	6.06%	-0.87%	33.52%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CAPL	54 Neutral	$777.66M	17.34	―	10.29%	-10.27%	131.17%
WKC	49 Neutral	$1.29B	―	-23.84%	3.17%	-15.32%	-442.37%
CLNE	43 Neutral	$609.62M	-3.05	-31.94%	―	2.59%	-192.73%
AMTX	42 Neutral	$113.43M	―	―	―	-30.91%	29.09%

Clean Energy Fuels Corporate Events

Clean Energy Fuels Q3 2025 Earnings Call Highlights

Clean Energy Fuels’ recent earnings call conveyed a positive sentiment, highlighting significant financial growth and strategic advancements in renewable natural gas (RNG) production and downstream fueling segments. Despite challenges such as net losses and slow adoption in the heavy-duty trucking sector, the company demonstrated resilience and optimism for future developments.

Clean Energy Fuels Reports Q3 2025 Financial Results

Clean Energy Fuels Corp., a leader in renewable natural gas (RNG) solutions, focuses on decarbonizing transportation through its extensive network of fueling stations across the U.S. and Canada.

Clean Energy Fuels Announces Board Member Changes

On September 10, 2025, Clean Energy Fuels Corp. announced the resignation of board members Karine Boissy-Rousseau and Mathieu Soulas, replaced by Aimeric Ramadier and Marc de Guilhem de Lataillade, representing TotalEnergies. This change aligns with Clean Energy’s strategy to enhance its position in the renewable natural gas market, leveraging the new directors’ extensive experience in renewable fuels and global energy markets.

The most recent analyst rating on (CLNE) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Clean Energy Fuels stock, see the CLNE Stock Forecast page.

Clean Energy Fuels Q2 2025 Earnings Call Highlights

The recent earnings call for Clean Energy Fuels revealed a generally positive outlook for the company, underscored by strong revenue growth and promising developments in renewable natural gas (RNG) production. Despite these positive indicators, the company faces challenges such as an increased net loss and difficulties in the heavy-duty truck market, as well as lower-than-expected RNG revenue from dairy projects.

Clean Energy Fuels Reports Q2 2025 Earnings

Clean Energy Fuels Corp., a leading provider of renewable natural gas (RNG) for the transportation sector, is dedicated to reducing greenhouse gas emissions through its extensive network of fueling stations across the U.S. and Canada.