Clean Energy Fuels (CLNE)
NASDAQ:CLNE
Top Page
Clean Energy Fuels
(NASDAQ:CLNE)
Select Model
Select Model
Rating:55Neutral
Price Target:
$2.50
▲(13.12% Upside)
Action:ReiteratedDate:02/27/26
CLNE scores mid-range primarily because stronger cash flow and a significantly improved balance sheet are offset by sharply weaker profitability and ongoing losses. Earnings call guidance and execution milestones (higher adjusted EBITDA outlook, cost reductions, volume growth targets, and no new borrowing) modestly support the score, while technicals are largely neutral and valuation remains constrained by negative earnings and no indicated dividend yield.
Positive Factors
Balance-sheet health and liquidity
A materially delevered balance sheet and large cash position provide durable financial flexibility: lower interest burden, capacity to fund capex and project buildouts, and optionality to avoid new borrowing. This reduces solvency risk and supports multi-quarter execution pacing.
Negative Factors
Sustained GAAP losses and weak profitability
Large, persistent GAAP losses and negative operating margins signal fundamentally weak earnings power. Even with positive adjusted EBITDA, recurring GAAP losses erode returns on equity, constrain reinvestment capacity, and leave the company exposed if cash generation softens.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet health and liquidity
A materially delevered balance sheet and large cash position provide durable financial flexibility: lower interest burden, capacity to fund capex and project buildouts, and optionality to avoid new borrowing. This reduces solvency risk and supports multi-quarter execution pacing.
Read all positive factors
Clean Energy Fuels (CLNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$509.08M
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)1.81
Revenue Growth2.59%
EPS Growth-192.73%
CountryUS
Employees577
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)0.00
Shares Outstanding219,430,950
10 Day Avg. Volume1,375,957
30 Day Avg. Volume1,199,133
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.83
Price to Sales (P/S)1.09
P/FCF Ratio7.74
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue1.06
Enterprise Value/Gross Profit26.70
Enterprise Value/Ebitda-6.07
Forecast
1Y Price Target
$5.00Price Target Upside126.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$427.84M
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 ...
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. Additiona...
Clean Energy Fuels Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down earnings by business segment, highlighting which areas drive growth and profitability, and revealing strategic focus.
Breaks down earnings by business segment, highlighting which areas drive growth and profitability, and revealing strategic focus.
Data provided by:
The Fly
The FlyClean Energy Fuels Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call highlighted multiple operational and strategic positives: an adjusted EBITDA beat, sizable upstream project milestones (South Fork and East Valley), debt repayment and strong liquidity, constructive 2026 guidance (higher adjusted EBITDA and volume growth), and supportive policy signals. Key challenges remain—large GAAP losses driven by non-cash charges, earlier weather-related RNG supply shortfalls, slower truck adoption in 2025, one-off SG&A costs, and competitive pressure on contract renewals and credit retention. Management provided clear plans for cost reductions, disciplined CapEx, and a path to upstream profitability. Overall the positives around execution, project scale-up, improved guidance, balance sheet actions, and favorable policy developments modestly outweigh the near-term financial and market headwinds.Positive Updates
Adjusted EBITDA Beat and Financial Outlook
Adjusted EBITDA for 2025 was $67.6 million, exceeding the top end of guidance ($65 million) by ~4%. Company provided 2026 adjusted EBITDA guidance of $70 million to $75 million and revenue guidance of $420 million to $440 million.
Negative Updates
Large GAAP Losses and Non-Cash Charges
GAAP loss for 2025 was $222 million, slightly above expectations driven primarily by non-cash interest charges associated with debt paydown and loan expiration. 2026 GAAP net loss guidance is a loss of $71 million to $66 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Adjusted EBITDA Beat and Financial Outlook
Adjusted EBITDA for 2025 was $67.6 million, exceeding the top end of guidance ($65 million) by ~4%. Company provided 2026 adjusted EBITDA guidance of $70 million to $75 million and revenue guidance of $420 million to $440 million.
Read all positive updates
Company Guidance
Management guided 2026 adjusted EBITDA of $70–$75 million and revenues of $420–$440 million, with a GAAP net loss of $71–$66 million; they expect to deliver ~250 million gallons of RNG and ~324 million total fuel gallons, with upstream production of 7–9 million gallons from eight operating dairies (South Fork fully consolidated) and three projects still in construction. SG&A is expected to decline ~10% (over $10 million) to a run rate of about $25 million per quarter (including stock comp), capital expenditures are forecast at roughly $25 million for fuel distribution and $40 million for RNG upstream, operating cash flow is projected at about $50 million, and no new borrowings are contemplated. The company ended 2025 with $156.1 million in cash and investments after a $65 million debt paydown, expects ~ $6 million lower interest expense in 2026, will not PIK interest (vs. $15 million PIK’d in 2025), and expects upstream to move toward positive adjusted EBITDA (management cited a $3–$5 million range as ramping). Management also noted 2025 adjusted EBITDA of $67.6 million, RNG delivered in 2025 of 237.4 million gallons (~97% of target), and Q4 2025 RNG of 64.1 million gallons (up ~5% sequentially and ~3% year-over-year).Clean Energy Fuels Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
60
Neutral
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 424.83M | 415.87M | 425.16M | 420.16M | 255.65M |
| Gross Profit | 17.97M | 83.58M | 35.87M | 57.75M | -5.14M |
| EBITDA | -74.16M | -4.08M | -31.92M | 1.61M | -44.42M |
| Net Income | -222.02M | -83.07M | -99.50M | -58.73M | -93.15M |
Balance Sheet | |||||
| Total Assets | 1.06B | 1.24B | 1.26B | 1.08B | 957.07M |
| Cash, Cash Equivalents and Short-Term Investments | 158.31M | 217.48M | 263.13M | 265.52M | 229.17M |
| Total Debt | 98.90M | 365.13M | 360.51M | 201.76M | 82.31M |
| Total Liabilities | 491.65M | 524.36M | 525.81M | 354.89M | 201.66M |
| Stockholders Equity | 559.42M | 713.27M | 726.77M | 719.99M | 747.08M |
Cash Flow | |||||
| Free Cash Flow | 59.85M | -418.00K | -77.50M | 13.23M | 12.39M |
| Operating Cash Flow | 85.53M | 64.58M | 43.78M | 66.73M | 41.30M |
| Investing Cash Flow | 63.10M | -77.68M | -202.01M | -148.54M | -207.66M |
| Financing Cash Flow | -82.11M | -1.94M | 139.12M | 101.65M | 152.83M |
Clean Energy Fuels Technical Analysis
Negative
2.21
Price Trends
2.33
Negative
2.32
Negative
2.33
Negative
Market Momentum
-0.07
Positive
44.72
Neutral
41.14
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 2.21 is below the 20-day moving average (MA) of 2.26, below the 50-day MA of 2.33, and below the 200-day MA of 2.33, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 44.72 is Neutral, neither overbought nor oversold. The STOCH value of 41.14 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.80B | 4.84 | 28.59% | ― | -10.11% | -7.00% | |
67 Neutral | $411.32M | 2.76 | 19.81% | 6.14% | 1.04% | 111.69% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
55 Neutral | $509.08M | -2.09 | -38.08% | ― | 2.59% | -192.73% | |
53 Neutral | $1.17B | -2.09 | -23.84% | 3.30% | -15.32% | -442.37% | |
49 Neutral | $830.20M | 19.25 | -67.36% | 10.09% | -10.27% | 131.17% | |
49 Neutral | $179.91M | -4.29 | 26.07% | ― | -30.91% | 29.09% |
* Energy Sector Average
CLNE
Clean Energy Fuels
2.32
0.66
39.76%
SGU
Star Gas Partners
12.51
0.05
0.37%
WKC
World Kinect
22.97
-4.64
-16.80%
CAPL
Crossamerica Partners
21.78
0.06
0.26%
PARR
Par Pacific Holdings
61.70
47.81
344.20%
AMTX
Aemetis
2.92
0.98
50.52%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.