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: $3.38
• Price Target Upside: 41.42% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $2.50 ▲(4.60% Upside)

Clean Energy Fuels faces significant challenges with profitability and valuation, which weigh heavily on its overall score. Despite strong revenue growth and strategic advancements in RNG production, the stock's bearish technical indicators and negative P/E ratio are major concerns. The company needs to improve cost management and operational efficiency to enhance its financial stability and investor appeal.

Positive Factors

RNG Production Expansion

Expanding RNG production enhances Clean Energy Fuels' capacity and market position, supporting long-term growth in renewable energy supply.

Transit and Refuse Business Growth

Steady growth in transit and refuse segments indicates strong customer relationships and a reliable revenue stream, bolstering business stability.

Strong Balance Sheet

A strong balance sheet with significant cash reserves provides financial flexibility for strategic investments and navigating market challenges.

Negative Factors

Profitability Challenges

Ongoing net losses highlight difficulties in achieving profitability, which could hinder long-term financial health and investor confidence.

Rising Leverage

Increasing leverage may strain financial resources and limit the company's ability to invest in growth opportunities or weather economic downturns.

LCFS Credit Price Challenges

Persistently low LCFS credit prices can negatively impact profitability in the renewable segment, affecting overall 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 primarily through the sale of natural gas fuel, including CNG and RNG, to commercial fleet operators. The company has established a network of fueling stations, which serve as a critical infrastructure for its clients, and earns revenue from the fuel dispensed at these locations. Additionally, Clean Energy Fuels benefits from long-term contracts with major customers in various sectors, ensuring a steady revenue stream. The company may also generate income through engineering services, technology licensing, and partnerships with municipalities and other organizations to develop fueling infrastructure. Significant partnerships with major fleet operators and collaborations with government entities to promote clean fuel usage further enhance its earnings potential.

Clean Energy Fuels Financial Statement Overview

Summary

Clean Energy Fuels shows growth in revenue and cash flow, but profitability remains a challenge with negative margins and returns. The balance sheet is stable, though leverage has increased. The company needs to focus on improving operational efficiency and profitability to enhance financial health.

Income Statement

The income statement shows a mixed performance. While there is a positive revenue growth rate of 1.135% in the TTM, the company struggles with profitability, as indicated by negative net profit and EBIT margins. The gross profit margin has improved to 23.97% in the TTM, but the net profit margin remains significantly negative at -48.40%. This suggests challenges in managing costs and achieving profitability.

Balance Sheet

The balance sheet reflects moderate financial stability. The debt-to-equity ratio has increased to 0.63 in the TTM, indicating higher leverage, but it remains within a manageable range. Return on equity is negative, reflecting ongoing losses. The equity ratio is stable, suggesting a solid asset base relative to equity.

Cash Flow

Cash flow analysis shows improvement, with a significant increase in free cash flow growth of 124.71% in the TTM. The operating cash flow to net income ratio is 0.72, indicating decent cash generation relative to net income. However, the free cash flow to net income ratio is low at 0.29, suggesting limited free cash flow relative to losses.

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: 2.39
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 2.39 is below the 20-day moving average (MA) of 2.78, below the 50-day MA of 2.67, and above the 200-day MA of 2.22, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 38.95 is Neutral, neither overbought nor oversold. The STOCH value of 16.42 is Positive, 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	70 Outperform	$2.05B	8.65	17.81%	―	-10.11%	-7.00%
SGU	66 Neutral	$392.52M	7.59	16.22%	6.23%	-0.87%	33.52%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CAPL	62 Neutral	$789.09M	17.60	―	10.14%	-10.27%	131.17%
WKC	54 Neutral	$1.42B	―	-23.84%	2.90%	-15.32%	-442.37%
CLNE	45 Neutral	$609.62M	-3.05	-31.94%	―	2.59%	-192.73%
AMTX	43 Neutral	$111.30M	―	―	―	-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.