Clean Energy Fuels (CLNE)
NASDAQ:CLNE
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Clean Energy Fuels
(NASDAQ:CLNE)
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Rating:52Neutral
Price Target:
$2.00
▼(-11.11% Downside)
Action:Reiterated
Date:05/09/26
CLNE’s score is driven primarily by mixed fundamentals: improving operating trends, liquidity, and positive operating cash flow, but still burdened by ongoing net losses and inconsistent free-cash-flow durability. Technical signals are weak (below key moving averages with negative MACD), and valuation is hard to support with a negative P/E and no dividend yield data. The latest earnings call was modestly constructive due to maintained guidance and regulatory/project milestones, partially offset by adoption and margin headwinds.
Positive Factors
Strong Liquidity
Large cash balances ($126M on balance sheet plus $46M at dairy RNG JVs) provide durable funding for ongoing project builds, JV contributions and working capital. This reduces near‑term refinancing risk and supports execution of multi‑year RNG ramp plans over the next 2–6 months.
Negative Factors
Ongoing GAAP Losses
The company remains unprofitable (GAAP loss of $12M in Q1 2026), which constrains retained earnings and limits capacity for shareholder returns or organic reinvestment. Persistent losses increase dependence on external capital or JV funding to sustain growth and operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Liquidity
Large cash balances ($126M on balance sheet plus $46M at dairy RNG JVs) provide durable funding for ongoing project builds, JV contributions and working capital. This reduces near‑term refinancing risk and supports execution of multi‑year RNG ramp plans over the next 2–6 months.
Read all positive factors
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 (CLNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$451.46M
Dividend YieldN/A
Average Volume (3M)1.31M
Price to Earnings (P/E)―
Beta (1Y)1.36
Revenue Growth4.99%
EPS Growth49.26%
CountryUS
Employees577
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)-0.46
Shares Outstanding220,224,640
10 Day Avg. Volume1,352,971
30 Day Avg. Volume1,309,650
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 Cap1.09
Enterprise Value/Revenue1.12
Enterprise Value/Gross Profit6.72
Enterprise Value/Ebitda43.08
Forecast
1Y Price Target
$5.00Price Target Upside122.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)$472.87M
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 primarily makes money by selling transportation fuel—especially RNG (often marketed as Redeem™)—to fleet customers and through public-access and private fueling stations it owns or operates. Revenue is driven by (1) fuel sales v...
Clean Energy Fuels Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call balanced meaningful operational and financial progress—notably revenue growth (+13.3%), strong RNG deliveries (67M gallons), improved GAAP loss, solid cash position ($126M on balance sheet + $46M JV cash), CARB pathway approval (Del Rio Dairy CI ~ -300), and ongoing project ramp-ups—against persistent execution and market challenges including weather-related production disruption, slower-than-expected trucking adoption, anticipated lower base fuel margins, and modestly lower Adjusted EBITDA (down ~2.9%). Management maintained confidence in 2026 guidance (250M+ gallons RNG) and emphasized steps to strengthen operations and leverage regulatory tailwinds. Overall, positives (growth, liquidity, regulatory wins, project progress) modestly outweigh the lowlights (operational ramps, margin pressure, adoption headwinds), yielding a constructive but cautious outlook.Positive Updates
Strong Quarterly RNG Volumes
Delivered 67 million gallons of RNG in Q1 2026, representing roughly 27% of the company's 2026 guidance of 250+ million gallons and reflecting strong demand and improved supply execution.
Negative Updates
Weather and Operational Disruption to Upstream Production
Extreme winter weather in the quarter impacted upstream RNG production, particularly in the Upper Midwest, and management noted that some projects have taken longer to develop and ramp than initially expected.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly RNG Volumes
Delivered 67 million gallons of RNG in Q1 2026, representing roughly 27% of the company's 2026 guidance of 250+ million gallons and reflecting strong demand and improved supply execution.
Read all positive updates
Company Guidance
Management maintained full‑year RNG delivery guidance of at least 250 million gallons and left fuel distribution guidance roughly unchanged at about 67–70 million gallons, noting Q1 produced 67 million gallons of RNG (with an expected modest decline of “a few million gallons” in subsequent quarters) and that production and financial results should improve as the year progresses; Q1 financials included $117.6 million of revenue (vs. $103.8M a year ago), $16.6 million of Adjusted EBITDA (vs. $17.1M), a GAAP net loss of $12M (vs. $135M), $126M of cash and investments on the balance sheet plus $46M cash at dairy RNG JVs, a $12M MAS Energy Works JV contribution in Q1 (plus another $12M in April), eight RNG projects operating and three under construction, and a CARB‑approved Del Rio Dairy pathway with an approximate carbon intensity of –300.Clean Energy Fuels Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 439.12M | 426.50M | 415.87M | 425.16M | 420.16M | 255.65M |
| Gross Profit | 72.95M | 17.97M | 83.58M | 35.87M | 57.75M | -5.14M |
| EBITDA | 11.37M | 4.73M | -4.08M | -31.92M | 1.61M | -44.42M |
| Net Income | -99.47M | -222.02M | -83.07M | -99.50M | -58.73M | -93.15M |
Balance Sheet | ||||||
| Total Assets | 1.04B | 1.06B | 1.24B | 1.26B | 1.08B | 957.07M |
| Cash, Cash Equivalents and Short-Term Investments | 128.41M | 158.31M | 217.48M | 263.13M | 265.52M | 229.17M |
| Total Debt | 96.10M | 98.90M | 365.13M | 360.51M | 201.76M | 82.31M |
| Total Liabilities | 473.17M | 491.65M | 524.36M | 525.81M | 354.89M | 201.66M |
| Stockholders Equity | 558.14M | 559.42M | 713.27M | 726.77M | 719.99M | 747.08M |
Cash Flow | ||||||
| Free Cash Flow | 18.91M | 59.85M | -418.00K | -77.50M | 13.23M | 12.39M |
| Operating Cash Flow | 53.74M | 85.53M | 64.58M | 43.78M | 66.73M | 41.30M |
| Investing Cash Flow | -33.91M | 63.10M | -77.68M | -202.01M | -148.54M | -207.66M |
| Financing Cash Flow | -82.14M | -82.11M | -1.94M | 139.12M | 101.65M | 152.83M |
Clean Energy Fuels Technical Analysis
Negative
2.25
Price Trends
2.26
Negative
2.30
Negative
2.39
Negative
Market Momentum
-0.08
Positive
39.94
Neutral
29.03
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 2.25 is above the 20-day moving average (MA) of 2.16, below the 50-day MA of 2.26, and below the 200-day MA of 2.39, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 39.94 is Neutral, neither overbought nor oversold. The STOCH value of 29.03 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $413.38M | 0.93 | 29.84% | 6.14% | 3.12% | 41.70% | |
64 Neutral | $2.95B | 13.92 | 32.61% | ― | -2.52% | ― | |
59 Neutral | $865.72M | 18.59 | -85.35% | 10.09% | -9.39% | 87.18% | |
57 Neutral | $1.51B | 11.34 | -39.63% | 3.30% | -8.84% | -4366.97% | |
52 Neutral | $451.46M | -10.97 | -17.35% | ― | 4.99% | 49.26% | |
48 Neutral | $188.58M | -2.45 | 24.28% | ― | -7.64% | 36.26% |
* Energy Sector Average
CLNE
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Clean Energy Fuels Corporate Events
Business Operations and StrategyExecutive/Board Changes
Clean Energy Fuels Appoints Clay Corbus as New CEO
Positive
Apr 23, 2026
On April 23, 2026, Clean Energy Fuels announced that longtime executive Clay (Barclay) Corbus was appointed President and Chief Executive Officer, effective April 22, 2026, and joined the board, succeeding co-founder Andrew Littlefair after his th...
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.