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:06/11/26
The score is held back mainly by weak financial performance (continued net losses and uneven free-cash-flow durability) and bearish technicals (below key moving averages with negative MACD). Offsetting support comes from constructive earnings-call signals—maintained RNG guidance, improved GAAP loss, strong liquidity, and a favorable CARB pathway approval—while valuation remains constrained by negative earnings and no stated dividend.
Positive Factors
Strong Liquidity
A combined $172M in on‑balance and JV cash provides a durable financing buffer to fund project buildouts, absorb operational disruptions, and reduce near‑term refinancing risk. That liquidity supports multi‑year RNG project ramps and continued monetization of credits while margins mature.
Negative Factors
Persisting Net Losses & Margin Pressure
Despite operational improvement, continued GAAP losses and compressed margins strain the company’s ability to generate retained earnings for reinvestment. Ongoing negative profitability increases reliance on external capital or credit monetization and prolongs the path to sustained shareholder value creation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Liquidity
A combined $172M in on‑balance and JV cash provides a durable financing buffer to fund project buildouts, absorb operational disruptions, and reduce near‑term refinancing risk. That liquidity supports multi‑year RNG project ramps and continued monetization of credits while margins mature.
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
$416.22M
Dividend YieldN/A
Average Volume (3M)1.31M
Price to Earnings (P/E)―
Beta (1Y)1.44
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. Volume1,079,257
30 Day Avg. Volume1,310,525
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.83
Price to Sales (P/S)1.09
P/FCF Ratio18.07
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue1.03
Enterprise Value/Gross Profit6.20
Enterprise Value/Ebitda-251.23
Forecast
1Y Price Target
$5.69Price Target Upside152.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)$457.31M
Clean Energy Fuels Business Overview & Revenue Model
Company Description
Clean Energy Fuels Corp. specializes in providing natural gas as an alternative fuel source and comprehensive fueling infrastructure, primarily serving markets in the United States and Canada. The company supplies various forms of natural gas, inc...
How the Company Makes Money
Clean Energy Fuels primarily generates revenue by selling natural gas vehicle fuel (CNG and LNG) to customers, with RNG (sold as Redeem/RNG) generally carrying environmental attributes that can improve economics depending on applicable programs. T...
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 | -1.80M | -74.16M | -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 | 18.73M | 25.64M | -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
2.14
Negative
2.26
Negative
2.35
Negative
Market Momentum
-0.07
Positive
36.02
Neutral
6.05
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 2.25 is above the 20-day moving average (MA) of 1.99, above the 50-day MA of 2.14, and below the 200-day MA of 2.35, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 36.02 is Neutral, neither overbought nor oversold. The STOCH value of 6.05 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
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 | $409.77M | 3.87 | 29.84% | 6.14% | 3.12% | 41.70% | |
64 Neutral | $2.63B | 5.42 | 32.61% | ― | -2.52% | ― | |
59 Neutral | $830.24M | 14.39 | -85.35% | 10.09% | -9.39% | 87.18% | |
57 Neutral | $1.61B | -2.85 | -39.63% | 3.30% | -8.84% | -4366.97% | |
52 Neutral | $416.22M | -4.15 | -17.35% | ― | 4.99% | 49.26% | |
48 Neutral | $136.51M | -1.73 | 24.28% | ― | -7.64% | 36.26% |
* Energy Sector Average
CLNE
Clean Energy Fuels
1.88
-0.02
-1.05%
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Clean Energy Fuels Corporate Events
Executive/Board ChangesShareholder Meetings
Clean Energy Fuels Shareholders Back Board and Pay Policies
Positive
Jun 10, 2026
On June 10, 2026, Clean Energy Fuels held its 2026 annual stockholders’ meeting, where shareholders elected six director nominees to the board for one-year terms, signaling continued support for the company’s existing leadership. The d...
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.