Clean Energy Fuels (CLNE) AI Stock Analysis

• Market Cap: $526.29M
• Dividend Yield: N/A
• Average Volume (3M): 2.03M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.81
• Revenue Growth: 4.92%
• EPS Growth: -156.72%
• Country: US
• Employees: 577
• Sector: Energy
• Sector Strength: 46
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 0.00
• Shares Outstanding: 219,289,220
• 10 Day Avg. Volume: 2,557,138
• 30 Day Avg. Volume: 2,029,421
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: 1.35
• Enterprise Value/Gross Profit: 5.62
• Enterprise Value/Ebitda: -7.45
• 1Y Price Target: $3.29
• Price Target Upside: 35.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6

• Rating: 56 Neutral
• Price Target: $2.50 ▲(2.88% Upside)

Clean Energy Fuels' stock score is driven by a positive technical outlook and a generally optimistic earnings call. However, the company's financial performance is hindered by ongoing profitability challenges and a negative valuation score due to losses and lack of dividends. The stock's potential is supported by strong revenue growth and strategic investments, but risks remain due to market challenges and project delays.

Positive Factors

Financial Performance

CLNE EBITDA came significantly above consensus due to strong volumes, leading management to raise EBITDA guidance.

Strategic Positioning

Clean Energy has a unique position with the largest distribution network and well-capitalized JVs to develop RNG production facilities, setting a foundation for strong growth in the trucking market.

Negative Factors

Market Challenges

Adoption of RNG in long-haul heavy-duty trucking remains slow, partly due to a downturn in new truck sales.

Operational Delays

Management has set a cautious tone on the X15N ramp, which is a key growth driver, indicating potential delays.

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 mixed financial health with stable revenue but ongoing losses. The company maintains a solid equity base and conservative leverage, providing some financial stability. However, negative profit margins and returns on equity highlight the need for strategic improvements to enhance profitability and shareholder value. Cash flow management shows promise, with a recent positive free cash flow providing a potential buffer for future operations.

Income Statement

Clean Energy Fuels demonstrates a fluctuating financial performance with a consistent negative EBIT and net income over the periods examined. The gross profit margin for the latest TTM is 22.69%, showing some profitability before operating expenses. However, the net profit margin remains negative at -47.98%, indicating ongoing challenges in achieving profitability. Revenue has remained relatively stable, showing a slight decrease from the previous periods, which poses a challenge for growth expectations.

Balance Sheet

The balance sheet reveals moderate stability with a debt-to-equity ratio of 0.16 in the latest TTM, indicating a conservative use of leverage. The equity ratio stands at 53.45%, suggesting a strong equity base relative to total assets. Return on equity is negative at -33.45%, reflecting challenges in generating returns for shareholders amidst persistent losses.

Cash Flow

The cash flow statement shows a positive free cash flow of $24.44 million in the latest TTM, indicating some operational resilience. The operating cash flow to net income ratio is -0.43, reflecting the current inefficiencies in converting income into cash. However, the improvement in free cash flow compared to previous periods suggests efforts towards better cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	420.58M	415.87M	425.16M	420.16M	255.65M	291.72M
Gross Profit	100.83M	83.58M	35.87M	57.75M	-5.14M	58.63M
EBITDA	-76.03M	-4.08M	-37.32M	5.01M	-41.48M	46.57M
Net Income	-203.54M	-83.07M	-99.50M	-58.73M	-93.15M	-9.86M
Balance Sheet
Total Assets	1.12B	1.24B	1.26B	1.08B	957.07M	715.03M
Cash, Cash Equivalents and Short-Term Investments	240.76M	217.48M	263.13M	265.52M	229.17M	138.50M
Total Debt	373.82M	365.13M	360.51M	201.76M	82.31M	115.59M
Total Liabilities	519.00M	524.36M	525.81M	354.89M	201.66M	192.18M
Stockholders Equity	590.82M	713.27M	726.77M	719.99M	747.08M	513.51M
Cash Flow
Free Cash Flow	29.98M	-418.00K	-77.50M	13.23M	12.39M	47.77M
Operating Cash Flow	103.40M	64.58M	43.78M	66.73M	41.30M	61.04M
Investing Cash Flow	-80.41M	-77.68M	-202.01M	-148.54M	-207.66M	24.17M
Financing Cash Flow	-13.85M	-1.94M	139.12M	101.65M	152.83M	-18.66M

Clean Energy Fuels Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.43
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. The current price of 2.43 is above the 20-day moving average (MA) of 2.16, above the 50-day MA of 2.06, and above the 200-day MA of 2.27, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 63.03 is Neutral, neither overbought nor oversold. The STOCH value of 68.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLNE.

Clean Energy Fuels Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$14.85B	7.05	2.76%	5.52%	4.66%	-61.61%
SGU	62 Neutral	$388.49M	7.52	16.22%	6.23%	-0.87%	33.52%
CLNE	56 Neutral	$526.29M	―	-30.98%	―	4.92%	-156.72%
CAPL	54 Neutral	$773.41M	18.37	666.62%	10.27%	-10.51%	101.44%
PARR	52 Neutral	$1.47B	3.02	-1.59%	―	-13.09%	-103.24%
DK	47 Neutral	$1.31B	―	-200.75%	4.69%	-29.94%	-723.41%
AMTX	43 Neutral	$157.47M	―	37.38%	―	-19.77%	-47.88%

Clean Energy Fuels Corporate Events

Clean Energy Fuels Holds Annual Stockholder Meeting

On May 22, 2025, Clean Energy Fuels Corp. held its annual meeting of stockholders, where four proposals were considered and voted upon. The stockholders elected seven directors to the board, ratified KPMG LLP as the independent accounting firm for 2025, approved the executive compensation on a non-binding basis, and adopted the Amended and Restated 2024 Performance Incentive Plan. These decisions are expected to impact the company’s governance and operational strategies moving forward.

The most recent analyst rating on (CLNE) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Clean Energy Fuels stock, see the CLNE Stock Forecast page.