Fuel Tech (FTEK)
NASDAQ:FTEK
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Fuel Tech
(NASDAQ:FTEK)
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Rating:56Neutral
Price Target:
$1.50
▲(18.11% Upside)
Action:ReiteratedDate:03/05/26
The score is held up by low balance-sheet risk and improved 2025 cash generation, plus constructive 2026 revenue guidance and backlog/pipeline commentary from the earnings call. It is pulled down by persistent net losses (and negative P/E), and weak technicals with the stock below key moving averages and no clear positive momentum.
Positive Factors
Low Leverage / Strong Balance Sheet
Extremely low leverage and substantial equity provide durable financial flexibility. This reduces refinancing risk, funds working capital for engineered projects, enables continued R&D/commercialization spend (DGI) and allows the company to absorb project timing volatility without jeopardizing operations.
Negative Factors
Persistent Operating Losses
Multi-year net losses and widening adjusted EBITDA loss indicate the company has not yet achieved sustainable profitability. Continued negative returns constrain reinvestment capacity, pressure ROE, and mean the business remains reliant on cash reserves and operational improvements to reach consistent net income.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
Extremely low leverage and substantial equity provide durable financial flexibility. This reduces refinancing risk, funds working capital for engineered projects, enables continued R&D/commercialization spend (DGI) and allows the company to absorb project timing volatility without jeopardizing operations.
Read all positive factors
Fuel Tech (FTEK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$39.00M
Dividend YieldN/A
Average Volume (3M)326.68K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth-5.66%
EPS Growth-397.46%
CountryUS
Employees72
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)-0.04
Shares Outstanding30,708,273
10 Day Avg. Volume216,379
30 Day Avg. Volume326,679
Financial Highlights & Ratios
PEG Ratio-1.15
Price to Book (P/B)1.21
Price to Sales (P/S)1.81
P/FCF Ratio20.61
Enterprise Value/Market Cap0.71
Enterprise Value/Revenue1.04
Enterprise Value/Gross Profit2.24
Enterprise Value/Ebitda-10.36
Forecast
1Y Price Target
$4.00Price Target Upside214.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.01
Revenue Forecast (FY)$32.64M
Fuel Tech Business Overview & Revenue Model
Company Description
Fuel Tech, Inc. provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through two segments, Air Pollution Control Technology and FUEL CHEM...
How the Company Makes Money
Fuel Tech generates revenue through a combination of product sales, service contracts, and ongoing maintenance agreements. The key revenue streams include the sale of its patented technologies for NOx reduction and other emissions control solution...
Fuel Tech Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions (U.S., Europe, Asia, etc.), revealing where Fuel Tech is strongest, where growth is accelerating or slowing, and how exposed the business is to local regulatory or market risks; useful for judging diversification and regional growth potential.
Breaks down sales across regions (U.S., Europe, Asia, etc.), revealing where Fuel Tech is strongest, where growth is accelerating or slowing, and how exposed the business is to local regulatory or market risks; useful for judging diversification and regional growth potential.
Data provided by:
The Fly
The FlyFuel Tech Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful progress across multiple fronts: revenue growth (6% FY, 37% Q4), margin expansion, a strong cash position (~$31.9M) with no debt, a resurgent FUEL CHEM business (+28% FY) and an encouraging APC backlog increase and strategic Walco acquisition. Management highlighted an extensive data center pipeline and advancing DGI demonstrations, both of which present sizable upside but carry timing and visibility risk because Fuel Tech typically acts as a subcontractor. Near-term challenges include an annual APC revenue decline due to project timing, ongoing operating losses (net loss and widened adjusted EBITDA loss), and regulatory/legal uncertainty. Overall, the positive operational and balance-sheet metrics and the large pipeline prospects outweigh the remaining profitability and timing risks, though successful conversion of data center and DGI opportunities will be critical to realize the upside.Positive Updates
Interest Income and Financial Discipline
Company earned $1.4M of interest income for 2025 (Q4 interest income $288k) from invested cash and investments, helping liquidity and partially offsetting operating losses.
Negative Updates
APC Annual Revenue Decline and Project Timing Delays
APC revenues declined for the year (no specific YoY percentage disclosed) due to customer-driven delays and project award timing. Management cited hoped-for awards that slipped past year-end, creating near-term timing uncertainty.
Read all updates
Q4-2025 Updates
Positive
Negative
Interest Income and Financial Discipline
Company earned $1.4M of interest income for 2025 (Q4 interest income $288k) from invested cash and investments, helping liquidity and partially offsetting operating losses.
Read all positive updates
Company Guidance
The company guided that 2026 revenues should exceed 2025’s $26.7M, with FUEL CHEM roughly in line with 2025’s $17.8M and APC expected to exceed its 2025 performance (data center awards would be additive); management also expects to secure its first commercial DGI contract in 2026. Near-term commercial metrics include a consolidated APC backlog of $7.0M (up from $6.2M) with approximately $6.0M of that backlog expected to be recognized in the next 12 months, $8.8M of APC awards won in 2025, and a non-data-center APC pipeline of $3.0M–$5.0M the company expects to close by the end of Q2 2026. For the data center opportunity management cites a project pipeline on the order of $75M–$100M per project (with pollution-control scope a small fraction of that), project sizes from ~2–5 units to ~30–40 NOx-reduction units, per-unit pricing predominantly $1.0M–$2.5M, and the earliest potential award conversions in Q2 2026. Finally, they said SG&A should increase modestly from 2025 levels and reiterated strong liquidity (cash, cash equivalents and investments of ~$31.9M and no debt).Fuel Tech Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
86
Very Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.68M | 25.13M | 27.08M | 26.94M | 24.26M |
| Gross Profit | 12.38M | 10.62M | 11.66M | 11.64M | 11.90M |
| EBITDA | -2.98M | -1.41M | -1.11M | -931.00K | 828.00K |
| Net Income | -2.32M | -1.94M | -1.54M | -1.44M | 54.00K |
Balance Sheet | |||||
| Total Assets | 47.18M | 48.80M | 50.39M | 50.12M | 49.97M |
| Cash, Cash Equivalents and Short-Term Investments | 24.88M | 18.69M | 29.71M | 26.31M | 35.89M |
| Total Debt | 656.00K | 625.00K | 614.00K | 191.00K | 235.00K |
| Total Liabilities | 7.25M | 6.84M | 6.67M | 5.28M | 3.77M |
| Stockholders Equity | 39.93M | 41.95M | 43.71M | 44.84M | 46.20M |
Cash Flow | |||||
| Free Cash Flow | 2.34M | -3.81M | 278.00K | -4.34M | 677.00K |
| Operating Cash Flow | 3.02M | -3.43M | 696.00K | -4.14M | 761.00K |
| Investing Cash Flow | 545.00K | -5.44M | -6.44M | -9.48M | -84.00K |
| Financing Cash Flow | -222.00K | -95.00K | 42.00K | -17.00K | 23.98M |
Fuel Tech Technical Analysis
Negative
1.27
Price Trends
1.32
Negative
1.51
Negative
2.17
Negative
Market Momentum
-0.03
Negative
44.10
Neutral
52.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTEK, the sentiment is Negative. The current price of 1.27 is above the 20-day moving average (MA) of 1.25, below the 50-day MA of 1.32, and below the 200-day MA of 2.17, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 44.10 is Neutral, neither overbought nor oversold. The STOCH value of 52.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FTEK.
Fuel Tech Risk Analysis
Fuel Tech disclosed 20 risk factors in its most recent earnings report. Fuel Tech reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fuel Tech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $9.29M | -16.89 | 3.61% | ― | -14.25% | -59.84% | |
56 Neutral | $39.00M | -20.77 | -5.70% | ― | -5.66% | -397.46% | |
53 Neutral | $33.26M | -24.81 | -56.07% | ― | -49.70% | -2.72% | |
50 Neutral | $46.57M | -1.48 | >-0.01% | ― | ― | ― | |
46 Neutral | $17.11M | -1.35 | -73.79% | ― | 10.97% | 44.99% | |
44 Neutral | $11.71M | -4.18 | -108.76% | ― | -30.61% | -111.40% |
* Industrials Sector Average
FTEK
Fuel Tech
1.27
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Fuel Tech Corporate Events
Business Operations and StrategyExecutive/Board Changes
Fuel Tech Approves 2026 Sales Commission Plans
Positive
Dec 12, 2025
On December 11, 2025, Fuel Tech‘s Compensation Committee approved the 2026 APC and FUEL CHEM Officer Sales Commission Plans. These plans aim to incentivize the Senior Vice President, Sales, and the National Sales Manager by offering commissi...
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.