Company / R&D Expense
FUELCELL ENERGY INC R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$61.0M
FY2025
5-year range
$4.8M / $61.0M
FY2021-FY2025
Trend
+76.7%
vs FY2024
Sector context
Sector data unavailable
Latest sector comparison
What the data says
R&D Expense has increased for 3 consecutive years, from $5M in FY2022 to $61M in FY2025.
Based on SEC 10-K filings.
$61M in FY2025 with a 5-year CAGR of +21.7%.
Improved from $11M to $61M over the past 2 years.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +133.4%
- 5-Year CAGR
- +21.7%
- 10-Year CAGR
- -
Key checks
Key Insights
- FUELCELL ENERGY INC's r&d expense has grown for 3 consecutive years.
- 5-year CAGR of +21.7%, indicating consistent growth.
- In FY2025, r&d expense increased 76.7% year-over-year.
- Lowest r&d expense in the period was in FY2022.
Company context
Key Data Points
- Low Piotroski F-Score: 2/9 (multiple financial health concerns)
- Altman Z-Score 1.00 (distress zone, below 1.8 threshold)
- Low earnings quality (accrual-heavy earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $61.0M | +76.7% |
| FY2024 | $34.5M | +205.2% |
| FY2023 | $11.3M | +135.9% |
| FY2022 | $4.8M | -65.2% |
| FY2021 | $13.8M | -39.6% |
| FY2020 | $22.8M | +11.9% |
| FY2019 | $20.4M | -2.1% |
| FY2018 | $20.8M | +19.5% |
| FY2017 | $17.4M | -4.4% |
| FY2016 | $18.2M | +16.1% |
As of FY2025 · SEC 10-K · Updated Jun 24, 2026