Start here if you're new
what it is
Fuel Tech sells boiler tuning and emissions-control gear to power and industrial plants that need to burn fuel with less mess.
how it gets paid
Last year Fuel Tech made $27M in revenue. Fuel Chem chemical programs was the main engine at $8.9M, or 33% of sales.
why it's growing
Revenue grew 6.1% last year. Revenue rose 159% vs. prior year, which sounds dramatic because the base was tiny.
what just happened
Revenue hit $19M, but Fuel Tech still posted a -$0.04 EPS loss.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
0.1% return on capital — nothing to write home about
-$0.06 fy2024 eps est
$25M fy2024 rev est
xvary composite: 47/100 — below average
What they do
Fuel Tech sells boiler tuning and emissions-control gear to power and industrial plants that need to burn fuel with less mess.
This is a niche business in a niche problem. If your plant needs lower NOx emissions fast, Fuel Tech sells hardware and chemistry that fit existing boilers instead of forcing a full rebuild. That matters because the company runs with just 72 employees, which tells you this is specialized work, not a scale game.
How they make money
$27M
annual revenue · their business grew +6.1% last year
Fuel Chem chemical programs
$8.9M
SNCR and NOxOUT systems
$5.9M
ULNB and OFA retrofit projects
$4.9M
SCR components and upgrades
$3.8M
Boiler efficiency services
$3.5M
The products that matter
boiler chemical treatment
Fuel Chem
$16.2M · about 60% of mix shown
the source mix shows $16.2M here. if this line slows, most of the current revenue base slows with it. that's the catch when your total revenue base is only $25M.
largest line
air pollution control
APC
$10.8M · about 40% of mix shown
this line represents $10.8M in the source data. it matters because a few project wins or delays can move a $38M company more than investors in larger industrial names are used to.
project-driven
Key numbers
-$0.06
fy2024 eps est
$25M
fy2024 rev est
47.1%
gross margin
Gross profit kept about 47.1% of each revenue dollar.
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $1M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FTEK right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $19M, but Fuel Tech still posted a -$0.04 EPS loss.
Revenue rose 159% vs. prior year, which sounds dramatic because the base was tiny. Quiet part out loud: a company with 47.1% gross margin still lost money, so overhead and project timing are doing the damage.
$7M
revenue
$0.04
eps
47.1%
gross margin
the number that mattered
47.1% gross margin matters most because margin → money left after direct costs → so what: the product can make money, but the company still is not converting that into earnings.
source: company earnings report, 2026
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What could go wrong
your #1 risk is specific, not theoretical: Fuel Tech can post better revenue and better gross margin and still miss on EPS. q4 already showed you that.
high
growth without operating leverage
q4 revenue grew 37% vs. prior year and EPS still landed at -$0.04. if better volume still does not produce positive earnings, the turnaround case weakens fast.
negative EPS against a fy2024 estimate of -$0.06 leaves little room for another miss
med
project timing bends the whole story
annual revenue still declined 7.4% even with the strong recent quarter. that tells you timing matters here. in a $25M business, one delayed project can bend the whole chart.
volatile revenue makes valuation harder and conviction lower
med
decent gross margin, weak business economics
47.1% gross margin is the encouraging number. 0.1% return on capital is the verdict. the company has shown it can price work better than it has shown it can earn on that work.
if costs stay sticky, margin improvement does less for shareholders than the headline suggests
low
cash support is real, but it is not a thesis by itself
about $1 per share in cash matters when the stock trades at $1.41. it also means you are leaning heavily on the balance sheet while you wait for the operating business to prove itself.
if cash per share falls while losses continue, the valuation floor gets thinner
at $25M in annual revenue, with EPS still estimated at -$0.06 and q4 EPS at -$0.04, this business has to prove that margin gains can survive all the way to the bottom line.
source: institutional data · regulatory filings · risk analysis
Pay attention to
profitability
does 42.3% gross margin finally reach positive EPS
42.3% segment gross margin is the encouraging number. -$0.04 EPS is still the one that matters more. you want those two lines moving together next quarter.
calendar
next quarterly report
the next print is expected around june 2026. for a company this small, one quarter can change the tone of the whole year.
revenue trend
whether q4 was a turn or a bounce
annual revenue still fell 7.4% last year. if growth stays strong for another quarter, the recovery story gets more credible. if not, q4 starts to look like a one-off.
balance sheet
cash per share versus operating losses
about $1 per share in cash is a real support beam under a $1.41 stock. if that cash cushion starts shrinking without earnings improvement, the valuation floor gets thinner.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not trust this earnings pattern yet. you should expect uneven quarters until the company proves otherwise.
risk rank
3
this score points to middling balance-sheet risk, not business-model certainty. the debt load is light. the earnings path is the real issue.
source: institutional data
Institutional activity
institutional ownership data for FTEK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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