How many subsidiaries does FUELCELL ENERGY INC file with the SEC?

48, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Connecticut, Virginia, Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is FUELCELL ENERGY INC financially healthy?

FUELCELL ENERGY INC scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the distress zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of FUELCELL ENERGY INC?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), CITADEL ADVISORS LLC (adding), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

FUELCELL ENERGY INC (FCEL)

Nasdaq, OTC · Common Stock · Electrical Industrial Apparatus

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

48 entities across 10 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2025-12-18 — see the exhibit.

Which other public companies file entities in the same places:

Delaware27 Connecticut12 Canada2 Virginia1 South Korea1 Netherlands1 Japan1 Germany1 Spain1 New York1

Subsidiaries of FUELCELL ENERGY INC as disclosed in its SEC filing
Entity	Jurisdiction	Note
Allen Place FC, LLC *	Connecticut
Bridgeport Fuel Cell, LLC *	Virginia
Central CA Fuel Cell 2, LLC *	Delaware
Dedicated Power Partners, LLC *	Delaware
Derby Fuel Cell, LLC *	Connecticut
Derby Fuel Cell Holdco, LLC *	Delaware
DFC ERG CT, LLC *	Connecticut
FCE Carbon Recovery 1, LLC *	Delaware
FCE Carbon Recovery 2, LLC *	Delaware
FCE Carbon Recovery 3, LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -20.2%
FAILOperating cash flow positiveOCF -125M
FAILReturn on assets improving-13.3% → -20.2%
PASSCash flow exceeds earningsOCF -125M vs NI -188M
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving6.01 → 6.63
FAILNo share dilution17M → 26M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.12× → 0.17×

Altman Z-score

1.54distress

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$70.9M	−$89.1M	−$37.2M	-10.9%	221,960,288
FY2021	$69.6M	−$101.1M	−$76.8M	—	334,742,346
FY2022	$130.5M	−$142.7M	−$133.2M	—	383,139,140
FY2023	$123.4M	−$107.6M	−$179.6M	—	419,747,796
FY2024	$112.1M	−$126.0M	−$200.6M	—	16,505,257

Ownership flow

12 institutions tracked — 9 added, 2 reduced, 1 opened a new position.

Institutional holders of FUELCELL ENERGY INC and their share-count change
Manager	Kind	Shares	Change	Value
BlackRock, Inc.	Index	4,311,575	+3,275,840	$155.3M
STATE STREET CORP	Index	2,143,908	+1,910,356	$77.2M
CITADEL ADVISORS LLC	Hedge fund	3,432,347	+1,673,719	$123.6M
GEODE CAPITAL MANAGEMENT, LLC	Index	1,408,580	+826,884	$50.7M

Identity

CIK: 0000886128
LEI: 549300SRU8020X1X9J22
FIGI: BBG000HQ1LB3
SIC: 3620 · Electrical Industrial Apparatus
Incorporated: DE
Headquarters: DANBURY, CT

Ownership

Institutional: 56.7%
Institutions: 306
Insiders: 4.8%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Related companies

Companies filing in the same SEC industry group.

Woodward, Inc.WWD FRANKLIN ELECTRIC CO INCFELE GENERAC HOLDINGS INC.GNRC LITTELFUSE INC /DELFUS POWELL INDUSTRIES INCPOWL SMITH A O CORPAOS

Questions about FUELCELL ENERGY INC

How many subsidiaries does FUELCELL ENERGY INC file with the SEC?: 48, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Connecticut, Virginia, Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is FUELCELL ENERGY INC financially healthy?: FUELCELL ENERGY INC scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the distress zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of FUELCELL ENERGY INC?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), CITADEL ADVISORS LLC (adding), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.