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Updated: Sep 27, 2026
FTEK Logo

Fuel Tech

NASDAQ:FTEK·Stock Analysis Report
Day Range
$1.41 - $1.68
Market Cap
56.56M
P/E Ratio
0.0000
Avg Value
$2.18
Year Range
$1.17 - $3.19
$1.46-$0.16 (-9.63%)
1
General Information
Fuel Tech Inc is a technology provider of boiler optimization, efficiency improvement, and air pollution reduction to utility and industrial customers.

The company operates in two segments, Air Pollution Control and Fuel Chem. The Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources. The Fuel Chem technology segment uses chemical processes in combination with Computational Fluid Dynamics and Chemical Kinetics Modeling for boiler modeling for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace using TIFI Targeted In-Furnace Injection technology.

2
Fuel Tech (FTEK) Stock Graph
3
How We Grade Fuel Tech (FTEK)

We grade stocks based on past performance, their future growth potential, intrinsic value, dividend history, and overall financial health.

The chart below shows how we grade Fuel Tech (FTEK) across the board compared to its closest peers.

4
Benzinga Edge Rankings

Benzinga Edge stock rankings give you four critical scores to help you identify the strongest and weakest stocks to buy and sell.

5
Peer Ratings

See how Fuel Tech compares to its peers in these key performance metrics from Benzinga Rankings.

Top Peers
Value
Quality
Growth
Momentum
Short
Medium
Long
BCHTBirchtech
N/A
N/A
N/A
N/A
RMCORoyalty Management Hldgs
N/A
N/A
N/A
N/A
LNZALanzaTech Global
N/A
N/A
N/A
1.87
QRHCQuest Resource Holding
N/A
N/A
N/A
N/A
Short: price trend over the last couple of months
Medium: price trend over the last couple of quarters
Long: price trend over the past year
Stock Score Locked: Want to See it?
Benzinga Rankings give you vital metrics on any stock – anytime.
6
Financial Health
What is the current state of the company's financial situation?

We measure the health of a company based on how profitable they are and their ability to cover both their short-term and long-term debts. The key indicators that we use are the Operating Margin, Quick Ratio, and Debt-to-Equity ratio relative to the companies peers

Operational Margin -0.2413

The operating margin measures how much profit a company makes after it spends money on wages, materials or other administrative expenses but before interest and taxes. It is a good representation of how efficiently a company is able to generate profit from its core operations.

Quick Ratio 4.7912

The quick ratio measures how much of a company's debt, that is due in less than 1 year, can be covered using its cash equivalents, marketable securities, and money that is currently owed to them (accounts receivables).

A company with a quick ratio of less than 1.00 does not, in many cases, have the capital on hand to meet its short-term obligations if they were all due at once, while a quick ratio greater than one indicates the company has the financial resources to remain solvent in the short term.

Debt-to-Equity 0.1559

Debt-to-equity is calculated by dividing a company's total liabilities by its shareholders equity. It is a measure of the degree to which a company is financing its operations through debt versus wholly owned funds. Generally speaking, a D/E ratio below 1.0 would be seen as relatively safe, whereas ratios of 2.0 or higher would be considered risky.

The chart above shows Fuel Tech (FTEK) operating margin, quick ratio, and debt-to-equity ratio compared to its peers. The black markers represent the peer averages for each ratio and the blue bars represent Fuel Tech (FTEK) ratio values.
7
Past Performance
How has Fuel Tech (FTEK) performed over the past 5 years?

The two main factors that we consider when analyzing past performance is overall return and volatility

Using these two metrics, we can determine if this stock gave its investors enough return for the risk that they took on by owning it. This is measured by the sharpe ratio, which has been used as a primary measure of risk/reward trade-off for almost 60 years.

This ratio can be interpreted as the amount of return an investor has received for the amount of risk that they took on by owning the stock over that timeframe.

Fuel Tech (FTEK) sharpe ratio over the past 5 years is -0.1871 which is considered to be below average compared to the peer average of -0.0858

8
Company Financials
INCOME STATEMENT
The income statement also known as the profit and loss statement, primarily focuses on the company's revenues and expenses during a particular period.

The main purpose of an income statement is to convey details of profitability and business activities. Below, is FTEK's income statement for the previous four years along with its trailing-twelve- month profit & loss.

FISCAL YEAR (BIL.)
2022 ($)
2023 ($)
2024 ($)
2025 ($)
TTM ($)
Total Revenue
0.03
0.03
0.03
0.03
0.03
Operating Revenue
0.03
0.03
0.03
0.03
0.03
Cost Of Revenue
0.02
0.02
0.01
0.01
0.02
Gross Profit
0.01
0.01
0.01
0.01
0.01
Operating Expense
0.01
0.01
0.02
0.02
0.02
Selling General And Administration
0.01
0.01
0.01
0.01
0.01
Research and Development
0.00
0.00
0.00
0.00
0.00
Operating Income
0.00
0.00
0.00
0.00
0.00
Net Non-Operating Interest Income Expense
0.00
0.00
0.00
0.00
0.00
Other Income Expense
0.00
0.00
0.00
0.00
—
Other Non-Operating Income Expenses
0.00
0.00
0.00
0.00
—
Pre-Tax Income
0.00
0.00
0.00
0.00
0.00
Tax Provision
0.00
0.00
0.00
0.00
0.00
Net Income
0.00
0.00
0.00
0.00
0.00
Net Income Common Stockholders
0.00
0.00
0.00
0.00
0.00
Total Operating Income As Reported
0.00
0.00
0.00
0.00
0.00
Total Expenses
0.03
0.03
0.03
0.03
0.03
Net Income From Continuing And Discontinued Operation
0.00
0.00
0.00
0.00
0.00
Normalized Income
0.00
0.00
0.00
0.00
0.00
Interest Income
0.00
0.00
0.00
0.00
0.00
Interest Expense
0.00
0.00
0.00
—
—
Net Interest Income
0.00
0.00
0.00
0.00
0.00
EBIT
0.00
0.00
0.00
0.00
0.00
EBITDA
0.00
0.00
0.00
0.00
0.00
Reconciled Cost Of Revenue
0.02
0.02
0.01
0.01
0.02
Reconciled Depreciation
0.00
0.00
0.00
0.00
0.00
Normalized EBITDA
0.00
0.00
0.00
0.00
0.00
Tax Rate For Calcs
0.00
0.00
0.00
0.00
0.40
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
0.00
BALANCE SHEET
The balance sheet is a snapshot of a companies financials during a particular period in time.

It breaks down what company owns (assets) and what a company owes (liabilities), in order to give investors an overview of its capital structure.

FISCAL YEAR (BIL.)
2022 ($)
2023 ($)
2024 ($)
2025 ($)
TTM ($)
Total Assets
0.05
0.05
0.05
0.05
0.04
Current Assets
0.04
0.04
0.03
0.03
0.03
Total Non-Current Assets
0.01
0.01
0.02
0.02
0.02
Total Liabilities Net Minority Interest
0.01
0.01
0.01
0.01
0.01
Current Liabilities
0.00
0.01
0.01
0.01
0.00
Other Non-Current Liabilities
0.00
0.00
0.00
0.00
0.00
Total Equity Gross Minority Interest
0.04
0.04
0.04
0.04
0.04
Stockholders Equity
—
—
—
—
—
Total Capitalization
0.04
0.04
0.04
0.04
0.04
Common Stock Equity
0.04
0.04
0.04
0.04
0.04
Net Tangible Assets
0.04
0.04
0.04
0.04
0.03
Working Capital
0.03
0.03
0.02
0.03
0.02
Invested Capital
0.04
0.04
0.04
0.04
0.04
Tangible Book Value
0.04
0.04
0.04
0.04
0.03
Total Debt
0.00
0.00
0.00
0.00
0.00
Net Debt
—
—
—
—
—
Share Issued
0.03
0.03
0.03
0.03
0.03
Ordinary Shares Number
0.03
0.03
0.03
0.03
0.03
CASH FLOW STATEMENTS
A companies statement of cash flows gives an investor a break down of the cash inflows and outflows from a companies operations and investment activities.
FISCAL YEAR (BIL.)
2022 ($)
2023 ($)
2024 ($)
2025 ($)
TTM ($)
Cash Flow from Continuing Operating Activities
0.00
0.00
0.00
0.00
0.00
Net Income from Continuing Operations
0.00
0.00
0.00
0.00
0.00
Depreciation and Amortization
0.00
0.00
0.00
0.00
0.00
Deferred Tax
—
—
—
—
—
Deferred Income Tax
—
—
—
—
—
Stock-Based Compensation
0.00
0.00
0.00
0.00
0.00
Other Non-Cash Items
—
0.00
0.00
0.00
0.00
Change in Working Capital
0.00
0.00
0.00
0.00
0.00
Change in Receivables
0.00
0.00
0.00
0.00
0.00
Changes in Account Receivables
0.00
0.00
0.00
0.00
0.00
Change in Inventory
0.00
0.00
0.00
0.00
0.00
Change in Payables and Accrued Expense
0.00
0.00
0.00
0.00
0.00
Change in Payable
0.00
0.00
0.00
0.00
0.00
Change in Account Payable
0.00
0.00
0.00
0.00
0.00
Change in Other Current Assets
—
—
—
—
—
Change in Other Current Liabilities
—
—
—
—
—
Change in Other Working Capital
—
—
—
—
—
Cash Flow from Continuing Investing Activities
-0.01
-0.01
-0.01
0.00
0.00
Net PPE Purchase and Sale
0.00
0.00
0.00
0.00
0.00
Net Business Purchase and Sale
—
—
—
—
—
Purchase of Business
—
—
—
—
—
Net Investment Purchase and Sale
—
-0.01
-0.01
0.00
0.00
Purchase of Investment
—
-0.01
-0.02
-0.01
-0.02
Sale of Investment
—
0.01
0.01
0.01
0.01
Net Other Investing Changes
—
—
—
—
—
Financing Cash Flow
0.00
0.00
0.00
0.00
0.00
Cash Flow from Continuing Financing Activities
0.00
0.00
—
0.00
0.00
Net Issuance Payments of Debt
—
—
—
—
—
Net Long-Term Debt Issuance
—
—
—
—
—
Long-Term Debt Issuance
—
—
—
—
—
Long-Term Debt Payments
—
—
—
—
—
Net Short-Term Debt Issuance
—
—
—
—
—
Net Common Stock Issuance
0.00
—
—
—
—
Common Stock Issuance
0.00
—
—
—
—
Common Stock Payments
—
—
—
—
—
Cash Dividends Paid
—
—
—
—
—
Net Other Financing Charges
0.00
—
—
0.00
0.00
End Cash Position
0.12
0.06
0.04
0.05
0.04
Changes in Cash
-0.01
-0.01
-0.01
0.00
0.00
Beginning Cash Position
0.13
0.07
0.05
0.04
0.05
Capital Expenditure
0.00
0.00
0.00
0.00
0.00
Issuance of Capital Stock
0.00
—
—
—
—
Issuance of Debt
—
—
—
—
—
Repayment of Debt
—
—
—
—
—
Repurchase of Capital Stock
—
—
—
—
—
Free Cash Flow
0.00
0.00
0.00
0.00
0.00