FTEK · Fuel Tech, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $26.68M | $25.13M | $27.08M | $26.94M | $24.26M | $22.55M |
| Cost of Revenue | $14.29M | $14.51M | $15.43M | $15.30M | $12.36M | $11.91M |
| Gross Profit | $12.38M | $10.62M | $11.66M | $11.64M | $11.90M | $10.64M |
| R&D | $2.01M | $1.56M | $1.51M | $895.0K | $1.33M | $1.18M |
| SG&A | $14.05M | $13.76M | $12.80M | $12.28M | $12.05M | $13.60M |
| Total Operating Expenses | $30.36M | $29.84M | $29.74M | $28.47M | $25.75M | $26.89M |
| D&A | $663.0K | $403.0K | $281.0K | $352.0K | $584.0K | $663.0K |
| Operating Income | ($3.68M) | ($4.70M) | ($2.66M) | ($1.53M) | ($1.49M) | ($4.34M) |
| Interest Expense | - | $0 | $21.0K | $17.0K | $13.0K | $4.0K |
| Income Tax | $15.0K | $77.0K | $69.0K | $54.0K | $14.0K | $57.0K |
| Net Income | ($2.32M) | ($1.94M) | ($1.54M) | ($1.44M) | $54.0K | ($4.28M) |
| EPS - Basic | ($0.08) | ($0.06) | ($0.05) | ($0.05) | $0.00 | ($0.17) |
| EPS - Diluted | ($0.08) | ($0.06) | ($0.05) | ($0.05) | $0.00 | ($0.17) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.94M | $8.51M | $17.58M | $23.33M | $35.89M | $10.64M |
| Accounts Receivable | $5.36M | $9.37M | $6.73M | $7.73M | $3.26M | $6.55M |
| Inventory | $373.0K | $397.0K | $439.0K | $392.0K | $348.0K | $97.0K |
| Accounts Payable | $3.24M | $2.92M | $2.42M | $2.71M | $1.56M | $2.35M |
| Current Assets | $31.94M | $29.62M | $38.32M | $35.83M | $41.47M | $21.07M |
| Total Assets | $47.18M | $48.80M | $50.39M | $50.12M | $49.97M | $30.09M |
| Current Liabilities | $6.27M | $5.86M | $5.69M | $4.77M | $3.22M | $5.53M |
| Long-term Debt | - | - | - | - | $0 | $1.56M |
| Total Liabilities | $7.25M | $6.84M | $6.67M | $5.28M | $3.77M | $7.77M |
| Stockholders' Equity | $39.93M | $41.95M | $43.71M | $44.84M | $46.20M | $22.32M |
| Retained Earnings | ($121.80M) | ($119.47M) | ($117.53M) | ($115.99M) | ($114.55M) | ($114.60M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.02M | ($3.43M) | $696.0K | ($4.14M) | $761.0K | ($2.71M) |
| Investing Cash Flow | $545.0K | ($5.44M) | ($6.44M) | ($9.48M) | ($84.0K) | ($247.0K) |
| Financing Cash Flow | ($222.0K) | ($95.0K) | $42.0K | ($17.0K) | $23.98M | $1.28M |
| CapEx | $674.0K | $378.0K | $418.0K | $206.0K | $84.0K | $247.0K |
| Free Cash Flow | $2.34M | ($3.81M) | $278.0K | ($4.34M) | $677.0K | ($2.95M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 46.4% | 42.3% | 43.0% | 43.2% | 49.0% | 47.2% |
| Operating margin | -13.8% | -18.7% | -9.8% | -5.7% | -6.1% | -19.2% |
| EBITDA margin | -11.3% | -17.1% | -8.8% | -4.4% | -3.7% | -16.3% |
| Net margin | -8.7% | -7.7% | -5.7% | -5.4% | 0.2% | -19.0% |
| Free cash flow margin | 8.8% | -15.2% | 1.0% | -16.1% | 2.8% | -13.1% |
| FCF / Net income | -1.01 | 1.96 | -0.18 | 3.01 | 12.54 | 0.69 |
| R&D / Revenue | 7.5% | 6.2% | 5.6% | 3.3% | 5.5% | 5.2% |
| SG&A / Revenue | 52.7% | 54.8% | 47.3% | 45.6% | 49.7% | 60.3% |
| Effective tax rate | - | - | - | - | 20.6% | - |
| Return on assets | -4.9% | -4.0% | -3.1% | -2.9% | 0.1% | -14.2% |
| Return on equity | -5.8% | -4.6% | -3.5% | -3.2% | 0.1% | -19.2% |
| Return on invested capital | - | - | - | - | -2.6% | -14.3% |
| Liquidity | ||||||
| Current ratio | 5.09 | 5.06 | 6.74 | 7.52 | 12.87 | 3.81 |
| Quick ratio | 5.03 | 4.99 | 6.66 | 7.43 | 12.76 | 3.79 |
| Cash ratio | 1.90 | 1.45 | 3.09 | 4.89 | 11.14 | 1.92 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | 0.00 | 0.07 |
| Debt / Assets | - | - | - | - | 0.00 | 0.05 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | -126.6x | -89.8x | -114.5x | -1084.0x |
| Equity multiplier | 1.18 | 1.16 | 1.15 | 1.12 | 1.08 | 1.35 |
| Liabilities / Assets | 0.15 | 0.14 | 0.13 | 0.11 | 0.08 | 0.26 |
| Efficiency | ||||||
| Asset turnover | 0.57 | 0.52 | 0.54 | 0.54 | 0.49 | 0.75 |
| Inventory turnover | 38.32 | 36.55 | 35.14 | 39.03 | 35.53 | 122.80 |
| Days sales outstanding | 73d | 136d | 91d | 105d | 49d | 106d |
| Days inventory outstanding | 10d | 10d | 10d | 9d | 10d | 3d |
| Days payable outstanding | 83d | 73d | 57d | 65d | 46d | 72d |
| Cash conversion cycle | 0d | 73d | 44d | 49d | 13d | 37d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 1.2x | 0.8x | 0.7x | 0.9x | 0.9x | 4.3x |
| P / S | 1.8x | 1.3x | 1.2x | 1.4x | 1.7x | 4.2x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 6.1% | -7.2% | 0.5% | 11.0% | 7.6% | -26.0% |
| Revenue CAGR (3y) | -0.3% | 1.2% | 6.3% | -4.0% | -24.6% | -20.7% |
| Revenue CAGR (5y) | 3.4% | -3.8% | -13.7% | -9.8% | -15.1% | -21.1% |
| Gross profit growth (YoY) | 16.6% | -8.9% | 0.1% | -2.1% | 11.8% | -1.8% |
| Operating income growth (YoY) | 21.7% | -76.9% | -74.1% | -2.6% | 65.7% | 47.4% |
| Net income growth (YoY) | -19.6% | -26.3% | -6.7% | - | - | 45.5% |
| EPS growth (YoY) | -33.3% | -20.0% | 0.0% | - | - | 46.9% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | 25.0% |
| FCF CAGR (5y) | - | - | -42.3% | - | - | - |
| Book value growth (YoY) | -4.8% | -4.0% | -2.5% | -2.9% | 107.0% | -14.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$26.68M totalFUELCHEM$17.77M · 66.6%
Air Pollution Control$8.91M · 33.4%
Product / service
$8.91M totalTechnology Solutions$5.42M · 60.8%
Ancillary Revenue$1.75M · 19.6%
Spare Parts$1.74M · 19.5%
Geographic
$32.33M totalUS$21.02M · 65.0%
Non Us$5.66M · 17.5%
Pacific Rim And Other Geographical Areas$2.39M · 7.4%
Europe$2.24M · 6.9%
Americas$707.0K · 2.2%
ZA$318.0K · 1.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.84
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Industrial & Commercial Fans & Blowers & Air Purifing Equip
Comparing FUEL TECH against the 5 most active filers in the same SIC group.