What is Fuel Tech's operating income?

Fuel Tech's total operating income in 2025 was -$3.68 million, based on the following breakdown: Total Gross Profit: $12.38 million Total Operating Expenses: $16.06 million

Fuel Tech (FTEK) Financials

$1.55 -0.02 (-1.27%)

Closing price 04:00 PM Eastern

Extended Trading

$1.56 +0.01 (+0.65%)

As of 04:10 PM Eastern

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Annual Income Statements for Fuel Tech

This table shows Fuel Tech's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-12	-17	-10	-0.03	-7.85	-4.28	0.05	-1.44	-1.54	-1.94	-2.32
Consolidated Net Income / (Loss)	-12	-17	-10	-0.03	-7.85	-4.28	0.05	-1.44	-1.54	-1.94	-2.32
Net Income / (Loss) Continuing Operations	-9.55	-15	-6.54	0.09	-7.85	-4.28	0.05	-1.44	-1.54	-1.94	-2.32
Total Pre-Tax Income	-5.80	-13	-7.12	0.12	-7.84	-4.22	0.07	-1.39	-1.47	-1.87	-2.31
Total Operating Income	-5.43	-12	-7.07	0.11	-8.24	-4.34	-1.49	-1.53	-2.66	-4.70	-3.68
Total Gross Profit	29	19	18	20	11	11	12	12	12	11	12
Total Revenue	74	55	45	57	30	23	24	27	27	25	27
Operating Revenue	74	55	45	57	30	23	24	27	27	25	27
Total Cost of Revenue	45	36	27	36	20	12	12	15	15	15	14
Operating Cost of Revenue	45	36	27	36	20	12	12	15	15	15	14
Total Operating Expenses	34	31	25	20	19	15	13	13	14	15	16
Selling, General & Admin Expense	31	26	21	19	17	14	12	12	13	14	14
Research & Development Expense	1.45	1.75	1.07	1.07	1.13	1.18	1.33	0.90	1.51	1.56	2.01
Total Other Income / (Expense), net	-0.37	-0.90	-0.05	0.01	0.40	0.12	1.56	0.14	1.19	2.84	1.37
Interest & Investment Income	0.02	0.03	0.01	0.01	0.04	-	0.01	0.20	1.30	1.25	1.42
Other Income / (Expense), net	-0.36	-0.93	-0.06	0.00	0.36	0.12	1.57	-0.05	-0.09	1.59	-0.04
Income Tax Expense	3.76	1.66	-0.58	0.03	0.01	0.06	0.01	0.05	0.07	0.08	0.02
Basic Earnings per Share	($0.54)	($0.01)	($0.44)	$0.00	($0.32)	($0.17)	$0.00	($0.05)	($0.05)	($0.06)	($0.08)
Weighted Average Basic Shares Outstanding	23.10M	23.37M	23.87M	24.16M	24.20M	24.69M	29.59M	30.29M	30.35M	30.57M	30.94M
Diluted Earnings per Share	($0.54)	($0.74)	($0.44)	$0.00	($0.32)	($0.17)	$0.00	($0.05)	($0.05)	($0.06)	($0.08)
Weighted Average Diluted Shares Outstanding	23.10M	23.37M	23.87M	24.16M	24.20M	24.69M	29.69M	30.29M	30.35M	30.57M	30.94M
Weighted Average Basic & Diluted Shares Outstanding	22.90M	23.50M	22.70M	24.19M	24.59M	30.23M	30.26M	30.30M	30.39M	30.71M	30.71M

This table shows Fuel Tech's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	0.46	-0.54	0.28	-0.42	0.08	-1.88	-0.74	-0.69	0.30	-1.20	-1.36
Consolidated Net Income / (Loss)	0.46	-0.54	0.28	-0.42	0.08	-1.88	-0.74	-0.69	0.30	-1.20	-1.36
Net Income / (Loss) Continuing Operations	0.46	-0.54	0.28	-0.42	0.08	-1.88	-0.74	-0.69	0.30	-1.20	-1.36
Total Pre-Tax Income	0.46	-0.47	0.29	-0.42	0.08	-1.82	-0.74	-0.69	0.31	-1.20	-1.36
Total Operating Income	0.13	-0.80	-1.69	-0.72	-0.18	-2.12	-0.95	-1.31	0.00	-1.43	-1.60
Total Gross Profit	3.61	3.24	2.03	2.95	3.41	2.24	2.96	2.53	3.66	3.23	2.64
Total Revenue	7.99	6.35	4.96	7.04	7.85	5.28	6.38	5.56	7.49	7.25	6.08
Operating Revenue	7.99	6.35	4.96	7.04	7.85	5.28	6.38	5.56	7.49	7.25	6.08
Total Cost of Revenue	4.38	3.10	2.93	4.09	4.44	3.05	3.42	3.03	3.83	4.01	3.44
Operating Cost of Revenue	4.38	3.10	2.93	4.09	4.44	3.05	3.42	3.03	3.83	4.01	3.44
Total Operating Expenses	3.48	4.04	3.72	3.67	3.59	4.35	3.91	3.84	3.66	4.66	4.24
Selling, General & Admin Expense	2.97	3.68	3.35	3.25	3.23	3.95	3.34	3.35	3.21	4.16	3.72
Research & Development Expense	0.51	0.37	0.38	0.42	0.36	0.41	0.57	0.49	0.45	0.50	0.52
Total Other Income / (Expense), net	0.33	0.33	1.98	0.30	0.26	0.29	0.21	0.62	0.31	0.23	0.24
Interest & Investment Income	0.32	0.33	0.31	0.33	0.32	0.28	0.28	0.54	0.31	0.29	0.24
Other Income / (Expense), net	0.01	0.01	1.67	-0.03	-0.06	0.01	-0.07	0.09	-0.01	-0.06	0.00
Income Tax Expense	0.00	0.07	0.01	0.01	0.00	0.06	0.00	0.00	0.01	0.00	-0.00
Basic Earnings per Share	$0.02	($0.03)	$0.01	($0.01)	$0.00	($0.06)	($0.02)	($0.02)	$0.01	($0.05)	($0.04)
Weighted Average Basic Shares Outstanding	30.39M	30.35M	30.39M	30.48M	30.71M	30.57M	30.72M	30.87M	31.07M	30.94M	31.09M
Diluted Earnings per Share	$0.01	($0.02)	$0.01	($0.01)	$0.00	($0.06)	($0.02)	($0.02)	$0.01	($0.05)	($0.04)
Weighted Average Diluted Shares Outstanding	30.63M	30.35M	30.76M	30.48M	30.85M	30.57M	30.72M	30.87M	31.29M	30.94M	31.09M
Weighted Average Basic & Diluted Shares Outstanding	30.39M	30.39M	30.39M	30.71M	30.71M	30.71M	30.78M	31.07M	31.07M	30.71M	31.17M

This table details how cash moves in and out of Fuel Tech's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	3.05	-3.84	-3.46	3.67	-5.30	-0.90	24	-14	-5.75	-9.07	3.43
Net Cash From Operating Activities	6.93	-2.74	-3.57	4.93	-3.39	-2.71	0.76	-4.14	0.70	-3.43	3.02
Net Cash From Continuing Operating Activities	9.15	-0.54	-1.70	5.05	-3.37	-2.71	0.76	-4.14	0.70	-3.43	3.02
Net Income / (Loss) Continuing Operations	-9.55	-15	-6.54	0.09	-7.85	-4.28	0.05	-1.44	-1.54	-1.94	-2.32
Consolidated Net Income / (Loss)	-12	-17	-10	-0.03	-7.85	-4.28	0.05	-1.44	-1.54	-1.94	-2.32
Depreciation Expense	2.07	1.78	1.31	0.65	0.81	0.66	0.58	0.35	0.28	0.40	0.66
Amortization Expense	1.54	1.12	0.22	0.19	0.19	0.19	0.16	0.09	0.06	0.06	0.04
Non-Cash Adjustments To Reconcile Net Income	3.21	4.84	4.89	0.71	1.36	-0.54	-2.04	0.11	-0.03	-1.37	1.94
Changes in Operating Assets and Liabilities, net	12	6.31	-1.58	3.41	2.13	1.27	2.01	-3.25	1.93	-0.58	2.70
Net Cash From Investing Activities	-0.78	-0.94	-0.49	-0.57	-0.05	-0.25	-0.08	-9.48	-6.44	-5.44	0.55
Net Cash From Continuing Investing Activities	-0.78	-0.94	-0.49	-0.57	-0.55	-0.25	-0.08	-9.48	-6.44	-5.44	0.55
Purchase of Property, Plant & Equipment	-0.80	-0.94	-0.49	-0.57	-0.55	-0.25	-0.08	-0.21	-0.42	-0.38	-0.67
Purchase of Investments	-	-	-	-	-	-	0.00	-9.78	-14	-18	-12
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.50	8.00	13	13
Net Cash From Financing Activities	-1.88	-0.17	-0.26	-0.01	-0.13	1.28	24	-0.02	0.04	-0.10	-0.22
Net Cash From Continuing Financing Activities	-1.88	-0.17	-0.26	-0.01	-0.13	1.28	24	-0.02	0.04	-0.10	-0.22
Repurchase of Common Equity	-	-	-	-	-0.13	-0.57	-0.05	-0.02	0.00	-0.10	-0.22
Effect of Exchange Rate Changes	-1.23	0.01	0.86	-0.67	-1.00	0.78	-0.21	-0.09	-0.04	-0.10	0.09
Cash Income Taxes Paid	0.00	0.37	0.03	0.03	-	0.10	-0.05	0.01	0.01	0.05	0.01

This table details how cash moves in and out of Fuel Tech's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.65	4.10	-6.20	-0.98	1.87	-3.76	3.31	-1.23	3.09	-1.74	-2.83
Net Cash From Operating Activities	0.37	0.31	-1.08	-1.59	0.88	-1.65	1.51	-0.02	3.10	-1.57	-0.85
Net Cash From Continuing Operating Activities	0.37	0.31	-1.08	-1.59	0.88	-1.65	1.51	-0.02	3.10	-1.57	-0.85
Net Income / (Loss) Continuing Operations	0.46	-0.54	0.28	-0.42	0.08	-1.88	-0.74	-0.69	0.30	-1.20	-1.36
Consolidated Net Income / (Loss)	0.46	-0.54	0.28	-0.42	0.08	-1.88	-0.74	-0.69	0.30	-1.20	-1.36
Depreciation Expense	0.09	0.03	0.08	0.08	0.09	0.16	0.16	0.16	0.16	0.17	0.18
Amortization Expense	0.02	0.02	0.02	0.02	0.01	0.02	0.01	0.01	0.01	0.01	0.03
Non-Cash Adjustments To Reconcile Net Income	-0.02	-0.00	-1.58	0.06	0.07	0.08	0.06	1.29	0.50	0.09	0.16
Changes in Operating Assets and Liabilities, net	-0.18	0.80	0.13	-1.33	0.63	-0.02	2.01	-0.80	2.12	-0.64	0.15
Net Cash From Investing Activities	-1.94	3.78	-5.01	0.69	0.92	-2.06	1.69	-0.99	0.07	-0.22	-1.91
Net Cash From Continuing Investing Activities	-1.94	3.78	-5.01	0.69	0.92	-2.06	1.69	-0.99	0.07	-0.22	-1.91
Purchase of Property, Plant & Equipment	-0.10	-0.22	-0.11	-0.09	-0.11	-0.06	-0.07	-0.04	-0.13	-0.44	-0.32
Purchase of Investments	-4.34	-	-7.64	-3.47	-2.97	-3.99	-0.99	-3.96	-5.06	-2.03	-6.09
Sale and/or Maturity of Investments	2.50	4.00	2.75	4.25	4.00	2.00	2.75	3.00	5.25	2.25	4.50
Net Cash From Financing Activities	-	-	0.00	-0.10	-	-	-0.02	-0.20	-	-	-0.03
Net Cash From Continuing Financing Activities	-	-	0.00	-0.10	-	-	-0.02	-0.20	-	-	-0.03
Repurchase of Common Equity	-	-	0.00	-0.10	-	-	-0.02	-0.20	-	-	-0.03
Effect of Exchange Rate Changes	-0.09	0.01	-0.12	0.01	0.07	-0.06	0.14	-	-	0.05	-0.04

This table presents Fuel Tech's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	76	58	50	52	32	30	50	50	50	49	47
Total Current Assets	52	41	34	41	22	21	41	36	38	30	32
Cash & Equivalents	22	12	8.37	12	11	11	36	23	18	8.51	12
Short-Term Investments	0.02	0.01	0.01	-	-	-	0.00	2.98	12	10	13
Accounts Receivable	23	19	20	18	6.47	6.55	3.26	7.73	6.73	9.37	5.36
Inventories, net	1.65	1.01	0.95	0.96	0.26	0.10	0.35	0.39	0.44	0.40	0.37
Prepaid Expenses	3.89	2.89	3.59	3.30	1.88	2.19	1.07	1.40	1.44	1.16	1.34
Plant, Property, & Equipment, net	12	11	6.27	5.98	5.66	5.22	4.61	4.44	4.54	5.08	4.74
Total Noncurrent Assets	12	6.64	10	5.03	4.33	3.80	3.90	9.86	7.53	14	10
Long-Term Investments	-	-	-	-	-	-	0.00	6.36	3.66	11	6.99
Goodwill	2.12	2.12	2.12	2.12	2.12	2.12	2.12	2.12	2.12	2.12	2.12
Intangible Assets	7.14	1.80	1.67	1.16	0.91	0.55	0.45	0.40	0.36	0.33	0.65
Other Noncurrent Operating Assets	1.36	0.67	6.19	1.26	0.81	0.76	1.07	0.99	1.39	0.78	0.74
Total Liabilities & Shareholders' Equity	76	58	50	52	32	30	50	50	50	49	47
Total Liabilities	17	14	16	18	5.43	7.77	3.77	5.28	6.67	6.84	7.25
Total Current Liabilities	17	14	16	17	4.79	5.53	3.22	4.77	5.69	5.86	6.27
Accounts Payable	8.94	6.30	9.07	9.50	2.12	2.35	1.56	2.71	2.42	2.92	3.24
Accrued Expenses	5.95	6.36	5.10	6.10	1.98	2.10	0.86	0.83	1.93	1.62	1.63
Current Employee Benefit Liabilities	1.65	1.39	1.49	1.56	0.52	0.93	0.69	1.11	1.25	1.25	1.31
Other Current Liabilities	-	-	-	0.00	0.18	0.15	0.11	0.13	0.08	0.08	0.09
Total Noncurrent Liabilities	0.50	0.35	0.59	0.51	0.64	2.24	0.55	0.52	0.99	0.99	0.97
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.17	0.17	0.17	0.13	0.14	0.18	0.17	0.18	0.19
Other Noncurrent Operating Liabilities	0.50	0.35	0.42	0.34	0.47	0.55	0.41	0.34	0.81	0.81	0.79
Total Equity & Noncontrolling Interests	59	43	34	34	26	22	46	45	44	42	40
Total Preferred & Common Equity	59	43	34	34	26	22	46	45	44	42	40
Total Common Equity	59	43	34	34	26	22	46	45	44	42	40
Common Stock	136	138	139	139	140	140	165	165	165	166	166
Retained Earnings	-74	-92	-103	-102	-110	-115	-115	-116	-118	-119	-122
Treasury Stock	-1.04	-1.21	-1.47	-1.48	-1.61	-2.18	-2.23	-2.25	-2.25	-2.35	-2.57
Accumulated Other Comprehensive Income / (Loss)	-1.56	-1.57	-0.77	-1.29	-1.78	-1.37	-1.60	-1.73	-1.75	-1.92	-1.72
Other Equity Adjustments	0.08	0.08	0.08	0.08	0.33	0.08	0.08	0.08	0.08	0.08	0.08

This table presents Fuel Tech's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	50	49	49	50	47	47	48	44
Total Current Assets	37	32	30	31	29	31	32	27
Cash & Equivalents	13	11	10	12	12	11	14	9.11
Short-Term Investments	15	12	9.67	8.16	9.97	12	12	12
Accounts Receivable	7.70	7.10	8.65	9.20	5.64	6.29	4.83	4.11
Inventories, net	0.33	0.54	0.46	0.44	0.53	0.62	0.40	0.36
Prepaid Expenses	1.04	1.30	1.12	0.84	1.19	1.09	0.86	1.10
Plant, Property, & Equipment, net	4.36	4.57	4.57	4.60	4.98	4.85	4.82	4.89
Total Noncurrent Assets	8.61	13	14	15	13	11	11	12
Long-Term Investments	4.88	8.88	10	11	9.38	7.93	7.97	9.00
Goodwill	2.12	2.12	2.12	2.12	2.12	2.12	2.12	2.12
Intangible Assets	0.38	0.34	0.34	0.33	0.32	0.32	0.31	0.62
Other Noncurrent Operating Assets	1.23	1.35	1.31	1.28	0.76	0.78	0.75	0.72
Total Liabilities & Shareholders' Equity	50	49	49	50	47	47	48	44
Total Liabilities	6.23	5.49	5.43	6.25	5.27	6.34	6.90	5.93
Total Current Liabilities	5.43	4.53	4.48	5.32	4.29	5.33	5.91	4.99
Accounts Payable	2.87	1.85	2.94	3.27	1.59	2.12	2.40	2.14
Accrued Expenses	1.84	1.28	0.72	1.20	1.34	2.38	2.67	1.49
Current Employee Benefit Liabilities	0.62	1.29	0.73	0.76	1.29	0.74	0.75	1.27
Other Current Liabilities	0.10	0.11	0.09	0.08	0.08	0.08	0.09	0.09
Total Noncurrent Liabilities	0.80	0.96	0.94	0.94	0.98	1.01	0.99	0.94
Noncurrent Deferred & Payable Income Tax Liabilities	0.18	0.17	0.17	0.17	0.18	0.18	0.18	0.19
Other Noncurrent Operating Liabilities	0.62	0.79	0.77	0.77	0.81	0.84	0.82	0.76
Total Equity & Noncontrolling Interests	44	44	44	44	41	41	41	39
Total Preferred & Common Equity	44	44	44	44	41	41	41	39
Total Common Equity	44	44	44	44	41	41	41	39
Common Stock	165	165	165	166	166	166	166	166
Retained Earnings	-117	-117	-118	-118	-120	-121	-121	-123
Treasury Stock	-2.25	-2.25	-2.35	-2.35	-2.37	-2.57	-2.57	-2.60
Accumulated Other Comprehensive Income / (Loss)	-1.81	-1.89	-1.89	-1.78	-1.78	-1.77	-1.78	-1.76
Other Equity Adjustments	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08

This table displays calculated financial ratios and metrics derived from Fuel Tech's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	23,167,216.00	23,446,035.00	24,132,910.00	24,170,585.00	24,186,824.00	24,701,159.00	30,263,791.00	30,296,297.00	30,385,297.00	30,708,273.00	31,074,438.00
DEI Adjusted Shares Outstanding	23,167,216.00	23,446,035.00	24,132,910.00	24,170,585.00	24,186,824.00	24,701,159.00	30,263,791.00	30,296,297.00	30,385,297.00	30,708,273.00	31,074,438.00
DEI Earnings Per Adjusted Shares Outstanding	-0.53	-0.74	-0.43	0.00	-0.32	-0.17	0.00	-0.05	-0.05	-0.06	-0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.77%	-25.12%	-18.12%	25.17%	-46.11%	-25.99%	7.59%	11.05%	0.52%	-7.19%	6.14%
EBITDA Growth	89.78%	-359.37%	44.30%	117.13%	-817.62%	51.05%	124.40%	-237.83%	-112.36%	-10.43%	-13.85%
EBIT Growth	77.47%	-123.61%	44.98%	101.57%	-7,133.93%	46.47%	101.92%	-2,041.98%	-74.70%	-13.43%	-19.47%
NOPAT Growth	78.42%	-121.40%	41.24%	101.60%	-7,379.40%	47.38%	61.04%	9.60%	-74.07%	-76.90%	21.71%
Net Income Growth	30.16%	-40.45%	39.91%	99.73%	-27,942.86%	45.52%	101.26%	-2,770.37%	-6.66%	-26.33%	-19.61%
EPS Growth	30.77%	-37.04%	40.54%	100.00%	0.00%	46.88%	100.00%	0.00%	0.00%	-20.00%	-33.33%
Operating Cash Flow Growth	27.47%	-139.52%	-30.31%	238.09%	-168.74%	20.08%	128.11%	-643.89%	116.82%	-593.25%	187.85%
Free Cash Flow Firm Growth	236.66%	-62.09%	-207.19%	253.89%	-133.09%	44.37%	157.75%	-534.45%	99.40%	-21,613.01%	132.75%
Invested Capital Growth	-32.54%	-37.00%	3.48%	-36.17%	-18.27%	-11.07%	-18.85%	33.09%	-15.08%	19.83%	-34.93%
Revenue Q/Q Growth	-0.65%	-13.53%	9.23%	4.51%	-26.38%	6.14%	0.98%	2.16%	-2.44%	-4.05%	7.95%
EBITDA Q/Q Growth	91.46%	-123.01%	51.36%	69.14%	-321.43%	44.65%	255.98%	-33.45%	-19.70%	-81.12%	17.37%
EBIT Q/Q Growth	81.14%	-81.46%	47.03%	129.17%	-205.11%	39.37%	106.17%	-16.00%	-14.21%	-72.59%	14.35%
NOPAT Q/Q Growth	82.04%	-90.89%	46.55%	136.51%	-211.88%	41.41%	42.43%	-1.94%	-26.15%	-38.82%	15.81%
Net Income Q/Q Growth	39.39%	-0.22%	44.66%	98.25%	-200.15%	39.53%	104.34%	-12.31%	-9.78%	-224.37%	22.74%
EPS Q/Q Growth	39.33%	2.63%	45.00%	100.00%	-220.00%	41.38%	100.00%	-66.67%	0.00%	-200.00%	11.11%
Operating Cash Flow Q/Q Growth	134.21%	-147.04%	41.42%	806.89%	-164.51%	37.58%	-34.17%	-72.31%	160.16%	-131.96%	2.76%
Free Cash Flow Firm Q/Q Growth	2,320.67%	-66.55%	-223.92%	379.43%	-159.43%	52.67%	-32.73%	-119.14%	98.31%	-33.61%	-24.16%
Invested Capital Q/Q Growth	-30.36%	-28.94%	26.94%	-29.81%	-17.21%	-16.98%	-9.64%	11.24%	-5.35%	-1.28%	12.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.77%	34.07%	39.90%	35.49%	35.55%	47.18%	49.04%	43.22%	43.04%	42.27%	46.42%
EBITDA Margin	-2.97%	-18.22%	-12.39%	1.70%	-22.59%	-14.94%	3.39%	-4.21%	-8.88%	-10.57%	-11.34%
Operating Margin	-7.37%	-21.80%	-15.64%	0.19%	-27.05%	-19.23%	-6.14%	-5.67%	-9.82%	-18.71%	-13.80%
EBIT Margin	-7.86%	-23.47%	-15.78%	0.20%	-25.86%	-18.70%	0.33%	-5.84%	-10.15%	-12.40%	-13.96%
Profit (Net Income) Margin	-16.81%	-31.52%	-23.13%	-0.05%	-25.77%	-18.97%	0.22%	-5.35%	-5.68%	-7.73%	-8.71%
Tax Burden Percent	213.56%	134.54%	146.86%	-23.73%	100.19%	101.35%	79.41%	103.89%	104.70%	104.13%	100.65%
Interest Burden Percent	100.10%	99.81%	99.86%	105.36%	99.48%	100.09%	83.95%	88.24%	53.46%	59.87%	62.00%
Effective Tax Rate	0.00%	0.00%	0.00%	27.97%	0.00%	0.00%	20.59%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-8.22%	-27.71%	-20.70%	0.40%	-40.93%	-25.35%	-11.58%	-10.03%	-16.53%	-28.97%	-25.20%
ROIC Less NNEP Spread (ROIC-NNEP)	36.06%	15.40%	16.24%	1.15%	-27.93%	-15.23%	-16.72%	-8.96%	-17.51%	-33.26%	-26.03%
Return on Net Nonoperating Assets (RNNOA)	-10.64%	-6.26%	-6.24%	-0.48%	14.86%	7.71%	11.74%	6.86%	13.06%	24.44%	19.53%
Return on Equity (ROE)	-18.86%	-33.97%	-26.94%	-0.08%	-26.07%	-17.64%	0.16%	-3.17%	-3.47%	-4.54%	-5.68%
Cash Return on Invested Capital (CROIC)	30.65%	17.70%	-24.12%	44.55%	-20.82%	-13.63%	9.23%	-38.42%	-0.22%	-47.02%	17.11%
Operating Return on Assets (OROA)	-6.92%	-19.36%	-13.16%	0.22%	-18.91%	-13.67%	0.20%	-3.14%	-5.47%	-6.29%	-7.76%
Return on Assets (ROA)	-14.78%	-25.99%	-19.30%	-0.05%	-18.85%	-13.87%	0.13%	-2.88%	-3.06%	-3.92%	-4.84%
Return on Common Equity (ROCE)	-18.86%	-33.97%	-26.94%	-0.08%	-26.07%	-17.64%	0.16%	-3.17%	-3.47%	-4.54%	-5.68%
Return on Equity Simple (ROE_SIMPLE)	-20.99%	-40.07%	-30.58%	-0.08%	-30.00%	-19.17%	0.12%	-3.22%	-3.52%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.80	-8.42	-4.95	0.08	-5.77	-3.04	-1.18	-1.07	-1.86	-3.29	-2.58
NOPAT Margin	-5.16%	-15.26%	-10.95%	0.14%	-18.93%	-13.46%	-4.87%	-3.97%	-6.87%	-13.10%	-9.66%
Net Nonoperating Expense Percent (NNEP)	-44.27%	-43.11%	-36.95%	-0.75%	-13.01%	-10.12%	5.14%	-1.07%	0.98%	4.28%	0.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-4.26%	-7.85%	-6.45%
Cost of Revenue to Revenue	61.23%	65.93%	60.10%	64.51%	64.45%	52.82%	50.96%	56.78%	56.96%	57.73%	53.58%
SG&A Expenses to Revenue	41.94%	46.34%	46.35%	32.84%	56.43%	60.31%	49.69%	45.56%	47.28%	54.75%	52.67%
R&D to Revenue	1.96%	3.18%	2.37%	1.90%	3.70%	5.22%	5.49%	3.32%	5.58%	6.22%	7.55%
Operating Expenses to Revenue	46.14%	55.87%	55.54%	35.30%	62.59%	66.40%	55.18%	48.88%	52.86%	60.98%	60.22%
Earnings before Interest and Taxes (EBIT)	-5.79	-13	-7.13	0.11	-7.88	-4.22	0.08	-1.57	-2.75	-3.12	-3.72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.19	-10	-5.60	0.96	-6.88	-3.37	0.82	-1.13	-2.41	-2.66	-3.03
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.74	0.62	0.79	0.84	0.88	4.29	0.92	0.86	0.73	0.77	1.21
Price to Tangible Book Value (P/TBV)	0.88	0.68	0.89	0.93	0.99	4.88	0.97	0.91	0.77	0.82	1.30
Price to Revenue (P/Rev)	0.59	0.49	0.60	0.51	0.75	4.25	1.75	1.43	1.18	1.28	1.82
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	784.62	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.59	0.39	0.73	0.69	0.79	7.56	0.61	0.49	0.00	0.22	2.06
Enterprise Value to Revenue (EV/Rev)	0.30	0.17	0.39	0.19	0.33	3.78	0.23	0.22	0.00	0.11	0.62
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	11.16	0.00	0.00	6.79	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	95.57	0.00	0.00	68.95	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	135.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.19	0.00	0.00	2.17	0.00	0.00	7.34	0.00	0.00	0.00	5.51
Enterprise Value to Free Cash Flow (EV/FCFF)	1.56	1.69	0.00	1.21	0.00	0.00	5.93	0.00	0.00	0.00	9.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.07	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.07	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.30	-0.41	-0.38	-0.42	-0.53	-0.51	-0.70	-0.77	-0.75	-0.73	-0.75
Leverage Ratio	1.28	1.31	1.40	1.50	1.38	1.27	1.17	1.10	1.14	1.16	1.17
Compound Leverage Factor	1.28	1.30	1.39	1.58	1.38	1.27	0.98	0.97	0.61	0.69	0.73
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	6.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	6.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	93.48%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.46	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	3.17	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.46	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.51	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	3.52	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.51	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.46	-0.33	-1.00	-0.15	-1.57	2.98	4.94	2.32	0.74	0.29	1.36
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.17	2.89	2.15	2.37	4.51	3.81	12.87	7.52	6.74	5.06	5.09
Quick Ratio	2.71	2.18	1.78	1.77	3.63	3.11	12.15	7.14	6.41	4.79	4.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	14	5.38	-5.76	8.87	-2.93	-1.63	0.94	-4.09	-0.02	-5.34	1.75
Operating Cash Flow to CapEx	892.78%	-291.90%	-728.16%	865.91%	-615.82%	-1,095.95%	905.95%	-2,009.22%	166.51%	-908.20%	447.48%
Free Cash Flow to Firm to Interest Expense	525.20	0.00	0.00	0.00	0.00	-408.05	49.61	-240.88	-1.17	0.00	0.00
Operating Cash Flow to Interest Expense	256.59	0.00	0.00	0.00	0.00	-676.75	40.05	-243.47	33.14	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	227.85	0.00	0.00	0.00	0.00	-738.50	35.63	-255.59	13.24	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.88	0.82	0.83	1.11	0.73	0.73	0.61	0.54	0.54	0.51	0.56
Accounts Receivable Turnover	2.68	2.64	2.35	2.97	2.45	3.46	4.95	4.90	3.75	3.12	3.62
Inventory Turnover	32.64	27.29	27.74	38.35	32.17	65.99	55.56	41.35	37.12	34.71	37.13
Fixed Asset Turnover	5.77	4.90	5.38	9.23	5.24	4.14	4.94	5.96	6.04	5.22	5.43
Accounts Payable Turnover	5.55	4.77	3.53	3.93	3.38	5.33	6.32	7.16	6.01	5.44	4.64
Days Sales Outstanding (DSO)	136.19	138.46	155.48	122.95	148.99	105.38	73.77	74.43	97.43	116.89	100.72
Days Inventory Outstanding (DIO)	11.18	13.37	13.16	9.52	11.35	5.53	6.57	8.83	9.83	10.51	9.83
Days Payable Outstanding (DPO)	65.75	76.50	103.33	92.89	107.96	68.48	57.78	50.95	60.71	67.11	78.61
Cash Conversion Cycle (CCC)	81.61	75.33	65.32	39.58	52.38	42.43	22.56	32.31	46.56	60.29	31.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	37	23	24	16	13	11	9.15	12	10	12	8.06
Invested Capital Turnover	1.59	1.82	1.89	2.84	2.16	1.88	2.38	2.53	2.41	2.21	2.61
Increase / (Decrease) in Invested Capital	-18	-14	0.82	-8.79	-2.83	-1.40	-2.13	3.03	-1.84	2.05	-4.33
Enterprise Value (EV)	22	9.11	18	11	9.98	85	5.59	5.96	-1.47	2.67	17
Market Capitalization	44	27	27	29	23	96	42	39	32	32	48
Book Value per Share	$2.55	$1.85	$1.42	$1.41	$1.08	$0.90	$1.53	$1.48	$1.44	$1.37	$1.29
Tangible Book Value per Share	$2.15	$1.68	$1.26	$1.27	$0.96	$0.80	$1.44	$1.40	$1.36	$1.29	$1.20
Total Capital	59	43	34	34	26	24	46	45	44	42	40
Total Debt	0.00	0.00	0.00	0.00	0.00	1.56	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	1.56	0.00	0.00	0.00	0.00	0.00
Net Debt	-22	-18	-9.39	-18	-13	-11	-37	-33	-33	-30	-32
Capital Expenditures (CapEx)	0.78	0.94	0.49	0.57	0.55	0.25	0.08	0.21	0.42	0.38	0.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	14	8.73	8.63	5.50	3.82	3.31	1.46	4.75	2.92	5.07	0.79
Debt-free Net Working Capital (DFNWC)	36	27	18	24	17	16	38	31	33	24	26
Net Working Capital (NWC)	36	27	18	24	17	16	38	31	33	24	26
Net Nonoperating Expense (NNE)	8.58	8.97	5.50	0.11	2.08	1.24	-1.24	0.37	-0.32	-1.35	-0.25
Net Nonoperating Obligations (NNO)	-22	-20	-9.88	-19	-14	-11	-37	-33	-33	-30	-32
Total Depreciation and Amortization (D&A)	3.60	2.90	1.53	0.85	1.00	0.85	0.74	0.44	0.34	0.46	0.70
Debt-free, Cash-free Net Working Capital to Revenue	19.23%	15.83%	19.11%	9.72%	12.54%	14.67%	6.01%	17.63%	10.78%	20.17%	2.96%
Debt-free Net Working Capital to Revenue	48.69%	48.20%	39.91%	41.67%	55.19%	68.92%	157.63%	115.29%	120.50%	94.55%	96.23%
Net Working Capital to Revenue	48.69%	48.20%	39.91%	41.67%	55.19%	68.92%	157.63%	115.29%	120.50%	94.55%	96.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.54)	($0.74)	($0.46)	$0.00	($0.32)	($0.17)	$0.00	($0.05)	($0.05)	($0.06)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	23.10M	23.37M	23.87M	24.16M	24.20M	24.69M	29.59M	30.29M	30.35M	30.57M	30.94M
Adjusted Diluted Earnings per Share	($0.54)	($0.74)	($0.46)	$0.00	($0.32)	($0.17)	$0.00	($0.05)	($0.05)	($0.06)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	23.10M	23.37M	23.87M	24.16M	24.20M	24.69M	29.69M	30.29M	30.35M	30.57M	30.94M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	23.17M	23.46M	24.13M	24.19M	24.59M	30.23M	30.26M	30.30M	30.39M	30.71M	30.71M
Normalized Net Operating Profit after Tax (NOPAT)	-2.65	-5.97	-2.79	0.31	-5.24	-2.90	-1.18	-1.07	-1.86	-3.29	-2.58
Normalized NOPAT Margin	-3.60%	-10.81%	-6.17%	0.54%	-17.20%	-12.85%	-4.87%	-3.97%	-6.87%	-13.10%	-9.66%
Pre Tax Income Margin	-7.87%	-23.43%	-15.75%	0.21%	-25.72%	-18.72%	0.28%	-5.15%	-5.42%	-7.42%	-8.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-214.48	0.00	0.00	0.00	0.00	-1,054.25	4.26	-92.53	-130.86	0.00	0.00
NOPAT to Interest Expense	-140.80	0.00	0.00	0.00	0.00	-758.80	-62.23	-62.88	-88.60	0.00	0.00
EBIT Less CapEx to Interest Expense	-243.22	0.00	0.00	0.00	0.00	-1,116.00	-0.16	-104.65	-150.76	0.00	0.00
NOPAT Less CapEx to Interest Expense	-169.54	0.00	0.00	0.00	0.00	-820.55	-66.65	-74.99	-108.50	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-1.63%	-13.32%	96.30%	-1.18%	0.00%	-4.89%	-9.55%

This table displays calculated financial ratios and metrics derived from Fuel Tech's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	30,385,297.00	30,385,297.00	30,385,297.00	30,385,297.00	30,708,273.00	30,708,273.00	30,708,273.00	30,777,433.00	31,074,438.00	31,074,438.00	30,708,273.00
DEI Adjusted Shares Outstanding	30,385,297.00	30,385,297.00	30,385,297.00	30,385,297.00	30,708,273.00	30,708,273.00	30,708,273.00	30,777,433.00	31,074,438.00	31,074,438.00	30,708,273.00
DEI Earnings Per Adjusted Shares Outstanding	0.02	-0.02	0.01	-0.01	0.00	-0.06	-0.02	-0.02	0.01	-0.04	-0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.36%	-9.63%	-31.97%	28.95%	-1.72%	-16.74%	28.75%	-21.07%	-4.60%	37.18%	-4.73%
EBITDA Growth	-24.17%	-112.82%	111.70%	47.84%	-157.37%	-159.30%	-1,197.40%	-60.80%	218.75%	32.83%	-65.09%
EBIT Growth	-37.17%	-75.33%	97.46%	44.35%	-270.42%	-164.70%	-5,257.89%	-63.15%	99.59%	29.62%	-56.78%
NOPAT Growth	-30.73%	-220.40%	-253.51%	46.32%	-232.92%	-164.17%	59.07%	-82.94%	102.21%	32.66%	-67.65%
Net Income Growth	46.18%	-34.08%	167.87%	59.67%	-82.57%	-249.35%	-362.99%	-63.66%	278.75%	36.33%	-83.36%
EPS Growth	0.00%	0.00%	200.00%	66.67%	-100.00%	-200.00%	-300.00%	-100.00%	0.00%	16.67%	-100.00%
Operating Cash Flow Growth	-48.77%	119.70%	-206.44%	-60.02%	135.03%	-640.33%	240.28%	98.68%	252.22%	4.92%	-156.17%
Free Cash Flow Firm Growth	124.68%	139.84%	-97.56%	-555.96%	-1,263.74%	-376.89%	133.30%	187.40%	397.76%	194.26%	31.53%
Invested Capital Growth	-0.20%	-15.08%	9.64%	21.78%	14.90%	19.83%	-13.15%	-25.93%	-42.78%	-34.93%	-22.26%
Revenue Q/Q Growth	46.27%	-20.57%	-21.88%	42.06%	11.49%	-32.71%	20.80%	-12.91%	34.76%	-3.24%	-16.10%
EBITDA Q/Q Growth	120.05%	-397.61%	110.31%	-948.05%	77.95%	-1,245.14%	56.38%	-24.26%	116.29%	-860.82%	-7.23%
EBIT Q/Q Growth	110.55%	-660.56%	97.61%	-3,842.11%	67.69%	-770.66%	51.68%	-20.04%	99.92%	-148,200.00%	-7.62%
NOPAT Q/Q Growth	114.26%	-521.58%	-190.40%	69.26%	64.68%	-737.83%	55.01%	-37.40%	100.43%	-25,613.47%	-12.00%
Net Income Q/Q Growth	143.97%	-217.43%	152.13%	-249.82%	119.00%	-2,453.75%	60.75%	6.77%	143.98%	-495.71%	-13.01%
EPS Q/Q Growth	133.33%	-300.00%	150.00%	-200.00%	100.00%	0.00%	66.67%	0.00%	150.00%	-600.00%	20.00%
Operating Cash Flow Q/Q Growth	137.66%	-18.45%	-452.46%	-47.81%	155.32%	-287.49%	191.50%	-101.39%	14,842.86%	-150.61%	45.95%
Free Cash Flow Firm Q/Q Growth	135.68%	722.77%	-309.23%	-6.79%	36.70%	-95.77%	125.16%	180.26%	115.66%	-38.03%	-64.89%
Invested Capital Q/Q Growth	1.23%	-5.35%	14.39%	11.11%	-4.48%	-1.28%	-17.10%	-5.24%	-26.21%	12.26%	-0.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.22%	51.11%	40.93%	41.92%	43.40%	42.31%	46.36%	45.50%	48.88%	44.63%	43.49%
EBITDA Margin	3.14%	-11.77%	1.55%	-9.27%	-1.83%	-36.66%	-13.24%	-18.89%	2.28%	-17.95%	-22.94%
Operating Margin	1.67%	-12.62%	-34.13%	-10.15%	-2.28%	-40.05%	-14.92%	-23.53%	0.05%	-19.66%	-26.25%
EBIT Margin	1.78%	-12.55%	-0.38%	-10.64%	-3.08%	-39.88%	-15.95%	-21.99%	-0.01%	-20.46%	-26.25%
Profit (Net Income) Margin	5.75%	-8.49%	5.67%	-5.98%	1.02%	-35.64%	-11.58%	-12.40%	4.05%	-16.54%	-22.29%
Tax Burden Percent	100.00%	114.68%	96.23%	101.45%	98.77%	103.23%	100.00%	100.58%	97.74%	100.33%	99.93%
Interest Burden Percent	323.24%	59.05%	-1,536.84%	55.41%	-33.47%	86.57%	72.59%	56.06%	-31,000.00%	80.58%	84.96%
Effective Tax Rate	0.00%	0.00%	3.77%	0.00%	1.23%	0.00%	0.00%	0.00%	2.26%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.23%	-21.26%	-71.93%	-15.65%	-5.03%	-62.02%	-25.11%	-36.13%	0.13%	-35.92%	-53.11%
ROIC Less NNEP Spread (ROIC-NNEP)	3.26%	-21.33%	-77.72%	-15.90%	-5.82%	-60.75%	-24.88%	-36.87%	-0.79%	-35.26%	-52.34%
Return on Net Nonoperating Assets (RNNOA)	-2.46%	15.91%	57.88%	11.54%	4.27%	44.64%	18.44%	26.86%	0.60%	26.46%	40.40%
Return on Equity (ROE)	1.77%	-5.36%	-14.05%	-4.11%	-0.76%	-17.39%	-6.67%	-9.27%	0.74%	-9.46%	-12.71%
Cash Return on Invested Capital (CROIC)	-13.29%	-0.22%	-32.07%	-37.63%	-34.07%	-47.02%	-11.03%	1.90%	23.39%	17.11%	-8.13%
Operating Return on Assets (OROA)	0.99%	-6.76%	-0.19%	-5.68%	-1.61%	-20.21%	-8.81%	-11.49%	-0.01%	-11.38%	-15.18%
Return on Assets (ROA)	3.19%	-4.58%	2.81%	-3.19%	0.53%	-18.06%	-6.40%	-6.48%	2.04%	-9.20%	-12.89%
Return on Common Equity (ROCE)	1.77%	-5.36%	-14.05%	-4.11%	-0.76%	-17.39%	-6.67%	-9.27%	0.74%	-9.46%	-12.71%
Return on Equity Simple (ROE_SIMPLE)	-3.18%	0.00%	-1.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.13	-0.56	-1.63	-0.50	-0.18	-1.48	-0.67	-0.92	0.00	-1.00	-1.12
NOPAT Margin	1.67%	-8.84%	-32.85%	-7.11%	-2.25%	-28.04%	-10.44%	-16.47%	0.05%	-13.76%	-18.38%
Net Nonoperating Expense Percent (NNEP)	0.97%	0.07%	5.79%	0.25%	0.80%	-1.28%	-0.23%	0.74%	0.92%	-0.66%	-0.77%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.28%	-3.70%	-1.15%	-0.40%	-3.53%	-1.61%	-2.25%	0.01%	-2.50%	-2.90%
Cost of Revenue to Revenue	54.78%	48.89%	59.07%	58.08%	56.60%	57.69%	53.64%	54.50%	51.12%	55.37%	56.51%
SG&A Expenses to Revenue	37.13%	57.95%	67.48%	46.08%	41.08%	74.69%	52.35%	60.22%	42.82%	57.33%	61.12%
R&D to Revenue	6.42%	5.78%	7.59%	5.99%	4.60%	7.67%	8.93%	8.82%	6.01%	6.95%	8.62%
Operating Expenses to Revenue	43.55%	63.74%	75.07%	52.07%	45.68%	82.36%	61.28%	69.04%	48.83%	64.29%	69.74%
Earnings before Interest and Taxes (EBIT)	0.14	-0.80	-0.02	-0.75	-0.24	-2.11	-1.02	-1.22	-0.00	-1.48	-1.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.25	-0.75	0.08	-0.65	-0.14	-1.94	-0.85	-1.05	0.17	-1.30	-1.40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.81	0.73	0.84	0.75	0.74	0.77	0.78	1.91	2.27	1.21	0.97
Price to Tangible Book Value (P/TBV)	0.86	0.77	0.89	0.79	0.78	0.82	0.83	2.03	2.42	1.30	1.05
Price to Revenue (P/Rev)	1.29	1.18	1.49	1.23	1.23	1.28	1.21	3.09	3.77	1.82	1.42
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.25	0.00	0.39	0.16	0.07	0.22	0.10	4.79	8.27	2.06	0.86
Enterprise Value to Revenue (EV/Rev)	0.10	0.00	0.19	0.08	0.04	0.11	0.04	1.86	2.40	0.62	0.26
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.94	20.24	5.51	10.42
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	214.37	25.75	9.49	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.75	-0.75	-0.74	-0.73	-0.73	-0.73	-0.74	-0.73	-0.77	-0.75	-0.77
Leverage Ratio	1.12	1.14	1.13	1.13	1.14	1.16	1.13	1.14	1.16	1.17	1.14
Compound Leverage Factor	3.64	0.67	-17.31	0.63	-0.38	1.00	0.82	0.64	-358.06	0.94	0.97
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.52	0.87	1.87	1.35	0.93	0.36	1.20	4.84	5.75	1.51	0.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.88	6.74	7.11	6.76	5.82	5.06	6.80	5.82	5.41	5.09	5.44
Quick Ratio	6.63	6.41	6.70	6.41	5.58	4.79	6.40	5.50	5.19	4.82	5.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.16	1.28	-2.67	-2.85	-1.80	-3.53	0.89	2.49	5.37	3.33	1.17
Operating Cash Flow to CapEx	381.63%	140.55%	-942.98%	-1,765.56%	784.82%	-2,658.06%	2,320.00%	-58.33%	2,381.54%	-353.72%	-263.04%
Free Cash Flow to Firm to Interest Expense	31.00	212.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	74.80	50.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	55.20	14.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.56	0.54	0.50	0.53	0.52	0.51	0.55	0.52	0.50	0.56	0.58
Accounts Receivable Turnover	3.87	3.75	3.57	3.41	3.10	3.12	4.17	3.36	3.52	3.62	5.41
Inventory Turnover	45.65	37.12	26.52	29.28	38.03	34.71	28.02	25.87	31.62	37.13	31.86
Fixed Asset Turnover	6.26	6.04	5.54	5.89	5.85	5.22	5.56	5.32	5.25	5.43	5.35
Accounts Payable Turnover	5.94	6.01	5.04	4.80	4.74	5.44	8.73	5.51	4.70	4.64	7.67
Days Sales Outstanding (DSO)	94.38	97.43	102.19	106.96	117.73	116.89	87.54	108.77	103.61	100.72	67.44
Days Inventory Outstanding (DIO)	8.00	9.83	13.76	12.46	9.60	10.51	13.03	14.11	11.54	9.83	11.45
Days Payable Outstanding (DPO)	61.40	60.71	72.40	75.98	76.98	67.11	41.83	66.25	77.67	78.61	47.59
Cash Conversion Cycle (CCC)	40.97	46.56	43.55	43.44	50.35	60.29	58.74	56.63	37.48	31.94	31.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11	10	12	13	13	12	10	9.73	7.18	8.06	7.98
Invested Capital Turnover	2.54	2.41	2.19	2.20	2.23	2.21	2.40	2.19	2.51	2.61	2.89
Increase / (Decrease) in Invested Capital	-0.02	-1.84	1.04	2.35	1.63	2.05	-1.56	-3.41	-5.37	-4.33	-2.29
Enterprise Value (EV)	2.69	-1.47	4.63	2.08	0.93	2.67	1.07	47	59	17	6.89
Market Capitalization	36	32	37	33	32	32	32	78	93	48	37
Book Value per Share	$1.45	$1.44	$1.45	$1.43	$1.43	$1.37	$1.35	$1.32	$1.32	$1.29	$1.26
Tangible Book Value per Share	$1.37	$1.36	$1.37	$1.35	$1.35	$1.29	$1.27	$1.24	$1.24	$1.20	$1.17
Total Capital	44	44	44	44	44	42	41	41	41	40	39
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-33	-33	-32	-30	-31	-30	-31	-31	-34	-32	-31
Capital Expenditures (CapEx)	0.10	0.22	0.11	0.09	0.11	0.06	0.07	0.04	0.13	0.44	0.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.63	2.92	4.41	5.75	5.17	5.07	3.07	2.68	0.18	0.79	0.59
Debt-free Net Working Capital (DFNWC)	32	33	28	26	26	24	25	26	26	26	22
Net Working Capital (NWC)	32	33	28	26	26	24	25	26	26	26	22
Net Nonoperating Expense (NNE)	-0.33	-0.02	-1.91	-0.08	-0.26	0.40	0.07	-0.23	-0.30	0.20	0.24
Net Nonoperating Obligations (NNO)	-33	-33	-32	-30	-31	-30	-31	-31	-34	-32	-31
Total Depreciation and Amortization (D&A)	0.11	0.05	0.10	0.10	0.10	0.17	0.17	0.17	0.17	0.18	0.20
Debt-free, Cash-free Net Working Capital to Revenue	13.08%	10.78%	17.80%	21.83%	19.72%	20.17%	11.56%	10.67%	0.74%	2.96%	2.23%
Debt-free Net Working Capital to Revenue	114.98%	120.50%	111.75%	98.06%	97.74%	94.55%	93.60%	102.44%	105.38%	96.23%	84.04%
Net Working Capital to Revenue	114.98%	120.50%	111.75%	98.06%	97.74%	94.55%	93.60%	102.44%	105.38%	96.23%	84.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	($0.03)	$0.01	($0.01)	$0.00	($0.06)	($0.02)	($0.02)	$0.01	($0.05)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	30.39M	30.35M	30.39M	30.48M	30.71M	30.57M	30.72M	30.87M	31.07M	30.94M	31.09M
Adjusted Diluted Earnings per Share	$0.01	($0.02)	$0.01	($0.01)	$0.00	($0.06)	($0.02)	($0.02)	$0.01	($0.05)	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	30.63M	30.35M	30.76M	30.48M	30.85M	30.57M	30.72M	30.87M	31.29M	30.94M	31.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.39M	30.39M	30.39M	30.71M	30.71M	30.71M	30.78M	31.07M	31.07M	30.71M	31.17M
Normalized Net Operating Profit after Tax (NOPAT)	0.09	-0.56	-1.63	-0.50	-0.18	-1.48	-0.67	-0.92	0.00	-1.00	-1.12
Normalized NOPAT Margin	1.17%	-8.84%	-32.85%	-7.11%	-2.25%	-28.04%	-10.44%	-16.47%	0.05%	-13.76%	-18.38%
Pre Tax Income Margin	5.75%	-7.41%	5.89%	-5.89%	1.03%	-34.53%	-11.58%	-12.32%	4.14%	-16.49%	-22.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	28.40	-132.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	26.60	-93.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	8.80	-168.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	7.00	-129.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-43.18%	-15.86%	-4.89%	-4.02%	-6.87%	-7.38%	-9.55%	-7.89%

Financials Breakdown Chart

Fuel Tech Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fuel Tech's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Fuel Tech's net income appears to be on a downward trend, with a most recent value of -$2.32 million in 2025, falling from -$12.38 million in 2015. The previous period was -$1.94 million in 2024. View Fuel Tech's forecast to see where analysts expect Fuel Tech to go next.

Fuel Tech's total operating income in 2025 was -$3.68 million, based on the following breakdown:

Total Gross Profit: $12.38 million
Total Operating Expenses: $16.06 million

Over the last 10 years, Fuel Tech's total revenue changed from $73.66 million in 2015 to $26.68 million in 2025, a change of -63.8%.

Fuel Tech's total liabilities were at $7.25 million at the end of 2025, a 5.9% increase from 2024, and a 57.5% decrease since 2015.

In the past 10 years, Fuel Tech's cash and equivalents has ranged from $8.37 million in 2017 to $35.89 million in 2021, and is currently $11.94 million as of their latest financial filing in 2025.

Over the last 10 years, Fuel Tech's book value per share changed from 2.55 in 2015 to 1.29 in 2025, a change of -49.5%.

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Financial statements for NASDAQ:FTEK last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fuel Tech (FTEK) Financials

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Fuel Tech (FTEK) Financials

Annual Income Statements for Fuel Tech

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Quarterly Cash Flow Statements for Fuel Tech

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Financials Breakdown Chart

Fuel Tech Financials - Frequently Asked Questions

When does Fuel Tech's fiscal year end?

How has Fuel Tech's net income changed over the last 10 years?

What is Fuel Tech's operating income?

How has Fuel Tech's revenue changed over the last 10 years?

How much debt does Fuel Tech have?

How much cash does Fuel Tech have?

How has Fuel Tech's book value per share changed over the last 10 years?

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