Fuel Tech, Inc.
FTEK · Price history
Price at last available close
$1.50
−$0.15 (-9.07%) 1M
2026-10-28
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Company & revenue
About Fuel Tech, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Fuel Tech, Inc. engages in the development, commercialization, and application of technologies for air pollution control, process optimization, water treatment, and advanced engineering services to utility and industrial customers in the United States, rest of the Americas, Europe, South Africa, the Pacific Rim, and internationally. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide emissions (NOx) in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources; NOxOUT selected non-catalytic reduction and selected catalytic reduction systems, including ammonia injection grid and graduated straightening grid systems; electrostatic precipitator processes and services; ULTRA technology; urea direct injection systems; and flue gas conditioning systems. Its FUEL CHEM Technology segment provides chemical injection programs to improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units for the control of slagging, fouling, corrosion, opacity, and acid plume, as well as the formation of sulfur trioxide, ammonium bisulfate, particulate matter, sulfur dioxide, and carbon dioxide through the addition of chemicals into the furnace using targeted in-furnace injection technology.
How they make money
Fuel Tech generates revenue by developing and applying proprietary technologies for air pollution control and water treatment. The company operates through long-term service contracts and equipment sales, where revenue is recognized based on the cost-to-cost method for project-based contracts or as services are delivered for chemical treatment programs.
Products & services
Proprietary air pollution control systems, FUEL CHEM chemical treatment programs for boiler optimization, and advanced engineering services for utility and industrial applications.
Brands & revenue mix
Proprietary chemical treatment program for boiler optimization.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
The company reported that its five largest customers accounted for 58% of net revenues in 2025, with the largest single customer representing 21% of net revenues.
Suppliers, materials & equipment
- Chemical raw material suppliers — Various third-party vendors providing chemical components for the FUEL CHEM program.Source
Competitors
- Environmental technology and engineering firms — Companies providing competing air pollution control and boiler optimization technologies.Source
Strengths
- Proprietary technology portfolioSource
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
27
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
32
Poor
Financial Strength
51
Business Quality / Moat
6
Management
40
Growth Quality
28
Risk / Durability
33
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
47
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
48/100
Building Historical Record
Model Score 48/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
- •Balance-sheet / debt profile scores strongly
- •Insider activity signal is favorable
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for FTEK
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can FTEK maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is FTEK's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •How is FTEK likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for FTEK to reach sustainable profitability?
- •What future growth or profitability would be needed to justify FTEK's current valuation?
Essential Investment Snapshot
Wall Street Score
27
Opportunity Score
47
Market Cap
$47.7M
P/E Ratio
-14.4
EPS
$-0.11
52-Week High
$3.45
52-Week Low
$1.17
Beta
1.30
Shares Outstanding
30.9M
Total Revenue
$27.3M
Total Debt
$533K
Dividend
No current dividend
Liquidation Value / Share
$1.21
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total callsNo personal call yet on FTEK.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Proprietary technology portfolio.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Industrial - Pollution & Treatment Controls industry.
- −High customer concentration.
- −Dependence on utility and industrial capital spending cycles.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
5 historical score records availablePrevious Score
27
Sep 24, 2026
Change
Unchanged
Current Score
27
Oct 1, 2026
Category Changes
FTEK score was unchanged.
Projected Score
Projected Score
32
Projected Change
+4.6 points
Preliminary comparable-period financial changes suggest improvement of approximately 4.6 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$1.53
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.3M | $26.7M | $25.1M | $27.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $15.1M | $14.3M | $14.5M | $15.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $12.2M | $12.4M | $10.6M | $11.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $2.1M | $2.0M | $1.6M | $1.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $14.7M | $14.1M | $13.8M | $12.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $16.8M | $16.1M | $15.3M | $14.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$2.9M | -$1.6M | -$1.4M | -$1.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$4.6M | -$3.7M | -$4.7M | -$2.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $0.00 | $0.00 | $0.00 | $21K | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$3.5M | -$2.3M | -$1.9M | -$1.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $20K | $15K | $77K | $69K | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$3.5M | -$2.3M | -$1.9M | -$1.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-0.11 | $-0.08 | $-0.06 | $-0.05 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 31.18M | 30.94M | 30.57M | 30.35M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 31.18M | 30.94M | 30.57M | 30.35M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$6.5M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.04
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-14.0%
Cash Change
-28.0%
Margin Change
-6.6 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Debt reduced
What Weakened
- Margins contracted
- Cash position declined
Potential Score Impact
Positive indicators included revenue growth, EPS growth, debt levels. Pressure indicators included cash levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 16.7%. EPS increased 79.4%. Cash declined 28.0%. Total debt declined 14.0%. Net income margin declined by 6.6 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
5 historical recordsHistorical Score Chart
3 of 5 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Industrial - Pollution & Treatment ControlsNews
Fuel Tech Announces Air Pollution Control Contracts Valued at Approximately $3.3 Million
Fuel Tech Announces Air Pollution Control Contracts Valued at Approximately $2.8 Million
Fuel Tech To Present At H.C. Wainwright 28th Annual Global Investment Conference
Fuel Tech, Inc. Names Sharon L. Jones Chair of the Board
Rumor Mill · FTEK
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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