Hydrogen Fuel Cell Showdown: FCEL or BE—Which Offers Better Returns?

The hydrogen economy is ramping up as governments and corporations pursue aggressive decarbonization. Stationary fuel-cell companies like FuelCell Energy (FCEL) and Bloom Energy (BE) are positioned to capture this shift, providing on-site power generation through electrochemical reactions instead of traditional combustion. Both firms operate in the clean-energy sector and have strong order backlogs fueled by growing acceptance of hydrogen and fuel-cell technology. But which one deserves your capital?

Growth Trajectory: Who’s Scaling Faster?

When it comes to near-term expansion, the numbers tell different stories. BE is showing more aggressive profit growth—analyst consensus projects earnings per share to jump 85.71% in 2025 and 78.75% in 2026. FCEL’s earnings outlook is more modest at 1.56% in 2025, followed by a stronger 56.26% rebound in 2026.

Revenue growth favors FCEL slightly in the near term. FCEL’s top line is expected to grow 34.69% in 2025 versus BE’s 28.60%. However, BE accelerates in 2026 with 37.74% revenue growth compared to FCEL’s 21.47%. This suggests BE may be hitting an inflection point later, while FCEL is already in execution mode.

The Debt Question: Capital Efficiency Matters

Here’s where the picture shifts significantly. Hydrogen and fuel-cell infrastructure is capital-intensive—companies need heavy R&D spending, manufacturing expansion and large-scale project financing. FCEL’s debt-to-capital ratio sits at a lean 19.4%, while BE carries 62.57%. That’s a material difference in financial flexibility. FCEL has more breathing room to fund growth without excessive leverage, while BE’s higher debt load limits its ability to capitalize on opportunities without dilution or constraint.

Valuation: FCEL Looks Cheaper

On a price-to-sales basis (forward 12 months), BE trades at a significant premium—9.4X versus FCEL’s 1.07X. That suggests the market is pricing in higher expectations for BE’s hydrogen electrolyzer platform and future growth. FCEL, meanwhile, offers better value at its current valuation.

Recent Price Action: Both Took Hits

Over the past month, both stocks have retreated—FCEL down 24% and BE down 24.4%. The hydrogen sector has faced broader headwinds, but the similar drawdowns suggest sector-wide pressure rather than company-specific weakness.

The Verdict

Based on fundamentals, FCEL edges out BE for value-oriented investors. Better revenue growth in the near term, a fortress balance sheet with lower debt, and cheaper valuation offer a more compelling entry point. BE remains a solid play on longer-term hydrogen adoption and has stronger earnings momentum, but its premium valuation and leverage profile make it riskier at current prices. The Zacks consensus reflects this—FCEL carries a #2 (Buy) rating versus BE’s #3 (Hold). For investors seeking exposure to the hydrogen economy with better risk-reward right now, FuelCell Energy presents the stronger case.