Growth & profitability
- Revenue has grown 3.4% per year over the past 5 years.
- Operating margin has expanded, at -13.8% in the latest year.
FTEK Financials FUEL TECH, INC.
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $27M | -$2M | 46.4% | -13.8% | -5.8% | -4.9% | $2M | — | $12M |
| 2024 | $25M | -$2M | 42.3% | -18.7% | -4.6% | -4.0% | -$4M | — | $9M |
| 2023 | $27M | -$2M | 43.0% | -9.8% | -3.5% | -3.1% | $278000 | — | $18M |
| 2022 | $27M | -$1M | 43.2% | -5.7% | -3.2% | -2.9% | -$4M | — | $23M |
| 2021 | $24M | $54000 | 49.0% | -6.1% | 0.1% | 0.1% | $677000 | $0 | $36M |
| 2020 | $23M | -$4M | 47.2% | -19.2% | -19.2% | -14.2% | -$3M | $2M | $11M |
| 2019 | $30M | -$8M | 35.5% | -27.0% | -30.0% | -24.8% | -$4M | $0 | $11M |
| 2018 | $57M | -$28000 | 35.5% | 0.2% | -0.1% | -0.1% | $4M | — | $12M |
| 2017 | $45M | -$10M | 39.9% | -15.6% | -30.6% | -20.7% | -$4M | — | $8M |
| 2016 | $55M | -$17M | 34.1% | -21.8% | -40.7% | -30.1% | -$4M | — | $12M |
| 2015 | — | -$12M | — | — | -21.2% | -16.3% | $6M | — | $22M |
| 2014 | — | -$18M | — | — | -24.5% | -19.4% | $3M | — | $19M |
| 2013 | — | $5M | — | — | 5.8% | 4.6% | $1M | — | $28M |
| 2012 | — | $3M | — | — | 3.3% | 2.6% | $6M | — | $24M |
| 2011 | — | $6M | — | — | 6.9% | 5.4% | $2M | — | $28M |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $6M | -$1M | 41.2% | -24.1% | -3.3% | -2.8% | -$971000 | — | $8M |
| Mar '26 | $6M | -$1M | 43.5% | -26.3% | -3.5% | -3.0% | -$1M | — | $9M |
| Dec '25 | $7M | -$1M | 44.6% | -19.7% | -3.0% | -2.5% | -$2M | — | $12M |
| Sep '25 | $7M | $303000 | 48.9% | 0.1% | 0.7% | 0.6% | $3M | — | $14M |
| Jun '25 | $6M | -$689000 | 45.5% | -23.5% | -1.7% | -1.5% | -$57000 | — | $11M |
| Mar '25 | $6M | -$739000 | 46.4% | -14.9% | -1.8% | -1.6% | $1M | — | $12M |
| Dec '24 | $5M | -$2M | 42.3% | -40.1% | -4.5% | -3.9% | -$2M | — | $9M |
| Sep '24 | $8M | $80000 | 43.4% | -2.3% | 0.2% | 0.2% | $767000 | — | $12M |
| Jun '24 | $7M | -$421000 | 41.9% | -10.2% | -1.0% | -0.9% | -$2M | — | $10M |
| Mar '24 | $5M | $281000 | 40.9% | -34.1% | 0.6% | 0.6% | -$1M | — | $11M |
| Dec '23 | $6M | -$539000 | 51.1% | -12.6% | -1.2% | -1.1% | $88000 | — | $18M |
| Sep '23 | $8M | $459000 | 45.2% | 1.7% | 1.0% | 0.9% | $276000 | — | $13M |
| Jun '23 | $5M | -$1M | 36.6% | -24.4% | -2.4% | -2.1% | -$1M | — | $15M |
| Mar '23 | $7M | -$414000 | 38.5% | -9.0% | -0.9% | -0.8% | $980000 | — | $16M |
| Dec '22 | $7M | -$402000 | 42.8% | -3.6% | -0.9% | -0.8% | -$2M | — | $23M |
| Sep '22 | $8M | $314000 | 45.8% | 2.4% | 0.7% | 0.6% | $682000 | — | $24M |
| Jun '22 | $6M | -$356000 | 42.1% | -7.6% | -0.8% | -0.7% | -$2M | — | $31M |
| Mar '22 | $6M | -$998000 | 41.4% | -17.8% | -2.2% | -2.0% | -$2M | — | $34M |
| Dec '21 | $6M | -$244000 | 50.2% | -3.4% | -0.5% | -0.5% | $689000 | $0 | $36M |
| Sep '21 | $8M | $678000 | 49.2% | 7.6% | 1.5% | 1.3% | -$4000 | $0 | $35M |
Valuation over time
How the market has priced FTEK against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 1.5× (Mar '23) to 1.7× (Sep '26).
P/S
Frequently asked questions
Is FTEK growing its revenue and profit?
Over the past 5 years, FUEL TECH, INC.'s revenue has grown 3.4% per year. These are computed facts, not advice.
How much debt does FTEK have?
As of FY2025, FUEL TECH, INC. reported — of total debt against $12M of cash.
What is FTEK's profit margin?
In FY2025, gross margin was 46.4%, operating margin -13.8%, and net margin -8.7%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.