Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a cyclical company: EV/EBITDA comparison and Discounted cash flow.
ACCE opinionClean Energy Fuels Corp. Common Stock (CLNE)
Fair value
Not available
ACCE price target
$1.45
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $1.46 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
46
out of 100
Analysts
67% buy
6 covering
P/E
0.0x
forward 6.9x
1-year return
-49.0%
Dividend yield
0.00%
Clean Energy Fuels Corp. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Clean Energy Fuels sells renewable natural gas (RNG) and compressed and liquefied natural gas fuel for heavy-duty trucks, operating the fueling stations that go with it and collecting environmental attribute credits such as California LCFS and federal RIN credits on the gas it delivers. The moat is its station network and its position as one of the largest RNG suppliers to fleets, which gives it volume and contracts that are hard to replicate, though it is not a deep one. The near-term driver is the monetization of RNG environmental credits and the growth of its dairy and landfill gas supply, which is where the margin story rests. The stock trades at a forward P/E of 6.9 on revenue growing 3.7%, but the company is still operating at a -4.8% operating margin and a -16.4% ROE, so the discount reflects real unprofitability and dependence on credit prices rather than a clean mispricing. It earns a score of 45/100 and sits outside major indices, so it deserves a deeper look only if the credit-driven margin path can be verified against the cash burn.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Operating losses persist
Operating margin is -4.8% and net margin is -21.3%, so the business is not covering its costs. Revenue grew only 3.7% year over year, leaving little room for margin recovery.
moderate
Insider selling without buying
Insiders sold $1.12M across the last 10 disclosed transactions and bought nothing. Insiders hold 22.0% of the stock, so the selling is worth noting.
moderate
Score down over 90 days
The ACCE score fell from 50 to 45 over 90 days. The Quality sub-score is 39 and Momentum is 17, both weak.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts rate the stock Buy or Strong Buy, with four of six covering it on that view.
Free cash flow over the last 12 months was $26M, a positive cash result for a loss-making company.
Revenue grew 3.7% over the last year, and the company cut its diluted share count by 1.2% last fiscal year.
Why it could disappoint
The company lost money on every dollar of sales, with a net margin of -21.3% in the latest filing.
Return on invested capital was -27.7%, meaning the business is destroying value on the money put into it.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where CLNE's valuation models land
Price
$1.46
Model fair valueConfidence: low
about $0.22
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores