Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Sales comps and Analyst consensus.
ACCE opinionFuel Tech Inc. Common Stock (FTEK)
Fair value
Not available
ACCE price target
$1.19
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $1.37 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Sales comps.
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
55
out of 100
Analysts
100% buy
1 covering
P/E
0.0x
forward 14.0x
1-year return
-52.3%
Dividend yield
0.00%
Fuel Tech Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Fuel Tech sells selective catalytic reduction and other air pollution control systems, plus its Fuel Tech Ltd. and FUEL CHEM chemical product lines, mostly to coal, gas and industrial emitters. Its edge is a patent-protected urea-based NOx reduction chemistry and an installed base that generates recurring reagent and service revenue, which is why gross margin sits near 44.7%. Revenue growth of 16.7% is encouraging for a company with a $44M market cap, but operating margin of -24.1% shows the cost base has not yet caught up with the top line. A forward P/E of 14.0 against a trailing figure that is not meaningful suggests the market expects a return to profitability, so the thesis turns on whether the margin gap closes. We would want to see operating leverage on the growth before any position sizing is discussed.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Operating losses persist
Operating margin is -24.1% and net margin -12.8%, with ROE at -8.9%. The earnings jump of +276.0% comes off a weak base, not from sustained profitability.
moderate
Recent revenue slump
Revenue fell 16.1% quarter on quarter despite +16.7% year on year, and the five-year revenue CAGR is only +3.4%. Growth is uneven.
moderate
Price above ACCE target
At $1.40 the stock trades 15.1% above the ACCE price target of $1.19. Valuation support from our target is thin.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 16.7% year over year, well ahead of its 3.4% average annual pace over the past five years.
Debt is barely there, with a debt to equity ratio of 0.01, so the company is not leaning on borrowed money.
Analysts' mean price target is $4.00, which they say sits 185.7% above the current share price.
Why it could disappoint
Free cash flow over the last twelve months was only $2M, a thin cushion for a business still losing money.
Latest earnings missed badly, with EPS of -0.04 against -0.02 expected, a surprise of -100.0%.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 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 FTEK's valuation models land
Price
$1.37
Model fair valueConfidence: low
about $2.82
Model
Fair value
Upside
Analyst consensus
Sales comps
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Quality
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