What is FCEL's dilution risk score?

FCEL has a latest available DilutionScore record of 44/100, categorized as medium dilution risk by the DilutionWatch scoring model. DilutionWatch displays SEC filing and dilution indicators for FCEL, including shelf registrations, ATM offerings, warrant exercises, PIPE deals, and reverse split signals when detected in source data.

What SEC filings does DilutionWatch track for FCEL?

DilutionWatch tracks 25 SEC filing types for FCEL including S-3 shelf registrations, 424B prospectuses (ATM offerings), S-1 registration statements, 8-K material events, warrant exercise notices, convertible note agreements, and Form 4 insider transactions. Alerts are delivered via email within minutes of a filing appearing on EDGAR.

How does stock dilution affect FCEL shareholders?

Stock dilution occurs when a company issues new shares, reducing the ownership percentage of existing shareholders. For FCEL, common dilution events include at-the-market (ATM) stock offerings, shelf registration drawdowns, warrant exercises, and convertible note conversions. Each event increases the share count and can pressure the stock price lower.

Is DilutionWatch free for FCEL tracking?

DilutionWatch provides a free tier that shows DilutionScores and basic filing history for FCEL. Premium plans ($19.95/month Basic, $39.95/month Premium) unlock real-time email alerts, the full Pulse™ feed, advanced dilution forecasts, and access to all 10,000+ tracked tickers.

FCEL Dilution Risk Score: 44/100 (MEDIUM)

Score Breakdown

📋 Offering Ability

💰 Cash Runway

📊 Float Risk

⚠️ Warrant Exposure

🔄 Convertible Debt

Dilution Forecast

🌥️

Advisory

Moderate dilution signals present

model est. 28%

🔁 Convertible Conversion model 40%

• Significant convertible debt: 29% potential dilution

• Elevated convertible risk (60/100)

💰 Capital Raise model 18%

• Active ATM program with $200M remaining capacity

📜 Warrant Exercise model 15%

• Warrant overhang: 7.5% of shares outstanding

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Market Data

Market Cap$1.31B

Shares Outstanding79.95M

Float52.77M

Cash$718.99M

Debt$84.90M

Short InterestN/A

Source-Backed Evidence Depth

This public preview uses stored DilutionWatch fields and linked SEC/market records only. Missing values are not estimated.

Field	Current Value	Basis
DilutionScore	44/100	DilutionWatch score record
Shares Outstanding	79.95M	Verified float table or market cache
Public Float	52.77M	Verified float table or market cache
Market Cap	$1.31B	Market data cache
Cash Runway	45.1 months	DilutionWatch score inputs
Shelf Capacity	None in current score inputs	SEC-derived dilution fields
ATM Capacity	$200.00M	SEC-derived dilution fields
Outstanding Warrants	6.00M	SEC-derived dilution fields

Recent source-backed SEC insight records available on this page: 7.

Recent SEC source mix: 4 3, FORM 4 2, XBRL 2.

The page does not infer future share issuance, financing probability, cash needs, management intent, or price impact when source fields are absent.

Institutional Holdings

QoQ: ↑ 23.0% shares (2026Q1 vs prior)

149 institutional holders · 31.25M shares

#1 VANGUARD CAPITAL MANAGEMENT LLC 4.36M shares

#2 SUSQUEHANNA INTERNATIONAL GROUP, LLP 3.01M shares

#3 Legal & General Group Plc 2.87M shares

+ 17 more holders Sign up free to view →

Institutional holder totals are aggregated from ownership filings and may use a different share basis or reporting date than public float. They are not a reconciliation against tradeable float.

Short Interest

Short Interest24.47M

Days to Cover4.6

% of Float46.4%

FINRA data as of Sep 30, 2026

Recent SEC Activity

xbrl XBRL WARRANT 2026-09-02

xbrl XBRL CONVERTIBLE 2021-01-21

Form 4 INSIDER TRANSACTION 2026-10-06

Form 4 INSIDER TRANSACTION 2026-09-14

4 INSIDER TRANSACTION 2026-04-17

Full SEC filing analysis available with free account →

Recent News

No recent news available for this ticker.

Factual FCEL Dilution Snapshot

FuelCell Energy, Inc. (FCEL) has a DilutionScore of 44/100, rated Medium dilution risk. Score date: October 13, 2026.

Stored ATM program remaining capacity: $200.0M.
Stored outstanding warrants: 6.0M.
Recent SEC activity tracked for FCEL: Form 4 on 2026-10-06; Form 4 on 2026-09-14; xbrl on 2026-09-02.

This automatically generated snapshot is assembled from stored DilutionWatch data fields and may contain data-source errors or omissions. It is not financial advice, not investment research, and not a recommendation. Do your own research and review the full disclaimer and terms of service.

DilutionScore History — Last 90 Days

FCEL's DilutionScore is currently 44/100 (Medium risk), with 5 score changes tracked over 89 days. The score deteriorated from 47/100 (Medium risk).

Period	Score	Risk Level	Duration
Sep 30 – Oct 13, 2026	44/100	MEDIUM	14 days
Sep 16 – Sep 29, 2026	47/100	MEDIUM	14 days
Sep 06 – Sep 15, 2026	54/100	HIGH	10 days
Aug 22 – Sep 05, 2026	52/100	HIGH	15 days
Aug 14 – Aug 21, 2026	42/100	MEDIUM	7 days
Jul 16 – Aug 13, 2026	55/100	HIGH	29 days

Score recalculated daily from SEC filings and market data. Sign up free for real-time score change alerts.

Share Dilution History

FCEL shares outstanding have increased 0.1% from 52.95M (Mar 2026) to 52.98M (May 2026). Each increase represents potential dilution to existing shareholders.

Date	Shares Outstanding	Public Float	Change
May 27, 2026	52.98M	52.77M	▼ 0.05%
Apr 26, 2026	52.98M	52.79M	▼ 0.05%
Mar 14, 2026	52.95M	52.81M	▲ 0.03%
Mar 13, 2026	52.95M	52.80M	▼ 0.10%
Mar 05, 2026	52.95M	47.62M	▲ 0.03%

Share counts sourced from verified regulatory filings. Increases indicate dilution events.

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