ZYBERNO
Stock Report
Updated Sep 1, 2026

FUEL TECH, INC. (FTEK)

Technology • NASDAQ

$1.42

Professional Investment Analysis

ZYBERNO SCORE
Is it a great business? Is it getting better?
35.0/100
WEAK BUSINESS
FUEL TECH, INC. (FTEK) scores 35/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
-100.0%
Overvalued
Growth gap unavailable — insufficient data for reverse DCF calculation.
🎯 Expected Annual Return
-24.4%
Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)
0.4%
Yield + growth — what the business alone earns you, even if the market never re-rates
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-8.9%)
Debt-to-Equity (Solvency Risk):EXCELLENT (0.02x)
Operating Margin (Operational Efficiency):CRITICAL (-15.7%)
Return on Capital (Capital Efficiency):CRITICAL (-10.6%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

FUEL TECH, INC. (FTEK) stock report — Zyberno Score 35/100 (WEAK BUSINESS), Margin of Safety -100.0%, -24% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, FUEL TECH, INC. (FTEK) trades at $1.42 against an estimated intrinsic value per share of $0.15 — a -100.0% Margin of Safety based on Owner Earnings of $147.00K TTM, projected at 61.3% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -24.4% annually.

Over the trailing twelve months, FTEK generated $147.00K in Owner Earnings. Capital was deployed as follows: $34.00K returned via share buybacks, $931.00K invested in capital expenditures. Reinvestment rate: -0.3%. Owner Earnings have grown at 61.3% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:1.42
Market Cap:$44.28M

Valuation Multiples (3)

P/B Ratio:1.18x
P/S Ratio:1.62x
Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$37.19M

Price Action & Momentum (3)

Momentum Percentile:27 / 100
% of 52-Week High:38.9%
B. Profitability Assessment

Return Metrics (5)

ROA:-7.6%
Reinvestment Rate:-0.3%
Fundamental Growth Rate (g):0.0%

Margin Analysis (3)

Operating Margin Ttm:-15.7%
Net Margin Ttm:-12.7%
Ebitda Margin:-13.2%

TTM Performance (3)

Gross Margin Ttm:44.7%
Operating Margin Ttm:-15.7%
Net Margin Ttm:-12.7%

Yield Metrics (3)

Earnings Yield:-$8.11
Owner Earnings Yield:$0.32
Dividend Yield:0.0%
C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

EPS Surprise vs Expected:-68.4%
Latest Earnings Filed:2026-08-04

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-2.6%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-16.9%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):66.6%
Operating Cash Flow Growth Rate (Linear):58.6%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:5.10x
Quick Ratio:5.03x
Cash Ratio:1.55x

Leverage Analysis (3)

Debt To Equity Ttm:0.02x
Debt-to-Equity Ratio:0.02x
Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:20,118,000.00
Cash And Cash Equivalents:7,620,000.00
Long Term Debt:$439.00K
Net Debt:-$7.09M
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $27.30M
Linear Growth: -2.6%
📊 Click to view full FTEK Revenue analysis & methodology →
Cost Of Revenue Ttm:$15.09M

Profitability Breakdown (2)

Gross profit TTM: $12.21M
Linear Growth: -1.1%
📊 Click to view full FTEK Gross Profit analysis & methodology →
-$4.28M

Bottom Line Performance (3)

Net income TTM: -$3.48M
Linear Growth: -16.9%
📊 Click to view full FTEK Net Income analysis & methodology →
Income Before Tax:-$3.46M
Ebitda Ttm:-3,602,000.00

Operating Expenses (5)

Operating Expenses:31,884,000.00
R And D Expense:2,124,000.00
Sga Expense:14,672,000.00
Income Tax Expense:$20.00K
Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:32.8%
Sga To Revenue Percentage:226.2%
Ebitda Margin:-13.2%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$43.19M
Current Assets:$25.03M
Ppe Net:4,782,000.00
Goodwill:2,116,000.00
Intangible Assets:$604.00K

Liability Structure (4)

Total Liabilities:5,827,000.00
Current Liabilities:4,908,000.00
Long Term Debt:$439.00K
Short Term Debt:$94.00K

Equity & Capital (3)

Equity:$37.37M
Retained Earnings:-$124.38M
Common Stock:40,000,000.00

Working Capital Items (3)

Accounts Receivable:3,904,000.00
Inventory:358,000.00
Accounts Payable:2,817,000.00

Special Items (2)

Contract Liabilities:960,000.00
Stock Based Compensation:42,000.00
C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $661.00K
Linear Growth: 58.6%
Free cash flow TTM: -$270.00K
Linear Growth: 66.6%
📊 Click to view full FTEK Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$1.91M
Capital Expenditures Ttm:931,000.00

Financing Activities (3)

Financing Cash Flow:-$34.00K
Dividends Paid Ttm:0.00
Stock Repurchase:34,000.00

Capital Transactions (3)

Common Stock Issuance:0.00
Long Term Debt Issuance:$0.00
Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:674,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.12
Eps diluted TTM: -$0.12
Linear Growth: 0.0%
📊 Click to view full FTEK EPS analysis & methodology →
Earnings Per Share Ttm:-$0.11

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.88
Operating Cash Flow Per Share:$0.10

Book Value & Capital (2)

Book Value Per Share:$1.20
Cash Per Share:0.24

Dividend Policy (1)

Dividend Payout Ratio:-999.00x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.60x
Working Capital Turnover Ttm:1.36x

Receivables Management (2)

Receivables Turnover Ttm:6.99x
Days Sales Outstanding Ttm:52.19

Inventory Management (2)

Inventory Turnover Ttm:42.15x
Days Inventory Outstanding Ttm:8.66

Payables & Cash Cycle (2)

Days Payable Outstanding:68.15
Cash Conversion Cycle:-7.29
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00
Quality Score:55.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $147.00K
Linear Growth: 61.3%
📊 Click to view full FTEK Owner Earnings analysis & methodology →
Owner Earnings Per Share:$0.00
Owner Earnings Yield:$0.32

Growth Assessment (1)

Owner Earnings Growth Rate:$61.33

Damodaran Growth Analysis (2)

Reinvestment Rate:-0.3%
Fundamental Growth Rate (g):0.0%

Intrinsic Value Models (1)

Return Scenarios (2)

Investment Assessment (1)

Buffett Assessment:Overvalued
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-2.6%
Net Income Growth Rate (Linear):-16.9%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):66.6%
Operating Cash Flow Growth Rate (Linear):58.6%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-1.1%
Book Value Growth Rate (Linear):-3.8%
Owner Earnings Growth Rate:$61.33
C. Company Profile & Context

Corporate Information (6)

Symbol:FTEK
Company Name:FUEL TECH, INC.
Sector:Technology
Industry:Industrial & Commercial Fans & Blowers & Air Purifing Equip
Exchange:NASDAQ
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:low
Volume Category:N/A

Share Structure (3)

Shares Outstanding:31.18M
Shares Outstanding Basic:31.18M
Shares Outstanding Diluted:31.18M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-09-01 05:08:21 UTC
Data Timestamp:2026-08-20T14:49:09.605228
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