Clean Energy Fuels Corp. CLNE
Clean Energy Fuels Corp., a Delaware corporation, is a leading renewable energy company focused on the procurement and distribution of renewable natural gas ("RNG") and conventional natural gas, in the form of compressed natural gas ("CNG") and liquefied natural gas ("LNG"), for the United States ("U.S.") and Canadian transportation markets. RNG, which is delivered as either CNG or LNG, is created by the recovery and processing of naturally occurring, environmentally detrimental waste methane ("biogas") from non-fossil fuel sources—such as dairy and other livestock waste and landfills—for environmentally beneficial use as a replacement for fossil-based transportation fuels at an affordable price. Methane is one of the most potent climate-harming greenhouse gases ("GHG") with a comparative impact on global warming that is about 28 times more powerful than that of carbon dioxide. We are focused on developing, owning, and operating dairy RNG projects and supplying RNG (currently procured from third party sources) to our customers in the heavy and medium-duty commercial transportation sectors. We have participated in the alternative vehicle fuels industry for over 28 years. We believe we are in a unique position because the valuable Environmental Credits (as defined below) are generated by the party that dispenses RNG into vehicle fuel tanks, and we believe we have access to more dispensers than any other market participant.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $424.8M | $415.9M | $425.2M | $420.2M | $255.6M | $291.7M | $344.1M | $346.4M | $341.6M | $402.7M |
| Cost of revenue | — | — | — | — | — | — | — | — | $26.3M | $25.6M |
| Gross profit | — | — | — | — | — | — | — | — | $315.3M | $377.1M |
| SG&A | $111.8M | $111.8M | $112.3M | $109.5M | $89.9M | $68.5M | $73.4M | $77.2M | $95.7M | $105.5M |
| Total operating expenses | $584.7M | $452.2M | $501.6M | $471.9M | $350.7M | $301.6M | $334.1M | $342.5M | $476.0M | $420.3M |
| Operating income | -$159.9M | -$36.4M | -$76.4M | -$51.7M | -$95.0M | -$9.8M | $9.9M | $3.9M | -$134.4M | -$17.6M |
| Interest expense | $52.7M | $32.2M | $22.9M | $6.3M | — | — | — | — | — | — |
| Pre-tax income | -$225.5M | -$81.0M | -$100.5M | -$59.4M | -$94.0M | -$11.2M | $14.1M | -$8.8M | -$83.3M | -$12.4M |
| Income tax | $2.8M | $2.7M | $423.0K | $220.0K | $119.0K | $309.0K | $858.0K | $341.0K | $1.9M | $1.3M |
| Net income | -$222.0M | -$83.1M | -$99.5M | -$58.7M | -$93.1M | -$9.9M | $20.4M | -$3.8M | -$79.2M | -$13.7M |
| EPS, basic | -1.01 | -0.37 | -0.45 | -0.26 | -0.44 | -0.05 | 0.10 | -0.02 | -0.53 | — |
| EPS, diluted | -1.01 | -0.37 | -0.45 | -0.26 | -0.44 | -0.05 | 0.10 | -0.02 | -0.53 | -0.10 |
| Shares, diluted (wtd. avg.) | 220.6M | 223.3M | 222.9M | 222.4M | 213.1M | 200.7M | 206.0M | 180.7M | 150.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $155.6M | $89.5M | $107.0M | $126.0M | $106.5M | $120.0M | $53.2M | $34.6M | $37.2M | $43.1M |
| Short-term investments | $552.0K | $128.0M | $158.2M | $139.6M | $129.7M | $29.5M | $56.9M | $65.6M | $141.5M | $73.7M |
| Receivables | $100.8M | $107.7M | $98.4M | $91.4M | $87.4M | $61.8M | $61.8M | $68.9M | $64.0M | $79.4M |
| Inventory | $43.9M | $43.4M | $45.3M | $37.1M | $31.3M | $28.1M | $29.9M | $35.0M | $35.2M | $29.5M |
| Total current assets | $350.3M | $413.8M | $470.2M | $471.7M | $409.9M | $263.0M | $293.8M | $225.6M | $304.9M | $261.8M |
| Property, plant and equipment | — | — | — | — | — | — | $323.9M | $350.6M | $367.3M | $483.9M |
| Goodwill | $0 | $64.3M | $64.3M | $64.3M | $64.3M | $64.3M | $64.3M | $64.3M | $64.3M | $93.0M |
| Other intangibles | $9.9M | $6.4M | $6.4M | $5.9M | $5.5M | $464.0K | $1.2M | $2.2M | $3.6M | $38.7M |
| Total assets | $1.06B | $1.24B | $1.26B | $1.08B | $957.1M | $715.0M | $777.1M | $699.1M | $791.9M | $897.3M |
| Accounts payable | $26.2M | $33.3M | $57.0M | $44.4M | $24.4M | $17.3M | $27.4M | $19.0M | $17.9M | $23.6M |
| Short-term debt | $52.0K | $40.0K | $38.0K | $93.0K | $12.8M | $3.6M | $56.0M | $4.7M | — | — |
| Total current liabilities | $151.2M | $154.7M | $163.8M | $148.1M | $125.9M | $79.8M | $162.6M | $80.3M | $203.3M | $89.2M |
| Long-term debt | $226.7M | $265.3M | $261.1M | $145.5M | $23.2M | $82.1M | $32.9M | $75.0M | — | — |
| Total liabilities | $491.6M | $524.4M | $525.8M | $354.9M | $201.7M | $192.2M | $234.1M | $174.1M | $342.3M | $403.6M |
| Retained earnings | -$1.23B | -$1.01B | -$929.5M | -$830.0M | -$771.2M | -$678.1M | -$668.2M | -$688.7M | -$683.6M | -$603.8M |
| Total equity | $559.4M | $713.3M | $733.6M | $727.5M | $755.4M | $522.9M | $543.0M | $525.0M | $449.7M | $493.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $85.5M | $64.6M | $43.8M | $66.7M | $41.3M | $61.0M | $12.3M | $38.0M | -$4.3M | $46.3M |
| Depreciation and amortisation | $98.6M | $44.7M | $45.7M | $54.7M | $45.2M | $47.7M | $49.6M | $51.9M | $56.6M | $59.3M |
| Stock-based compensation | $8.9M | $10.8M | $23.3M | $26.5M | $15.0M | $3.0M | $3.9M | $5.3M | $8.1M | $8.1M |
| Capital expenditure | $25.7M | $65.0M | $100.9M | $44.5M | $23.1M | $13.3M | $27.1M | $25.3M | $36.3M | $23.6M |
| Investing cash flow | $63.1M | -$77.7M | -$202.0M | -$148.5M | -$207.7M | $24.2M | -$1.5M | $54.4M | $40.7M | $3.7M |
| Financing cash flow | -$82.1M | -$1.9M | $139.1M | $101.6M | $152.8M | -$18.7M | $7.7M | -$95.2M | -$43.2M | -$55.7M |
| Buybacks | $7.9M | $0 | $0 | $6.1M | $2.9M | $14.6M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052378.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $402.7M | $341.6M | $346.4M | $344.1M | $291.7M | $255.6M | $420.2M | $425.2M | $415.9M | $424.8M |
| Gross profit | $377.1M | $315.3M | — | — | — | — | — | — | — | — |
| Net income | -$13.7M | -$79.2M | -$3.8M | $20.4M | -$9.9M | -$93.1M | -$58.7M | -$99.5M | -$83.1M | -$222.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 4932
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|---|---|---|---|---|
| SRE | SEMPRA | $54.95B | 30.6x | 5.1% |
| UGI | UGI CORP /PA/ | $8.26B | 12.5x | 1.4% |
| MNTK | Montauk Renewables, Inc. | $303.2M | 213.0x | 0.4% |
| OPAL | OPAL Fuels Inc. | $44.8M | 10.1x | 12.3% |