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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 crea…
The business is unprofitable at the operating level (-37.63% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.2%, essentially flat. Margins also contracted 28.9pp. This is a business that needs a catalyst.
ROIC dropped from -2.65% to -12.86%, capital efficiency is deteriorating. Operating margin contracted 28.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$439M
▲ +2.2% YoY
Net Income (TTM)
-$99M
▼ -167.3% YoY
Op. Margin
-8.31%
▼ -28.9pp YoY
ROIC
-3.12%
▼ -10.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$29M
▲ +14418.2% YoY
Op. Cash Flow (TTM)
$54M
▲ +32.4% YoY
Net Debt
$198M
Cash & Equiv.
$126M
5Y CAGR: +7.8%
5Y CAGR: +4.6%
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