CLNE Stock Analysis: Clean Energy Fuels | NASDAQ

RNG, CNG, LNG, Fueling Stations

Total Rating 24

Safety 30

Buy Signal -0.77

Oil & Gas Refining & Marketing
Industry Rotation: -8.1

Market Cap: 357M
Avg Turnover: 3.15M

Risk 3d forecast

Volatility67.1%

VaR 5^th Pctl10.9%

VaR vs Median-1.86%

Reward TTM

Sharpe Ratio-0.66

Rel. Str. IBD2.9

Rel. Str. Peer Group2.6

Character TTM

Beta1.626

Beta Downside2.232

Hurst Exponent0.549

Drawdowns 3y

Max DD71.49%

CAGR/Max DD-0.40

CAGR/Mean DD-0.64

EPS (Earnings per Share)

Last SUE: 0.11
Qual. Beats: 0

Revenue

Rev. CAGR: 1.90%
Rev. Trend: 53.8%

Last SUE: 0.23
Qual. Beats: 0

Warnings

High Debt/EBITDA With Thin Interest Coverage

Interest Coverage Ratio Critical

Altman Z'' In Financial Distress Zone

Below Avwap Earnings

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 11.7 years of data

Jan -1.8% 5

Feb -0.7% 7

Mar +5.1% 5

Apr -0.5% 12

May -2.2% 8

Jun +7.1% 28

Jul +0.2% 10

Aug +0.4% 16

Sep -1.7% 17

Oct +0.2% 2

Nov +0.5% 13

Dec -10.3% 30

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: CLNE Clean Energy Fuels

Clean Energy Fuels Corp. (NASDAQ: CLNE) is a U.S.-based alternative fuels provider that supplies compressed natural gas (CNG), liquefied natural gas (LNG), and renewable natural gas (RNG) to medium and heavy-duty vehicle fleets across the United States and Canada. The company operates a vertically integrated business model that includes designing, building, operating, and maintaining vehicle fueling stations, as well as supplying the compressors and related equipment used in RNG production and dispensing. It also transports fuel through virtual natural gas pipelines and interconnects to customers without direct pipeline access.

A key differentiator in CLNEs business is its role in the environmental credit markets: the company generates revenue by selling federal Renewable Identification Numbers (RINs) under the U.S. Renewable Fuel Standard program, as well as Low Carbon Fuel Standard (LCFS) credits issued primarily by California and Oregon regulators. These credits are attached to the RNG and conventional natural gas it sells as a vehicle fuel. CLNE is also expanding upstream into dairy and livestock waste-to-RNG project development, which positions it within the broader renewable energy and waste-to-fuel value chain.

The companys customer base spans heavy-duty trucking, airports, refuse and waste haulers, public transit agencies, industrial users, and government fleets. Founded in 2001 and headquartered in Newport Beach, California, CLNE has been publicly traded since its 2007 IPO and is classified within the energy sector, specifically in oil and gas refining and marketing.

Headlines to Watch Out For

RIN and LCFS credit prices boost RNG margins
Dairy RNG project expansion backed by Amazon partnership
Heavy-duty natural gas demand faces growing electric truck competition

Piotroski VR-10 (Strict) 4.0

Net Income: -94.1m TTM > 0 and > 6% of Revenue
FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.08 > 1.0
NWC/Revenue: 43.73% < 20% (prev 62.52%; Δ -18.79% < -1%)
CFO/TA 0.05 > 3% & CFO 46.6m > Net Income -94.1m
Current Ratio: 2.48 > 1.5 & < 3
Outstanding Shares: last quarter (220.3m) vs 12m ago -0.06% < -2%
Gross Margin: 19.07% > 18% (prev 6.81%; Δ 12.25% > 0.5%)
Asset Turnover: 41.31% > 50% (prev 37.79%; Δ 3.52% > 0%)
Interest Coverage Ratio: -0.94 > 6 (EBIT TTM -45.9m / Interest Expense TTM 48.6m)

Altman Z'' -1.82

A: 0.19 (Total Current Assets 324.1m - Total Current Liabilities 130.7m) / Total Assets 1.03b
B: -1.23 (Retained Earnings -1.26b / Total Assets 1.03b)
C: -0.04 (EBIT TTM -45.9m / Avg Total Assets 1.07b)
D: 1.18 (Book Value of Equity 553.3m / Total Liabilities 467.1m)
Altman-Z'' = -1.82 = D

Beneish M -3.49

DSRI: 1.03 (Receivables 102.0m/94.3m, Revenue 442.3m/421.7m)
GMI: 0.36 (GM 6.81% / 19.07%)
AQI: 1.12 (AQ_t 0.30 / AQ_t-1 0.27)
SGI: 1.05 (Revenue 442.3m / 421.7m)
TATA: -0.14 (NI -94.1m - CFO 46.6m) / TA 1.03b)
Beneish M = -3.49 (Cap -4..+1) = AA

What is the price of CLNE shares?

As of September 04, 2026, the stock is trading at USD 1.62 with a total of 1,574,584 shares traded. Over the past week, the price has changed by +1.25%, over one month by -12.90%, over three months by -19.40% and over the past year by -35.20%.

Current recommended Stop Loss: 1.50 (which is 7.4% or 1.3 ATR below the current price).

Is CLNE a buy, sell or hold?

Clean Energy Fuels has received a consensus analysts rating of 4.56. Therefore, it is recommended to buy CLNE.

StrongBuy: 6
Buy: 2
Hold: 1
Sell: 0
StrongSell: 0

What are the forecasts/targets for the CLNE price?

Analysts Target Price	4	148.8%

Clean Energy Fuels (CLNE) - Fundamental Data Overview as of 28 August 2026

Market Cap USD = 357.1m (357.1m USD * 1.0 USD.USD)
P/E Forward = 5.7571
P/S = 0.8073
P/B = 0.6295
P/EG = 4.7217
Revenue TTM = 442.3m USD
EBIT TTM = -45.9m USD
EBITDA TTM = 2.12m USD
Long Term Debt = 229.0m USD (from longTermDebt, last quarter)
Short Term Debt = 10.8m USD (from shortTermDebt, last quarter)
Debt = 414.3m USD (from shortLongTermDebtTotal, last quarter) + Leases 93.5m
Net Debt = 274.1m USD (calculated: Debt 414.3m - CCE 140.2m)
Enterprise Value = 631.2m USD (357.1m + Debt 414.3m - CCE 140.2m)
Interest Coverage Ratio = -0.94 (Ebit TTM -45.9m / Interest Expense TTM 48.6m)
EV/FCF = 27.62x (Enterprise Value 631.2m / FCF TTM 22.9m)
FCF Yield = 3.62% (FCF TTM 22.9m / Enterprise Value 631.2m)
FCF Margin = 5.17% (FCF TTM 22.9m / Revenue TTM 442.3m)
Net Margin = -21.27% (Net Income TTM -94.1m / Revenue TTM 442.3m)
Gross Margin = 19.07% ((Revenue TTM 442.3m - Cost of Revenue TTM 358.0m) / Revenue TTM)
Gross Margin QoQ = 28.34% (prev 17.99%)
Tobins Q-Ratio = 0.62 (Enterprise Value 631.2m / Total Assets 1.03b)
Interest Expense / Debt = 11.74% (Interest Expense 48.6m / Debt 414.3m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -36.3m (EBIT -45.9m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.48 (Total Current Assets 324.1m / Total Current Liabilities 130.7m)
Debt / Equity = 0.75 (Debt 414.3m / totalStockholderEquity, last quarter 553.3m)
Debt / EBITDA = 129.4 (Net Debt 274.1m / EBITDA 2.12m)
Debt / FCF = 11.99 (Net Debt 274.1m / FCF TTM 22.9m)
Total Stockholder Equity = 564.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -8.79% (Net Income -94.1m / Total Assets 1.03b)
RoE = -16.68% (Net Income TTM -94.1m / Total Stockholder Equity 564.0m)
RoCE = -5.79% (EBIT -45.9m / Capital Employed (Equity 564.0m + L.T.Debt 229.0m))
RoIC = -4.11% (negative operating profit) (NOPAT -36.3m / Invested Capital 883.8m)
WACC = 10.40% (E(357.1m)/V(771.4m) * Re(11.70%) + D(414.3m)/V(771.4m) * Rd(11.74%) * (1-Tc(0.21)))
Discount Rate = 11.70% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -82.58 | Cagr: -0.59%
[DCF] Terminal Value 66.65% ; FCFF base≈24.0m ; Y1≈21.8m ; Y5≈19.0m
[DCF] Fair Price = N/A (negative equity: EV 226.0m - Net Debt 274.1m = -48.1m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.11 | # QB: 0
Revenue Correlation: 53.77 | Revenue CAGR: 1.90% | SUE: 0.23 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-0.04 | Chg30d=N/A | Revisions=+25% | Analysts=3
EPS current Year (2026-12-31): EPS=-0.09 | Chg30d=N/A | Revisions=+0% | GrowthEPS=-1025.0% | GrowthRev=+1.5%
EPS next Year (2027-12-31): EPS=-0.04 | Chg30d=-171.43% | Revisions=-25% | GrowthEPS=+62.2% | GrowthRev=+2.7%
[Analyst] Revisions Ratio: +0% (up=1, down=1)