(CLNE) Clean Energy Fuels - Overview

Sector: Energy | Industry: Oil & Gas Refining & Marketing | Exchange: NASDAQ (USA) | Market Cap: 546m USD | Total Return: 73.4% in 12m

Natural Gas, Fueling Stations, Renewable Gas, Vehicle Fuel

Total Rating 41

Safety 25

Buy Signal -0.31

Oil & Gas Refining & Marketing
Industry Rotation: -3.8

Market Cap: 546M
Avg Turnover: 3.24M USD

ATR: 5.39%
Peers RS (IBD): 13.2

Risk 5d forecast

Volatility62.3%

Rel. Tail Risk-12.0%

Reward TTM

Sharpe Ratio0.98

Alpha27.40

Character TTM

Beta2.145

Beta Downside3.110

Drawdowns 3y

Max DD74.37%

CAGR/Max DD-0.23

EPS (Earnings per Share)

EPS CAGR: 9.99%
EPS Trend: -23.0%

Last SUE: 0.34
Qual. Beats: 0

Revenue

Rev. CAGR: 8.23%
Rev. Trend: 13.6%

Last SUE: 2.63
Qual. Beats: 2

Warnings

Interest Coverage Ratio -3.3 is critical

Beneish M-Score 0.25 > -1.5 - likely earnings manipulation

Altman Z'' -6.22 < 1.0 - financial distress zone

Volatile

Tailwinds

No distinct edge detected

Description: CLNE Clean Energy Fuels

Clean Energy Fuels Corp. (NASDAQ: CLNE) supplies natural-gas-based alternative fuels-renewable natural gas (RNG), compressed natural gas (CNG) and liquefied natural gas (LNG)-to medium- and heavy-duty vehicle fleets across the U.S. and Canada. The company designs, builds, operates and maintains fueling stations, offers equipment services for RNG production, and monetizes government credits such as Renewable Identification Numbers (RINs) and Low-Carbon Fuel Standard (LCFS) credits. Its portfolio also includes virtual pipeline transport and the development of dairy-and-livestock waste RNG projects serving trucking, airports, refuse, transit, industrial and government fleets.

In the most recent quarter (Q4 2025), CLNE reported a 12% year-over-year increase in RNG volume sold, reaching 1.8 billion cubic feet, while total revenue grew to $215 million, driven by expanding LCFS credit prices and the Inflation Reduction Act’s clean-fuel incentives. The company’s fleet network now exceeds 1,300 stations, a 15% rise since the start of 2024, and its pipeline-equivalent capacity has been boosted by 25 MMcf to support higher regional demand. Sector-wide, the U.S. Department of Energy projects RNG production to triple by 2030, positioning CLNE to capture a larger share of the decarbonization of freight transport.

For a deeper dive into CLNE’s valuation metrics, you might want to explore ValueRay’s analysis.

Headlines to Watch Out For

Natural gas vehicle demand impacts fuel sales
Renewable natural gas production drives revenue growth
Fueling station network expansion increases market share
Government incentives for clean energy affect profitability
Fluctuating natural gas prices influence operating costs

Piotroski VR‑10 (Strict) 4.0

Net Income: -222.0m TTM > 0 and > 6% of Revenue
FCF/TA: 0.04 > 0.02 and ΔFCF/TA 4.93 > 1.0
NWC/Revenue: 46.85% < 20% (prev 62.29%; Δ -15.44% < -1%)
CFO/TA 0.08 > 3% & CFO 85.5m > Net Income -222.0m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 2.32 > 1.5 & < 3
Outstanding Shares: last quarter (220.6m) vs 12m ago -1.26% < -2%
Gross Margin: 3.91% > 18% (prev 0.20%; Δ 370.8% > 0.5%)
Asset Turnover: 36.96% > 50% (prev 33.43%; Δ 3.53% > 0%)
Interest Coverage Ratio: -3.28 > 6 (EBITDA TTM -74.2m / Interest Expense TTM 52.7m)

Altman Z'' -6.22

A: 0.19 (Total Current Assets 350.3m - Total Current Liabilities 151.2m) / Total Assets 1.06b
B: -1.17 (Retained Earnings -1.23b / Total Assets 1.06b)
C: -0.15 (EBIT TTM -172.8m / Avg Total Assets 1.15b)
D: -2.52 (Book Value of Equity -1.24b / Total Liabilities 491.6m)
Altman-Z'' Score: -6.22 = D

Beneish M 0.25

DSRI: 0.82 (Receivables 107.0m/127.7m, Revenue 425.2m/415.9m)
GMI: 5.14 (GM 3.91% / 20.10%)
AQI: 0.93 (AQ_t 0.28 / AQ_t-1 0.30)
SGI: 1.02 (Revenue 425.2m / 415.9m)
TATA: -0.29 (NI -222.0m - CFO 85.5m) / TA 1.06b)
Beneish M-Score: 0.25 (Cap -4..+1) = D

What is the price of CLNE shares? As of April 07, 2026, the stock is trading at USD 2.49 with a total of 1,077,466 shares traded.
Over the past week, the price has changed by -3.88%, over one month by +4.20%, over three months by +14.81% and over the past year by +73.43%.

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	4.8	90.8%

Clean Energy Fuels (CLNE) - Fundamental Data Overview as of 05 April 2026

P/E Forward = 5.7571
P/S = 1.2861
P/B = 0.9571
P/EG = 4.7217
Revenue TTM = 425.2m USD
EBIT TTM = -172.8m USD
EBITDA TTM = -74.2m USD
Long Term Debt = 226.7m USD (from longTermDebt, last quarter)
Short Term Debt = 10.4m USD (from shortTermDebt, last quarter)
Debt = 237.2m USD (corrected: LT Debt 226.7m + ST Debt 10.4m)
Net Debt = 78.9m USD (recalculated: Debt 237.2m - CCE 158.3m)
Enterprise Value = 625.3m USD (546.4m + Debt 237.2m - CCE 158.3m)
Interest Coverage Ratio = -3.28 (Ebit TTM -172.8m / Interest Expense TTM 52.7m)
EV/FCF = 16.03x (Enterprise Value 625.3m / FCF TTM 39.0m)
FCF Yield = 6.24% (FCF TTM 39.0m / Enterprise Value 625.3m)
FCF Margin = 9.17% (FCF TTM 39.0m / Revenue TTM 425.2m)
Net Margin = -52.22% (Net Income TTM -222.0m / Revenue TTM 425.2m)
Gross Margin = 3.91% ((Revenue TTM 425.2m - Cost of Revenue TTM 408.5m) / Revenue TTM)
Gross Margin QoQ = 17.76% (prev 12.17%)
Tobins Q-Ratio = 0.59 (Enterprise Value 625.3m / Total Assets 1.06b)
Interest Expense / Debt = 12.50% (Interest Expense 29.6m / Debt 237.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = -136.5m (EBIT -172.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.32 (Total Current Assets 350.3m / Total Current Liabilities 151.2m)
Debt / Equity = 0.42 (Debt 237.2m / totalStockholderEquity, last quarter 559.4m)
Debt / EBITDA = -1.06 (negative EBITDA) (Net Debt 78.9m / EBITDA -74.2m)
Debt / FCF = 2.02 (Net Debt 78.9m / FCF TTM 39.0m)
Total Stockholder Equity = 583.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -19.30% (Net Income -222.0m / Total Assets 1.06b)
RoE = -38.08% (Net Income TTM -222.0m / Total Stockholder Equity 583.0m)
RoCE = -21.34% (EBIT -172.8m / Capital Employed (Equity 583.0m + L.T.Debt 226.7m))
RoIC = -16.09% (negative operating profit) (NOPAT -136.5m / Invested Capital 848.2m)
WACC = 12.42% (E(546.4m)/V(783.6m) * Re(13.53%) + D(237.2m)/V(783.6m) * Rd(12.50%) * (1-Tc(0.21)))
Discount Rate = 13.53% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.53%
[DCF] Terminal Value 53.55% ; FCFF base≈39.0m ; Y1≈25.6m ; Y5≈11.7m
[DCF] Fair Price = 0.25 (EV 133.1m - Net Debt 78.9m = Equity 54.2m / Shares 219.4m; r=12.42% [WACC]; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -22.98 | EPS CAGR: 9.99% | SUE: 0.34 | # QB: 0
Revenue Correlation: 13.58 | Revenue CAGR: 8.23% | SUE: 2.63 | # QB: 2
EPS next Quarter (2026-06-30): EPS=-0.01 | Chg7d=-0.007 | Chg30d=-0.000 | Revisions Net=-1 | Analysts=3
EPS current Year (2026-12-31): EPS=-0.05 | Chg7d=-0.007 | Chg30d=-0.008 | Revisions Net=+0 | Growth EPS=-575.0% | Growth Revenue=-0.9%
EPS next Year (2027-12-31): EPS=0.04 | Chg7d=-0.002 | Chg30d=-0.016 | Revisions Net=-2 | Growth EPS=+184.2% | Growth Revenue=+4.1%
[Analyst] Revisions Ratio: -1.00 (0 Up / 1 Down within 30d for Next Quarter)

External Resources

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