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1. Company Snapshot

1.a. Company Description

Clean Energy Fuels Corp.provides natural gas as an alternative fuel for vehicle fleets and related fueling solutions, primarily in the United States and Canada.It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and offers operation and maintenance services for public and private vehicle fleet customer stations.


The company also designs, builds, operates, and maintains fueling stations; and sells and services compressors and other equipment that are used in RNG production and fueling stations.In addition, it transports and sells CNG, RNG, and LNG through virtual natural gas pipelines and interconnects; sells U.S. federal, state, and local government credits, such as RNG as a vehicle fuel, including Renewable Identification Numbers and Low Carbon Fuel Standards credits; and obtains federal, state, and local credits, grants, and incentives.Further, the company focuses on developing, owning, and operating dairy and other livestock waste RNG projects.


It serves heavy-duty trucking, airports, refuse, public transit, industrial, and institutional energy users, as well as government fleets.As of December 31, 2021, the company served approximately 1,000 fleet customers operating approximately 48,000 vehicles; and owned, operated, or supplied approximately 548 fueling stations in 42 states in the United States and 25 fueling stations in Canada.Clean Energy Fuels Corp.


was incorporated in 2001 and is headquartered in Newport Beach, California.

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1.b. Last Insights on CLNE

Clean Energy Fuels Corp.'s recent performance was negatively driven by a net loss of $30.2 million in Q4 2024, or $0.13 per share, on a GAAP basis. The company's revenue of $109.3 million in Q4 2024 was a 2.1% increase from Q4 2023, but still fell short of expectations. The company's operating expenses increased, partly due to higher costs associated with building new hydrogen stations, such as the one for Riverside Transit Agency, which was awarded to Clean Energy in December 2024. The increasing competition in the hydrogen fueling market and higher costs may continue to impact Clean Energy's performance in the near term."

1.c. Company Highlights

2. Clean Energy Fuels Corp. Delivers Strong 2025 Results, Provides Optimistic 2026 Guidance

Clean Energy Fuels Corp.'s financial performance in 2025 was mostly in line with expectations, with a GAAP loss of $222 million and adjusted EBITDA of $67.6 million, exceeding the top end of guidance. The company's revenue and adjusted EBITDA were driven by the delivery of 237.4 million gallons of RNG, about 97% of its target. The slight shortfall was due to extreme weather in the first quarter.

Publication Date: Mar -09

📋 Highlights
  • 2025 Financial Performance:: GAAP loss of $222M, adjusted EBITDA of $67.6M, exceeding guidance; delivered 237.4M gallons of RNG (97% of target).
  • 2026 Guidance:: RNG volumes of 250M gallons, total fuel volumes of 324M gallons, revenue of $420–440M, and adjusted EBITDA of $70–75M.
  • Cost and Capex Efficiency:: SG&A expenses to drop by ~$10M (10%), reaching $25M quarterly; RNG upstream capex at $40M, fuel distribution capex steady at $25M.
  • Upstream RNG Growth:: 7–9M gallons from 8 dairies in 2026, with $3–5M adjusted EBITDA expected in H2 2026 from these facilities.
  • RNG Supply and Market Confidence:: 90 RNG suppliers secured, no near-term supply shortage; 89% RNG stations with 89% RNG supply, targeting 100% in 2026.

Financial Highlights

The company's actual EPS came out to -$0.20, missing the estimated -$0.03. Revenue growth is expected to continue in 2026, with total fuel volumes projected to be around 324 million gallons, and revenues expected to be between $420 million to $440 million. Adjusted EBITDA is expected to be $70 million to $75 million, with a GAAP net loss of $71 million to $66 million.

Operational Outlook

The company's RNG production is expected to continue growing, with eight operating dairies producing 7-9 million gallons of RNG in 2026. The fuel distribution business is also expected to see significant improvement in its GAAP net loss, with adjusted EBITDA coming off from a robust performance in 2025. According to Andrew Littlefair, President and Chief Executive Officer, "the company is well-positioned for 2026 and beyond, with a clear line of sight to growing volumes in 2026 and beyond."

Valuation and Future Prospects

With a P/S Ratio of 1.23 and EV/EBITDA of -6.25, the market is pricing in significant growth expectations. The company's ROE is -38.08%, and ROIC is -10.12%, indicating that the company is still in a growth phase. Analysts estimate next year's revenue growth at 14.9%. The company's net debt to EBITDA ratio is relatively low, indicating a manageable debt burden. As the company continues to grow and expand its operations, investors will be watching to see if it can achieve its guidance and improve its financial performance.

3. NewsRoom

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RNG Continues to Lead as the Easy-to-Switch Clean Fuel for Multi-Sector Fleets Signing New Agreements With Clean Energy

Mar -04

Source: businesswire.com

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Clean Energy Fuels Corp. (CLNE) Q4 2025 Earnings Call Transcript

Feb -25

Source: seekingalpha.com

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Clean Energy Fuels (CLNE) Reports Break-Even Earnings for Q4

Feb -25

Source: zacks.com

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Clean Energy Reports Revenue of $112.3 Million and 64.1 Million RNG Gallons Sold for the Fourth Quarter of 2025

Feb -24

Source: businesswire.com

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Clean Energy to Report Fourth Quarter 2025 Financial Results on February 24; Conference Call to Follow at 1:30 p.m. Pacific Time

Jan -27

Source: businesswire.com

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Hong Kong & China Gas (OTCMKTS:HOKCY) versus Clean Energy Fuels (NASDAQ:CLNE) Head-To-Head Analysis

Jan -12

Source: defenseworld.net

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Clean Energy Begins Injecting RNG into the Pipeline at One of the Country's Largest RNG Projects, South Fork Dairy

Dec -01

Source: businesswire.com

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Clean Energy to Expand Relationship with Gold Coast Transit by Constructing the Agency's First Hydrogen Station

Nov -18

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.71%)

6. Segments

Fuel

Expected Growth: 18%

Clean Energy Fuels Corp.'s 18% growth is driven by increasing adoption of natural gas vehicles, government incentives for alternative fuels, and rising demand for low-carbon energy solutions. Additionally, the company's expanding network of fueling stations and strategic partnerships with major fleets and transportation companies contribute to its growth momentum.

Operate & Maintain Services

Expected Growth: 12%

Clean Energy Fuels Corp.'s Operate & Maintain Services segment growth is driven by increasing adoption of natural gas vehicles, government incentives for clean energy, and rising demand for alternative fuels. Additionally, strategic partnerships, expanding station network, and growing fleet customer base contribute to the 12% growth.

Renewable Identification Number Credits

Expected Growth: 10%

Renewable Identification Number (RIN) credits from Clean Energy Fuels Corp. are driven by increasing demand for low-carbon fuels, government incentives for renewable energy, and growing adoption of alternative fuels in the transportation sector. Additionally, Clean Energy Fuels Corp.'s expanding network of natural gas fueling stations and partnerships with major fleets contribute to the 10% growth.

Alternative Fuel Tax Credit

Expected Growth: 8%

The 8% growth of Alternative Fuel Tax Credit from Clean Energy Fuels Corp. is driven by increasing adoption of natural gas vehicles, government incentives for clean energy, rising diesel prices, and growing demand for environmentally friendly transportation solutions.

Low Carbon Fuel Standards Credits

Expected Growth: 9%

Clean Energy Fuels Corp.'s Low Carbon Fuel Standards (LCFS) credits growth is driven by increasing demand for renewable natural gas (RNG) in the transportation sector, government incentives for low-carbon fuels, and expansion of California's LCFS program. Additionally, the company's strategic partnerships and growing RNG production capacity contribute to the 9% growth.

Station Construction

Expected Growth: 20%

Clean Energy Fuels Corp.'s 20% growth in Station Construction is driven by increasing adoption of alternative fuels, government incentives for clean energy infrastructure, rising demand for low-carbon transportation solutions, and strategic partnerships with major fleets and transportation companies.

Change in Fair Value of Derivative Instruments

Expected Growth: 11%

The 11% growth in Change in Fair Value of Derivative Instruments from Clean Energy Fuels Corp. is driven by increasing adoption of natural gas as a cleaner alternative fuel, rising demand for renewable natural gas, and strategic partnerships to expand the company's fueling infrastructure. Additionally, favorable government policies and incentives for clean energy solutions contribute to the growth.

Other

Expected Growth: 13%

Clean Energy Fuels Corp.'s 13% growth is driven by increasing adoption of natural gas vehicles, government incentives for clean energy, and rising demand for alternative fuels. Additionally, the company's expanding network of fueling stations and strategic partnerships with major fleets and transportation companies contribute to its growth momentum.

7. Detailed Products

Renewable Natural Gas (RNG)

A cleaner-burning alternative to traditional fossil fuels, produced from organic waste, such as food waste and agricultural waste.

Compressed Natural Gas (CNG)

A fossil fuel that is a cleaner-burning alternative to diesel and gasoline, used as a transportation fuel.

Liquified Natural Gas (LNG)

A fossil fuel that is a cleaner-burning alternative to diesel and gasoline, used as a transportation fuel.

Redeem Renewable Natural Gas (RNG) Fuel

A renewable natural gas fuel that is 100% renewable and carbon-neutral, produced from organic waste.

Clean Energy Station

A network of fueling stations that provide RNG, CNG, and LNG fuels for vehicles.

8. Clean Energy Fuels Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Clean Energy Fuels Corp. faces moderate threat from substitutes, as alternative energy sources like electricity and hydrogen fuel cells are emerging, but they are still in the early stages of development.

Bargaining Power Of Customers

Clean Energy Fuels Corp. has a diverse customer base, which reduces the bargaining power of individual customers, and the company's products are often customized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Clean Energy Fuels Corp. relies on a few large suppliers for its raw materials, which gives them some bargaining power, but the company's scale and long-term contracts help to mitigate this risk.

Threat Of New Entrants

The clean energy industry has high barriers to entry, including significant capital requirements and regulatory hurdles, which makes it difficult for new entrants to compete with established players like Clean Energy Fuels Corp.

Intensity Of Rivalry

The clean energy industry is highly competitive, with many established players competing for market share, and Clean Energy Fuels Corp. faces intense rivalry from companies like Chevron and Shell.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.06%
Debt Cost 4.88%
Equity Weight 72.94%
Equity Cost 14.38%
WACC 11.81%
Leverage 37.10%

11. Quality Control: Clean Energy Fuels Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Star

A-Score: 7.2/10

Value: 8.5

Growth: 5.7

Quality: 5.3

Yield: 10.0

Momentum: 4.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
World Kinect

A-Score: 5.7/10

Value: 9.8

Growth: 4.7

Quality: 3.7

Yield: 5.0

Momentum: 3.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Par Pacific

A-Score: 5.7/10

Value: 8.8

Growth: 5.4

Quality: 6.4

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Clean Energy Fuels

A-Score: 3.5/10

Value: 8.0

Growth: 5.1

Quality: 2.8

Yield: 0.0

Momentum: 3.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Vertex Energy

A-Score: 3.4/10

Value: 8.0

Growth: 3.7

Quality: 2.5

Yield: 0.0

Momentum: 6.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Aemetis

A-Score: 2.7/10

Value: 8.7

Growth: 1.6

Quality: 4.1

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.24$

Current Price

2.24$

Potential

-0.00%

Expected Cash-Flows