Clean Energy Fuels
Supplies renewable natural gas and station services for medium- and heavy-duty fleets.
Something off on this page? Send us feedback.
Profile
Supplies RNG and conventional natural gas as CNG and LNG for medium- and heavy-duty vehicles, with revenue from fuel sales, station construction, O&M services, and environmental credits. The network is concentrated in the U.S. and shaped by diesel competition, biogas access, and credit-market rules.
Supplies renewable natural gas and conventional natural gas as CNG and LNG for medium- and heavy-duty vehicles. Revenue comes from vehicle fuel, environmental credits tied to RNG use, O&M services for public and private fleet stations, station construction, and compressor-related equipment sales and service.
Operates a North American fueling footprint concentrated in the United States, with an especially large California presence and additional stations in Canada. The network serves public and private fleet customers that need vehicle fuel and station services.
Executes through station operations, fuel procurement, and dairy and livestock-waste RNG projects. The business is shaped by diesel as the main incumbent fuel, competition for biogas supply, fragmented RNG production markets, and volatile environmental-credit programs.
Company facts
Categories
Key statistics
Year to date −24.3% · Average volume (30d) 1.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Raymond James | Reiterate | Strong Buy | $5 | $2.50 | |
| Aug 14, 2026 | Jefferies | Reiterate | Hold | $1.90 | ||
| Jul 17, 2026 | UBS | Downgrade | Buy | Neutral | $2 | $2.75 |
| Aug 8, 2025 | Jefferies | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.01 | −$0.01 | +6.9% | $111.3M | $106.4M | −4.4% | −15.05% |
| May 7, 2026Q1 FY26 | −$0.02 | −$0.01 | +50.0% | $102.6M | $117.6M | +14.6% | −4.33% |
| Feb 24, 2026Q4 FY25 | −$0.05 | −$0.20 | −288.9% | $104.2M | $112.3M | +7.8% | −5.91% |
| Nov 4, 2025Q3 FY25 | −$0.04 | −$0.11 | −175.0% | $101.0M | $106.5M | +5.4% | −15.83% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $104.3M | $103.2M | $106.5M | $112.6M | $116.9M | $106.4M | |
| Gross profit | −$33.9M | $18.8M | $13.0M | $20.2M | $21.0M | $30.1M | |
| Operating income | −$61.4M | −$8.7M | −$13.3M | −$10.5M | −$3.5M | −$5.1M | |
| Net income | −$135.0M | −$20.2M | −$23.8M | −$43.0M | −$12.4M | −$14.9M | |
| Diluted EPS | −$0.60 | −$0.09 | −$0.11 | −$0.20 | −$0.06 | −$0.07 | |
| Gross margin | -32.5% | 18.2% | 12.2% | 17.9% | 18.0% | 28.3% | |
| Operating margin | -58.9% | -8.4% | -12.5% | -9.3% | -3.0% | -4.8% |
Fiscal years (4-quarter sums)FY21 $255.6M · FY22 $420.2M · FY23 $425.2M · FY24 $415.9M · FY25 $426.5M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $140.2M · Total debt $320.7M · Total assets $1.03B · Shareholders' equity $553.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 220.22M · Float 174.01M · 79.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| TotalEnergies SE | 51.79M | 23.60% | 13D | Feb 27, 2026 |
| Stonepeak CLNE-W Holdings LP | 20.05M | 8.40% | 13G | Oct 15, 2025 |
| BlackRock, Inc. | 15.40M | 6.99% | 13F | May 13, 2026 |
| Grantham, Mayo, van Otterloo & Co. LLC | 11.20M | 5.08% | 13F | May 14, 2026 |
| Vanguard Capital Management LLC | 7.24M | 3.29% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 10, 2026 | Barclay Corbus | director, officer: PRESIDENT AND CEO | +25,000 | $1.62 |
| Jun 25, 2026 | Stephen Scully | director | +25,000 | $1.75 |
| Jun 23, 2026 | Barclay Corbus | director, officer: PRESIDENT AND CEO | +14,000 | $1.77 |
| May 18, 2026 | Andrew J. Littlefair | director | −165,000 | $2.05 |
| Sep 18, 2025 | Barclay Corbus | officer: SVP, STRATEGIC DEVELOPMENT | −105,300 | $2.63 |
Peers
- OPAL
Direct RNG fuel and station-services peer for heavy-duty fleets
- Chevron
CNG/RNG station network and renewable-fuels scale
- BP (ADR)
Large RNG producer and downstream fuels company via Archaea
- WM
Landfill RNG owner and major alternative-fuel refuse fleet
- Valero Energy
Diesel and renewable-diesel scale competitor to RNG fleets
- Montauk Renewables
Pure-play landfill biogas-to-RNG producer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Clean Energy Fuels | $1.64 | +0.31% | $359.0M | — | — | 0.8 | +3.7% |
| OPAL | $2.05 | +0.14% | $58.3M | — | 2.2 | 0.2 | +7.4% |
| Chevron | $204.35 | +1.24% | $402.06B | 19.4 | 13.2 | 1.9 | +57.9% |
| BP (ADR) | $42.30 | +0.38% | $110.54B | 21.1 | 8.3 | 0.5 | +46.5% |
| WM | $219.31 | −0.15% | $87.80B | 31.1 | 25.7 | 3.4 | +4.0% |
| Valero Energy | $352.97 | +0.19% | $101.45B | 14.6 | 8.3 | 0.8 | +48.8% |
| Montauk Renewables | $1.77 | −0.56% | $251.9M | 31.9 | 32.4 | 1.3 | +19.7% |
| Median | 21.1 | 10.7 | 1.0 | +33.1% |