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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' Q3 2025 Earnings: A Strong Quarter Amidst Challenges

Clean Energy Fuels reported revenue of $106 million for the third quarter of 2025, meeting expectations. The company sold 61 million gallons of renewable natural gas (RNG), contributing to the revenue. The adjusted EBITDA for the quarter was $17.3 million, reflecting a steady trend from the previous quarter. However, the actual EPS came out at -$0.11, missing estimates of -$0.04. The downstream fueling business performed well, driven by long-standing customer relationships in the transit and refuse sectors.

Publication Date: Nov -19

📋 Highlights
  • Revenue & Adjusted EBITDA Growth: $106 million revenue, $17.3 million adjusted EBITDA in Q3 2025.
  • Downstream Fueling Scale: 140 refuse companies and 309 fueling sites, 61 million gallons RNG sold.
  • Hydrogen Expansion: Awards to build stations for Riverside and Ventura transit agencies.
  • Heavy-Duty Trucking Opportunity: 250,000 annual Class 8 trucks target; Pioneer Clean Fleet Solutions launched.
  • Upstream RNG Production: Aiming for 20 million gallons by 2026 as projects scale; $35 million CapEx for Maas Energy.

Downstream Fueling Business Performance

The downstream fueling business saw significant contributions from the transit and refuse sectors, with 140 refuse companies and 309 fueling sites. Clean Energy is well-positioned to support additional fleets in adopting ultra-clean RNG. The company is also exploring hydrogen fueling, having received awards to build hydrogen stations for transit agencies. The heavy-duty trucking sector presents a significant opportunity, with approximately 250,000 new Class 8 heavy-duty trucks sold annually in the U.S. and Canada.

Upstream RNG Production and Challenges

In the upstream RNG production business, RIN pricing has stabilized, but LCFS credit prices continue to face headwinds, impacting segment profitability. Clean Energy expects CARB's program changes to support gradual price improvement in 2026 and beyond. The company has 8 operating projects, targeting 5-6 million gallons by the end of 2025, expected to double in 2026. The goal is to produce 20 million gallons once all projects are fully operational.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 4.8%. The current valuation metrics show a P/E Ratio of -2.38, P/B Ratio of 0.82, P/S Ratio of 1.15, and EV/EBITDA of -9.52. The company's efforts to improve operations and expand its RNG production capacity are expected to drive growth. With the 45Z production tax credit on the horizon, any favorable changes could provide upside. As the company manages its fuel margin and adjusts strategies accordingly, the spread is expected to remain in the mid-teens to 16:1.

Initiatives and Partnerships

Clean Energy has launched Pioneer Clean Fleet Solutions, a leasing company focused on low-carbon heavy-duty vehicles, and is working with partners like Hexagon and Cummins to promote the adoption of RNG-powered trucks. The company has seen initial interest from 20 different fleets, including major players like Walmart and Amazon. The certification process for environmental attributes is ongoing, and the company expects increased adoption rates for the X15N in 2026.

3. NewsRoom

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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

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Clean Energy Fuels Corp. (CLNE) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Clean Energy Fuels (CLNE) Reports Break-Even Earnings for Q3

Nov -04

Source: zacks.com

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Clean Energy Reports Revenue of $106.1 Million and 61.3 Million RNG Gallons Sold for the Third Quarter of 2025

Nov -04

Source: businesswire.com

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BorgWarner ($BWA) | Plug Power ($PLUG) | Clean Energy Fuels ($CLNE) | Aduro Clean Tech ($ADUR)

Oct -30

Source: youtube.com

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Cross-sector Fleets Sign Fuel Deals With Clean Energy to Supply Clean Renewable Natural Gas

Oct -30

Source: businesswire.com

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Clean Energy to Launch New Freightliner X15N Demo Truck Program at ATA's MCE in San Diego

Oct -22

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: 7.3/10

Value: 8.4

Growth: 5.8

Quality: 5.2

Yield: 10.0

Momentum: 5.5

Volatility: 9.0

1-Year Total Return ->

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World Kinect

A-Score: 5.7/10

Value: 9.6

Growth: 4.7

Quality: 3.7

Yield: 5.0

Momentum: 3.0

Volatility: 8.0

1-Year Total Return ->

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Par Pacific

A-Score: 4.4/10

Value: 5.8

Growth: 5.4

Quality: 2.1

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Vertex Energy

A-Score: 3.7/10

Value: 10.0

Growth: 3.7

Quality: 3.4

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Clean Energy Fuels

A-Score: 3.5/10

Value: 7.2

Growth: 5.0

Quality: 2.8

Yield: 0.0

Momentum: 3.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Aemetis

A-Score: 3.4/10

Value: 9.6

Growth: 1.7

Quality: 5.2

Yield: 0.0

Momentum: 3.0

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

2.29$

Current Price

2.29$

Potential

-0.00%

Expected Cash-Flows