3 Hydrogen Stocks With Revenue Growth Up To 43%

Energy prices are in the spotlight again after the IMF warned that persistently high fuel costs are pressuring global growth. That keeps cleaner power technologies on investor radar because any country looking to reduce exposure to oil shocks will likely keep exploring alternatives. Hydrogen fuel cell technology sits inside that conversation. This article walks through three stocks from this theme worth putting on your watchlist.

The three hydrogen fuel cell stocks in this article are a starting sample, and the full screen surfaced 6 more companies with equally detailed narratives that are not covered here. To see the broader opportunity set, head straight into the Hydrogen Fuel Cell Technology screener to analyze the field and identify the hydrogen ideas that best fit your portfolio.

Cummins (CMI)

Cummins is a global power solutions supplier whose hydrogen fuel cell and electrolyzer work sits inside a much broader engine and generator portfolio. This makes it one of the more established industrial routes into this theme rather than a pure-play bet.

Cummins generates most of its revenue from traditional power products, led by the Engine segment at about US$11b, Distribution at roughly US$12.9b, Components near US$10.2b, and Power Systems around US$8.1b, with Accelera contributing under US$0.5b. The group’s market value sits near US$72b.

"The introduction of the HELM engine platforms with options for diesel, natural gas and hydrogen fuels can capture new markets and improve revenue and margins by offering flexible solutions for diverse customer needs."

What really matters for Cummins now is how one large, theme-linked power capacity buildout influences long-term demand and pricing strength.

That long arc of demand and pricing power is exactly what the full narrative for Cummins unpacks, highlighting where Cummins could see hydrogen momentum accelerate beyond today's engine heavy mix.

FuelCell Energy (FCEL)

FuelCell Energy develops and deploys high temperature fuel cell platforms that generate on site low carbon power and hydrogen, putting it directly in the Hydrogen Fuel Cell Technology theme through its carbonate systems and Tri Gen projects. The business booked about US$154 million from fuel cell power plant production and research and is valued near US$1.4b.

For investors watching how hydrogen fuel cell platforms could serve real world demand for reliable, on site clean power, FuelCell Energy links that story directly to large scale projects and long term service work.

"While the Dedicated Power Partners (DPP) initiative and new long-term service agreements hint at increased bookings and backlog, actual progress toward ramping Torrington facility utilization from the current 31 megawatts to the target of 100 megawatts is entirely dependent on order flow, and long-standing execution issues raise doubts about whether the company can translate tailwinds into sustained recurring revenues or positive adjusted EBITDA in the forecasted timeframe."

Even a single change in assumptions around project timing could have an outsized impact on how FuelCell Energy’s future margins evolve.

Those shifting project outcomes are exactly why the full narrative for FuelCell Energy weighs how execution risk, new contracts and potential backlog acceleration might eventually reshape FuelCell Energy’s long term earnings profile.

PG&E (PCG)

PG&E is a regulated utility that sells and delivers electricity and gas across northern and central California, and its fuel cell generation assets and hydrogen ready pilots give it a direct, if small, role in the Hydrogen Fuel Cell Technology theme. The business generated about US$25.8b from energy sales and delivery and carries a market value near US$27.2b.

PG&E’s fuel cell projects and hydrogen ready infrastructure pilots plug directly into the theme as real world tests of how cleaner distributed power can support a massive grid.

"Expanding opportunities for capital investment in grid modernization, wildfire mitigation, and resilience, fueled by both regulatory mandates and the need to serve new electrification and decarbonization requirements, position PG&E to grow its rate base and regulated earnings steadily over the next decade."

What really moves the story from here is how one unresolved policy swing ultimately feeds through to PG&E’s future returns on those cleaner grid assets.

That policy swing is exactly what the full narrative for PG&E unpacks for PG&E, mapping how grid investment, regulation and hydrogen pilots could be decoupling risk from long term earnings potential.

Seeking Fresh Ideas Beyond Hydrogen?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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