So, is FuelCell Energy stock a buy for the long-term? We don't think so. FuelCell's products, although apparently more economical compared to rivals, are bulkier and less flexible, and uptake has been weak in recent years. Revenues declined steadily from $108 million in 2016 to $71 million in 2020, due to falling product sales although this has been compensated to an extent by legacy power generation contracts. The company is unlikely to see much growth in 2021 either. Moreover, the stock trades at an expensive 27x projected 2021 revenues. In comparison, rival BloomEnergy trades at just about 4x 2021 revenues and is expected to see more steady growth, as well. Considering this, we do not think that FuelCell Energy is a compelling bet on the fuel cell market.