Clean Energy Fuels Corp.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $17.0M normalized FCF base (average of FY2024 and FY2025 free cash flow to smooth capex timing); FCF growth 10% declining to 3.5% over years 1-10; 9.5% discount rate; 2.5% terminal growth; -$265.6M net debt ($57.0M cash less $322.6M total debt); 220.45M shares outstanding.

Reasoning: Clean Energy Fuels is a capital-intensive RNG fueling infrastructure business whose free cash flow swings year to year with station build-out timing, so a normalized multi-year FCF base smooths that noise; the heavy leverage from fueling-station and RNG-production capex means most of enterprise value accrues to debt, leaving a thin equity cushion once realistic (not best-case) growth and a leverage-adjusted discount rate are applied.