Clean Energy Fuels Corp.

CLNE

EnergyOil & Gas Refining & MarketingNASDAQ

$2.21

Market Cap: $484.94M

Clean Energy Fuels Corp. (CLNE) Valuation Summary

Updated May 11, 2026 04:00

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.30 – $9.92	$2.34	+5.7%
▸ Trading Multiples
EV/Revenue	$3.10 – $6.66	$4.37	+97.7%

Valuation History

DCF Analysis

Clean Energy Fuels Corp. (CLNE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.34

Market Price

$2.21

Upside / Downside

+5.7%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -22.1% to a target of 15.7% over 5 years, discounted at a WACC of 8.2%, Clean Energy Fuels Corp. (CLNE) has an intrinsic value of $2.34 per share (range: $0.30 – $9.92).

Key Assumptions

Current Operating Margin

-22.1%

Target Operating Margin

15.7%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

14.8%

Target CapEx/Rev

18.6%

D&A/Revenue

12.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	443	4.3%	-14.5%	-64	-64	55	(67)	15	-92	-89
2027	467	5.5%	-7.0%	-33	-33	58	(73)	8	-55	-49
2028	521	11.5%	0.6%	3	2	64	(83)	17	-33	-27
2029	612	17.4%	8.1%	50	39	76	(100)	29	-14	-10
2030	741	21.2%	15.7%	116	92	92	(124)	41	19	13
2031	828	11.8%	15.7%	130	103	103	(142)	28	36	23
2032	911	10.0%	15.7%	143	113	113	(159)	26	40	24
2033	987	8.3%	15.7%	155	122	122	(176)	24	45	25
2034	1,051	6.5%	15.7%	165	130	130	(191)	20	49	25
2035	1,101	4.8%	15.7%	173	136	136	(205)	16	52	25

Enterprise Value Bridge

Sum of PV(FCFF)-40

Terminal Value (Gordon Growth at 3.0%)1,046

PV of Terminal Value497

Enterprise Value456

(–) Net Debt-59

Equity Value515

(÷) Shares Outstanding221

Fair Value per Share$2.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
6.2%	$-1	$2	$5	$7	$10
7.2%	$-1	$1	$3	$5	$7
8.2%	$-1	$1	$2	$4	$5
9.2%	$-1	$0	$2	$3	$4
10.2%	$-1	$0	$1	$2	$4

Current price: $2.21. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 31.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$4.37

Market Price

$2.21

Upside / Downside

+97.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Clean Energy Fuels Corp. (CLNE) has a fair value of $4.37 based on 6 comparable companies in the Oil & Gas Refining & Marketing industry.

EV/Revenue Valuation — Oil & Gas Refining & Marketing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Clean Energy Fuels Corp.CLNE	488	1.0x	1.0x
NGL Energy Partners LPNGL	2,022	1.5x	0.9x
Kosmos Energy Ltd.KOS	1,334	3.3x	2.6x
CrossAmerica Partners LPCAPL	827	0.5x	0.4x
Riley Exploration Permian, Inc.REPX	743	2.5x	1.8x
Ur-Energy Inc.URG	723	24.5x	7.4x
Granite Ridge Resources, IncGRNT	660	2.2x	1.8x
Industry Median		2.4x	1.8x
(*) Revenue		425	443
= Enterprise Value		1,009	801
(-) Net Debt		-59	-59
Equity Value		1,067	860
(/) Outstanding shares		221	221
Fair Price		$5	$4

Selected Fair Value (avg of trailing + forward)

$4.37

+97.7%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.30 – $9.92

$2.34

+5.7%

▸ Trading Multiples

EV/Revenue

$3.10 – $6.66

$4.37

+97.7%

DCF Analysis

Clean Energy Fuels Corp. (CLNE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.34

Market Price

$2.21

Upside / Downside

+5.7%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-22.1%

Target Operating Margin

15.7%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

14.8%

Target CapEx/Rev

18.6%

D&A/Revenue

12.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	443	4.3%	-14.5%	-64	-64	55	(67)	15	-92	-89
2027	467	5.5%	-7.0%	-33	-33	58	(73)	8	-55	-49
2028	521	11.5%	0.6%	3	2	64	(83)	17	-33	-27
2029	612	17.4%	8.1%	50	39	76	(100)	29	-14	-10
2030	741	21.2%	15.7%	116	92	92	(124)	41	19	13
2031	828	11.8%	15.7%	130	103	103	(142)	28	36	23
2032	911	10.0%	15.7%	143	113	113	(159)	26	40	24
2033	987	8.3%	15.7%	155	122	122	(176)	24	45	25
2034	1,051	6.5%	15.7%	165	130	130	(191)	20	49	25
2035	1,101	4.8%	15.7%	173	136	136	(205)	16	52	25

Enterprise Value Bridge

Sum of PV(FCFF)-40

Terminal Value (Gordon Growth at 3.0%)1,046

PV of Terminal Value497

Enterprise Value456

(–) Net Debt-59

Equity Value515

(÷) Shares Outstanding221

Fair Value per Share$2.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
6.2%	$-1	$2	$5	$7	$10
7.2%	$-1	$1	$3	$5	$7
8.2%	$-1	$1	$2	$4	$5
9.2%	$-1	$0	$2	$3	$4
10.2%	$-1	$0	$1	$2	$4

Current price: $2.21. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 31.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$4.37

Market Price

$2.21

Upside / Downside

+97.7%

Verdict

Undervalued

EV/Revenue Valuation — Oil & Gas Refining & Marketing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Clean Energy Fuels Corp.CLNE	488	1.0x	1.0x
NGL Energy Partners LPNGL	2,022	1.5x	0.9x
Kosmos Energy Ltd.KOS	1,334	3.3x	2.6x
CrossAmerica Partners LPCAPL	827	0.5x	0.4x
Riley Exploration Permian, Inc.REPX	743	2.5x	1.8x
Ur-Energy Inc.URG	723	24.5x	7.4x
Granite Ridge Resources, IncGRNT	660	2.2x	1.8x
Industry Median		2.4x	1.8x
(*) Revenue		425	443
= Enterprise Value		1,009	801
(-) Net Debt		-59	-59
Equity Value		1,067	860
(/) Outstanding shares		221	221
Fair Price		$5	$4

Selected Fair Value (avg of trailing + forward)

$4.37

+97.7%