Clean Energy Fuels Corp. (CLNE): fair value, margin of safety and Wheel Score

Is CLNE undervalued?

Clean Energy Fuels Corp. (CLNE) closed at 1.51 on 16 Oct 2026. The GLS average fair value - the simple average of the 1 valuation models that produced a positive number - is 2.47, which puts the price 39% below it. 1 of the 1 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.

Only 1 of the nine models produced a value (10 Cap); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.

The nightly engine files CLNE under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.

Nine valuation models for CLNE

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is average - CLNE passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 1.8 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.

Returns on capital are thin or negative - ROIC -33.7%, ROE -39.7%, ROA -21.0% - with debt at 0.18 times equity and a free-cash-flow yield of 6.9%.

Clean Energy Fuels Corp. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Product 74%, Station construction sales 13%, Service 12% (quarter Q2 FY2026).

Institutional ownership scores 6/10, insider activity 3/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 45: Weak

CLNE scores 45 out of 100 on the Wheel Score, in the Weak band (under 50), capped at 45 because the engine files it as Speculative / Distressed. Value 25/25, Health 13/20, Moat 3/15, Premium 20/20, Stability 12/20. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.

Implied volatility is 60% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (20 of 20) because volatility this high usually comes with a reason. The option chain is deep: 58,388 contracts of open interest across all expiries, which means tight fills at most strikes.

Volume runs at 3.4M shares a day on a market cap of $333M, with a beta of 1.89 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 12 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

The next earnings report is due on 3 Nov 2026 (after the close), 18 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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