Clean Energy Fuels Corp.
CLNEHIGH VELOCITYFILING INTENSITYClean Energy Fuels Corp. reads as an High Velocity (composite 70/100); Consistent Strategic Buyer deploying $0 across 0 disclosed transactions, running flat vs the prior cycle · primary market Marketing & Data.
Lens
Disclosed M&A capital (2023–2025)
N/A
vs N/A in 2020–2022
Disclosed transactions
N/A
0/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
70
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $81M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 34d
- 9 acquisition-history signals
- 211 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 16 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 16 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 16 activism filings
- Latest activism 5y ago; discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 16 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 211 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $525M
- 10-Q 34d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $2M · Peak count: 1
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion33%
- Bolt On33%
- Vertical Integration33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- horizontal_consolidation
- technology_acquisition
- bolt_on
- platform
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“We estimate that vehicles serving airports in the U.S., including airport delivery fleets, rental car and parking passenger shuttles and taxis, consume an aggregate of approximately two billion gallons of fuel per year.”
“We may also require capital to make principal or interest payments on our indebtedness, either prior to or at their maturity dates, or for unanticipated expenses, mergers and acquisitions and strategic investments.”
“Additionally, many U.S. airports face emissions challenges and are under regulatory directives and political pressure to reduce pollution, particularly as part of any expansion plans.”
“In April 2012, we exercised our option to acquire the remaining 80.1% of ServoTech Engineering, Inc.”
“Airports. We estimate that vehicles serving airports in the United States, including airport delivery fleets, rental car and parking passenger shuttles and taxis, consume an aggregate of approximately two billion gallons of fuel per year. Additionally, many U.S. airports face emissions challenges and are under regulatory directives and political pressure to reduce pollution, particularly as part of any expansion plans. As a result, many of these airports have adopted various strategies to address tailpipe emissions, including rental car and hotel shuttle consolidation and requiring or encouraging service vehicle operators to switch their fleets to natural gas. To assist in this effort, airports are contracting with service providers to design, build and operate natural gas fueling stations in strategic locations on their properties.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Marketing & Data
- Market spend (2023–2025)
- $51.4B
- Market spend (2020–2022)
- $63.5B
- Recent vs prior
- −19%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
CLNE trades at a +333.8-turn premium to the Marketing & Data peer median of 17.2×.
- EV / Revenue
- 1.2×
- Net debt / EBITDA
- 115.3×
- Peer median EV / EBITDA
- 17.2×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
Clean Energy Fuels Corp.CLNE | 351.0× | 1.2× | 115.3× | $438M | N/A |
| 45.0× | 6.3× | 23.1× | $4B | $2.2B | |
Sunrun Inc.RUN | 32.4× | 5.6× | 25.2× | $3.2B | N/A |
| 17.2× | 10.5× | 5.9× | $28.2B | $2.2B | |
| 9.5× | 7.0× | 4.9× | $6.4B | $1.5B | |
| 9.2× | 4.0× | -0.9× | $5.4B | $36M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Marketing & Data. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)212026-02-24
- 10-Q (quarterly)572026-05-07
- 8-K (event)2112026-05-07
- Proxy / DEF 14A422026-04-30
- Activism (13D / DFAN / PREC)162021-06-15
Signals on file
- elevated
Activism on file
2021-06-1516 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.