Fuel Tech, Inc.
FTEKHIGH VELOCITYFILING INTENSITYFuel Tech, Inc. reads as an High Velocity (composite 70/100); Selective Buyer deploying $0 across 0 disclosed transactions, running flat vs the prior cycle · primary market Waste.
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
Selective Buyer
Acquisition use is visible but targeted.
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
- $12M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 35d
- 4 acquisition-history signals
- 198 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 1 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 1 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 1 activism filings
- Latest activism 28y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 1 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 198 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $39M
- 10-Q 35d ago
- 2 active signals
Capital cadence.
No disclosed M&A capital in the 10-year window.
This issuer has not disclosed material acquisition spend or count in the last ten fiscal years.
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On25%
- Geographic Expansion25%
- Technology Acquisition25%
- Horizontal Consolidation25%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- geographic_expansion
- technology_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“The goodwill recorded in connection with the above acquisition is primarily attributable to the strong cash flow expected from the acquisitions as a result of the synergies with our APC technology segment expected to arise after the Company's acquisition of the businesses.”
“The addition of the two management teams, including one of the world’s foremost experts in the design and optimization of traditional catalyst-based SCR systems, will significantly enhance Fuel Tech’s ability to sell hybrids such as our NOxOUT CASCADE offering.”
“These acquisitions broaden our APC product portfolio and grants us immediate access into the fast-growing particulate control market, creating opportunities both domestically and abroad.”
“the Company believes that it will be able to leverage its technology with the MMMS customer base, which will improve program results and increase revenues from these accounts.”
“The Company believes that this acquired business is an excellent strategic fit with its fuel treatment chemical business.”
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
Waste
- Market spend (2023–2025)
- $24.4B
- Market spend (2020–2022)
- $21.3B
- Recent vs prior
- +15%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
FTEK trades at a -24.3-turn discount to the Waste peer median of 13.2×.
- EV / Revenue
- 1.5×
- Net debt / EBITDA
- N/A
- Peer median EV / EBITDA
- 13.2×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 17.3× | 5.0× | 3.3× | $9.6B | $3.6B | |
| 14.7× | 4.3× | 3.1× | $25.4B | $8.1B | |
| 13.2× | 2.5× | 1.9× | $6.1B | $598M | |
| 12.7× | 3.7× | 2.8× | $16.7B | $3.1B | |
| 12.0× | 3.9× | N/A | $6.7B | N/A |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Waste. 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)302026-03-03
- 10-Q (quarterly)822026-05-05
- 8-K (event)1982026-05-05
- Proxy / DEF 14A322026-04-13
- Activism (13D / DFAN / PREC)11998-05-06
Signals on file
- elevated
Activism on file
1998-05-061 activist filing 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.