An annular heat recuperator is formed with alternating hot and cold cells to separate counter-flowing hot and cold fluid streams. Each cold cell has a fluid inlet formed in the inner diameter of the recuperator near one axial end, and a fluid outlet formed in the outer diameter of the recuperator near the other axial end to evenly distribute fluid mass flow throughout the cell. Cold cells may be joined with the outlet of one cell fluidly connected to the inlet of an adjacent downstream cell to form multi-stage cells.