KabuDo

NYSE: BE · Electrical Components & Equipment

Bloom Energy Corporation

Bloom Energy makes the Bloom Energy Server, a solid-oxide fuel cell system that turns natural gas, biogas or hydrogen into electricity on site without combustion, plus the Bloom Electrolyzer for producing hydrogen. Demand for on-site power at AI data centers has driven rapid growth: 2025 revenue rose 37% to $2.02 billion, and Q3 2026 revenue reached a record $1.24 billion, up 138%, with $225 million of operating income. Sales are concentrated — three customers and distributors made up 68% of 2025 revenue, led by joint ventures with Brookfield, which agreed to a financing framework of up to $5 billion. AEP may buy up to 1 GW of fuel cells, and Oracle received a warrant tied to an AI data center partnership. Bloom still reported a GAAP net loss of $87 million in 2025 and has issued convertible notes, including $2.5 billion of 0% notes in November 2025.

Last updated

Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 9, 2026

Built on10-K FY2025 · filed 2026-02-0910-Q (quarter ended 2026-09-30) · filed 2026-10-22

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

01

At a glanceFrom SEC data

Eight headline measures, each placed among the companies covered on this site.

Revenue growth
20.6%

Higher than 87% of 372 non-financial companies

Average yearly growth over the years shown

Operating margin
3.6%

Higher than 10% of 311 non-financial companies

Latest fiscal year (FY2025)

ROIC minus WACC
-12.9 pts

Higher than 2% of 311 non-financial companies

Return on capital above (or below) its estimated cost

Net debt ÷ EBITDA
1.4x

Higher than 43% of 304 non-financial companies

Below 0 means more cash than debt

Cash conversion
—

Operating cash flow ÷ net income

Dividend raises
—

Years the dividend per share rose, of the last 5

P/E today
109.8x

Latest close 2026-11-04; trailing 12 months to 2026-09-30

Beta
2.11

Above 1 = moves more than the market

Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.

02

Valuation todayFrom SEC data

Price-based measures at the latest close, next to the same measures at the last fiscal year-end.

Share price$205.00close on 2026-11-04

Market cap$57.41B

P/E today
109.8x

At FY2025 year-end: —

Earnings: trailing 12 months to 2026-09-30

P/B today
74.7x

At FY2025 year-end: 31.7x

Book value at FY2025 year-end

EV/EBITDA today
466.7x

At FY2025 year-end: 198.6x

EBITDA for FY2025

FCF yield today
0.1%

At FY2025 year-end: 0.2%

Free cash flow for FY2025

Dividend yield today
—

Dividends per share for FY2025

“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.

03

What changed since last earningsFrom SEC data

The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.

Quarter ended Sep 30, 2026.

  • Revenue↑ +138.1%$519M → $1.24B (vs. a year earlier)
  • Operating margin↑ +16.7 pts1.5% → 18.2% (vs. a year earlier)
  • Net income↑ $249M−$23M → $249M (vs. a year earlier)
  • Diluted EPS↑ $0.78$-0.10 → $0.78 (vs. a year earlier)
  • Cash↓ −6.8%$2.67B → $2.49B (vs. previous quarter-end)
  • Long-term debt→ −0.1%$2.48B → $2.48B (vs. previous quarter-end)

Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.

From the earnings release of Oct 22, 2026.

Management outlook ↑ Raised

Raised 2026 revenue guidance to $4.4B–$4.6B. Source sentence
Raises full year 2026 revenue guidance to $4.4 billion - $4.6 billion, representing 122% year-over-year growth at the midpoint

Key changes

  • Record Q3 revenue $1,235.8M, up 138.1%. Source sentence
    Achieved record quarterly revenue of $1,235.8 million, delivering 138.1% year-over-year growth
  • Gross margin 33.8%, up 453 basis points. Source sentence
    Gross margin of 33.8% increased 453 basis points.

Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗

04

Company profileFrom SEC dataShow

Legal name
Bloom Energy Corp
Headquarters
SAN JOSE, CA
Incorporated in
Delaware
Fiscal year end
12/31
Exchange & ticker
NYSE: BE
Industry
Electrical Components & Equipment
CIK
1664703

Workforce (as of FY2025 year-end)

  • Employees

    2,214

Source: Form 10-K (FY2025) cover page and business description

05

Earnings calendarFrom SEC dataShow

When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.

Next report

Q4 FY2026

Quarter end: December 2026. In past years, Q4 results were released 36–58 days after quarter end (Feb 5, 2026; Feb 27, 2025; Feb 15, 2024). No date has been announced in the sources this site uses.

Reporting pattern

  • Fiscal year ends around December 31.
  • Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
  • Earnings releases came 22–58 days after quarter end over the last 12 quarters.
QuarterQuarter endedEarnings release (8-K)Report filed (10-Q / 10-K)
Q3 FY2026Sep 30, 2026Oct 22, 2026 (+22 days)Oct 22, 2026 10-Q (+22 days)
Q2 FY2026Jun 30, 2026Jul 28, 2026 (+28 days)Jul 28, 2026 10-Q (+28 days)
Q1 FY2026Mar 31, 2026Apr 28, 2026 (+28 days)Apr 29, 2026 10-Q (+29 days)
Q4 FY2025Dec 31, 2025Feb 5, 2026 (+36 days)Feb 9, 2026 10-K (+40 days)
Q3 FY2025Sep 30, 2025Oct 28, 2025 (+28 days)Oct 28, 2025 10-Q (+28 days)
Q2 FY2025Jun 30, 2025Jul 31, 2025 (+31 days)Jul 31, 2025 10-Q (+31 days)
Q1 FY2025Mar 31, 2025Apr 30, 2025 (+30 days)Apr 30, 2025 10-Q (+30 days)
Q4 FY2024Dec 31, 2024Feb 27, 2025 (+58 days)Feb 27, 2025 10-K (+58 days)
Q3 FY2024Sep 30, 2024Nov 7, 2024 (+38 days)Nov 7, 2024 10-Q (+38 days)
Q2 FY2024Jun 30, 2024Aug 8, 2024 (+39 days)Aug 8, 2024 10-Q (+39 days)
Q1 FY2024Mar 31, 2024May 9, 2024 (+39 days)May 9, 2024 10-Q (+39 days)
Q4 FY2023Dec 31, 2023Feb 15, 2024 (+46 days)Feb 15, 2024 10-K (+46 days)

Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.

06

Flagship products & servicesSite analysis

  • Energy

    Bloom Energy Server

    Examples: Solid-oxide fuel cell power systems

    Runs on natural gas, biogas or hydrogen; modular and serviceable without downtime.

  • Hydrogen

    Bloom Electrolyzer

    Examples: High-temperature solid oxide electrolyzer

    Produces hydrogen.

From the FY2025 Form 10-K.

U.S. and worldwide share of flagship products/services

The filings reviewed give no market share figure for the company's products or services.

Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)

07

Recent strategic focusSite analysis

FY2025 from the 10-K, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.

  1. Q3 2026 results

    Record revenue of $1,235.8M (+138%); product revenue $1,073.6M (+179%); operating income $225.4M; EPS $0.78. Full-year revenue guidance raised to $4.4–4.6B. Bloom was added to the S&P 500.

    Source: Q3 2026 earnings release

  2. Short-seller report

    Bloom rejected a July 8, 2026 Hunterbrook Media report on its accounting and scandium oxide supply. A securities class action citing the same allegations followed (see Legal).

    Source: 8-K filed 2026-07-09

  3. Oracle warrant

    Oracle completed a cashless exercise of its warrant on May 1, 2026, receiving 1,905,433 shares, plus 248,798 inducement shares for electing net settlement.

    Source: Form 10-Q (quarter ended 2026-09-30)

  4. Management

    Simon Edwards became CFO on April 13, 2026; founder-CEO KR Sridhar received a new performance award tied to revenue targets through 2029.

    Source: 8-Ks filed 2026-03-26 and 2026-06-17

Capex ÷ D&A (FY2025)

1.12x

Roughly matches depreciation — mostly maintenance/replacement

formulacapital expenditures ÷ depreciation & amortization

e.g.$57M ÷ $51M = 1.12x

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

R&D-to-revenue ratio (FY2025)

9.2%

formularesearch & development expense ÷ revenue × 100

e.g.$186M ÷ $2,024M × 100 = 9.2%

termsResearch & development (R&D) · Revenue (net sales)

Where the money goes, over time

Unit: $M. Capex went from $38M in FY2020 to $57M in FY2025

  • Capex
  • R&D

formulacapital expenditures ÷ depreciation & amortization

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09

08

Key figures at a glanceFrom SEC data

FY2020–FY2025, 6 years.

Revenue (FY2025)

$2.02B

As reported in the 10-K

Revenue CAGR (5 years)

+20.6%▲favorable

formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1

e.g.($2,024M ÷ $794M) ^ (1÷5) − 1 = 20.6%

termsCAGR · ^ (exponent) · Revenue (net sales)

Operating margin (FY2025)

3.6%▲favorable

+13.8pt vs. 5 years ago

formulaoperating income ÷ revenue × 100

e.g.$73M ÷ $2,024M × 100 = 3.6%

termsOperating income · Revenue (net sales)

ROE (FY2025)

-13.1%▼caution

6-year average: -72.4%

As reported in the 10-K

P/B (FY2025 end)

31.66x

formulafiscal year-end closing price ÷ book value per share

e.g.$86.89 ÷ $2.74 = 31.66x

termsP/B · BVPS

Period-end (fiscal year-end) value, not today's P/B

EV/EBITDA (FY2025 end)

198.6x

formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)

e.g.($24,333M + $2,622M − $2,454M) ÷ ($73M + $51M) = 198.6x

termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)

Period-end (fiscal year-end) value, not today's multiple

  • ▲

    Revenue grew +20.6% a year over 5 years (strong growth)

    From $794M in FY2020 to $2.02B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.

  • ▲

    Operating margin improved: -10.2% → 3.6%

    How much operating profit is left per $100 of revenue. It moved +13.8 points over 5 years — pricing power, cost control, and product mix all show up here.

  • ▼

    Equity ratio is 17.5% (relatively heavy reliance on debt)

    The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).

  • ▼

    Free cash flow was positive in 2 of 6 years

    Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.

  • ▼

    ROE averaged -72.4% over 6 years (latest: -13.1%)

    How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.

09

Business modelSite analysis

On-site fuel cell power

Bloom designs, manufactures, installs and services Energy Servers that supply always-on power at customer sites, sold directly or to financiers and partners who own the systems and sell power to end customers.

On-site fuel cell power: how money and goods flow
  1. 01 what it draws on

    Inputs & resources

    • Solid-oxide fuel cell technology and materials
    • Manufacturing capacity being expanded
    • 2,214 full-time employees
  2. 02 what it does

    Activities

    • Manufacturing Energy Servers
    • Installation
    • Operations and maintenance for 5 to 20 years
  3. 03 who it serves

    Customers

    • AI data centers and other large power users
    • Utilities such as AEP
    • Financing partners such as Brookfield's Fund JVs
  4. 04 how money comes in

    How it earns

    • Product sales
    • Installation
    • Long-term service contracts
    • Electricity sales from some owned systems

On-site fuel cell power: how it makes money

  • 2025 revenue: product $1.53B (+41%), installation $204M, service $228M, electricity $60M.
  • Q3 2026 product revenue $1,073.6M, up 179%.

Hydrogen electrolyzers

The Bloom Electrolyzer uses high-temperature solid oxide technology to produce hydrogen; the 10-K says the clean hydrogen industry is early and no technology leads yet.

Hydrogen electrolyzers: how money and goods flow
  1. 01 what it draws on

    Inputs & resources

    • The same solid oxide platform
  2. 02 what it does

    Activities

    • Electrolyzer development and sales
  3. 03 who it serves

    Customers

    • Hydrogen producers and industrial users
  4. 04 how money comes in

    How it earns

    • Product sales

Hydrogen electrolyzers: how it makes money

  • An early-stage market for the company.

Government & regulation around the business

Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.

Bloom Energy’s fuel cells may qualify for new technology-neutral investment tax credits from 2026.

  • Government funding & tax credits

    Investment tax credits

    From January 1, 2026, Energy Server systems may qualify for technology-neutral investment tax credits.

    Supports the businessTouches: Customers · How it earns

    Source: Form 10-K (FY2025)

  • Environmental rules

    Carbon rules

    CO2-related law changes, including carbon pricing, could affect demand.

    Supports and constrainsTouches: Customers

    Source: Form 10-K (FY2025)

  • Trade & export rules

    Tariffs and trade rules

    Tariffs have had impacts and conditions remain volatile.

    Constrains the businessTouches: Inputs & resources

    Source: Form 10-K (FY2025)

Revenue by segment (FY2025)

Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100

  • Product

    1,531 (76%)

    profit 538 · margin 35.1%

  • Installation

    204 (10%)

    profit -2 · margin -1.0%

  • Service

    228 (11%)

    profit 23 · margin 10.1%

  • Electricity

    60 (3%)

    profit 28 · margin 46.7%

Source: Form 10-K (FY2025) — MD&A, revenue and cost of revenue Bloom has one reportable segment; these are its revenue types. Profit is gross profit (revenue less cost of revenue) for each type.

10

Contract structureSite analysisShow

Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.

Energy Servers are sold outright or to financiers who own them and sell power to end customers. Service contracts run 5 to 20 years but can be terminated for convenience annually. A growing number of orders now move from booking to revenue in under twelve months.

  • Product and installation

    $1.74B (86% of 2025 revenue)

    Typical term: One-time sale to customer or financier

    Sales to Brookfield's Fund JVs were $862M in 2025.

  • 5–20 years

    Operations and maintenance

    $228M (11%)

    Typical term: Renewable annually; terminable for convenience

  • Electricity

    $60M (3%)

    Typical term: Power purchase agreements on some systems

Source: Form 10-K (FY2025) — Item 1 and MD&A

11

Alliances & capital tiesSite analysisShow

Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.

  • Financing

    Brookfield Asset Management

    A financing framework of up to $5.0B over five years for Bloom fuel cell projects, housed in joint ventures (the Fund JVs), agreed in August 2025.

    Source: Form 10-K (FY2025) — Note 7

  • Supply

    American Electric Power (AEP)

    AEP may procure up to 1 GW of fuel cells for applications such as AI data centers, starting with a 100 MW order (announced November 2024).

    Source: Form 10-K (FY2025) — Item 1

  • Partnership

    Oracle

    On-site power for AI data centers; Bloom issued Oracle a warrant for up to 3,531,073 shares at $113.28 in April 2026.

    Source: 8-K filed 2026-04-13

  • Joint venture

    SK ecoplant

    A Korean joint venture and past equity investment; SK ecoplant owned 2.5% of Bloom at year-end 2025 and is no longer a related party.

    Source: Form 10-K (FY2025) — Note 17

12

Customers & suppliersSite analysis

Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.

Customers

Data centers, utilities and commercial and industrial users, often through financiers that own the systems.

Named by the company

What the filings disclose

  • Three customers and distributors accounted for about 43%, 13% and 12% of 2025 revenue. (Form 10-K (FY2025), Note 1)

Suppliers

Materials and components for solid-oxide fuel cells.

Named by the company

None named in the 10-K or the company’s press releases.

What the filings disclose

  • Bloom states its scandium oxide supply is sufficient and not dependent on China. (8-K filed 2026-07-09)

13

Competitors & peersSite analysis

Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.

Bloom's 10-K says it competes mainly against grid power and on-site firm power from OEMs of gas reciprocating engines, small gas turbines and combined cycle plants, and that major turbine OEMs are supply constrained. In electrolyzers it competes with alkaline, PEM and AEM technologies. It names no companies.

Competitors named in the 10-K

Bloom's 10-K names competing technologies rather than companies.

Peer group the company chose

2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.

Companies in alternative energy, AI-oriented semiconductors, AI facilitators and data center infrastructure, with revenue and market capitalization of about 0.25x–5x Bloom's.

Source: Proxy statement (DEF 14A, filed 2026-04-08) — compensation peer group

Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.

14

Six years of financialsFrom SEC data

Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.

Revenue over time

Unit: $M

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09

Profit over time (operating → net)

Unit: $M

  • Operating income
  • Pretax income
  • Net income

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09

Margins over time

Unit: %

  • Operating margin
  • Net margin

formulaoperating income ÷ revenue × 100

termsOperating income · Revenue (net sales)

formulanet income attributable to the company ÷ revenue × 100

termsNet income (attributable to the company)

Cash flow over time

Unit: $M (below zero = cash went out)

  • Operating CF
  • Investing CF
  • Free CF

formulacash flow from operations − capital expenditures

termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09

Financial stability & capital efficiency

Unit: %

  • Equity ratio
  • ROE

formulatotal equity ÷ total assets × 100 (as reported in the 10-K)

termsStockholders’ equity · Total assets

formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)

termsNet income (attributable to the company) · Stockholders’ equity

Earnings per share (EPS) and dividend per share

Unit: $

  • EPS

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09

Line itemFY202010-K on EDGAR ↗FY202110-K on EDGAR ↗FY202210-K on EDGAR ↗FY202310-K on EDGAR ↗FY202410-K on EDGAR ↗FY202510-K on EDGAR ↗
Income statement ($M)
Revenue7949721,1991,3331,4742,024
Operating income-81-115-261-2092373
Pretax income-179-192-314-306-26-84
Net income (attributable)-158-164-302-302-27-87
Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100—22.4%23.3%11.2%10.5%37.3%
Operating margincalcoperating income ÷ revenue × 100-10.2%-11.8%-21.8%-15.7%1.6%3.6%
Net margincalcnet income attributable to the company ÷ revenue × 100-19.8%-16.9%-25.2%-22.7%-1.8%-4.3%
Balance sheet ($M)
Total assets1,4541,7261,9472,4142,6574,397
Total equity141-2379521585793
Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable3915274128471,2432,622
Equity ratio5.4%-2.6%17.5%20.8%21.2%17.5%
ROE-199.9%——-71.7%-5.1%-13.1%
Cash flow ($M)
Operating CF-99-61-192-37392114
Investing CF-38-47-117-84-59-93
Financing CF1763062116831751,508
Free cash flowcalccash flow from operations − capital expenditures-137-110-309-4563357
Cash and equivalents2473963486658032,454
Per share & other
EPS ($)-1.14-0.95-1.62-1.42-0.13-0.37
BVPS ($)0.47-0.251.662.232.452.74
EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)————72.8198.6
P/B (x)calcfiscal year-end closing price ÷ book value per share61.08—11.546.629.0531.66

P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.

Last 8 quarters

Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.

Quarter endedRevenueOperating incomeNet incomeDiluted EPS
2026-09-30$1.24B+138.1%$225M+2773.4%$249M$0.78
2026-06-30$1.07B+165.5%$182M$199M$0.62
2026-03-31$751M+130.4%$72M$74M$0.23
2025-12-31 †$778M+35.9%$88M-16.4%$1M-98.6%—
2025-09-30$519M$8M−$23M$-0.10
2025-06-30$401M−$4M−$42M$-0.18
2025-03-31$326M−$19M−$23M$-0.10
2024-12-31 †$572M$105M$105M—

† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.

15

Is ROIC above WACC?From SEC data

ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.

ROIC (FY2025)

2.2%

formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)

e.g.$73M × (1 − 21%) ÷ $2,622M × 100 = 2.2%

termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity

WACC (this site’s estimate)

15.06%

formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight

e.g.Equity weight: $24.33B ÷ ($24.33B + $2.62B) = 90.3%

e.g.Debt weight: $2.62B ÷ ($24.33B + $2.62B) = 9.7%

e.g.WACC: 16.6% × 90.3% + 1.5% × (1 − 21%) × 9.7% = 15.06%

termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization

ROIC − WACC

-12.9pt▼caution

Falling short of the cost of capital (ROIC > WACC in only 0 of 6 years)

formulaROIC − WACC (positive means the business earns more than its cost of capital)

termsROIC · WACC

How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 12.3%–18.1% and ROIC − WACC runs −15.9 to −10.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.

WACC 15.06% is this site’s estimate under the assumptions below (not a figure the company has published)

Risk-free rate
4.95% (10-year Treasury, 2026-11-03)
β
2.11 (price-derived adjusted beta)
Equity risk premium
5.5%
Cost of equity
16.55%
Cost of debt
1.45%
Tax rate
21% (U.S. federal statutory rate (not enough data for an effective rate))
Capital structure (equity : debt)
90% : 10%
→ Change assumptions and recalculate

ROIC over time, vs. WACC

Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red

  • ROIC (above WACC)
  • ROIC (below WACC)
  • WACC 15.06%

formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)

termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity

formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight

termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization

Try different WACC assumptions

β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).

Initial β: 2.11 (price-derived adjusted beta. Raw β 2.65, R² 0.15, 130 weeks)

formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)

e.g.0.67 × 2.650 + 0.33 = 2.106

termsβ (beta)

Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.

Cost of equity16.55%

formularisk-free rate + β × equity risk premium

e.g.5.0% + 2.11 × 5.5% = 16.6%

termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)

Market value of equity$24.33B

formulafiscal year-end closing price × shares outstanding (= market cap)

termsMarket capitalization · Market value of equity

Interest-bearing debt$2.62B
Cost of debt1.45%

formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)

termsInterest-bearing debt · Risk-free rate

Capital structure (equity weight : debt weight)90% : 10%

16

What the price implies (DCF)From SEC data

A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.

Growth the price implies (price on 2026-11-04)

15.0%

Perpetual FCF growth: g = r − FCF ÷ EV = 15.1% − 0.1%

Past FCF growth (FY2020–FY2025)

—

Not computable (FCF not positive in both years)

Past revenue growth (FY2020–FY2025)

+20.6%

Compound annual rate, 5 years

Inputs (FY2025): free cash flow $57M (operating CF − capex); enterprise value $57.58B = market cap $57.41B (latest close, 2026-11-04) + debt $2.62B − cash and short-term investments $2.45B; r = WACC of 15.1% using this page’s default assumptions (β 2.11, risk-free 5.0%, market premium 5.5%).

Three WACC scenarios

The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.

Try your own assumptions

V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.

Theoretical enterprise value

$1.84B

FCF $57M ÷ (15.1% − 12.0%)

Theoretical ÷ actual enterprise value

0.03x

Below 1x: these assumptions value the business below the market did

How sensitive the answer is

Theoretical ÷ actual enterprise value for each combination of r and g.

g \ r13.1%14.1%15.1%16.1%17.1%
0%0.01x0.01x0.01x0.01x0.01x
2%0.01x0.01x0.01x0.01x0.01x
4%0.01x0.01x0.01x0.01x0.01x
6%0.01x0.01x0.01x0.01x0.01x
8%0.02x0.02x0.01x0.01x0.01x

A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.

17

Earnings qualityFrom SEC dataShow

The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.

  • ✓

    Accrual ratio (latest): -5.7%

    A small share of profit rests on accounting estimates.

  • !

    Days sales outstanding: 44 → 64 days

    Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.

Operating CF vs. net income

Unit: $M — operating CF above net income means profit is backed by cash

  • Operating CF
  • Net income

formulacash flow from operations ÷ net income attributable to the company

termsCash flow from operations (operating CF) · Net income (attributable to the company)

formula(net income − operating CF) ÷ average total assets × 100

termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09

Profit bridge (FY2025)

Unit: $M — what moved profit from operating income to net income

  • Profit (each stage)
  • Pushed profit up
  • Pushed profit down

formulaoperating income ÷ income before income taxes × 100

termsOperating income · Income before income taxes (pretax income)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09

Receivables & inventory days

Unit: days — days grow when receivables or inventory build up faster than sales

  • Days sales outstanding
  • Days inventory outstanding

formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365

termsAccounts receivable · Revenue (net sales)

formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365

termsInventory · Cost of revenue (COGS)

Worked examples (latest period)

formulacash flow from operations ÷ net income attributable to the company

termsCash flow from operations (operating CF) · Net income (attributable to the company)

formulaoperating income ÷ income before income taxes × 100

termsOperating income · Income before income taxes (pretax income)

formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365

e.g.($336M + $372M) ÷ 2 ÷ $2,024M × 365 = 64 days

termsAccounts receivable · Revenue (net sales)

formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365

e.g.($545M + $643M) ÷ 2 ÷ $18M × 365 = 12045 days

termsInventory · Cost of revenue (COGS)

18

Who holds the sharesFrom SEC dataShow

How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.

Institutions, insiders and everyone else, 13F holdings as of 2026-06-30

“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.

Held by 13F filers
78.6%
Directors & officers (shares)
3.0%
Everyone else (est.)
18.4%

individuals and other non-13F holders

Directors & officers (voting power)
3.0%

no separate voting figure; shown as shares

Institutional-ownership rank
323 of 416

1 = most institutional; 77% of covered companies have more

Beta (adjusted)
2.11

above 1 = swings more than the market

  • 231.5M shares reported by 1,280 13F filers ÷ 294.5M shares outstanding on 2026-07-22. Option positions are excluded.
  • Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
  • A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.

Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-08 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-22)

19

Strengths & weaknessesSite analysis

Strengths

  1. 1. Rapid growth

    Revenue grew from $972M (2021) to $2.02B (2025), and Q3 2026 revenue was a record $1.24B (+138%).

    Evidence: SEC EDGAR XBRL; Q3 2026 earnings release

  2. 2. Speed to power

    The 10-K says Energy Servers are easier to permit and install than turbines and engines, so they can be deployed rapidly when customers urgently need power.

    Evidence: Form 10-K (FY2025), Item 1

  3. 3. Improving margins

    Q3 2026 gross margin was 33.8% (+453 bp), with $225M of operating income; operating cash flow was $273M in the first nine months of 2026.

    Evidence: Q3 2026 earnings release; Form 10-Q (quarter ended 2026-09-30)

Weaknesses

  1. 1. Customer concentration

    Three customers and distributors made up about 43%, 13% and 12% of 2025 revenue; the largest is a related party (Brookfield's Fund JVs).

    Evidence: Form 10-K (FY2025), Note 1

  2. 2. History of losses

    Net losses every year from 2021 to 2025, including $87M in 2025.

    Evidence: SEC EDGAR XBRL

  3. 3. Dilution

    Shares outstanding rose from 229M to 280M in 2025, and more shares may be issued on conversion of convertible notes.

    Evidence: Form 10-K (FY2025)

20

What draws investors to itSite analysis

Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.

P/E (FY2025)

—

Price at fiscal year-end ÷ diluted EPS

Dividend yield (FY2025)

—

Dividends per share ÷ fiscal year-end price

Payout ratio (FY2025)

—

Dividends per share ÷ diluted EPS

FCF yield (FY2025)

0.2%

(Operating CF − capex) ÷ market cap

  1. 1. AI data center power

    Bloom says all major U.S. hyperscalers and over a dozen neoclouds, AI labs and colocation operators have approved its power solutions.

    What has to hold
    Grid constraints keep on-site power in demand.
    The other side
    Revenue is concentrated, and the company has only recently become profitable on an operating basis.

    Evidence: Q2 2026 earnings release

These summarize facts in Bloom Energy's filings, not a recommendation.

21

ResilienceSite analysisShow

How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.

1. Financial buffer (FY2025)

Cash & short-term investments ÷ debt due within a year

100x+

$2.45B vs. $8M

Interest coverage (operating income ÷ interest expense)

1.9x

$73M vs. $38M

Free cash flow ÷ dividends paid

60.4x

$57M vs. $947,000 (FCF = operating CF − capex)

2. Worst year in the record, and the recovery

FigureWorst year-over-year changeBack to the prior level?
RevenueNo decline in the record—
Operating incomeNo decline in the record—

Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.

3. Business resilience (from the 10-K)

  • Cash

    $2.45B of cash at year-end 2025 after the $2.5B 0% convertible note issue.

    Source: SEC EDGAR XBRL; Form 10-K (FY2025)

  • Operating cash flow

    Positive in 2024 ($92M) and 2025 ($114M); $273M in the first nine months of 2026.

    Source: SEC EDGAR XBRL; Form 10-Q (quarter ended 2026-09-30)

23

Risks (including geopolitical)Site analysis

Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.

Risk map

Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).

Impact
High
12
Med
4
35
Low
LowMedHigh

Likelihood →

"Company disclosure" vs. "this site’s assessment"

The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.

Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.

  1. 1Customer/supplier concentration

    Reliance on a few buyers

    Company disclosure (summarized from the 10-K)
    Most revenue comes from a few customers and financiers, led by the Brookfield Fund JVs.
    Company’s stated mitigation
    Expanding direct sales and utility partnerships.
    This site’s assessment
    Impact High / Likelihood Med
  2. 2Demand & macro

    Emerging markets

    Company disclosure (summarized from the 10-K)
    The 10-K says distributed generation and hydrogen are emerging markets that may not gain wide acceptance; demand is tied to AI data center build-outs.
    Company’s stated mitigation
    Diversifying across data centers, utilities and other large loads.
    This site’s assessment
    Impact High / Likelihood Med
  3. 3Funding & liquidity

    Convertible debt

    Company disclosure (summarized from the 10-K)
    $2.5B of 0% convertible notes due 2030 plus remaining 3.0% green convertible notes due 2028 and 2029.
    Company’s stated mitigation
    $2.45B of cash at year-end 2025 and a $600M revolving credit facility (December 2025).
    This site’s assessment
    Impact Med / Likelihood Med
  4. 4Supply chain

    Critical materials

    Company disclosure (summarized from the 10-K)
    A July 2026 short-seller report questioned its scandium oxide supply; Bloom said it has sufficient supply and is not dependent on China.
    Company’s stated mitigation
    Company states visibility into supply for 25 GW a year of fuel cells.
    This site’s assessment
    Impact Med / Likelihood Low
  5. 5Law & regulation

    Tax incentives

    Company disclosure (summarized from the 10-K)
    Product backlog values reflect anticipated investment tax credits; changes to U.S. incentives (IRA, One Big Beautiful Bill Act) affect customer economics.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med

24

What changed in the risk factorsFrom SEC data

Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.

New or substantially reworded (8)

  • • Our AI customer mix is increasing due to the continued adoption of AI tools, and the resulting growth in AI data centers and their resulting power needs to support our business expansion. Read more

    Slower expansion of AI data centers due to actual or perceived deceleration in AI adoption or other factors could have an adverse impact on our business, financial condition and results of operations.

  • • Certain features or characteristics of some of our supply agreements could expose us to risks, such as excess inventory, insufficient inventory, or above market pricing or higher costs, which could negatively affect our results of operations.

  • • Our internal computer systems, and those of our third-party providers, may fail or suffer from events beyond our control, including from cybersecurity events, which could reduce revenue and earnings, increase expenses and expose us to legal and regulatory claims.

  • • the introduction, emergence, continuance, maturation or success of, or increased government support for, other hydrogen production or alternative energy generation technologies and products (including, for example, small scale nuclear and geothermal);

  • Our AI customer mix is increasing due to the continued adoption of AI tools, and the resulting growth in AI data centers and their resulting power needs to support our business expansion. Read more

    Slower expansion of AI data centers due to actual or perceived deceleration in AI adoption or other factors could have an adverse impact on our business, financial condition and results of operations.

  • While we sell our solutions to customers in a variety of industries and for a variety of applications, we have recently seen a significant increase in demand for Bloom Energy Server systems to meet the power needs of AI data centers, which are experiencing increased demand for reliable, on-site power. These AI data centers are experiencing this increased demand largely as a result of the large power consumption requirements of AI computing and the lack of available generation, transmission and interconnection from the utility grid. A deceleration in AI adoption, changes in customer capital expenditure priorities, financing constraints (including reduced availability of project finance or tax equity), longer permitting or construction lead times, local moratoria, protests or siting restrictions on data centers or distributed generation, or improved grid interconnection timelines could…

  • Project execution risks may be heightened for large-scale, complex, first-of-a-kind, or geographically diverse projects as well as projects in new markets or regulatory environments. Read more

    If we are unable to effectively manage these risks, our ability to deliver projects on time, within budget, and in accordance with contractual requirements could be adversely affected, which could harm our business reputation, customer relationships, cash flows, operational results, and financial condition.

  • We have entered into supply agreements with certain suppliers. Read more

    Some of these supply agreements contain long-term commitments, fixed or inflation-adjusted pricing, prepayment obligations, take-or-pay arrangements and, in a few cases, contain supplier purchase commitments. These features or characteristics could expose us to risks, such as limiting our flexibility to move to alternative suppliers in circumstances in which it may be beneficial, paying higher prices for supplies than the market, inflation-adjusted pricing that adversely affects our margins in the event we are not able to correspondingly increase the price of our products, storing aging inventory that we do not need, and failing to recover prepayments from suppliers, particularly if dealing with suppliers without a long, stable production and financial history. We may not accurately predict whether the terms of any supply…

No longer in the text (4)

  • We derive a substantial portion of our revenue and backlog from a limited number of customers, and the loss of or a significant reduction in orders from a large customer could have a material adverse effect on our operating results and other key metrics.

  • In any particular period, a substantial amount of our total revenue has and could continue to come from a relatively small number of customers. Read more

    As an example, in the year ended December 31, 2024, three customers accounted for approximately 23%, 16% and 14% of our total revenue. The loss of any large customer order or any delays in installations of new products with any large customer would materially and adversely affect our business results.

  • arrangements could mean that we end up paying for inventory that we do not need or that is at a higher price than the market. Read more

    Further, we face significant specific counterparty risk under long-term supply agreements when dealing with suppliers without a long, stable production and financial history. Given the uniqueness of our products, many of our suppliers do not have a long operating history and are private companies that may not have substantial capital resources. In the event any such supplier experiences financial difficulties, it may be difficult or impossible, or may require substantial time and expense, for us to recover any or all of our prepayments. We do not know whether we will be able to maintain long-term supply relationships with our critical suppliers or whether we may secure new long-term supply agreements. Additionally, many of our parts and materials are procured…

  • We utilize a sourcing strategy that emphasizes global procurement of materials that have direct or indirect dependencies upon a number of vendors with operations in the Asia Pacific region. Read more

    Physical, regulatory, technological, market, reputational, and legal risks related to climate change in these regions and globally are increasing in impact and diversity and the magnitude of any short-term or long-term adverse impact on our business or results of operations remains unknown. The physical impacts of climate change, including as a result of certain types of natural disasters occurring more frequently or with more intensity or changing weather patterns, could disrupt our supply chain, result in damage to or closures of our facilities, and could otherwise have an adverse impact on our business, operating results and financial condition. In addition, the war in Ukraine resulted in…

25 more paragraphs differ; the filings below have the full text.

Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 9, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.

25

What to watch going forwardSite analysis

  • Delivery on raised 2026 revenue guidance of $3.9–4.2B.
  • Customer concentration as more hyperscalers and data center operators buy directly.
  • Dilution from convertible notes, the Oracle warrant and share offerings.
  • Follow-up to the July 2026 short-seller report.

26

Source documentsShow

This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.

Last updated

Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 9, 2026

Built on10-K FY2025 · filed 2026-02-09

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

This page is this site’s own analysis based on public information, and does not represent Bloom Energy Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.