Bloom Energy Corp (BE) stock analysis
Close on Nov 11, 2026Market cap $61.93BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed10 of 30 checks passed
Bloom Energy passes 10 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 1/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 36.5%, above the 10% that usually covers the cost of capital.
Revenue growing 10%+ a year
Revenue grew 19.1% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 15.9 times.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 27.9% of total debt.
What to watch
Margin of safety under 20%
The price is 390% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $209.47 is above our fair value estimate of $42.74.
High debt
Debt is 128% of shareholders' equity, above the 40% we consider low.
P/B above the industry
Bloom Energy's price-to-book of 32.04 is above the Electronic and Other Electrical Equipment and Components, except Computer Equipment median of 6.03.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
Bloom Energy's price-to-book of 32.04 is above the Electronic and Other Electrical Equipment and Components, except Computer Equipment median of 6.03.
Trading above fair value
The share price of $209.47 is above our fair value estimate of $42.74.
Margin of safety under 20%
The price is 390% above fair value, so there is no margin of safety.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 19.1% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 111% over the last twelve months; the Electronic and Other Electrical Equipment and Components, except Computer Equipment median is 13.5%.
Guidance raised
Bloom Energy raised its full-year 2026 Non-GAAP Operating Income outlook on Oct 22, 2026.
Gross margin improving
Gross margin was 32.3% over the last twelve months, against 31.2% a year earlier.
Past performance1/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 36.5%, above the 10% that usually covers the cost of capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health5/6
High debt
Debt is 128% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 496% five years ago to 128%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 27.9% of total debt.
Interest well covered
Operating income covers interest expense 15.9 times.
Short-term assets cover short-term debts
Current assets are 3.74 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 8.89; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Bloom Energy has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$42.74
The share price is 390% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| EV/EBITDA | 20.9× | – | 20.9× | $40.05 | 78% |
| P/B | 8.0× | 9.9× | 6.0× | $52.14 | 22% |
| Fair value | $42.74 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Electronic and Other Electrical Equipment and Components, except Computer Equipment median 20.9
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $3.62B
- Value traded per 1% price move
- $780.01M
Downside
High risk
- Typical loss in a bad month
- 37.0%
- Volatility (annualized)
- 113%
- Sharpe ratio, 1 year
- 0.41
- Beta to the S&P 500 (5Y)
- 2.25
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +37.3% | +19.1% | +20.6% | – | |
| Gross profit | +45.2% | +58.2% | +28.8% | – | |
| Operating income | +217.8% | – | – | – | |
| Free cash flow | +72.5% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 174.3% | – | |
| Return on assets | – | -11.3% | – | |
| Current ratio | – | 1.42 | 5.98 | |
| Debt to equity | – | 4.96 | 3.41 | |
| Interest coverage | -3.0× | -1.0× | 1.4× | |
| Inventory turnover | – | 5.0× | 2.4× | |
| Capex to revenue | 4.3% | 4.8% | 2.8% | |
| Diluted shares | 10M | 139M | 240M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Bloom Energy generated $830.88M from operations and spent $368.40M on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | -22.7% | 0.61× | 5.17× | -71.7% |
| FY2022 | -25.2% | 0.65× | 12.39× | -203.5% |
| FY2021 | -16.9% | 0.61× | 92.18× | -953.4% |
| FY2020 | -19.8% | 0.57× | -15.36× | 174.3% |
| FY2019 | -38.8% | 0.55× | -7.07× | 151.4% |
| FY2018 | -43.2% | 0.46× | -1.18× | 23.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$113.95M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$113.95M vs –
- Less leverageLong-term debt to assets fell38.2% → 59.4%
- Better liquidityCurrent ratio rose3.21 → 5.98
- No dilutionShare count did not rise227M → 240M
- Gross margin improvedGross margin up on the prior year27.46% → 29.02%
- More efficientAsset turnover rose0.61 → 0.76
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