# Bloom Energy (BE.US)

Canonical: https://gigainvestors.com/s/BE

Analysis as of: 2026-10-16T07:26:52.079Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $236.30 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 9

- Operating margin variation: 0.83×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.43×

- FY2018: -0.23×

- FY2019: -0.30×

- FY2020: -0.11×

- FY2021: -0.12×

- FY2022: -0.22×

- FY2023: -0.16×

- FY2024: 0.02×

- FY2025: 0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -12.8%

- ROIC, second-lowest year: -20.4%

- Typical minus recent gross margin: -12.6 pp

- Typical gross margin (annual median): 14.8%

- Recent gross margin (lower of latest and 3-year median): 27.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: -22.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 0.0%

- FY2018: -20.4%

- FY2019: -29.5%

- FY2020: -9.0%

- FY2021: -13.6%

- FY2022: -20.4%

- FY2023: -12.8%

- FY2024: 1.4%

- FY2025: 4.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$882M

- Net income, five-year total: -$886M

- Return on incremental invested capital: 19.5%

- Working capital / revenue, annual change: 5.6 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$161M

- FY2022: -$301M

- FY2023: -$302M

- FY2024: -$29M

- FY2025: -$88M

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -20.4% vs 1.4%

- Per-share earnings: -2.64 to -0.37 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 11.6%

- Market cap gain: $20B

- Cumulative retained earnings: -$1.4B

- Diluted shares, 5-year annual growth: 11.6%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.28

- Per-share value, starting three-year median: -$2.64

- Per-share value, ending three-year median: -$0.37

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 4.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -20.4%

- ROIC, last three-year median: 1.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$4.52

- FY2018: -$2.45

- FY2019: -$2.64

- FY2020: -$1.14

- FY2021: -$0.95

- FY2022: -$1.62

- FY2023: -$1.42

- FY2024: -$0.13

- FY2025: -$0.37

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 122.3%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -14.0%

- FY2018: -13.1%

- FY2019: -35.4%

- FY2020: -4.0%

- FY2021: -6.0%

- FY2022: -5.6%

- FY2023: 2.9%

- FY2024: -4.6%

- FY2025: -4.6%

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 22% since Jun 2026 · "Oracle Taps Bloom Energy for 2.45 GW AI Data Center Power" (finance.yahoo.com, Apr 2026) · sales +37.3%

Story as of 2026-10-16T09:58:23.088Z; price observation 2026-10-15.

- 2025-07-31: Bloom Energy earnings beat by $0.09, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/bloom-energy-earnings-beat-by-009-revenue-topped-estimates-4164451))

- 2025-08-01: Bloom Energy doubles factory capacity to 2GW by 2026 as hyperscaler demand accelerates ([seekingalpha.com](https://seekingalpha.com/news/4476206-bloom-energy-doubles-factory-capacity-to-2gw-by-2026-as-hyperscaler-demand-accelerates?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-13: Bloom Energy Stock Jumps on AI Data-Center Deal With Brookfield ([finance.yahoo.com](https://finance.yahoo.com/m/23e948ee-ab95-34bb-a29a-5a134ed6b26b/bloom-energy-stock-jumps-on.html))

- 2026-01-28: Bloom Energy Fuels AI Data Center Power With US$2.65b Deal ([finance.yahoo.com](https://finance.yahoo.com/news/bloom-energy-fuels-ai-data-161407611.html))

- 2026-04-28: Bloom Energy Reports Record First Quarter 2026 Results and Raises Full Year 2026 Guidance ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/bloom-energy-reports-record-first-200500986.html))

- 2026-09-21: Bloom Energy (BE) Surges as AI Hyperscalers Adopt Solid Oxide Fuel Cells ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/bloom-energy-surges-ai-hyperscalers-141646925.html))

### Sales · FY2024–2025

sales +37.3%; source https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm; observed 2026-02-09.

- FY2017: $376M 

- FY2018: $742M 

- FY2019: $785M 

- FY2020: $794M 

- FY2021: $972M 

- FY2022: $1.2B 

- FY2023: $1.3B 

- FY2024: $1.5B 

- FY2025: $2.0B 

### Gross margin · FY2025

gross margin 29%; source https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm; observed 2026-02-09.

- FY2018: 13.5% 

- FY2019: 12.1% 

- FY2020: 20.3% 

- FY2021: 20.1% 

- FY2022: 12.4% 

- FY2023: 14.8% 

- FY2024: 27.5% 

- FY2025: 29.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are USD 2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm (filed 2026-02-09); FY2025: revenue 2023994000; grossProfit 587400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BE.US: Bloom Energy Corporation designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation in the United States and internationally. It offers Bloom Energy Server, an energy server platform to convert fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through a non-combustion electrochemical process. The company also provides Bloom Electrolyzer for producing hydrogen. It sells its products through direct and indirect sales channels to utilities, data centers, retail, healthcare, education, telecom, manufacturing, and other industries. The company was formerly known as Ion America Corp. and changed its name to Bloom Energy Corporation in 2006. Bloom Energy Corporation was incorporated in 2001 and is headquartered in San Jose, California.

### Why customers stay

Margins ranged from 14.8% to 29% during 2023–25; it lost 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2023: grossProfit / revenue = 14.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2024: grossProfit / revenue = 27.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm (filed 2026-02-09); FY2025: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); 9-year return on capital observations [[2017,0],[2018,-0.20449503445618686],[2019,-0.2946646599731139],[2020,-0.09029374035558538],[2021,-0.13577835063653873],[2022,-0.203558186510389],[2023,-0.12772044700000773],[2024,0.014036136355528256],[2025,0.04402161525007941]]; median -0.12772044700000773. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Dividend observations: [[2017,0],[2018,576000],[2019,373000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,1468000],[2025,947000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 5.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BE.US SharesStats.PercentInsiders = 5.54 percentage points; cache date 2026-10-16.

### What could break it

"Our business is subject to project execution risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm (filed 2026-02-09); Our business is subject to project execution risks

### What the price says

The price is 28.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Closing price 236.3 USD; reporting-to-trading FX 1; FY2025 annual sales per share 8.41920616301029; price multiple 28.066779150531083. FY2025 cash earnings/share -0.367858836448948. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-07: $23.05 per share

- 2018-08: $29.95 per share

- 2018-09: $34.08 per share

- 2018-10: $23.75 per share

- 2018-11: $16.45 per share

- 2018-12: $9.98 per share

- 2019-01: $9.45 per share

- 2019-02: $14.47 per share

- 2019-03: $12.92 per share

- 2019-04: $13.62 per share

- 2019-05: $10.80 per share

- 2019-06: $12.27 per share

- 2019-07: $10.45 per share

- 2019-08: $4.48 per share

- 2019-09: $3.25 per share

- 2019-10: $3.06 per share

- 2019-11: $6.52 per share

- 2019-12: $7.47 per share

- 2020-01: $7.88 per share

- 2020-02: $9.07 per share

- 2020-03: $5.23 per share

- 2020-04: $7.67 per share

- 2020-05: $8.03 per share

- 2020-06: $10.88 per share

- 2020-07: $12.16 per share

- 2020-08: $15.66 per share

- 2020-09: $17.97 per share

- 2020-10: $12.64 per share

- 2020-11: $24.52 per share

- 2020-12: $28.66 per share

- 2021-01: $34.91 per share

- 2021-02: $28.53 per share

- 2021-03: $27.05 per share

- 2021-04: $25.97 per share

- 2021-05: $24.17 per share

- 2021-06: $26.87 per share

- 2021-07: $21.80 per share

- 2021-08: $21.42 per share

- 2021-09: $18.72 per share

- 2021-10: $31.26 per share

- 2021-11: $27.48 per share

- 2021-12: $21.93 per share

- 2022-01: $15.08 per share

- 2022-02: $22.20 per share

- 2022-03: $24.15 per share

- 2022-04: $18.56 per share

- 2022-05: $17.52 per share

- 2022-06: $16.50 per share

- 2022-07: $20.23 per share

- 2022-08: $25.41 per share

- 2022-09: $19.99 per share

- 2022-10: $18.71 per share

- 2022-11: $21.29 per share

- 2022-12: $19.12 per share

- 2023-01: $24.93 per share

- 2023-02: $21.69 per share

- 2023-03: $19.93 per share

- 2023-04: $16.65 per share

- 2023-05: $13.72 per share

- 2023-06: $16.35 per share

- 2023-07: $17.86 per share

- 2023-08: $14.99 per share

- 2023-09: $13.26 per share

- 2023-10: $10.40 per share

- 2023-11: $14.44 per share

- 2023-12: $14.80 per share

- 2024-01: $11.32 per share

- 2024-02: $8.77 per share

- 2024-03: $11.24 per share

- 2024-04: $11.13 per share

- 2024-05: $16.32 per share

- 2024-06: $12.24 per share

- 2024-07: $13.54 per share

- 2024-08: $11.91 per share

- 2024-09: $10.56 per share

- 2024-10: $9.60 per share

- 2024-11: $27.45 per share

- 2024-12: $22.21 per share

- 2025-01: $23.58 per share

- 2025-02: $24.02 per share

- 2025-03: $19.66 per share

- 2025-04: $18.32 per share

- 2025-05: $18.47 per share

- 2025-06: $23.92 per share

- 2025-07: $37.39 per share

- 2025-08: $52.94 per share

- 2025-09: $84.57 per share

- 2025-10: $132.16 per share

- 2025-11: $109.24 per share

- 2025-12: $86.89 per share

- 2026-01: $151.37 per share

- 2026-02: $155.67 per share

- 2026-03: $135.49 per share

- 2026-04: $283.36 per share

- 2026-05: $285.00 per share

- 2026-06: $302.70 per share

- 2026-07: $205.81 per share

- 2026-08: $206.30 per share

- 2026-09: $276.98 per share

- 2026-10: $263.45 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm); period 2025-12-31, filed 2026-02-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.