Bloom Energy

BE · NYSE · Industrials · Financials, fiscal 2016 to 2025

BE · Last close · October 26, 2026

$203.92

Bloom Energy's revenue rose 37.3% to $2.0 billion in fiscal 2025. Its operating margin was 3.6%, up from 1.6% a year earlier. Free cash flow was $57 million, up 72.5%. It paid out $1 million in dividends and buybacks, 2% of free cash flow. The diluted share count rose 5.7%.

BLOOM ENERGY CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 9, 2026 · 0001628280-26-006516 Updated October 22, 2026

Revenue

$2.0B

37.3%

Operating margin

3.6%

2.0 pts

Net income

−$87M

Free cash flow

$57M

72.5%

Return on capital

5.8%

3.7 pts

Market cap

$66.1B

Oct 26 close

P/E

124.3x

On $1.64 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Bloom Energy does

Bloom Energy makes fuel cell systems that produce electricity on the customer's own site. Its main product, the Bloom Energy Server, uses a solid-oxide fuel cell to turn fuels such as natural gas, biogas and hydrogen into electricity without burning them. It also sells the Bloom Electrolyzer, which makes hydrogen. It is based in Silicon Valley, makes its systems in the United States and employs more than 2,000 people.

Its customers are large companies, including those running data centers, semiconductor factories, artificial intelligence infrastructure and utilities. Its Energy Server systems are in use at about 1,100 sites in 9 countries. Most of its revenue comes from selling Energy Server systems, with additional recurring revenue from long-term operations and maintenance agreements.

Bloom says demand for power is rising because of data centers and artificial intelligence, and that grid limits and permitting delays are slowing new power connections. It says this is pushing some customers toward generating power onsite. It also notes that its systems cost a lot up front, so some customers need outside financing to buy them.

Its biggest risks, as it describes them

Markets for onsite power and hydrogen are new and may not gain wide acceptance.
Long sales and installation cycles, and high upfront costs that depend on outside financing for some customers.
Growing concentration of customers in AI data centers.
Dependence on fuel prices and on fuel supply and utility connection rules.
Trade tariffs, and reliance on suppliers and sole-source equipment.

From Bloom Energy's annual report on Form 10-K, filed February 9, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Bloom Energy lost money in fiscal 2025: a net loss of $87 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Bloom Energy yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Bloom Energy says to expect

Full year 2026: revenueRaises full year 2026 revenue guidance to $4.4 billion - $4.6 billion, representing 122% year-over-year growth at the midpoint

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 22, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Bloom Energy's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Bloom Energy's fiscal 2025 free cash flow of $57M, net cash of −$173M at December 31, 2025 and 240 million diluted shares, from its filings. The scenarios are fitted to Bloom Energy: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 19.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Electrical Components & Equipment), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Bloom Energy's own revenue growth, as above. Cautious: growth of 9.5% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 19% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $203.92
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Bloom Energy's earnings per share of $1.64 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.9×, the middle of Bloom Energy's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Nextpower, Woodward, Sensata Technologies, EnerSys.

Earnings growth in the years ahead (% a year) Starts at Bloom Energy's revenue growth over the last 3 years, 19.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $203.92
Value at this multiple, against the last close: —
Bloom Energy's P/E at the last close: 124.3×

Company	Last close	Earnings per share	P/E today
Bloom EnergyBE	$203.92	$1.64	124.3×
Sensata TechnologiesST	$40.69	$0.60	67.8×
WoodwardWWD	$305.66	$8.99	34.0×
NextpowerNXT	$76.48	$3.87	19.8×
EnerSysENS	$169.38	$9.34	18.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	396	348	665	803	2,454
Debt incl. finance leases	530	415	850	1,247	2,627
Net debt (negative means net cash)	134	66	185	444	173
Net debt to EBITDA	—	—	—	5.8x	1.4x
Debt to equity	—	1.2x	1.7x	2.2x	3.4x
Interest coverage	−1.7x	−4.9x	−1.9x	0.4x	1.4x
Current ratio	2.4x	1.9x	3.6x	3.2x	6.0x
Quick ratio	1.9x	1.4x	2.5x	2.4x	5.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Bloom Energy shares on the open market, and 11 insiders sold $165.2 million, $98.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 1, 2026	Aman JoshiChief Commercial Officer	Sold plan	8,437	$277.17	$2.3 million	Form 4
Sep 16, 2026	Aman JoshiChief Commercial Officer	Sold plan	3,601	$269.94	$972,054	Form 4
Sep 16, 2026	Shawn Marie SoderbergSee Remarks	Sold plan	2,870	$270.07	$775,101	Form 4
Sep 16, 2026	Satish ChitooriChief Operations Officer	Sold plan	2,870	$270.06	$775,072	Form 4
Sep 16, 2026	Maciej KurzymskiChief Accounting Officer	Sold	2,295	$268.42	$616,024	Form 4
Aug 17, 2026	Jeffrey R ImmeltDirector	Sold plan	30,000	$238.91	$7.2 million	Form 4
Aug 14, 2026	Aman JoshiChief Commercial Officer	Sold plan	4,677	$241.75	$1.1 million	Form 4
Aug 14, 2026	Shawn Marie SoderbergSee Remarks	Sold	2,895	$233.60	$676,272	Form 4
Aug 14, 2026	Satish ChitooriChief Operations Officer	Sold plan	2,053	$241.64	$496,087	Form 4
Aug 13, 2026	John T ChambersDirector	Sold plan	15,000	$250.00	$3.8 million	Form 4
Aug 3, 2026	John T ChambersDirector	Sold plan	15,000	$205.58	$3.1 million	Form 4
Jul 1, 2026	Aman JoshiChief Commercial Officer	Sold plan	8,343	$300.37	$2.5 million	Form 4

The latest 12 of 53 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	3 of 9	4 of 9	5 of 9
Accruals ratio	3.2%	−4.7%	−5.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Bloom Energy side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Bloom Energy	FY25	37.3%	3.6%	2.8%	5.8%	1.4x	5
Nextpower	FY26	20.3%	19.6%	14.4%	54.5%	−1.5x	3	Compare
Woodward	FY25	7.3%	—	9.5%	16.8%	0.6x	8	Compare
Sensata Technologies	FY25	−5.8%	6.4%	13.2%	2.2%	4.7x	6	Compare
EnerSys	FY26	3.7%	11.4%	12.5%	13.7%	1.2x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	208	366	633	785	794	972	1,199	1,334	1,474	2,024
Revenue growth	—	75.3%	73.0%	24.1%	1.2%	22.4%	23.3%	11.2%	10.5%	37.3%
Gross profit	−104	−16	106	98	166	198	148	198	405	587
Research and development	47	51	89	104	84	103	151	156	149	186
Operating income	−241	−155	−165	−233	−81	−114	−261	−209	23	73
Net income	−280	−276	−274	−304	−158	−164	−302	−302	−27	−87
Diluted EPS (US$)	−27.84	−26.97	−5.14	−2.67	−1.14	−0.95	−1.62	−1.42	−0.13	−0.37
Diluted shares (millions)	10	10	53	115	139	173	186	213	227	240
Cash flow
Cash from operations	−283	−92	−92	164	−99	−61	−192	−372	92	114
Capital expenditure	9	62	45	51	38	50	117	84	59	57
Free cash flow	−292	−153	−137	113	−137	−110	−309	−456	33	57
Dividends paid	0	0	0	0	0	0	0	0	2	1
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	28	30	180	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	218	131	325	203	247	396	348	665	803	2,454
Debt incl. finance leases	—	941	741	637	391	530	415	850	1,247	2,627
Total assets	—	1,221	1,522	1,323	1,454	1,726	1,947	2,414	2,657	4,397
Total liabilities	—	1,722	1,482	1,490	1,313	1,518	1,568	1,893	2,072	3,604
Shareholders' equity	—	−2,180	−143	−260	79	−44	341	502	562	769
Margins and ratios
Gross margin	−49.6%	−4.5%	16.7%	12.4%	20.9%	20.3%	12.4%	14.8%	27.5%	29.0%
Operating margin	−115.6%	−42.4%	−26.1%	−29.6%	−10.2%	−11.8%	−21.8%	−15.7%	1.6%	3.6%
Net margin	−134.1%	−75.6%	−43.2%	−38.8%	−19.8%	−16.9%	−25.2%	−22.7%	−1.9%	−4.3%
Free cash flow margin	−139.9%	−42.0%	−21.7%	14.4%	−17.2%	−11.4%	−25.7%	−34.2%	2.2%	2.8%
Return on capital	—	—	—	−68.2%	−23.2%	−43.4%	−71.5%	−28.7%	2.1%	5.8%
Return on equity	—	—	—	—	—	—	−203.6%	−71.7%	−5.1%	−13.1%
Return on assets	—	—	−19.9%	−21.4%	−11.3%	−10.3%	−16.4%	−13.9%	−1.1%	−2.5%
Net debt to EBITDA	—	—	—	—	—	—	—	—	5.8x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Bloom Energy's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Bloom Energy.