NYSE: BE
Bloom Energy
Industrials · Electrical Industrial Apparatus
52-week range
$75.70$351.28
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$81.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | $0 |
| FY2019, ended Dec 31, 2019 | $860M |
| FY2020, ended Dec 31, 2020 | $3.98B |
| FY2021, ended Dec 31, 2021 | $3.80B |
| FY2022, ended Dec 31, 2022 | $3.55B |
| FY2023, ended Dec 31, 2023 | $3.33B |
| FY2024, ended Dec 31, 2024 | $5.12B |
| FY2025, ended Dec 31, 2025 | $24.4B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $81.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.83B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $209M |
| FY2017, ended Dec 31, 2017 | $366M |
| FY2018, ended Dec 31, 2018 | $633M |
| FY2019, ended Dec 31, 2019 | $785M |
| FY2020, ended Dec 31, 2020 | $794M |
| FY2021, ended Dec 31, 2021 | $972M |
| FY2022, ended Dec 31, 2022 | $1.20B |
| FY2023, ended Dec 31, 2023 | $1.33B |
| FY2024, ended Dec 31, 2024 | $1.47B |
| FY2025, ended Dec 31, 2025 | $2.02B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.83B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$280M | −$292M |
| FY2017, ended Dec 31, 2017 | −$276M | −$153M |
| FY2018, ended Dec 31, 2018 | −$274M | −$137M |
| FY2019, ended Dec 31, 2019 | −$304M | $113M |
| FY2020, ended Dec 31, 2020 | −$158M | −$137M |
| FY2021, ended Dec 31, 2021 | −$164M | −$110M |
| FY2022, ended Dec 31, 2022 | −$302M | −$309M |
| FY2023, ended Dec 31, 2023 | −$302M | −$456M |
| FY2024, ended Dec 31, 2024 | −$27.2M | $33.1M |
| FY2025, ended Dec 31, 2025 | −$87.1M | $57.2M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $520M | $437M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.49B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $218M |
| FY2017, ended Dec 31, 2017 | $104M |
| FY2018, ended Dec 31, 2018 | $221M |
| FY2019, ended Dec 31, 2019 | $203M |
| FY2020, ended Dec 31, 2020 | $247M |
| FY2021, ended Dec 31, 2021 | $396M |
| FY2022, ended Dec 31, 2022 | $348M |
| FY2023, ended Dec 31, 2023 | $665M |
| FY2024, ended Dec 31, 2024 | $803M |
| FY2025, ended Dec 31, 2025 | $2.45B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.49B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.48B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | $941M |
| FY2018, ended Dec 31, 2018 | $741M |
| FY2019, ended Dec 31, 2019 | $637M |
| FY2020, ended Dec 31, 2020 | $391M |
| FY2021, ended Dec 31, 2021 | $527M |
| FY2022, ended Dec 31, 2022 | $412M |
| FY2023, ended Dec 31, 2023 | $847M |
| FY2024, ended Dec 31, 2024 | $1.24B |
| FY2025, ended Dec 31, 2025 | $2.62B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.48B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 2,843% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.296M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 10.0M |
| FY2017, ended Dec 31, 2017 | 10.4M |
| FY2018, ended Dec 31, 2018 | 0 |
| FY2019, ended Dec 31, 2019 | 115M |
| FY2020, ended Dec 31, 2020 | 139M |
| FY2021, ended Dec 31, 2021 | 173M |
| FY2022, ended Dec 31, 2022 | 186M |
| FY2023, ended Dec 31, 2023 | 225M |
| FY2024, ended Dec 31, 2024 | 230M |
| FY2025, ended Dec 31, 2025 | 281M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 296M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $43.0M more issued than bought back
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $28.2M | $1.24M |
| FY2017, ended Dec 31, 2017 | $30.5M | $432K |
| FY2018, ended Dec 31, 2018 | $180M | $1.52M |
| FY2019, ended Dec 31, 2019 | — | $12.7M |
| FY2020, ended Dec 31, 2020 | — | $23.5M |
| FY2021, ended Dec 31, 2021 | — | $89.8M |
| FY2022, ended Dec 31, 2022 | — | $15.3M |
| FY2023, ended Dec 31, 2023 | — | $16.9M |
| FY2024, ended Dec 31, 2024 | — | $12.4M |
| FY2025, ended Dec 31, 2025 | — | $59.1M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $43.0M |
Revenue (TTM)
$3.83B
+111% YoY
Net income (TTM)
$520M
+3,224% YoY
Cash
$2.49B
+318% YoY
Total debt
$2.48B
+119% YoY
Valuation
At current price- Market Cap
- $60.1B
- P/E
- 116×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 15.7×
- Price / Book
- 31.1×
- EV / EBITDA
- 96.7×
Growth
Trailing 12 months- Revenue (TTM)
- $3.83B
- Revenue Growth YoY
- 111%
- Revenue CAGR 3Y
- 19.1%
- Revenue CAGR 5Y
- 20.6%
- EPS Growth YoY
- −99.7%
- Net Income Growth YoY
- 3,224%
Profitability
Trailing 12 months- Gross Margin
- 32.3%
- Operating Margin
- 14.8%
- Net Margin
- 13.6%
- FCF Margin
- 11.4%
- Return on Equity
- 40.2%
Earnings
Trailing 12 months- Net Income
- $520M
- EPS (diluted)
- $1.65
- EBITDA
- $621M
- Operating Income
- $567M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.49B
- Total Debt
- $2.48B
- Net Cash
- $7.25M
- Total Assets
- $6.57B
- Total Liabilities
- $4.61B
- Shareholders' Equity
- $1.93B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $691M
- Capital Expenditure
- $254M
- Free Cash Flow
- $437M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 3.79
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 111% over the last year, to $3.83B.
Strength
Operating margin widened 9.9 pts in a year, to 14.8%.
Strength
Holds more cash than debt, with $7.25M in net cash.
Note
Free cash flow of $437M, 11.4% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 22, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K73Good news
73Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 9, 2026 · Read the filing on EDGAR
- Revenue rose 37.3% to $2.02 billion and operating profit rose to about $73 million from $23 million, driven by demand for power at AI data centers.
- Bloom sold $2.5 billion of 0% convertible notes due 2030, retired most of its 3% notes, and ended the year with $2.45 billion in cash.
- It signed a financing deal with Brookfield worth up to $5 billion and agreed to give Oracle a warrant. The 2025 tax law restored a 30% tax credit for fuel cells.
- Even so, the net loss grew because of $98.6 million in debt-refinancing charges, $40.4 million in losses from the Brookfield joint ventures, and impairments on its electrolyzer assets.
Business momentum
Strong improvement
“Total revenue increased by $550.1 million, or 37.3%, for the year ended December 31, 2025, compared to the prior year period.”
Outlook
Positive
“The addition of the 30% ITC for fuel cell projects that begin construction after December 31, 2025, is expected to have a favorable impact on the continued adoption of our Energy Server systems and financial results.”
Financial stress
Low
“As of December 31, 2025 and 2024, we had unrestricted cash and cash equivalents of $2,454.1 million and $802.9 million, respectively.”
Tone against the previous report
More positive
Red flags
- Minor
Large write-down
“inventory reserve and other asset impairments totaling $21.9 million related to Electrolyzer assets”
- Minor
Other
“Debt conversion inducement expense for the year ended December 31, 2025, was $66.2 million, which was recognized as a result of the induced conversion of the Existing Notes in November 2025”
Positives
Strong revenue and product growth
“Product revenue increased by $446.1 million, or 41.1%, for the year ended December 31, 2025, compared to the prior year period.”
Large cash pile from 0% convertible notes
“On November 4, 2025, we issued the 0% Notes in an aggregate principal amount of $2,500.0 million due November 2030”
Up to $5 billion of customer financing from Brookfield
“we established a prospective financing framework of up to $5.0 billion over five years for future Bloom Energy fuel cell projects that meet agreed investment and contractual criteria.”
Concerns
Net loss grew despite higher operating profit
“Equity in loss of unconsolidated affiliates (40,421)”
Operating expenses and stock pay rising fast
“Total stock-based compensation expense for the year ended December 31, 2025, increased by $62.0 million, compared to the prior year period.”
Aging installed fleet raising service costs
“a $4.2 million increase in product performance guarantee costs, reflecting the effects of fleet degradation.”
New risks since the previous report
Heavier reliance on AI data-center demand
“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.”
Hydrogen market weakness and loss of the hydrogen tax credit
“the OBBBA significantly reduces the ITC for hydrogen under Section 45V as it terminates the Section 45V credit for projects that begin construction after December 31, 2027.”
50% US tariffs on steel, aluminum and copper
“we expect the 50% tariffs imposed on U.S. imports of steel, aluminum, copper, and subsequent derivative products to adversely impact our costs.”
Dilution from the Oracle warrant and note conversions
“we agreed to issue to Oracle a warrant to purchase up to an aggregate of 3,531,073 shares of our common stock, with an exercise price of $113.28 per share”
Rare-earth materials sourced from China
“The continued escalation of trade tensions between China and the U.S. could impact our ability to source these rare earth metals and components.”
Biggest risks named
- Dependence on AI data-center demand
- Customer project financing availability
- Execution of the factory expansion to 2 GW
- Tariffs and supply-chain constraints, including rare earths
- Changes in tax credits and power-grid rules
Artificial intelligence in this business: Core to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −2.4 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 22, 2026 | Pro | |||
| 10-K | Feb 9, 2026 | 73 | Strong improvement | 2 minor | |
| 10-K | Feb 27, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 15, 2024 | 50 | Improving | 1 medium | |
| 10-K | Feb 21, 2023 | 34 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 25, 2022 | 50 | Mixed | None | |
| 10-K | Feb 26, 2021 | 60 | Improving | 1 minor | |
| 10-K | Mar 31, 2020 | 5 | Mixed | 2 serious1 medium | |
| 10-K | Mar 22, 2019 | 61 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 22, 2026. View filings on SEC EDGAR