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Bloom Energy

BE NYSE Electrical Components & Equipment Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$193.30

11.2%
Value it Compare
Revenue Total sales reported in the income statement.
$2.0B
37.3% vs prior year
Operating margin Operating income as a share of revenue.
3.6%
2.1 pts
Net income Profit after all expenses, interest and tax.
−$87.1M
Free cash flow Cash from operations minus capital spending.
$57.2M
72.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.8%
3.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$62.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
117.9x
On $1.64 EPS (TTM)

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.

Legal name
BLOOM ENERGY CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 9, 2026
Accession · CIK
0001628280-26-006516
0001664703

Revenue and margins

Bloom Energy had $2.0B of revenue in fiscal 2025, up 37.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $57.2M in fiscal 2025, 2.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Bloom Energy returned $1.0M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 5.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Bloom Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$173M and divides by 240.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 117.9x · peers 27.1x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Bloom Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $396M$349M$665M$803M$2.5B
Debt incl. finance leases $530M$415M$850M$1.2B$2.6B
Net debt / EBITDA ———5.8x1.4x
Debt / equity —1.2x1.7x2.2x3.4x
Interest coverage −1.7x−4.9x−1.9x0.4x1.4x
Current ratio 2.4x2.0x3.6x3.2x6.0x
Quick ratio 1.9x1.5x2.5x2.4x5.0x
Total assets $1.7B$1.9B$2.4B$2.7B$4.4B
Total liabilities $1.5B$1.6B$1.9B$2.1B$3.6B
Shareholders' equity −$44.3M$341M$502M$563M$769M
Net debt (− = net cash) $134M$66.1M$185M$444M$173M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$24.3M

6 insiders

Of sales under plans

95%

$23.0M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Aman JoshiChief Commercial Officer Sold plan 8,437 $277.17 $2.3M Form 4
Sep 16, 2026 Aman JoshiChief Commercial Officer Sold plan 3,601 $269.94 $1.0M Form 4
Sep 16, 2026 Maciej KurzymskiChief Accounting Officer Sold 2,295 $268.42 $0.6M Form 4
Sep 16, 2026 Satish ChitooriChief Operations Officer Sold plan 2,870 $270.06 $0.8M Form 4
Sep 16, 2026 Shawn Marie SoderbergSee Remarks Sold plan 2,870 $270.07 $0.8M Form 4
Aug 17, 2026 Jeffrey R ImmeltDirector Sold plan 30,000 $238.91 $7.2M Form 4
Aug 14, 2026 Aman JoshiChief Commercial Officer Sold plan 4,677 $241.75 $1.1M Form 4
Aug 14, 2026 Satish ChitooriChief Operations Officer Sold plan 2,053 $241.64 $0.5M Form 4
Aug 14, 2026 Shawn Marie SoderbergSee Remarks Sold 2,895 $233.60 $0.7M Form 4
Aug 13, 2026 John T ChambersDirector Sold plan 15,000 $250.00 $3.8M Form 4
Aug 3, 2026 John T ChambersDirector Sold plan 15,000 $205.58 $3.1M Form 4
Jul 1, 2026 Aman JoshiChief Commercial Officer Sold plan 8,343 $300.37 $2.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 3 / 94 / 95 / 9
Accruals ratio 3.2%−4.7%−5.7%
Altman Z'' −2.19−0.952.02

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Bloom Energy BE $62.7B 37.3% 3.6% 2.8% 5.8% 117.9x 5
Nextpower NXT $12.2B 20.3% 19.6% 14.4% 54.5% 20.4x 3 Compare →
Woodward WWD $18.5B 7.3% — 9.5% 16.8% 33.8x 8 Compare →
Sensata Technologies ST $5.9B −5.8% 6.4% 13.2% 2.2% 67.3x 6 Compare →
EnerSys ENS $6.2B 3.7% 11.4% 12.5% 13.7% 17.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $209M $366M $633M $785M $794M $972M $1.2B $1.3B $1.5B $2.0B
Gross profit −$104M −$16.3M $106M $97.6M $166M $198M $148M $198M $405M $587M
Research and development $46.8M $51.1M $89.1M $104M $83.6M $103M $151M $156M $149M $186M
Operating income −$241M −$155M −$165M −$233M −$80.8M −$115M −$261M −$209M $22.9M $72.8M
Interest expense $81.2M $124M $106M $94.2M $78.8M $69.0M $53.5M $108M $62.6M $53.9M
Pretax income −$336M −$294M −$290M −$323M −$179M −$192M −$314M −$306M −$26.4M −$84.4M
Income tax $0.7M $0.6M $1.5M $0.6M $0.3M $1.0M $1.1M $1.9M $0.8M $2.7M
Net income −$280M −$276M −$274M −$304M −$158M −$164M −$302M −$302M −$27.2M −$87.1M
Diluted EPS −$27.84 −$26.97 −$5.14 −$2.67 −$1.14 −$0.95 −$1.62 −$1.42 −$0.13 −$0.37
Diluted shares 0.01B 0.01B 0.05B 0.12B 0.14B 0.17B 0.19B 0.21B 0.23B 0.24B
Cash flow
Cash from operations −$283M −$92.0M −$91.9M $164M −$98.8M −$60.7M −$192M −$373M $92.0M $114M
Capital expenditure $9.0M $61.5M $45.2M $51.1M $37.9M $49.8M $117M $83.7M $58.9M $56.8M
Free cash flow −$292M −$153M −$137M $113M −$137M −$110M −$309M −$456M $33.2M $57.2M
Depreciation and amortization $43.1M $54.4M $53.9M $78.6M $52.3M $53.5M $61.6M $62.6M $53.0M $50.6M
Stock-based compensation $28.2M $30.5M $180M — — — — — — —
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.5M $0.9M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.5M $1.0M
Balance sheet
Cash and short-term investments $218M $131M $325M $203M $247M $396M $349M $665M $803M $2.5B
Total debt — $941M $741M $637M $391M $527M $412M $847M $1.2B $2.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.3M $3.0M $3.0M $2.9M $3.4M $5.2M
Current assets — $420M $664M $473M $619M $806M $1.1B $1.7B $2.0B $3.7B
Current liabilities — $271M $257M $574M $436M $343M $542M $470M $637M $624M
Inventory $0.0M $90.3M $135M $110M $142M $143M $268M $503M $545M $643M
Property and equipment, net — $498M $717M $607M $601M $604M $600M $493M $404M $399M
Total assets — $1.2B $1.5B $1.3B $1.5B $1.7B $1.9B $2.4B $2.7B $4.4B
Total liabilities — $1.7B $1.5B $1.5B $1.3B $1.5B $1.6B $1.9B $2.1B $3.6B
Shareholders' equity — −$2.2B −$143M −$260M $78.8M −$44.3M $341M $502M $563M $769M
Margins
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% −29.7% −10.2% −11.8% −21.8% −15.7% 1.6% 3.6%
EBITDA margin −94.9% −27.5% −17.6% −19.6% −3.6% −6.3% −16.6% −11.0% 5.2% 6.1%
Net margin −134.1% −75.6% −43.2% −38.8% −19.8% −16.9% −25.2% −22.7% −1.9% −4.3%
FCF margin −139.9% −42.0% −21.7% 14.4% −17.2% −11.4% −25.7% −34.2% 2.3% 2.8%
Returns
Return on capital — — — −68.2% −23.2% −43.4% −71.5% −28.7% 2.1% 5.8%
Return on capital employed — — −14.9% −23.1% −9.2% −9.5% −18.7% −12.5% 1.2% 2.5%
Return on equity — — — — — — −203.6% −71.7% −5.1% −13.1%
Return on assets — — −20.0% −21.4% −11.4% −10.3% −16.4% −13.9% −1.1% −2.5%
Growth
Revenue growth — 75.3% 73.0% 24.1% 1.2% 22.4% 23.3% 11.2% 10.5% 37.3%
FCF growth — — — — −221.3% — — — — 72.5%
Share count change — 2.0% 419.8% 116.1% 20.5% 25.0% 7.2% 14.4% 6.9% 5.7%
Financial health
Net debt / EBITDA — — — — — — — — 5.8x 1.4x
Debt / equity — — — — 5.0x — 1.2x 1.7x 2.2x 3.4x
Interest coverage −3.0x −1.3x −1.6x −2.5x −1.0x −1.7x −4.9x −1.9x 0.4x 1.4x
Current ratio — 1.6x 2.6x 0.8x 1.4x 2.4x 2.0x 3.6x 3.2x 6.0x
Quick ratio — 1.2x 2.1x 0.6x 1.1x 1.9x 1.5x 2.5x 2.4x 5.0x
Capital allocation
Capex / revenue 4.3% 16.8% 7.2% 6.5% 4.8% 5.1% 9.7% 6.3% 4.0% 2.8%
Stock comp / revenue 13.5% 8.3% 28.5% — — — — — — —
Payouts / FCF — — — 0.0% — — — — 4.4% 1.7%
Quality scores
Piotroski F-score — — — 4.0 6.0 4.0 3.0 3.0 4.0 5.0
Altman Z'' — −7.6 −4.7 −9.1 −6.4 −4.9 −4.9 −2.2 −1.0 2.0
Accruals ratio — — −13.2% −32.9% −4.2% −6.5% −6.0% 3.2% −4.7% −5.7%

Source: SEC EDGAR XBRL filings (CIK 0001664703). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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