Bloom Energy vs EXL
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The short version
- EXL is the larger business, with $2.1B of revenue in fiscal 2025 against $2.0B for Bloom Energy.
- Bloom Energy grew revenue faster (37.3%, against 13.6%).
- EXL kept more of each dollar of sales as operating profit (15.0% operating margin, against 3.6%).
- EXL turned more of its sales into free cash flow (14.3% FCF margin, against 2.8%).
- EXL earned a higher return on the capital invested in it (28.4%, against 5.8%).
- Investors pay more for each dollar of Bloom Energy’s earnings: a P/E of 117.9x against 27.1x for EXL.
| Latest fiscal year | BE · FY25 | EXLS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $62.7B | $6.6B |
| Revenue | $2.0B | $2.1B |
| Free cash flow | $57.2M | $298M |
| Net income | −$87.1M | $251M |
| Growth | ||
| Revenue growth | 37.3% | 13.6% |
| 5-year growth | 20.6% | 16.9% |
| Share count change | 5.7% | −1.1% |
| Profitability | ||
| Gross margin | 29.0% | 38.4% |
| Operating margin | 3.6% | 15.0% |
| Net margin | −4.3% | 12.0% |
| FCF margin | 2.8% | 14.3% |
| Return on capital | 5.8% | 28.4% |
| Return on equity | −13.1% | 27.3% |
| Balance sheet | ||
| Net debt | $173M | −$27.6M |
| Net debt / EBITDA | 1.4x | −0.1x |
| Dividends and buybacks | $0.9M | $329M |
| Valuation & quality | ||
| P/E | 117.9x | 27.1x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
BE $209M
EXLS $686M
FY17
BE $366M
EXLS $762M
FY18
BE $633M
EXLS $883M
FY19
BE $785M
EXLS $991M
FY20
BE $794M
EXLS $958M
FY21
BE $972M
EXLS $1.1B
FY22
BE $1.2B
EXLS $1.4B
FY23
BE $1.3B
EXLS $1.6B
FY24
BE $1.5B
EXLS $1.8B
FY25
BE $2.0B
EXLS $2.1B
BE
EXLS
Operating margin
FY16
BE −115.6%
EXLS 9.4%
FY17
BE −42.4%
EXLS 9.5%
FY18
BE −26.1%
EXLS 5.6%
FY19
BE −29.7%
EXLS 7.7%
FY20
BE −10.2%
EXLS 11.5%
FY21
BE −11.8%
EXLS 13.9%
FY22
BE −21.8%
EXLS 13.6%
FY23
BE −15.7%
EXLS 14.6%
FY24
BE 1.6%
EXLS 14.3%
FY25
BE 3.6%
EXLS 15.0%
BE
EXLS
Free cash flow
FY16
BE −$292M
EXLS $76.6M
FY17
BE −$153M
EXLS $78.0M
FY18
BE −$137M
EXLS $51.7M
FY19
BE $113M
EXLS $128M
FY20
BE −$137M
EXLS $161M
FY21
BE −$110M
EXLS $147M
FY22
BE −$309M
EXLS $121M
FY23
BE −$456M
EXLS $158M
FY24
BE $33.2M
EXLS $222M
FY25
BE $57.2M
EXLS $298M
BE
EXLS
Return on capital
FY16
BE —
EXLS 14.0%
FY17
BE —
EXLS —
FY18
BE —
EXLS —
FY19
BE −68.2%
EXLS 10.2%
FY20
BE −23.2%
EXLS 15.2%
FY21
BE −43.4%
EXLS 20.6%
FY22
BE −71.5%
EXLS 21.4%
FY23
BE −28.7%
EXLS 24.5%
FY24
BE 2.1%
EXLS 23.8%
FY25
BE 5.8%
EXLS 28.4%
BE
EXLS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.