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Bloom Energy

BE NYSE Electrical Components & Equipment Financials FY2016–FY2025

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.

Download report 3-page PDF: the company, its results and charts with peers.

Last close Β· Oct 26, 2026

$203.92

5.5%
Value it Compare

What Bloom Energy does

BE Β· Electrical Components & Equipment

From its latest annual report

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.

Filing details

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

KIRA’s summary AI analyst

Hi! I read Bloom Energy’s latest annual report (fiscal 2025). Here is what stands out:

3 strengths 1 to watch

1.Sales and profit

See section β†’
  • Bloom Energy had $2.0B of revenue in fiscal 2025, up 37.3% on the year before. Over five years, revenue changed +20.6% a year on average.
  • Its operating margin was 3.6%, up 2.1Β pts: of every 100 in sales, about 4 is left after running the business.
  • Bloom Energy lost $87.1M in fiscal 2025.

2.Cash and shareholders

See section β†’
  • Free cash flow was $57.2M in fiscal 2025, 2.8% of revenue.
  • Bloom Energy returned $1.0M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 5.7%.
  • In the last 12 months, insiders sold $165M of shares on the open market and bought none.

3.Financial health

See section β†’
  • Bloom Energy owes $173M more than it holds in cash, about 1.4 years of operating profit.
  • Its return on capital was 5.8%: every 100 invested in the business earned about 6 in a year.
  • Bloom Energy passes 5 of 9 financial health tests (Piotroski F-score).

4.Price and value

See section β†’
  • At $203.92 a share, the company is worth $66.1B: 124.3 times its earnings of the last four quarters.
  • Bloom Energy grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 4 of 4.

Biggest risks, in its own words

  • 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.

Bloom Energy in 30 seconds

Good So-so Weak

Good

Are sales growing?

+37.3%

Yes. Sales grew 37.3% last year.

Weak

Does it make a profit?

βˆ’4.3%

No. It lost money last year.

So-so

Does profit turn into cash?

2.8%

Partly. 2.8% of sales ends up as free cash.

So-so

Is debt under control?

1.4x

Keep an eye on it. Repaying its debt would take 1.4 years of operating profit.

So-so

How healthy are the accounts?

5 / 9

Mixed. It passes 5 of 9 health tests.

For information

How is the share priced?

124.3x

One share costs 124.3 times its yearly profit per share. Typical for its sector: 26.0x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$66.1B
Oct 26 close
P/E Last close divided by diluted earnings per share over the last four quarters.
124.3x
On $1.64 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· Bloom Energy had $2.0B of revenue in fiscal 2025, up 37.3% on the year before. Over five years, revenue changed +20.6% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

KIRA Β· Its operating margin was 3.6%, up 2.1Β pts: of every 100 in sales, about 4 is left after running the business.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Bloom Energy lost $87.1M in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was $57.2M in fiscal 2025, 2.8% of revenue.

See the full section β†’

Return on capital

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

KIRA Β· Its return on capital was 5.8%: every 100 invested in the business earned about 6 in a year.

See the full section β†’
Charts by

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days Bloom Energy did it, and the next one. Share prices often move a lot on those days.

Next results

February 4, 2027

Thursday Β· in 101 days

Time
After the market closes
Covers
Period ended Dec 31, 2026
Source
Stoqly estimate

Estimated from the same quarter last year. It will be replaced by the announced date once there is one.

See who else reports that week β†’
Date Results for Time Source
Oct 22, 2026 Q3 '26 After the market closes 8-K β†—
Jul 28, 2026 Q2 '26 After the market closes 8-K β†—
Apr 28, 2026 Q1 '26 After the market closes 8-K β†—
Feb 5, 2026 Q4 '25 After the market closes 8-K β†—
Oct 28, 2025 Q3 '25 After the market closes 8-K β†—
Jul 31, 2025 Q2 '25 After the market closes 8-K β†—
Apr 30, 2025 Q1 '25 After the market closes 8-K β†—
Feb 27, 2025 Q4 '24 After the market closes 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA Β· Bloom Energy had $2.0B of revenue in fiscal 2025, up 37.3% on the year before. Over five years, revenue changed +20.6% a year on average. Its operating margin was 3.6%, up 2.1Β pts: of every 100 in sales, about 4 is left after running the business.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Bloom Energy lost $87.1M in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was $57.2M in fiscal 2025, 2.8% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

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

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

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders sold $165M of shares on the open market and bought none.

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

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$165M

11 insiders

Of sales under plans

59%

$98.0M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Aman JoshiChief Commercial Officer Sold plan 8,437 $277.17 $2.3M Form 4
Sep 16, 2026 Shawn Marie SoderbergSee Remarks Sold plan 2,870 $270.07 $0.8M Form 4
Sep 16, 2026 Maciej KurzymskiChief Accounting Officer Sold 2,295 $268.42 $0.6M Form 4
Sep 16, 2026 Aman JoshiChief Commercial Officer Sold plan 3,601 $269.94 $1.0M Form 4
Sep 16, 2026 Satish ChitooriChief Operations Officer Sold plan 2,870 $270.06 $0.8M Form 4
Aug 17, 2026 Jeffrey R ImmeltDirector Sold plan 30,000 $238.91 $7.2M Form 4
Aug 14, 2026 Satish ChitooriChief Operations Officer Sold plan 2,053 $241.64 $0.5M Form 4
Aug 14, 2026 Aman JoshiChief Commercial Officer Sold plan 4,677 $241.75 $1.1M 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
Jun 16, 2026 Shawn Marie SoderbergSee Remarks Sold 2,842 $288.63 $0.8M Form 4
Jun 16, 2026 Maciej KurzymskiChief Accounting Officer Sold 2,259 $288.62 $0.7M Form 4
Jun 16, 2026 Satish ChitooriChief Operations Officer Sold plan 2,837 $289.11 $0.8M Form 4
Jun 16, 2026 Aman JoshiChief Commercial Officer Sold plan 3,558 $289.14 $1.0M Form 4
May 28, 2026 John T ChambersDirector Sold plan 55,000 $297.69 $16.4M Form 4
May 18, 2026 Shawn Marie SoderbergSee Remarks Sold plan 2,746 $259.42 $0.7M Form 4
May 14, 2026 Aman JoshiChief Commercial Officer Sold plan 4,813 $288.20 $1.4M Form 4
May 14, 2026 Satish ChitooriChief Operations Officer Sold plan 2,111 $288.24 $0.6M Form 4
May 14, 2026 Shawn Marie SoderbergSee Remarks Sold plan 2,879 $288.10 $0.8M Form 4
May 13, 2026 Maciej KurzymskiChief Accounting Officer Sold 6,229 $293.36 $1.8M Form 4
May 7, 2026 Mary K BushDirector Sold 25,000 $266.96 $6.7M Form 4
Apr 29, 2026 Shawn Marie SoderbergSee Remarks Sold plan 35,000 $279.00 $9.8M Form 4
Apr 15, 2026 Shawn Marie SoderbergSee Remarks Sold plan 25,000 $225.13 $5.6M Form 4
Apr 14, 2026 Shawn Marie SoderbergSee Remarks Sold plan 30,000 $204.23 $6.1M Form 4
Apr 14, 2026 Satish ChitooriChief Operations Officer Sold plan 20,000 $204.23 $4.1M Form 4
Apr 1, 2026 Aman JoshiChief Commercial Officer Sold plan 10,000 $135.88 $1.4M Form 4
Mar 19, 2026 Shawn Marie SoderbergSee Remarks Sold plan 15,410 $150.47 $2.3M Form 4
Mar 17, 2026 Shawn Marie SoderbergSee Remarks Sold plan 13,074 $153.44 $2.0M Form 4
Mar 16, 2026 Satish ChitooriChief Operations Officer Sold plan 18,964 $154.45 $2.9M Form 4
Mar 16, 2026 Maciej KurzymskiSee Remarks Sold 7,800 $151.85 $1.2M Form 4
Mar 16, 2026 Aman JoshiChief Commercial Officer Sold plan 19,944 $154.85 $3.1M Form 4
Mar 16, 2026 Shawn Marie SoderbergSee Remarks Sold plan 29,807 $153.78 $4.6M Form 4
Feb 27, 2026 Gary S PinkusDirector Sold 1,250 $165.80 $0.2M Form 4
Feb 25, 2026 Aman JoshiChief Commercial Officer Sold plan 10,000 $175.60 $1.8M Form 4
Feb 25, 2026 Shawn Marie SoderbergSee Remarks Sold plan 45,244 $178.85 $8.1M Form 4
Feb 24, 2026 KR SridharChairman & CEO, Director Sold 200,000 $170.00 $34.0M Form 4
Feb 17, 2026 Satish ChitooriChief Operations Officer Sold 1,521 $139.37 $0.2M Form 4
Feb 17, 2026 Aman JoshiChief Commercial Officer Sold 3,746 $139.81 $0.5M Form 4
Feb 17, 2026 Shawn Marie SoderbergSee Remarks Sold 3,332 $139.56 $0.5M Form 4
Dec 16, 2025 Satish ChitooriChief Operations Officer Sold 431 $88.12 $0.0M Form 4
Dec 16, 2025 Maciej KurzymskiSee Remarks Sold 3,264 $86.48 $0.3M Form 4
Nov 26, 2025 Aman JoshiChief Commercial Officer Sold plan 15,000 $97.80 $1.5M Form 4
Nov 17, 2025 Shawn Marie SoderbergSee Remarks Sold 1,583 $105.97 $0.2M Form 4
Nov 14, 2025 Shawn Marie SoderbergSee Remarks Sold 2,733 $108.26 $0.3M Form 4
Nov 14, 2025 Satish ChitooriChief Operations Officer Sold 2,085 $104.08 $0.2M Form 4
Nov 14, 2025 Aman JoshiChief Commercial Officer Sold 4,543 $109.13 $0.5M Form 4
Nov 5, 2025 Shawn Marie SoderbergSee Remarks Sold 36,666 $141.00 $5.2M Form 4
Nov 5, 2025 Mary K BushDirector Sold 36,000 $142.82 $5.1M Form 4
Nov 5, 2025 Maciej KurzymskiSee Remarks Sold 13,105 $144.09 $1.9M Form 4
Nov 5, 2025 Jim H. SnabeDirector Sold 20,000 $143.04 $2.9M Form 4
Nov 5, 2025 Eddy ZervigonDirector Sold 20,000 $141.28 $2.8M Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· Bloom Energy owes $173M more than it holds in cash, about 1.4 years of operating profit.

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

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

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 β€”β€”β€”5.8x1.4x
Debt / equity β€”1.2x1.7x2.2x3.4x
Interest coverage βˆ’1.7xβˆ’4.9xβˆ’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 βˆ’$44.3M$341M$502M$563M$769M
Net debt (βˆ’ = net cash) $134M$66.1M$185M$444M$173M

Returns on capital

KIRA Β· Its return on capital was 5.8%: every 100 invested in the business earned about 6 in a year.

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

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA Β· Bloom Energy passes 5 of 9 financial health tests (Piotroski F-score).

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

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

Price and value

What does the share cost, and how does it compare?

Value Bloom Energy yourself

KIRA Β· At $203.92 a share, the company is worth $66.1B: 124.3 times its earnings of the last four quarters.

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

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

β€”

Adds net cash of βˆ’$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

β€”

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

Similar companies

KIRA Β· Bloom Energy grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 4 of 4.

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

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Bloom Energy BE $66.1B 37.3% 3.6% 2.8% 5.8% 124.3x 5
Nextpower NXT $11.9B 20.3% 19.6% 14.4% 54.5% 19.8x 3 Compare β†’
Woodward WWD $18.6B 7.3% β€” 9.5% 16.8% 34.0x 8 Compare β†’
Sensata Technologies ST $6.0B βˆ’5.8% 6.4% 13.2% 2.2% 67.8x 6 Compare β†’
EnerSys ENS $6.4B 3.7% 11.4% 12.5% 13.7% 18.1x 5 Compare β†’

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $209M $366M $633M $785M $794M $972M $1.2B $1.3B $1.5B $2.0B
Gross profit βˆ’$104M βˆ’$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 βˆ’$241M βˆ’$155M βˆ’$165M βˆ’$233M βˆ’$80.8M βˆ’$115M βˆ’$261M βˆ’$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 βˆ’$336M βˆ’$294M βˆ’$290M βˆ’$323M βˆ’$179M βˆ’$192M βˆ’$314M βˆ’$306M βˆ’$26.4M βˆ’$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 βˆ’$280M βˆ’$276M βˆ’$274M βˆ’$304M βˆ’$158M βˆ’$164M βˆ’$302M βˆ’$302M βˆ’$27.2M βˆ’$87.1M
Diluted EPS βˆ’$27.84 βˆ’$26.97 βˆ’$5.14 βˆ’$2.67 βˆ’$1.14 βˆ’$0.95 βˆ’$1.62 βˆ’$1.42 βˆ’$0.13 βˆ’$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 βˆ’$283M βˆ’$92.0M βˆ’$91.9M $164M βˆ’$98.8M βˆ’$60.7M βˆ’$192M βˆ’$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 βˆ’$292M βˆ’$153M βˆ’$137M $113M βˆ’$137M βˆ’$110M βˆ’$309M βˆ’$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 β€” β€” β€” β€” β€” β€” β€”
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 β€” $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 β€” $420M $664M $473M $619M $806M $1.1B $1.7B $2.0B $3.7B
Current liabilities β€” $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 β€” $498M $717M $607M $601M $604M $600M $493M $404M $399M
Total assets β€” $1.2B $1.5B $1.3B $1.5B $1.7B $1.9B $2.4B $2.7B $4.4B
Total liabilities β€” $1.7B $1.5B $1.5B $1.3B $1.5B $1.6B $1.9B $2.1B $3.6B
Shareholders' equity β€” βˆ’$2.2B βˆ’$143M βˆ’$260M $78.8M βˆ’$44.3M $341M $502M $563M $769M
Margins
Gross margin βˆ’49.6% βˆ’4.5% 16.7% 12.4% 20.9% 20.3% 12.4% 14.8% 27.5% 29.0%
Operating margin βˆ’115.6% βˆ’42.4% βˆ’26.1% βˆ’29.7% βˆ’10.2% βˆ’11.8% βˆ’21.8% βˆ’15.7% 1.6% 3.6%
EBITDA margin βˆ’94.9% βˆ’27.5% βˆ’17.6% βˆ’19.6% βˆ’3.6% βˆ’6.3% βˆ’16.6% βˆ’11.0% 5.2% 6.1%
Net margin βˆ’134.1% βˆ’75.6% βˆ’43.2% βˆ’38.8% βˆ’19.8% βˆ’16.9% βˆ’25.2% βˆ’22.7% βˆ’1.9% βˆ’4.3%
FCF margin βˆ’139.9% βˆ’42.0% βˆ’21.7% 14.4% βˆ’17.2% βˆ’11.4% βˆ’25.7% βˆ’34.2% 2.3% 2.8%
Returns
Return on capital β€” β€” β€” βˆ’68.2% βˆ’23.2% βˆ’43.4% βˆ’71.5% βˆ’28.7% 2.1% 5.8%
Return on capital employed β€” β€” βˆ’14.9% βˆ’23.1% βˆ’9.2% βˆ’9.5% βˆ’18.7% βˆ’12.5% 1.2% 2.5%
Return on equity β€” β€” β€” β€” β€” β€” βˆ’203.6% βˆ’71.7% βˆ’5.1% βˆ’13.1%
Return on assets β€” β€” βˆ’20.0% βˆ’21.4% βˆ’11.4% βˆ’10.3% βˆ’16.4% βˆ’13.9% βˆ’1.1% βˆ’2.5%
Growth
Revenue growth β€” 75.3% 73.0% 24.1% 1.2% 22.4% 23.3% 11.2% 10.5% 37.3%
FCF growth β€” β€” β€” β€” βˆ’221.3% β€” β€” β€” β€” 72.5%
Share count change β€” 2.0% 419.8% 116.1% 20.5% 25.0% 7.2% 14.4% 6.9% 5.7%
Financial health
Net debt / EBITDA β€” β€” β€” β€” β€” β€” β€” β€” 5.8x 1.4x
Debt / equity β€” β€” β€” β€” 5.0x β€” 1.2x 1.7x 2.2x 3.4x
Interest coverage βˆ’3.0x βˆ’1.3x βˆ’1.6x βˆ’2.5x βˆ’1.0x βˆ’1.7x βˆ’4.9x βˆ’1.9x 0.4x 1.4x
Current ratio β€” 1.6x 2.6x 0.8x 1.4x 2.4x 2.0x 3.6x 3.2x 6.0x
Quick ratio β€” 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% β€” β€” β€” β€” β€” β€” β€”
Payouts / FCF β€” β€” β€” 0.0% β€” β€” β€” β€” 4.4% 1.7%
Quality scores
Piotroski F-score β€” β€” β€” 4.0 6.0 4.0 3.0 3.0 4.0 5.0
Altman Z'' β€” βˆ’7.6 βˆ’4.7 βˆ’9.1 βˆ’6.4 βˆ’4.9 βˆ’4.9 βˆ’2.2 βˆ’1.0 2.0
Accruals ratio β€” β€” βˆ’13.2% βˆ’32.9% βˆ’4.2% βˆ’6.5% βˆ’6.0% 3.2% βˆ’4.7% βˆ’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 β€” not investment advice. Check the original filings before relying on any figure.

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