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Bloom Energy (BE)
NYSE:BE
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Bloom Energy
(NYSE:BE)
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Rating:56Neutral
Price Target:
$147.00
▼(-6.53% Downside)
The score is driven mainly by improving operating trends and a constructive earnings outlook (strong 2026 guidance and backlog), tempered by meaningful balance-sheet leverage and still-inconsistent profitability. Technicals are mixed with supportive longer-term trend but weaker near-term momentum, while valuation is constrained by negative earnings and no dividend.
Positive Factors
Revenue and Backlog Growth
Record 2025 revenue and very large product and service backlog provide multi-quarter demand visibility. A deep backlog smooths revenue conversion, supports production planning and scale economics, and underpins near-term topline durability as orders convert over the next several quarters.
Durable, Profitable Service Business
A consistently profitable service segment with high attach rates and a large service backlog creates recurring revenue and steadier cash flows. Services increase customer retention and lifetime value, cushioning hardware margin cyclicality and supporting sustained operating leverage as product installs grow.
Technology & Deployment Advantage
Distinct technical features and retrofit options reduce customer switching costs and broaden addressable use cases. Rapid deployment capability demonstrates operational execution and gives Bloom a structural edge selling into time-sensitive AI and industrial projects, aiding market share retention and expansion.
Negative Factors
High Leverage
Elevated debt relative to equity materially limits financial flexibility, raises refinancing and interest-rate exposure, and constrains capacity to fund R&D or capex without adding leverage. High structural leverage amplifies downside risk if execution or cash flows falter over the next several quarters.
Margin and Profitability Volatility
Significant quarter-to-quarter gross-margin swings driven by project mix and input-cost sensitivity make sustainable operating profitability uncertain. Even with higher scale, volatile margins complicate forecasting, raise execution risk, and mean reported profit levels may remain inconsistent in the medium term.
Elevated Inventory & Supply Exposure
Large inventories tie up capital and raise exposure to component-cost swings or demand shifts. Combined with acknowledged supply-chain and input-cost sensitivities, elevated inventory can strain working capital, compress returns if demand changes, and limit financial agility across upcoming quarters.
Bloom Energy (BE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$40.77B
Dividend YieldN/A
Average Volume (3M)12.05M
Price to Earnings (P/E)―
Beta (1Y)2.31
Revenue Growth44.53%
EPS GrowthN/A
CountryUS
Employees2,127
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)0.45
Shares Outstanding280,548,220
10 Day Avg. Volume11,657,203
30 Day Avg. Volume12,045,510
Financial Highlights & Ratios
PEG Ratio-1.27
Price to Book (P/B)27.02
Price to Sales (P/S)10.26
P/FCF Ratio363.13
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue18.64
Enterprise Value/Gross Profit60.36
Enterprise Value/Ebitda1.88K
Forecast
1Y Price Target
$142.89Price Target Upside-9.14% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering19
EPS Forecast (FY)1.4
Revenue Forecast (FY)$3.14B
Bloom Energy Business Overview & Revenue Model
Company DescriptionBloom Energy Corporation designs, manufactures, sells, and installs solid-oxide fuel cell systems for on-site power generation in the United States and internationally. The company offers Bloom Energy Server, a power generation platform that converts fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through an electrochemical process without combustion. It serves data centers, hospitals, healthcare manufacturing facilities, biotechnology facilities, grocery stores, hardware stores, banks, telecom facilities and other critical infrastructure applications. The company was formerly known as Ion America Corp. and changed its name to Bloom Energy Corporation in September 2006. Bloom Energy Corporation was incorporated in 2001 and is headquartered in San Jose, California.
How the Company Makes MoneyBloom Energy generates revenue primarily through the sale of its fuel cell systems and related services. The company's revenue model includes direct sales of Bloom Energy Servers to customers in various sectors, such as commercial, industrial, and utility markets. Additionally, Bloom Energy earns recurring revenue from long-term service agreements, maintenance contracts, and energy-as-a-service offerings, where customers pay for the energy produced rather than the equipment itself. Key partnerships with major companies and utilities enhance its market reach and provide opportunities for joint projects, further contributing to its revenue streams. Furthermore, government incentives and renewable energy credits also play a significant role in supporting the company's financial performance.
Bloom Energy Key Performance Indicators (KPIs)
Any
Profit Margin by Segment
Shows the efficiency of various segments in converting revenue into profit, indicating competitive strengths and potential vulnerabilities in the business model.
Shows the efficiency of various segments in converting revenue into profit, indicating competitive strengths and potential vulnerabilities in the business model.
Data provided by:
The Fly
The FlyBloom Energy Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based progress: record annual revenue, sizable backlog growth (product backlog +140% YoY), sustained service profitability (eight consecutive profitable quarters and ~20% service gross margin in Q4), solid full-year adjusted EBITDA ($271.6M), and a healthy cash position ($2.5B). Management emphasized technology differentiation (800V DC readiness, battery-free load following, absorption chilling) and rapid deployment capability (examples of deliveries well ahead of commitments). Key near-term risks discussed include quarterly gross-margin volatility (Q4 margin down vs prior year), elevated inventory, and a wide operating-income guidance range which introduces execution uncertainty. On balance, the highlights — strong growth, improving margins at scale, service profitability, robust backlog, and technology leadership — materially outweigh the lowlights, though execution and margin consistency will be important to realize the bullish guidance.Q4-2025 Updates
Positive Updates
Record Revenue and Accelerated Growth
Q4 revenue of $777.7M, up 35.9% year-over-year; FY2025 revenue of $2.0B, up 37.3% YoY. Product backlog increased ~140% YoY to about $6B and total service backlog is approximately $14B, signaling strong forward demand.
Improved Profitability and Operating Leverage
Full-year adjusted EBITDA of $271.6M and non-GAAP operating profit of $221M (up $113.4M vs prior year). Non-GAAP EPS was $0.45 vs $0.43 a year ago, demonstrating scaling operating leverage.
Service Business Turnaround and Durability
Service business profitable for eight consecutive quarters; Q4 service gross margin ~20% and full-year service gross profit ~$29.7M. Every new product order is 100% attached to service, supporting a durable, recurring revenue stream backed by a ~$14B service backlog.
Strong Balance Sheet and Cash Flow
Ended the quarter with $2.5B of total cash. Q4 cash flow from operations was a positive $113.9M, CapEx for the quarter $57M, and Bloom was free cash flow positive for the second consecutive year.
Technology Leadership and Future-Proofing
Announced all servers will be 800V DC ready (with adapters for AC), with retrofit options for prior servers. Demonstrated rapid deployment capability (e.g., delivered a hyperscale AI order in 55 days vs a 90-day commitment). Innovations include high-reliability load following without batteries, absorption-chiller cooling applications (potential ~20% electricity reduction), and AI-driven digital twin fleet analytics (few trillion cell hours and ~6B data points).
Ambitious 2026 Guidance
Guidance for 2026: revenue $3.1B–$3.3B (implying very strong year-over-year growth from $2.0B), non-GAAP gross margin ~32%, operating income range $125M–$475M, expected cash flow from operations near $200M, and planned CapEx $150M–$200M — all indicating management expects accelerated scale and profitability.
Product Margin Strength
Reported product gross margins of ~37% in Q4 and full-year non-GAAP gross margin of 30.3%, up from 28.7% in 2024 (improvement of 1.6 percentage points), showing progress on cost reduction and margin accretion.
Negative Updates
Q4 Gross Margin Compression
Q4 non-GAAP gross margin declined to 31.9% from 39.3% in Q4 2024 (a decline of ~7.4 percentage points), attributed to project mix volatility. Management noted gross margin will continue to fluctuate quarter-to-quarter.
Quarterly Operating Metrics Essentially Flat
Q4 adjusted EBITDA of $146.1M was slightly below prior-year Q4 ($147.3M); operating income of $133M was flat versus $133.4M a year ago, indicating a very modest sequential/proportional improvement in that quarter despite strong full-year results.
Elevated Inventory
Inventory at year-end was $643M, slightly higher than expected as the company prepared for a strong 2026. Elevated inventory increases capital tied up and exposure to component-cost or demand shifts.
Guidance and Profitability Range Uncertainty
2026 operating income guidance spans a wide range ($125M to $475M), reflecting material uncertainty in near-term profitability outcomes despite strong revenue guidance — creates execution risk around hitting the high end of margin/operating-profit expectations.
International Rollout May Lag
Management expects the near-term opportunity to be predominantly U.S.-centric due to global LNG/infrastructure constraints; international expansion likely to lag, concentrating shorter-term revenue exposure in the U.S. market.
Ongoing Supply-Chain and Cost Volatility Risk
Company acknowledged margin sensitivity to project mix, tariffs, logistics and other input-cost drivers. While management targets continuous, multi-year cost reductions, these external factors remain potential headwinds to margin stability.
Company Guidance
Bloom guided 2026 revenue of $3.1–$3.3 billion, non‑GAAP gross margin of ~32%, and non‑GAAP operating income of approximately $125 million to $475 million, with capital spending of $150–$200 million and cash flow from operations expected to be close to $200 million; management said it will invest in R&D and commercial expansion while relying on operating leverage to drive profit expansion. For context, Bloom finished 2025 with record revenue of $2.0 billion, adjusted EBITDA of $271.6 million, non‑GAAP gross margin ~30.3% (Q4 product margins ~37%, service ~20%), ended the quarter with $2.5 billion cash, inventory of $643 million, a product backlog of about $6 billion (up 140% year‑over‑year) and roughly $14 billion of service backlog.Bloom Energy Financial Statement Overview
Summary
Operational recovery is evident (re-accelerating revenue growth, gross margin improvement, and positive operating/free cash flow in 2024–2025), but the balance sheet is a major constraint with sharply higher debt and elevated debt-to-equity, while profitability remains inconsistent with a return to net loss in 2025.Income Statement
Revenue growth has re-accelerated, rising about 11% in 2025 versus near-flat growth in 2024, and gross margin improved to ~29% (from ~15% in 2023). However, profitability remains inconsistent: 2025 returned to a net loss (about -4% margin) after improving materially from heavy 2022–2023 losses, and operating profitability metrics are still choppy, suggesting the earnings profile is not yet durable.56
Neutral
Balance Sheet
Leverage is the key constraint. Total debt increased sharply to about $3.0B in 2025 while equity is about $0.77B, leaving debt-to-equity elevated (~3.9x) and higher than prior years. While equity has improved from earlier periods, returns on equity remain negative, indicating the balance sheet is still carrying meaningful financial risk despite better scale and margins.38
Negative
Cash Flow
Cash generation improved versus 2022–2023, with operating cash flow positive in 2024 and 2025 and free cash flow also positive in both years. The main weakness is volatility: free cash flow declined materially in 2025 (down ~58% year over year), and cash flow metrics have swung sharply over the last several years, making cash conversion less predictable even as the recent direction is better.62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.02B | 1.47B | 1.33B | 1.20B | 972.18M |
| Gross Profit | 587.40M | 404.65M | 197.79M | 148.29M | 195.01M |
| EBITDA | 20.05M | 89.33M | -135.13M | -198.89M | -60.14M |
| Net Income | -88.43M | -29.23M | -302.12M | -301.41M | -164.44M |
Balance Sheet | |||||
| Total Assets | 4.40B | 2.66B | 2.41B | 1.95B | 1.73B |
| Cash, Cash Equivalents and Short-Term Investments | 2.45B | 802.85M | 664.59M | 348.50M | 396.04M |
| Total Debt | 2.99B | 1.53B | 1.45B | 1.02B | 1.12B |
| Total Liabilities | 3.60B | 2.07B | 1.89B | 1.57B | 1.73B |
| Stockholders Equity | 768.64M | 562.47M | 502.08M | 340.78M | -44.33M |
Cash Flow | |||||
| Free Cash Flow | 57.19M | 33.15M | -456.27M | -308.55M | -110.49M |
| Operating Cash Flow | 113.95M | 92.00M | -372.53M | -191.72M | -60.68M |
| Investing Cash Flow | -93.12M | -58.78M | -83.72M | -116.82M | -46.70M |
| Financing Cash Flow | 1.51B | 175.21M | 683.35M | 211.36M | 306.38M |
Bloom Energy Technical Analysis
Positive
157.27
Price Trends
124.33
Positive
115.41
Positive
75.10
Positive
Market Momentum
5.73
Positive
57.28
Neutral
49.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BE, the sentiment is Positive. The current price of 157.27 is above the 20-day moving average (MA) of 149.95, above the 50-day MA of 124.33, and above the 200-day MA of 75.10, indicating a bullish trend. The MACD of 5.73 indicates Positive momentum. The RSI at 57.28 is Neutral, neither overbought nor oversold. The STOCH value of 49.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BE.
Bloom Energy Risk Analysis
Bloom Energy disclosed 59 risk factors in its most recent earnings report. Bloom Energy reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bloom Energy Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $3.71B | -1.38 | ― | ― | 324.10% | -214.91% | |
56 Neutral | $40.77B | -412.89 | -13.29% | ― | 44.53% | ― | |
54 Neutral | $1.28B | -7.33 | -68.95% | ― | 45.98% | 44.14% | |
52 Neutral | $2.53B | -0.85 | -95.42% | ― | 2.53% | -2.83% | |
51 Neutral | $347.52M | -0.95 | -26.12% | ― | 41.05% | -1.02% | |
48 Neutral | $632.49M | -7.83 | ― | ― | -69.30% | 9.90% |
* Industrials Sector Average
BE
Bloom Energy
157.27
131.28
505.12%
FCEL
Fuelcell Energy
7.43
-0.12
-1.59%
PLUG
Plug Power
1.86
0.11
6.29%
EOSE
Eos Energy Enterprises
11.56
6.81
143.37%
ENVX
Enovix
5.95
-5.53
-48.17%
ADSE
ADS-TEC Energy
10.90
-4.27
-28.15%
Bloom Energy Corporate Events
Business Operations and StrategyFinancial Disclosures
Bloom Energy posts record 2025 revenue on AI demand
Positive
Feb 5, 2026
On February 5, 2026, Bloom Energy reported record full-year 2025 revenue of $2.02 billion, up 37.3% from 2024, driven by strong growth in AI data center demand and continued strength in its commercial and industrial business. The company expanded its product and service revenue to $1.76 billion, improved full-year gross margin to 29.0%, and increased GAAP operating income to $72.8 million, while generating $113.9 million in operating cash flow and achieving a second consecutive year of positive free cash flow. Bloom also highlighted a sizeable total backlog of about $20 billion, including approximately $6 billion in product backlog—2.5 times higher year-on-year—indicating robust future demand and reinforcing its positioning as a key power platform provider for digital infrastructure. In the fourth quarter of 2025, revenue rose 35.9% year-on-year to $777.7 million, with sharply higher service margins and $418.1 million in operating cash flow, although gross margin and operating income declined versus the prior-year quarter, reflecting a trade-off between rapid top-line growth and near-term margin compression as the company pursues scale and strategic investments.
The most recent analyst rating on (BE) stock is a Hold with a $133.00 price target. To see the full list of analyst forecasts on Bloom Energy stock, see the BE Stock Forecast page.
Regulatory Filings and Compliance
Bloom Energy Reports New Material Agreement and Obligation
Neutral
Dec 23, 2025
The filing states only that information about Bloom Energy’s entry into a material definitive agreement has been incorporated by reference into another item, without providing any operational details, terms of the agreement, or implications for the company or its stakeholders.
The most recent analyst rating on (BE) stock is a Hold with a $92.26 price target. To see the full list of analyst forecasts on Bloom Energy stock, see the BE Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.