Bloom Energy Corp (BE)

Price$269.28Cached quoteAs of 2026-09-09 22:27 UTC

AI: Overvalued

Price checkBloom’s valuation now assumes years of exceptional AI-power growth with little room for execution misses.

Using roughly $78 billion of equity value, June cash and debt, and the midpoint of 2026 revenue guidance, Bloom trades near 19 times forward sales on an enterprise-value basis. Enterprise value means equity value plus debt minus cash. It also implies roughly 98 times the midpoint of management’s 2026 non-GAAP EPS guidance. Those are demanding multiples for power equipment, even with rapid growth, so my base case is Overvalued unless Bloom sustains unusually high growth and margins for several years.

Big pictureRecord growth and improving cash generation are real, but project timing makes quarterly results unusually uneven.

Second-quarter revenue topped $1 billion, up 166% year over year, and GAAP profitability turned strongly positive. For the first half, operating cash flow was $300 million versus a large outflow a year earlier, while capital spending was about $78 million. Still, cash conversion benefited from vendor-payment timing, customer deposits, and other working-capital movements. Working capital is the cash tied up in receivables, inventory, payables and deposits, so these timing effects can reverse and make cash flow less durable than headline earnings suggest.

Business strengthLiquidity is solid and customer demand is strong, but concentration and dilution remain meaningful investor risks.

Bloom ended June with about $2.67 billion of cash and roughly $2.48 billion of recourse debt, plus an undrawn revolving facility. Most debt is the zero-interest 2030 convertible, which supports near-term liquidity but can dilute shareholders if converted. Dilution means a higher share count reduces each existing share’s ownership percentage. Shares outstanding rose from about 280 million at year-end 2025 to about 293 million at June-end, while Oracle-related issuance and stock compensation add further pressure. Customer concentration is also high, making large-project delays financially important.

What could change the storyThe bull case needs sustained hyperscaler demand; the bear case needs only a meaningful growth slowdown.

Bull case: annual revenue growth stays above roughly 40% through 2028, gross margin remains in the low-to-mid 30s, and Brookfield-backed financing converts data-center demand into repeat orders without heavy equity issuance. Bear case: AI infrastructure spending slows, customer acceptance slips, or manufacturing expansion pressures margins, pulling growth below roughly 25% and exposing the valuation. The business is cyclical mainly through large infrastructure budgets and project milestones rather than consumer demand, so order timing, customer concentration and capital spending can move results sharply.

AI: News

S&P 500 additionBloom is scheduled to join the S&P 500 before trading opens on September 21.

S&P Dow Jones Indices announced Bloom Energy will enter the S&P 500 in the September quarterly rebalance, replacing Molson Coors Beverage. Index inclusion can create mechanical demand from funds that track the benchmark, although it does not change Bloom’s operating fundamentals. The announcement followed a sharp 2026 share rally and adds another source of near-term trading volatility around the effective date.

Power Connect launchBloom launched Power Connect, a factory-integrated system designed to cut onsite installation time by more than 40%.

Power Connect moves more electrical integration into the factory, with pre-connected and tested equipment intended to reduce field construction complexity. Bloom says the approach can shorten installation time by more than 40%, directly targeting a key data-center problem: speed to usable power. If the claimed installation gains hold across large projects, the system could strengthen Bloom’s differentiation; the percentage remains a company claim, not yet an independently verified operating track record.

MiTAC partnership expandsMiTAC added a Fremont fuel-cell microgrid, expanding Bloom’s footprint across AI infrastructure manufacturing sites.

Bloom and MiTAC expanded their relationship with a new islanded microgrid for MiTAC’s Fremont AI-server manufacturing campus, building on an existing San Jose installation. Bloom said its AI infrastructure segment had grown to nearly two dozen customers and about 250 MW of capacity. The deal broadens demand beyond data centers themselves into their manufacturing supply chain, but it also reinforces how much the current growth story depends on continued AI capital spending.

Record Q2, guidance raisedQuarterly revenue exceeded $1 billion as product demand surged, prompting a higher full-year revenue outlook.

Bloom reported second-quarter revenue of $1.065 billion, up about 166% year over year, with gross margin improving to 33.4%. Management raised 2026 revenue guidance to $3.9-$4.2 billion and non-GAAP operating income guidance to $800-$900 million. This was the clearest recent evidence that AI-related demand is converting into reported financial results, though the company’s concentrated customer mix means one or two large deployments can still dominate a quarter.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$2.00B	$1.44B	$1.27B	$1.14B	$906.9M	$731.2M	$724.8M	$575.1M	$365.6M	$208.5M
Gross profit	$587.4M	$404.6M	$197.8M	$148.3M	$197.6M	$165.8M	$97.6M	$105.8M	−$16.3M	−$103.5M
Gross margin	29.35%	28.07%	15.59%	13.06%	21.79%	22.67%	13.46%	18.39%	−4.46%	−49.63%
Research & development	$186.0M	$148.6M	$155.9M	$150.6M	$103.4M	$83.6M	$104.2M	$89.1M	$51.1M	$46.8M
Operating expenses	$514.6M	$381.7M	$406.7M	$409.3M	$312.1M	$246.6M	$330.4M	$270.8M	$138.8M	$137.5M
Operating income	$72.8M	$22.9M	−$208.9M	−$261.0M	−$114.5M	−$80.8M	−$232.8M	−$165.0M	−$155.1M	−$241.0M
Operating margin	3.64%	1.59%	−16.47%	−22.99%	−12.63%	−11.05%	−32.12%	−28.69%	−42.41%	−115.56%
EBITDA	$124.0M	$76.6M	−$145.4M	−$198.4M	−$59.7M	−$28.5M	−$154.2M	−$111.1M	−$100.7M	−$197.9M
EBITDA margin	6.20%	5.32%	−11.46%	−17.48%	−6.58%	−3.89%	−21.28%	−19.32%	−27.54%	−94.89%
Net income	−$87.1M	−$27.2M	−$302.1M	−$301.7M	−$164.4M	−$157.6M	−$304.4M	−$273.5M	−$276.4M	−$279.7M
Net profit margin	−4.35%	−1.89%	−23.81%	−26.57%	−18.13%	−21.55%	−42.00%	−47.56%	−75.59%	−134.10%
Basic EPSper basic share	-$0.37	-$0.13	-$1.42	-$1.62	-$0.95	-$1.14	-$2.67	-$5.14	-$26.97	-$27.84
Diluted EPSper diluted share	-$0.37	-$0.13	-$1.42	-$1.62	-$0.95	-$1.14	-$2.67	-$5.14	-$26.97	-$27.84

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

6.29%of listed shares

BlackRock, Inc.18.44M shares · Jun 30, 2026

View holders

Top 20 reported holders of BE
Holder	% owned
BlackRock, Inc.	6.29%18.44M shares
AMERIPRISE FINANCIAL INC	6.18%18.13M shares
GOLDMAN SACHS GROUP INC	4.76%13.95M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.28%12.55M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.12%12.08M shares
JPMORGAN CHASE & CO	2.76%8.09M shares
MORGAN STANLEY	2.49%7.31M shares
STATE STREET CORP	2.15%6.32M shares
Situational Awareness LP	2.14%6.27M shares
Value Aligned Research Advisors, LLC	1.90%5.59M shares
Graticule Asia Macro Advisors LLC	1.43%4.21M shares
JANE STREET GROUP, LLC	1.42%4.17M shares
D. E. Shaw & Co., Inc.	1.42%4.16M shares
GEODE CAPITAL MANAGEMENT, LLC	1.29%3.79M shares
NORGES BANK	1.12%3.3M shares
SANDS CAPITAL MANAGEMENT, LLC	1.00%2.93M shares
JENNISON ASSOCIATES LLC	0.87%2.55M shares
MILLENNIUM MANAGEMENT LLC	0.86%2.52M shares
Capital World Investors	0.80%2.34M shares
FRANKLIN RESOURCES INC	0.72%2.1M shares

Percentages use 293.35M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)93$463.93M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 16, 2026Form 4 · 10b5-1	Joshi AmanChief Commercial Officer	SellCommon Stock	3.6K	$269.94	$972.1K	155.5K
Sep 16, 2026Form 4	Kurzymski MaciejChief Accounting Officer	SellCommon Stock	2.3K	$268.42	$616.0K	77.4K
Sep 16, 2026Form 4 · 10b5-1	SODERBERG SHAWN MARIESee Remarks	SellCommon Stock	2.9K	$270.07	$775.1K	126.5K
Sep 16, 2026Form 4 · 10b5-1	Chitoori SatishChief Operations Officer	SellCommon Stock	2.9K	$270.06	$775.1K	202.5K
Aug 17, 2026Form 4 · 10b5-1	IMMELT JEFFREY RDirector	SellCommon Stock	30.0K	$238.91	$7.17M	201.2K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat11 days ago
Bloom raises annual sales outlook as quarterly revenue more than doubles
Bloom Energy ($BE) increased its full-year 2026 revenue forecast for the third time after third-quarter 2026 sales rose 138% to $1.24 billion. Product revenue increased 179% to $1.07 billion, reflecting substantially higher deliveries of it ...
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Bloom Energy Corp (BE)

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Bloom raises annual sales outlook as quarterly revenue more than doubles