|BE Overview
BE

Bloom Energy Corp

Technology • CIK: 0001664703

Loading...

Market Cap
$20.89B
P/E (TTM)
0.3x
Rev Growth (TTM)
+37.3%
Net Margin (TTM)
-4.3%
FCF Yield (TTM)
0.3%
FCF Margin (TTM)
2.8%

LATEST EARNINGS

Q4 2025
29 days ago
View source
Revenue
$572.39B
Net Income
$362.00M
EPS
$0.00
-100.0%
Gross
30.8% -7.5%
Operating
11.3% -7.0%
Net
0.1% -18.2%
  • Record full year revenues of $2.02 billion, an increase of 37.3% YoY.
  • Second consecutive year of positive cash flow from operations ($113.9 million in 2025).
  • Full year gross margin increased to 29.0% (GAAP) and 30.3% (Non-GAAP), up from 27.5% and 28.7% respectively in 2024.
  • Product backlog grew ~2.5x YoY to ~$6 billion.

Cash Flow Health

Free Cash Flow3/8 positive
TTM$57M
Q4 '25
$395M+5262%
Q3 '25
$7M+103%
FCF Margin
TTM2.8%
Q4 '2550.8%+3479%
Sector: 10.0%Below Avg
OCF Margin5.6%
OCF/NI-1.31x
CapEx Coverage2.0x
FCF Yield0.3%
FCF Growth (2Y)
Cash Conversion Cycle
10191 days
DSO: 71+DIO: 13188DPO: 3067

Capital Allocation & Returns

Accumulating Cash
Total Shareholder YieldEst.
Est.0.0%
Div Yield0.0%
+
Est. Buyback0.2%

Limited capital returns

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
FCF Payout Ratio1.8%
Free Cash Flow (TTM)$57.1M
Capital Return / FCF1.8%
Est. Dividends Paid (TTM)$1.0M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
3.8%
Moderate
+1.5% YoY+14.7%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.7%
8Q: -1.9%
Asset Turnover
0.72x
8Q: 0.59x
Leverage (1+D/E)
4.41x
D/E: 3.41x
DuPont: 11.7%3.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1233.95x
8Q:837.32x
+132282.2%
Invested Cap Turn
1.11x
8Q:0.96x
+44.7%
CapEx Intensity
3.1%
8Q:3.5%
CapEx/Depreciation
1.12x
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$2.0B
$777.7M49.8%
$519.0M29.4%
$401.2M23.1%
$326.0M43.0%
$572.4M73.2%
$330.4M1.6%
$335.8M42.7%
$235.3M
Operating Income
$72.8M
$87.5M1015.6%
$7.8M324.0%
$-3.5M81.6%
$-19.1M118.2%
$104.7M1184.9%
$-9.7M58.3%
$-23.1M52.8%
$-49.0M
Net Income
$-87.1M
$1.4M106.2%
$-23.0M45.6%
$-42.2M80.2%
$-23.4M122.3%
$105.2M818.7%
$-14.6M76.1%
$-61.2M8.2%
$-56.5M
Operating Cash Flow
$113.9M
$418.0M2025.3%
$19.7M109.2%
$-213.1M92.5%
$-110.7M122.9%
$484.2M797.0%
$-69.5M60.4%
$-175.5M19.2%
$-147.3M
Free Cash Flow
$57.1M
$395.1M5262.0%
$7.4M103.3%
$-220.4M76.4%
$-124.9M126.4%
$473.1M664.8%
$-83.8M55.3%
$-187.5M11.2%
$-168.7M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
0.3x
Volatile
8Q: -22.9x-467%
Valuation Lenses
Earnings
0.3x
vs sector
Cash Flow
372.9x
EV/FCF vs
Growth-Adj
0.0xPEG
Undervalued for growth
Quality-Adj
0.1P/E per %ROIC
ROIC: 3.8%
Shareholder Returns
Dividend
0.0%
Buyback
Total Yield
0.0%
Market Cap$20.89B
EV$21.31B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
3/100
Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Below Avg
-14.0%
8Q:
Return on Invested Capital (ROIC)Top 25%
3.8%
8Q:
+14.7%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 3.7%
Asset Turnover: 0.72x

Earnings Quality

Cash Conversion

-1.31x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin29.0%

Capital Efficiency

Invested Capital Turnover1.11x

Working Capital

Cash Conversion Cycle10191 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
37.3%
OpInc Growth YoY
-16.4%
EPS Growth YoY
-47.2%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
29.0%
Operating
3.6%
Below Avg in sector
Net
-4.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
+7.1 pts
FCF: 2.8% | Net: -4.3%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
Net Debt: $140.50M
Interest Coverage
Leverage Metrics
Debt-to-Equity
3.41x
Balance sheet risk & solvency analysis