Bloom Energy CorporationBE
NYSE•Industrials•Electrical Equipment & Parts
Bloom Energy Corporation designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation in the United States and internationally. It offers Bloom Energy Server, an energy server platform to convert fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through a non-combustion electrochemical process. The company also provides Bloom Electrolyzer for producing hydrogen. It sells its products through direct and indirect sales channels to utilities, data centers, retail, healthcare, education, telecom, manufacturing, and other industries. The company was formerly known as Ion America Corp. and changed its name to Bloom Energy Corporation in 2006. Bloom Energy Corporation was incorporated in 2001 and is headquartered in San Jose, California.
Bloom Energy Corporation (BE) reported trailing twelve months revenue of $2.45B as of March 2026, a 56.5% increase year-over-year. Quarterly revenue reached $751.05M, reflecting continued top-line momentum.
Bloom Energy Corporation generated $9.96M in TTM net income, with quarterly EBITDA of $85.47M. The operating margin expanded from -5.8% to 9.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (9.6%) and net margin (9.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -7.2% a year ago, signaling stronger bottom-line efficiency.
BE trades at a P/E of 3378.6x (a premium multiple) and a P/S of 13.7x. The price-to-book ratio of 36.5x indicates a significant premium over book value.
The company generated $47.43M in free cash flow over the trailing twelve months, a 138.0% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $4.66B in total assets with $2.60B in long-term debt against $921.47M in stockholders equity for a debt-to-equity ratio of 2.8, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 3.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~84.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio of 2.8 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 24.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation