Rankings Grid & electrical equipment Bloom Energy
Bloom Energy
63
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−13
- Absolute price level−10
- Customer concentration−6
Strengths
- Raised guidance+3
How the score is built
From 100 to 63, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 196.25 USD
- Median analyst target
- 302.00 USD
- Upside to median
- +53.9%
- Analysts
- 29
- Target range
- 102.00 – 380.00 USD
- 52-week change
- +48%
- P/E (trailing)
- 114.4
- Forward P/E
- 40.3
- PEG
- 0.44
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −3MarginGAAP operating margin 11.7% and net margin 7.9% (TTM) after losses every year through 2025 (operating margin −12.7% in 2022, 4.4% in 2025); gross margin 31.7%. The margin has only just turned positive and has not been tested through a downturn.
- −4Capital allocation and dilutionShare count has risen 24.7% over a year (bond conversion) and has grown every year since 2021; stock-based compensation of 198m USD (TTM) equals 6.4% of revenue and more than half of operating profit. Convertible loans of 2.5bn USD issued in 2025.
- −2MoatThe fuel cells run on natural gas and compete for 'behind-the-meter' power for data centers with gas turbines and gas engines (GE Vernova, Caterpillar, Siemens Energy), which are also expanding capacity; the advantage is primarily lead time, not an unassailable technology.
Price
Today's multiples against the company's own history and its peers. · 2 findings−23 of −35
- −13Multiples vs own historyP/S 26.5 versus 2.5-10.2 in 2021-25 and EV/Sales 26.6 versus 3.2-10.6 - far above the top of the range; EV/EBITDA 198 and P/B 51. Forward P/E 79 versus 52-101 in 2023-25. The share price has risen 220% in a year.
- −10Absolute price levelTrailing P/E of 337, earnings yield of 0.3% and FCF yield of 0.76% (P/FCF 132). Even on analysts' 2027 EPS of USD 4.94, P/E is about 57, and the market value (USD 83bn) is 20 times 2026 guided revenue at the midpoint.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−18 of −35
- −6Customer concentrationTwo customers accounted for about 44% and 21% of revenue in Q2 2026, one of them a related party (the Brookfield joint venture structure); in 2025 three customers accounted for 43%, 13% and 12%. Three customers make up 87% of receivables.
- −4Litigation and supply chain (scandium/China)Class action (Nevins v. Bloom Energy, N.D. Cal. 26-cv-07944) for the period 27 Feb 2025–8 Jul 2026 alleges that the company downplayed its dependence on Chinese scandium via intermediaries; the stock fell 5.7% on 8 Jul. CEO KR Sridhar and three CFOs are named as defendants.
- −2Insider tradingBoard members Jeffrey Immelt and John Chambers sold approx. 14m USD in August 2026, part of insider sales totalling approx. 16m USD; no insider purchases found. Insiders own 1.7%.
- −2Order book qualityThe big agreements are frameworks: Oracle 2.8 GW (April 2026) and the Brookfield partnership expanded from USD 5bn to 25bn are not booked orders, and '25 GW visibility' is a pipeline. The company does not disclose an order book in dollars, and the risk section itself notes that the order book may not turn into revenue.
- −4Macro and sentimentBeta 3.78 and short interest 6.5%; the valuation rests on continued AI data-center buildout, and the company itself cites an 'actual or perceived slowdown in AI adoption' as a risk. The share price fell after the Q2 results despite record figures.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Raised guidance2026 guidance raised twice: after Q1 to 3.4-3.8bn USD and after Q2 to 3.9-4.2bn USD (approx. +100%), non-GAAP operating income 800-900m USD. Q2 revenue 1.065bn USD (+166%) and GAAP gross margin 33.4% (+6.7 percentage points).
Caveats
What the score does not capture, or where the data is weak.
First year of GAAP profit, so the multiple history (forward P/E 52–296 in 2021–25) is thin and distorted by loss-making years; P/S and EV/Sales are used as the main comparison. The order book in monetary terms was not found – Oracle (2.8 GW) and Brookfield (25bn USD) are framework agreements, not booked orders. Customer shares are taken from search excerpts of the 10-Q and not read in the full note. The insider selling comes from an aggregator (Kavout) and has not been checked against Form 4. Q3 is due 27 Oct.
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