Industrials · Electrical Components & Equipment · US stock · price as of 23 Oct 2026
Key indicators
Price
$193.30
52-week range
$75.70 – $351.28
Market cap
$61.8B
P/E (trailing)
4,983.2×
EV / EBITDA
377.4×
Free-cash-flow yield
0.4%
Dividend yield
–
Revenue (last 12 months)
$2.4B
Revenue growth (3y a year)
19.1%
Operating margin
6.7%
Return on invested capital
11.0%
Net debt / EBITDA
1.5×
Fair value
Fair value (average of valid models)$135.58 middle half of models $116 – $160
Versus priceOvervalued−30% to fair value
P/E multiple
$168.89
P/B multiple
$93.16
P/S multiple
$95.62
EV/EBITDA multiple
$142.36
EV/EBIT multiple
$133.94
EV/revenue multiple
$120.41
10-year DCF, EBITDA exit
$114.52
5-year DCF, EBITDA exit
$163.76
10-year DCF, revenue exit
$148.46
5-year DCF, revenue exit
$174.69
Model uncertainty
Medium
X-Ray Score
32/ 100 · Medium confidence · ahead of 9% of sector peers
Valuation3
Growth76
Profitability28
Financial health29
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
On-site power is the focus of Bloom Energy, which builds solid oxide fuel cell systems, called Energy Servers, that generate electricity from natural gas, biogas or hydrogen. The systems give customers power that is independent of the grid or supports it. Customers include data centre operators, large corporations, hospitals, retailers, manufacturers and utilities. The company designs and manufactures the equipment, installs it and provides ongoing maintenance and service.
Revenue comes from Energy Server shipments, installation work, service contracts and some long-term power agreements. Revenue was $2.4 billion over the last twelve months and has grown at 19.1% a year across the last three years. The operating margin is 6.7%, the business earns 11% on the capital invested in it, and net debt is 1.5 times EBITDA. No dividend is paid.
StocksXray gives Bloom Energy Corp an X-Ray Score of 32 out of 100 (medium confidence), ahead of 9% of the S&P 500 stocks in its sector. Its strongest lens is growth (76) and its weakest is valuation (3).
Our fair value (the average of the valid models) is $135.58 (range $116.00 to $159.93). At $193.30 the stock trades 43% above that value, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Bloom Energy Corp (BE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$21.93
$19.12
$14.80
$22.21
$86.89
$193.30
Market cap
$3.8B
$3.6B
$3.1B
$5.0B
$20.9B
$61.8B
P/E
–
–
–
–
–
4,983.2×
EV / revenue
4.1×
3.0×
2.5×
3.7×
10.4×
25.3×
EV / EBITDA
–
–
–
240.6×
289.6×
377.5×
Price / free cash flow
–
–
–
152.3×
365.2×
269.2×
Free-cash-flow yield
−2.9%
−8.7%
−14.5%
0.7%
0.3%
0.4%
Price / book
–
10.4×
6.3×
9.0×
27.2×
67.1×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 3 Good · ● 2 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−6.2%Good
Free-cash-flow yield0.4%Bad
Risk models
Altman Z score2.2×Bad
Piotroski F-Score4 of 9Bad
Growth
Revenue growth (3y)19.1%Good
Growth consistency70%Average
Balance sheet
Current ratio5.0×Good
Net debt / EBITDA1.5×Average
Interest cover3.4×Bad
Valuation
Fair value vs price0.7×Bad
EBIT / EV yield0.3%Bad
Profitability
Return on invested capital11.0%Bad
Operating margin6.7%Bad
Gross profitability15.5%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Bloom Energy Corp (BE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
972
1,199
1,333
1,474
2,024
2,449
Gross profit
198
148
198
405
587
724
Operating income
-115
-261
-209
23
73
164
Net income
-164
-302
-302
-27
-87
10
Diluted EPS ($)
-0.95
-1.62
-1.42
-0.13
-0.37
0.04
Free cash flow
-110
-309
-456
33
57
230
Gross margin
20.3%
12.4%
14.8%
27.5%
29.0%
29.6%
Operating margin
−11.8%
−21.8%
−15.7%
1.6%
3.6%
6.7%
Net margin
−16.9%
−25.2%
−22.7%
−1.8%
−4.3%
0.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
1,726
1,947
2,414
2,657
4,397
4,665
Cash
396
348
665
803
2,454
2,491
Total debt
527
412
847
1,243
2,622
2,607
Equity
-44
341
502
562
769
921
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
