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Bloom Energy Corp (BE) USD

Makes solid-oxide fuel-cell systems for on-site electric power generation.

At a glance: strengths & risks
✓Revenue growing (+137% y/y, Q3 2026)✓Turned profitable (Q3 2026)✓Margins improving (4%→19%, Q3 2026)

Sector: United States — large cap (SEC filings)

US_BE

Price chart

203.17 USDDay -8.61%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
203.17 USD · -8.61%
Market cap
48.8 bn USD

Growth

Δ revenue y/y
137.2%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
108.7x
P/B (FY)
—
P/E (ann.)
49.0x
EV/EBITDA (LTM)
91.4x
EV/EBITDA (ann.)
51.2x

Cash return

Dividend yield
—
FCF yield (LTM)
1.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
-10.5%
↓ details

Liquidity

Daily turnover (US listing)
3.4 bln USD

Shares: yahoo_fundamentals_timeseries/BE

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-09-30Q3 2026 (3M)OK1231.0
y/y 137.2%
225.4
y/y 2773.4%
13.8
y/y 7.9%
239.3
y/y 1058.8%
249.0
y/y —
-27.1-153.56571.6
y/y 149.1%
1932.9
y/y 196.0%
18.7%117.9Link
2026-06-30Q2 2026 (3M)OK1060.7
y/y 164.4%
110.0
y/y —
13.7
y/y 9.1%
110.5
y/y 2055.3%
125.2
y/y —
152.8-25.55628.4
y/y 122.4%
1612.0
y/y 171.1%
62.8%-188.9Link
2026-03-31Q1 2026 (3M)OK751.1
y/y 130.4%
72.2
y/y —
13.3
y/y 10.8%
85.5
y/y —
73.7
y/y —
73.6-26.24664.7
y/y 78.9%
921.5
y/y 59.3%
34.9%249.4Link
2025-12-31Q4 2025 (3M)OK777.7
y/y 35.9%
87.5
y/y -16.4%
13.2
y/y -5.0%
100.7
y/y -15.1%
1.4
y/y -98.6%
418.1-23.04396.7
y/y 65.5%
768.6
y/y 36.7%
-12.3%302.1Link
2025-09-30Q3 2025 (3M)OK519.0
y/y 57.1%
7.8
y/y —
12.8
y/y -3.3%
20.6
y/y 475.3%
-23.0
y/y —
19.7-12.32638.2
y/y 1.3%
653.1
y/y 51.5%
-14.7%676.0Link
2025-06-30Q2 2025 (3M)OK401.2
y/y 19.5%
-3.5
y/y —
12.6
y/y -6.0%
9.1
y/y —
-42.2
y/y —
-213.1-7.22530.4
y/y -0.7%
594.6
y/y 40.5%
-28.8%704.3Link
2025-03-31Q1 2025 (3M)OK326.0
y/y 38.6%
-19.1
y/y —
12.0
y/y -4.2%
-7.1
y/y —
-23.4
y/y —
-110.7-14.32608.0
y/y 14.1%
578.3
y/y 24.1%
-16.4%594.0Link
2024-12-31Q4 2024 (3M)OK572.4
y/y 60.4%
104.7
y/y 709.3%
13.9
y/y 12.6%
118.6
y/y 369.4%
105.2
y/y 958.1%
484.2-11.12657.4
y/y 10.1%
562.5
y/y 12.0%
-5.5%587.9Link
2024-09-30Q3 2024 (3M)OK330.4
y/y -17.5%
-9.7
y/y —
13.2
y/y -9.4%
3.6
y/y —
-14.6
y/y —
-69.5-14.32604.5
y/y 9.6%
430.9
y/y -11.4%
-13.7%903.7Link
2024-06-30Q2 2024 (3M)OK335.8
y/y 11.5%
-23.1
y/y —
13.4
y/y -23.5%
-9.7
y/y —
-61.2
y/y —
-175.5-12.02548.0
y/y -6.3%
423.3
y/y 37.5%
-55.0%703.6Link
2024-03-31Q1 2024 (3M)OK235.3
y/y -14.5%
-49.0
y/y —
12.5
y/y -31.0%
-36.5
y/y —
-56.5
y/y —
-147.3-21.42286.1
y/y 4.3%
466.1
y/y 16.7%
-46.7%496.2Link
2023-12-31Q4 2023 (3M)OK356.9
y/y —
12.9
y/y —
12.3
y/y —
25.3
y/y —
9.9
y/y —
121.8-16.32413.7
y/y —
502.1
y/y —
-61.1%347.1Link
2023-09-30Q3 2023 (3M)OK400.3
y/y —
-103.7
y/y —
14.6
y/y —
-89.1
y/y —
-168.1
y/y —
-133.2-21.32376.2
y/y —
486.6
y/y —
-169.3%438.0Link
2023-06-30Q2 2023 (3M)OK301.1
y/y —
-54.5
y/y —
17.5
y/y —
-36.9
y/y —
-69.1
y/y —
-46.5-19.62719.9
y/y —
307.8
y/y —
-78.1%348.8Link
2023-03-31Q1 2023 (3M)OK275.2
y/y —
-63.7
y/y —
18.1
y/y —
-45.5
y/y —
-74.9
y/y —
-314.7-26.62192.2
y/y —
399.3
y/y —
—236.3Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)31
Long-term debt (incl. LT leases)2 573
− Cash & equivalents2 487
Net debt118

Net debt / LTM EBITDA: 0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-25002505007501 0001 2502024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-200%0%200%400%600%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-200-10001002003002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-25002505007501 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Worth a look
year20212022202320242025
cash flow / profit—————
accruals, % of assets-6.0%-5.7%2.9%-4.5%-4.6%
Last twelve months (to 2026-09-30): 1.37x of profit came back as operating cash flow.
net debt / EBITDA 2.5x · EBIT covers interest 1.4x · capex 1.3x of depreciation · share count +8.5% a year
● EBIT covers interest 1.4x.
● Diluted share count grew 8.5% a year.
Regulated utilities and networks run on long-dated debt against a tariff-set asset base; the leverage bar is set higher for them here.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -10.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (239 − 21) × 2.60
568
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (48 842 + 118) ÷ 621
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 558 + 1 + 0 − 16
559
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 36.1% × 48 842
−17 625
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (568 × 21.0 + 559 − 17 625) ÷ 48 842
-10.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line
  • share-count dilution 36.1%/yr (valued at market: -17625)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +37% vs +11% the year before — a +26.8 pp move. 3-year CAGR +19%.
revenue growth by year: 2023 +11% · 2024 +11% · 2025 +37%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 61.3x · 3-year 75th pct 150.8x

EV/EBITDA3-year 75th pct

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Bloom Energy Corp (BE) — from primary filings.

Frequently asked questions

What is Bloom Energy Corp (BE)'s P/E ratio?
Bloom Energy Corp (BE) trades at a P/E of 108.7x (price to trailing 12-month earnings).
What is Bloom Energy Corp (BE)'s EV/EBITDA?
Bloom Energy Corp (BE) trades at 91.4x EV/EBITDA.
What is Bloom Energy Corp (BE)'s return on equity (ROE)?
Bloom Energy Corp (BE)'s ROE is 18.7%.
What is Bloom Energy Corp (BE)'s market capitalization?
Bloom Energy Corp (BE)'s market cap is 48.8 bn USD.

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