Detailed financial statements for Bloom Energy Corporation (BE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Bloom Energy Corporation engineers, produces, markets, and installs cutting-edge solid-oxide fuel cell systems designed for on-site electricity generation, serving clients both within the United States and internationally.
Analysis Summary
Bloom Energy Corporation reported revenue of $2.02B in the most recent fiscal year, growing at a 5-year CAGR of 20.6%.
Trailing-twelve-month margins: gross margin 32.3%, operating margin 14.8%, net margin 13.5%.
At $222.30 (closing price, October 29, 2026), BE trades at a P/E of 136.04 and an ROE of 39.60%. Market capitalisation stands at $65.7B, placing it among large-cap names.
Balance sheet quality for BE: current ratio of 6.0, net debt of $537.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Long-term track record: over the past decade, BE has compounded revenue at 27.9% annually. This decade-long view smooths out cyclical fluctuations and reveals the underlying business momentum more reliably than single-year snapshots.
Income Statement (10y)
| Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $248.1M | $172.9M | $208.5M | $376.0M | $742.0M | $785.2M | $794.2M | $972.2M | $1.20B | $1.33B | $1.47B | $2.02B |
| Cost of Revenue | $351.1M | $347.6M | $309.8M | $397.3M | $532.5M | $690.4M | $632.8M | $777.2M | $1.05B | $1.14B | $1.07B | $1.44B |
| Gross Profit | -$103.0M | -$174.7M | -$101.3M | -$21.3M | $100.1M | $94.8M | $161.4M | $195.0M | $148.3M | $197.8M | $404.6M | $587.4M |
| Research & Development | $53.0M | $43.9M | $46.8M | $51.1M | $89.1M | $104.2M | $83.6M | $103.4M | $150.6M | $155.9M | $148.6M | $186.0M |
| Selling, General & Admin | $67.0M | $78.5M | $90.6M | $88.1M | $181.8M | $226.2M | $163.0M | $208.7M | $258.7M | $250.8M | $233.1M | $328.6M |
| Operating Expenses | $125.7M | $125.8M | $137.5M | $139.2M | $270.9M | $330.4M | $246.6M | $312.1M | $409.3M | $406.7M | $381.7M | $514.6M |
| Operating Income | -$232.5M | -$300.5M | -$244.1M | -$160.5M | -$170.6M | -$235.6M | -$85.2M | -$117.1M | -$261.0M | -$208.9M | $22.9M | $72.8M |
| EBITDA | -$209.7M | -$268.7M | -$211.3M | -$117.6M | -$129.9M | -$150.0M | -$42.4M | -$69.8M | -$198.9M | -$135.1M | $89.3M | $20.1M |
| Interest Expense | 0 | 0 | $81.2M | $124.3M | $105.9M | $94.2M | $78.8M | $69.0M | $53.5M | $108.3M | $62.6M | $53.9M |
| Pre-tax Income | -$261.4M | -$345.0M | -$335.6M | -$280.6M | -$258.0M | -$322.8M | -$178.8M | -$192.3M | -$314.0M | -$306.0M | -$26.4M | -$84.4M |
| Income Tax | $574,000 | $707,000 | $729,000 | $636,000 | $1.5M | $633,000 | $256,000 | $1.0M | $1.1M | $1.9M | $846,000 | $2.7M |
| Net Income | -$217.6M | -$341.0M | -$279.7M | -$262.6M | -$273.5M | -$304.4M | -$157.6M | -$164.4M | -$301.4M | -$302.1M | -$29.2M | -$88.4M |
| EPS | $-23.18 | $-35.01 | $-4.81 | $-4.52 | $-4.54 | $-2.81 | $-1.29 | $-1.11 | $-1.69 | $-1.42 | $-0.13 | $-0.37 |
| EPS (Diluted) | $-23.17 | $-35.01 | $-4.81 | $-4.48 | $-4.54 | $-2.81 | $-1.29 | $-1.11 | $-1.69 | $-1.42 | $-0.13 | $-0.37 |
| Shares Outstanding (Diluted) | 9.4 M | 9.7 M | 58.1 M | 58.6 M | 53.3 M | 115.1 M | 138.7 M | 173.4 M | 185.9 M | 212.7 M | 227.4 M | 240.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $777.7M | $751.1M | $1.07B | $1.24B |
| Gross Profit | $239.9M | $225.5M | $355.6M | $417.1M |
| Operating Income | $87.5M | $72.2M | $182.2M | $225.4M |
| EBITDA | $26.2M | $96.0M | $223.0M | $271.1M |
| Net Income | $1.1M | $70.7M | $196.3M | $250.3M |
| EPS | $0.00 | $0.25 | $0.68 | $0.85 |
| EPS (Diluted) | $0.00 | $0.23 | $0.62 | $0.78 |
Balance Sheet (10y)
| Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $107.0M | $178.8M | $156.6M | $103.8M | $220.7M | $202.8M | $246.9M | $396.0M | $348.5M | $664.6M | $802.9M | $2.45B |
| Short-term Investments | 0 | 0 | 0 | $26.8M | $104.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $31.7M | $40.4M | $40.0M | $35.5M | $94.4M | $42.9M | $104.9M | $118.8M | $297.7M | $382.1M | $481.0M | $550.7M |
| Inventory | $116.9M | $82.9M | $83.2M | $90.3M | $132.5M | $109.6M | $142.1M | $143.4M | $268.4M | $502.5M | $544.7M | $643.3M |
| Total Current Assets | $441.8M | $318.3M | $392.1M | $420.0M | $663.9M | $472.7M | $618.6M | $806.4M | $1.06B | $1.69B | $2.04B | $3.73B |
| Property, Plant & Equipment | $256.3M | $354.5M | $538.4M | $497.8M | $481.4M | $607.1M | $636.2M | $710.8M | $727.4M | $633.1M | $526.0M | $507.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $2.0M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $926.9M | $944.5M | $1.20B | $1.22B | $1.39B | $1.32B | $1.45B | $1.73B | $1.95B | $2.41B | $2.66B | $4.40B |
| Accounts Payable | $34.8M | $36.7M | $41.5M | $48.6M | $66.9M | $55.6M | $58.3M | $73.0M | $161.8M | $132.1M | $92.7M | $203.1M |
| Short-term Debt | $54.8M | $36.0M | $20.9M | $20.1M | $29.8M | $337.6M | $120.8M | $25.8M | $26.0M | 0 | $114.4M | $4.2M |
| Total Current Liabilities | $229.1M | $221.9M | $261.1M | $271.3M | $279.7M | $574.0M | $436.4M | $342.5M | $541.9M | $470.4M | $636.8M | $623.8M |
| Long-term Debt | $414.9M | $605.9M | $773.3M | $921.2M | $711.4M | $299.2M | $270.1M | $500.9M | $385.6M | $846.6M | $1.01B | $2.61B |
| Total Liabilities | $740.0M | $1.04B | $2.93B | $3.19B | $1.30B | $1.49B | $1.31B | $1.73B | $1.57B | $1.89B | $2.07B | $3.60B |
| Retained Earnings | -$1.45B | -$1.79B | -$2.07B | -$2.33B | -$2.57B | -$2.95B | -$3.10B | -$3.26B | -$3.56B | -$3.87B | -$3.90B | -$3.99B |
| Total Equity | $109.2M | -$227.3M | -$1.96B | -$2.18B | -$91.7M | -$259.6M | $78.8M | -$44.3M | $340.8M | $502.1M | $562.5M | $768.6M |
| Total Debt | $469.8M | $640.0M | $794.3M | $941.3M | $1.14B | $1.09B | $913.4M | $1.12B | $1.02B | $1.45B | $1.53B | $2.99B |
| Net Debt | $362.7M | $461.2M | $637.7M | $810.7M | $810.0M | $891.1M | $666.4M | $727.5M | $672.1M | $790.1M | $726.9M | $537.8M |
| Working Capital | $212.7M | $96.4M | $131.0M | $148.7M | $384.3M | -$101.3M | $182.2M | $463.9M | $514.0M | $1.22B | $1.41B | $3.11B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.45B | $2.49B | $2.67B | $2.49B |
| Total Assets | $4.40B | $4.66B | $5.63B | $6.57B |
| Total Liabilities | $3.60B | $3.72B | $3.99B | $4.61B |
| Total Equity | $768.6M | $921.5M | $1.61B | $1.93B |
| Total Debt | $2.99B | $2.77B | $2.81B | $2.78B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$336.3M | -$295.0M | -$291.3M | -$323.5M | -$179.1M | -$193.4M | -$315.1M | -$307.9M | -$27.2M | -$88.4M |
| Depreciation & Amortization | $43.1M | $54.4M | $53.9M | $78.6M | $57.6M | $53.5M | $61.6M | $62.6M | $53.0M | $50.6M |
| Stock-based Compensation | $28.2M | $29.1M | $168.5M | $196.3M | $73.9M | $73.3M | $112.3M | $84.5M | $82.4M | 0 |
| Change in Working Capital | -$63.3M | $60.2M | -$69.5M | $96.5M | -$73.3M | -$18.9M | -$186.8M | -$440.4M | -$73.4M | -$217.3M |
| Operating Cash Flow | -$282.8M | -$92.0M | -$91.9M | $163.8M | -$98.7M | -$60.7M | -$191.7M | -$372.5M | $92.0M | $113.9M |
| Capital Expenditure | -$9.0M | -$61.5M | -$48.5M | -$51.1M | -$37.9M | -$49.8M | -$116.8M | -$83.7M | -$58.9M | -$56.8M |
| Acquisitions | 0 | 0 | 0 | $107.2M | $6.5M | $3.1M | -$9.2M | 0 | 0 | $131,000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$1.5M | -$947,000 |
| Free Cash Flow | -$291.8M | -$153.4M | -$140.4M | $112.7M | -$136.6M | -$110.5M | -$308.5M | -$456.3M | $33.1M | $57.2M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $421.4M | $73.6M | $226.5M | -$27.1M |
| Capital Expenditure | -$23.0M | -$26.1M | -$51.6M | -$153.5M |
| Free Cash Flow | $398.5M | $47.5M | $174.8M | -$180.6M |
| Dividends Paid | 0 | 0 | -$925,000 | 0 |
| Stock-based Compensation | 0 | $48.2M | 0 | $57.2M |
Growth & Margins (10y)
| Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -30.3% | +20.6% | +80.3% | +97.4% | +5.8% | +1.2% | +22.4% | +23.3% | +11.2% | +10.5% | +37.3% | |
| Net Income Growth (YoY) | -56.7% | +18.0% | +6.1% | -4.2% | -11.3% | +48.2% | -4.4% | -83.3% | -0.2% | +90.3% | -202.6% | |
| EPS Growth (YoY) | -51.0% | +86.3% | +6.0% | -0.4% | +38.1% | +54.1% | +14.0% | -52.3% | +16.0% | +90.8% | -184.6% | |
| Shares Change (YoY) | +3.7% | +496.8% | +0.7% | -9.0% | +116.1% | +20.5% | +25.0% | +7.2% | +14.4% | +6.9% | +5.7% | |
| FCF Growth (YoY) | +47.4% | +8.5% | +180.3% | -221.2% | +19.1% | -179.2% | -47.9% | +107.3% | +72.5% | |||
| Gross Margin | -41.5% | -101.1% | -48.6% | -5.7% | 13.5% | 12.1% | 20.3% | 20.1% | 12.4% | 14.8% | 27.5% | 29.0% |
| Operating Margin | -93.7% | -173.8% | -117.1% | -42.7% | -23.0% | -30.0% | -10.7% | -12.0% | -21.8% | -15.7% | 1.6% | 3.6% |
| EBITDA Margin | -84.5% | -155.4% | -101.3% | -31.3% | -17.5% | -19.1% | -5.3% | -7.2% | -16.6% | -10.1% | 6.1% | 1.0% |
| Net Margin | -87.7% | -197.2% | -134.1% | -69.8% | -36.9% | -38.8% | -19.8% | -16.9% | -25.1% | -22.7% | -2.0% | -4.4% |
| FCF Margin | -139.9% | -40.8% | -18.9% | 14.4% | -17.2% | -11.4% | -25.7% | -34.2% | 2.2% | 2.8% | ||
| Effective Tax Rate | -0.2% | -0.2% | -0.2% | -0.2% | -0.6% | -0.2% | -0.1% | -0.5% | -0.3% | -0.6% | -3.2% | -3.2% |
Per-Share Data (10y)
| Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-5.02 | $-2.62 | $-2.64 | $0.98 | $-0.98 | $-0.64 | $-1.66 | $-2.15 | $0.15 | $0.24 | ||
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | ||
| Shares Outstanding (Basic) | 9.4 M | 9.7 M | 58.1 M | 58.1 M | 53.3 M | 115.1 M | 138.7 M | 173.4 M | 185.9 M | 212.7 M | 227.4 M | 240.4 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 39.60% |
| Return on Invested Capital | 10.73% |
| Return on Assets | 7.89% |
| Gross Margin | 32.33% |
| Operating Margin | 14.81% |
| Net Margin | 13.53% |
Financial Health
| Debt / Equity | 1.44 |
| Current Ratio | 3.74 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.57 |
Key Ratios (10y)
| Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.08 | -0.71 | -5.20 | -5.53 | -2.20 | -2.66 | -22.22 | -19.76 | -11.31 | -10.42 | -170.85 | -234.84 |
| P/B | 2.15 | -1.07 | -0.74 | -0.67 | -5.80 | -3.31 | 50.44 | -85.81 | 10.43 | 6.27 | 8.98 | 27.18 |
| P/S | 0.95 | 1.41 | 6.97 | 3.87 | 0.72 | 1.10 | 5.01 | 3.91 | 2.96 | 2.36 | 3.43 | 10.32 |
| Gross Margin | -41.5% | -101.1% | -48.6% | -5.7% | 13.5% | 12.1% | 20.3% | 20.1% | 12.4% | 14.8% | 27.5% | 29.0% |
| Operating Margin | -93.7% | -173.8% | -117.1% | -42.7% | -23.0% | -30.0% | -10.7% | -12.0% | -21.8% | -15.7% | 1.6% | 3.6% |
| Net Margin | -87.7% | -197.2% | -134.1% | -69.8% | -36.9% | -38.8% | -19.8% | -16.9% | -25.1% | -22.7% | -2.0% | -4.4% |
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