Bloom Energy
BE on NYSE. Bloom Energy sells fuel cell systems to businesses for onsite electricity. Market value $84.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.72 of spare cash in the past 12 months. A savings account pays about $4.
You pay 248.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -24 cents a year. Above 10 is good.
Quality score: 28 of 100. Price score: 5 of 100. Our list needs 70 on quality and 60 on price.
$295.78 a share, 291% above its 1-year low
Over the past year the price has ranged from $75.70 to $351.28.
Dividend: 0.0% a year
Paid every year for 2 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $625 million in the past 12 months, $57 million in the year to December 2025.
| Revenue | |||||
| Revenue | $972m | $1.2bn | $1.3bn | $1.5bn | $2.0bn |
| Operating margin | |||||
| Operating margin | -11.8% | -21.8% | -15.7% | 1.6% | 3.6% |
| Debt to equity | |||||
| Debt to equity | n/a | 1.22 | 1.69 | 2.22 | 3.42 |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.22bn | 0.23bn | 0.24bn | 0.28bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt3.42× equity
- Revenue growth, five yearsStrong, 20.6% a year
- Buying back its own sharesNo, 64% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.1 billion last quarter, up 166% on a year ago.
- Profit: $196 million, after a loss of $43 million a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, up from 4 cents a year earlier.
- Spare cash over the past 12 months: $625 million, up from $44 million.
- 39% more shares than a year ago. Each share owns a bit less of the company.
- It has $177 million more cash than debt. A year ago debt was $566 million more than cash.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $330m |
| December 2024 | $572m |
| March 2025 | $326m |
| June 2025 | $401m |
| September 2025 | $519m |
| December 2025 | $778m |
| March 2026 | $751m |
| June 2026 | $1.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$15m |
| December 2024 | $105m |
| March 2025 | -$24m |
| June 2025 | -$43m |
| September 2025 | -$23m |
| December 2025 | $1m |
| March 2026 | $71m |
| June 2026 | $196m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 October 2026
- Last annual report (10-K)
- 9 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 1,278 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Torray Investment PartnersRobert Torray (founder) | $16m | 2.1% | Cut |
| Polen CapitalDan Davidowitz | $12m | 0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $5m | <0.1% | New |
| Select Equity GroupGeorge Loening | $3,027 | <0.1% | Cut |
Largest holders overall
- BlackRock$5.6bnCut
- Ameriprise Financial$5.5bnCut
- Goldman Sachs Group$4.2bnAdded
- Vanguard Portfolio Management$3.8bnCut
- Vanguard Capital Management$3.7bnAdded
- JPMorgan Chase$2.2bnAdded
- Morgan Stanley$2.2bnCut
- State Street$1.9bnCut
- Situational Awareness LP$1.9bnCut
- Value Aligned Research Advisors$1.7bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Ameriprise Financial, Inc.Passive investorat least 6.4%−1.7 pts(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor6.0%−2.2 ptsSince 30 June 2026
- JANE STREET GROUP, LLCPassive investorat least 5.1%(filed with 4 related holders)Since 29 July 2026
- SK ecoplant Co., Ltd.at least 4.7%0.0 pts(filed with 2 related holders)Since 14 August 2025
- D. E. Shaw & Co., L.P.Passive investorat least 3.4%−1.9 pts(filed with 1 related holder)Since 31 December 2025
- D. E. Shaw & Co., L.L.C.Passive investorSold down below 5%Since 30 September 2025
- Morgan StanleyPassive investorSold down below 5%Since 31 March 2026
- Kuwait Investment Authority, acting for and on behalf of the Government of the State of Kuwait (KIA)Passive investorSold down below 5%Since 17 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Columbia Seligman Technology and Information FundPassive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Ameriprise Financial, Inc. Passive investor | at least 6.4%−1.7 pts (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.0%−2.2 pts | 30 June 2026 | |
Econovation, LLC | 5.8% | 10 July 2025 | |
JANE STREET GROUP, LLC Passive investor | at least 5.1% (filed with 4 related holders) | 29 July 2026 | |
SK ecoplant Co., Ltd. | at least 4.7%0.0 pts (filed with 2 related holders) | 14 August 2025 | |
D. E. Shaw & Co., L.P. Passive investor | at least 3.4%−1.9 pts (filed with 1 related holder) | 31 December 2025 | |
D. E. Shaw & Co., L.L.C. Passive investor | Sold down below 5% | 30 September 2025 | |
Morgan Stanley Passive investor | Sold down below 5% | 31 March 2026 | |
Kuwait Investment Authority, acting for and on behalf of the Government of the State of Kuwait (KIA) Passive investor | Sold down below 5% | 17 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Columbia Seligman Technology and Information Fund Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 11 sold $165m, $98m of it under preset trading plans.
- Joshi AmanChief Commercial OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 8,437
- Price
- $277.17
- Value
- $2m
- Joshi AmanChief Commercial OfficerSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 3,601
- Price
- $269.94
- Value
- $972,054
- Kurzymski MaciejChief Accounting OfficerSold
- Date
- 16 September 2026
- Shares
- 2,295
- Price
- $268.42
- Value
- $616,024
- SODERBERG SHAWN MARIESee RemarksSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 2,870
- Price
- $270.07
- Value
- $775,101
- Chitoori SatishChief Operations OfficerSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 2,870
- Price
- $270.06
- Value
- $775,072
- IMMELT JEFFREY RDirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 30,000
- Price
- $238.91
- Value
- $7m
- Joshi AmanChief Commercial OfficerSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 4,677
- Price
- $241.75
- Value
- $1m
- Chitoori SatishChief Operations OfficerSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 2,053
- Price
- $241.64
- Value
- $496,087
- SODERBERG SHAWN MARIESee RemarksSold
- Date
- 14 August 2026
- Shares
- 2,895
- Price
- $233.60
- Value
- $676,272
- CHAMBERS JOHN TDirectorSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 15,000
- Price
- $250.00
- Value
- $4m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Joshi Aman Chief Commercial Officer | Sold under a preset trading plan | 8,437 | $277.17 | $2m |
| 16 September 2026 | Joshi Aman Chief Commercial Officer | Sold under a preset trading plan | 3,601 | $269.94 | $972,054 |
| 16 September 2026 | Kurzymski Maciej Chief Accounting Officer | Sold | 2,295 | $268.42 | $616,024 |
| 16 September 2026 | SODERBERG SHAWN MARIE See Remarks | Sold under a preset trading plan | 2,870 | $270.07 | $775,101 |
| 16 September 2026 | Chitoori Satish Chief Operations Officer | Sold under a preset trading plan | 2,870 | $270.06 | $775,072 |
| 17 August 2026 | IMMELT JEFFREY R Director | Sold under a preset trading plan | 30,000 | $238.91 | $7m |
| 14 August 2026 | Joshi Aman Chief Commercial Officer | Sold under a preset trading plan | 4,677 | $241.75 | $1m |
| 14 August 2026 | Chitoori Satish Chief Operations Officer | Sold under a preset trading plan | 2,053 | $241.64 | $496,087 |
| 14 August 2026 | SODERBERG SHAWN MARIE See Remarks | Sold | 2,895 | $233.60 | $676,272 |
| 13 August 2026 | CHAMBERS JOHN T Director | Sold under a preset trading plan | 15,000 | $250.00 | $4m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 8 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 43% last year. Losing that customer would hurt.
“During the year ended December 31, 2025, revenue from three customers*, the first of which is our related party (see Note 12—Related Party Transactions in this Annual Report on Form 10-K), accounted for approximately 43 %, 13 % and 12 % of our total revenue.”
From the 10-K filed 9 February 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 3.4× its equity.
- It isn't cheap on profits: 248.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.