BLOOM ENERGY CORPORATION (BE) — Fundamental Analysis

Bloom Energy has spent years burning cash and posting negative margins, but the numbers now tell a genuinely different story. Revenue crossed $2 billion in fiscal 2025, gross margins have climbed to roughly 29%, and the company generated positive EBITDA for the first time in a sustained way. The most recent quarter (Q1 2026) is the most current data available and pushes that narrative further — $751 million in a single quarter with an operating margin just under 10%. The balance sheet is liquid, the debt load is elevated but manageable, and capital spending is coming down as a share of revenue. Bloom is not yet consistently net-income profitable (net margin was negative in Q1 2026), but the trajectory from deep losses to operating-level profitability over the past two years is the headline story here.

Snapshot & Big Picture

Bloom Energy designs and manufactures solid-oxide fuel cell systems — its "Energy Servers" — that convert natural gas, biogas, or hydrogen into electricity on-site, without combustion. The company went public in 2018 and spent its first several years as a public company posting substantial losses at every level of the income statement. That changed materially in 2024 and accelerated into 2025. Revenue has compounded at roughly 19–21% annually over the past three to five years, the gross margin has nearly doubled from its 2022–2023 trough, and EBITDA turned meaningfully positive in 2025. The 10-year CAGR window is not calculable from the available SEC filing history (see the Growth section for detail). Bloom still carries meaningful long-term debt and has not yet printed consistent positive net income, but the operational turnaround is real and reflected in the data.

Latest Quarter Snapshot (Q1 2026 — Most Current Data Available)

The Q1 2026 figures (period ending March 31, 2026) are more recent than the annual data above and show continued momentum. Bloom posted $751 million in revenue for a single quarter — already 37% of its full-year 2024 revenue — suggesting the annualized run rate has stepped up substantially. Gross margin held at 30.0%, and the operating margin reached 9.6%, the strongest quarterly operating performance in the company's public history based on the available data. EBITDA of $85.5 million in one quarter is notable. Net margin came in at -7.6%, meaning the company is still absorbing below-the-line costs (interest expense on its debt load being the primary culprit) that keep the bottom line negative even as operations are profitable. The current ratio of 5.03 indicates a very liquid near-term balance sheet.

Profitability

The profitability trajectory is the most important thing to understand about Bloom Energy's current financial picture. Through 2023, the company had never posted a positive EBITDA in any fiscal year captured in this dataset, and gross margins were erratic — swinging from deeply negative in 2016–2017 to the low-to-mid teens in 2022–2023. The turnaround beginning in 2024 was dramatic: gross margin nearly doubled from 14.8% in 2023 to 27.5% in 2024, then expanded further to 29.0% in 2025. Operating margin went from -15.7% in 2023 to +1.6% in 2024 and +3.6% in 2025. Net margin data was not available in the 2025 10-K filing (listed as null in the source data); it was -22.7% in 2023. In Q1 2026, net margin remained negative at -7.6%, reflecting the drag of interest costs on the company's convertible debt and other long-term obligations. The company is operationally profitable but not yet net-income profitable on a trailing basis.

Financial Health

Bloom's liquidity has improved substantially. The current ratio stood at just 0.82x in 2019 — technically insolvent on a short-term basis — and has risen steadily to 5.98x at fiscal year-end 2025 and 5.03x as of Q1 2026. That level of short-term liquidity is a material positive and provides runway for continued investment and debt service.

Leverage, however, remains elevated. The debt-to-equity ratio was 2.01x at end of 2024, rose to 3.41x by end of 2025, and sits at 2.82x in Q1 2026. The increase through 2025 likely reflects capital raises to fund growth rather than operational distress, but it does mean the balance sheet is not conservatively structured. Note that in 2021 and 2019, debt-to-equity ratios were deeply negative (reflecting negative book equity), making those years non-comparable in the traditional sense.

Capital Expenditures: Bloom's capital intensity has declined meaningfully as the business has scaled. CapEx peaked at $116.8 million (9.7% of revenue) in 2022, then fell to $83.7M (6.3%) in 2023, $58.9M (4.0%) in 2024, and $56.8M (2.8%) in 2025. In Q1 2026, CapEx was $26.2M (3.5% of revenue). The downward trend in CapEx as a share of revenue is a healthy sign — it suggests the company is achieving greater output from its manufacturing and infrastructure base without proportionally increasing physical investment. This improves free cash flow conversion as margins expand.

Growth

Bloom has delivered consistent double-digit revenue growth over measurable multi-year windows. The 3-year CAGR (FY 2022 → FY 2025) is approximately 19.1%, and the 5-year CAGR (FY 2020 → FY 2025) is approximately 20.6%. The 10-year CAGR window is not available because Bloom's SEC 10-K filing history in this dataset does not extend back a full 10 years to a usable starting point, making that calculation unavailable. The sustained ~20% revenue growth rate, now combined with expanding margins, is the foundation for the bull case on the stock — if Bloom can maintain this pace while continuing to convert top-line growth into operating and eventually net income, the economics of the business change significantly.

Source Filings

• Form 10-Q — Filed 2026-07-28 (SEC EDGAR)
• Form 10-Q — Filed 2026-04-29 (SEC EDGAR)