BEBloom Energy
Bloom Energy is a global leader in onsite power generation, delivering a foundational platform purpose-built for the digital era and the global energy transition. 10-K, Item 1
- Employees
- 2,214
- Headquarters
- San Jose, CA
- CEO
- KR Sridhar
- Next results
- around Feb 4, 2027
Facts from the latest 10-K that are worth reading about. They are not a verdict on the company.
!
Critical audit matters changed
New this year: Investments in Unconsolidated Affiliates (“In August 2025, the Company concluded a transaction with Brookfield Asset Management (“Brookfield”) for a prospective financing framework structure (the “Financing Structure”) under which the Company and Brookfield formed joint venture entities (each, a “Fund JV”).”). Same as last year: Product Revenue Recognition
✓
Receivables growing faster than revenue
Receivables +10.7% vs revenue +37.3% (-26.6 pts)
✓
Cash from operations lower than net income
Cash from operations $113.9M vs net income −$87.1M (FY ending 2025-12-31)
✓
Inventory growing faster than revenue
Inventory +18.1% vs revenue +37.3% (-19.2 pts)
✓
Auditor change
Same auditor in both 10-Ks: Deloitte & Touche LLP
Source: 10-K 0001628280-26-006516: auditor Deloitte & Touche LLP; 10-K 0001628280-25-008747: auditor Deloitte & Touche LLP; no 8-K item 4.01 in the last 2 years
✓
Going concern language
No statement of substantial doubt about going concern
✓
Restatement (8-K item 4.02)
No 8-K item 4.02 in the last 2 years
Source: Filing index, 8-Ks since 2024-11-10
✓
Late filing notice (NT 10-K or NT 10-Q)
No NT 10-K or NT 10-Q in the last 2 years
Source: Filing index since 2024-11-10
✓
Material weakness in internal control
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
Material impairment (8-K item 2.06)
No 8-K item 2.06 in the last 2 years
Source: Filing index, 8-Ks since 2024-11-10
✓
Bankruptcy (8-K item 1.03)
No 8-K item 1.03 in the last 2 years
Source: Filing index, 8-Ks since 2024-11-10
Ratios over five years
Each ratio is worked out from the 10-K's own numbers; hover a value for its source. The small grey figure under each value (“peers”) is the median of 9 companies in the same peer group, for the same fiscal year. The line at the right shows the company (solid) against the peer median (dashed) on one scale. A ratio that moves is a reason to read the filing, not a verdict.
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend |
|---|---|---|---|---|---|---|
| Days of sales in receivables Receivables / revenue x 365 How long customers take to pay. A rise means sales are being booked faster than cash arrives. | 33 peers 47 | 76 peers 44 | 93 peers 47 | 83 peers 52 | 67 peers 52 | |
| Days of inventory Inventory / cost of revenue x 365 How long stock sits before it is sold. A rise can mean slowing demand, or stock that may need writing down. | 68 peers 84 | 93 peers 98 | 162 peers 96 | 186 peers 86 | 163 peers 91 | |
| Gross margin (Revenue - cost of revenue) / revenue What is left of each sales dollar after the direct cost of the goods or services. | 20.3% peers 43.2% | 12.4% peers 42.6% | 14.8% peers 43.8% | 27.5% peers 44.2% | 29.0% peers 44.9% | |
| Accruals ratio (Net income - cash from operations) / average total assets The part of profit that is not cash, as a share of the balance sheet. Higher means more of the profit rests on accounting estimates. | −6.5% peers −2.4% | −6.0% peers −1.4% | 3.2% peers −3.0% | −4.7% peers −2.6% | −5.7% peers −2.9% | |
| SG&A / revenue Selling, general and administrative expense / revenue Overhead per dollar of sales. A sudden fall can come from cutting costs, or from moving costs elsewhere. | 12.6% peers 20.9% | 14.0% peers 20.5% | 12.1% peers 21.5% | 11.2% peers 23.2% | 9.8% peers 23.7% |
Published score, FY2025
Academic formulas, worked out from this company's 10-K numbers. They describe a pattern in the figures; they do not say what the company did, and they are not a view on the shares. Every input is a line item from the filing.
Piotroski F-Score Piotroski 2000, Journal of Accounting Research
5 / 9
One point for each test the company passes. The paper used it on low price-to-book companies; here it is shown as a summary of the year's financial direction.
The tests
| Return on assets is positiveNet income / assets at the start of the year, above zero. | – 0 |
|---|---|
| Cash from operations is positiveOperating cash flow above zero. | ✓ 1 |
| Return on assets roseThis year's return on assets above last year's. | – 0 |
| Cash from operations exceeds net incomeOperating cash flow / assets above return on assets. | ✓ 1 |
| Long-term debt fell relative to assetsLong-term debt / average assets lower than last year. | – 0 |
| Current ratio roseCurrent assets / current liabilities above last year's. | ✓ 1 |
| No new shares issuedDiluted share count not above last year's (the paper tests for an equity offering). | – 0 |
| Gross margin rose(Revenue - cost of revenue) / revenue above last year's. | ✓ 1 |
| Asset turnover roseRevenue / assets at the start of the year above last year's. | ✓ 1 |
What it does not mean: a low score is not a prediction of a fall, and a high score is not a reason to buy. A test the XBRL could not support is shown as n/a and left out of the total.
How each check works
what it measures, the threshold, what it does not mean
| Check | What it measures | When it is marked | What it does not mean |
|---|---|---|---|
| Receivables growing faster than revenue | Whether customers owe more, relative to sales, than a year ago. | Receivables grew more than 10 percentage points faster than revenue, and grew. | Not proof that revenue is overstated. A large deal at year end, longer payment terms or an acquisition can do the same. |
| Cash from operations lower than net income | Whether reported profit is backed by cash from the business. | Cash from operations is below net income. Not computed for banks and other financial companies. | Common in fast-growing or seasonal companies. It is a question to ask, not a failure. |
| Inventory growing faster than revenue | Whether stock is piling up relative to sales. | Inventory grew more than 10 percentage points faster than revenue, and grew. | May be a planned build ahead of a product launch or a supply-chain change. |
| Auditor change | Whether the company changed its auditor. | An 8-K item 4.01 in the last 2 years, or a different auditor name in the two latest 10-Ks. | Often routine: rotation, a tender, or an audit firm merger. |
| Going concern language | Whether the 10-K states substantial doubt about continuing as a going concern. | A sentence to that effect is found in the 10-K text. Quoted as filed. | The wording is the company's, not our estimate. It can also appear in a sentence saying the doubt was removed. |
| Restatement (8-K item 4.02) | Whether the company said earlier financial statements should no longer be relied on. | An 8-K item 4.02 in the last 2 years. | Some restatements are small and do not change the picture. |
| Late filing notice | Whether the company asked for more time to file a 10-K or 10-Q. | An NT 10-K or NT 10-Q in the last 2 years. | Delays can be technical and one-off. |
| Critical audit matters changed | Which topics the auditor singled out as most difficult, and whether they changed. | A matter is new in the latest 10-K compared with the one before. | A new matter shows where the auditor spent its effort, not that something is wrong. |
| Material weakness in internal control | Whether the 10-K concludes that internal control over financial reporting was not effective because of a material weakness. | A sentence in the 10-K text concludes that controls were not effective because of a material weakness, quoted as filed. Sentences that say there is none, that one could occur, or that an earlier one was fixed are not marked. | It is the company's or the auditor's own wording, not our estimate. Many are about one account or process and are fixed within a year. It does not say the numbers are wrong. |
| Material impairment (8-K item 2.06) | Whether the company told the SEC it expects a material charge for impaired assets, such as goodwill. | An 8-K item 2.06 in the last 2 years. | A non-cash write-down. It says an earlier value was too high, not that the business is failing or that cash ran out. |
| Bankruptcy (8-K item 1.03) | Whether the company filed for bankruptcy or receivership. | An 8-K item 1.03 in the last 2 years. | The filing is the company's own and is a fact. It does not say what shareholders will get or whether the business continues. |
The 10-point threshold is our choice, not an academic result. Every check cites the filing and the line items it used.
Work on BE in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BE/export.csv") into a cell.