BEBloom Energy

Industrials · Electrical Equipment · NYSE

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

Compare with peers → Embed

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.65	Sales (ttm)	3.8B	Net income (ttm)	522.9M	Sales growth	+37.3%	EPS growth	-	Sales Q/Q	+138%
Free cash flow	436.7M	Gross margin	32.3%	Oper. margin	14.8%	Net margin	13.7%	FCF margin	11.4%	ROE	27.1%
ROA	8.0%	R&D / sales	9.2%	Dividend	-	Debt/Eq	1.28	Curr. ratio	3.74	Cash	2.5B
Op. cash flow (ttm)	691.0M	EBITDA	123.4M	EBITDA margin	6.1%	Net debt	-7.3M	Quick ratio	3.28	Interest cover	1.35
Shares out.	295.7M	Shares Y/Y	+5.7%	Book / share	6.54	Cash / share	8.41	Sales / share	12.95	Asset turnover	0.58
Inventory turns	2.23	Days sales out.	67	Sales 3Y CAGR	+19.1%	Sales 5Y CAGR	+20.6%	Employees	2,214	Sales / employee	1.7M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 111%$1.2B → $2.6B · Short-term + long-term debt at year end
Revenue growth sped up to +37.3%+10.5% → +37.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 3.6%1.6% → 3.6% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

BE against Industrials peers

Ten years, side by side → · All 83 →

BEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+37.3%1st of 82 · median +4.8%

Net margin

13.7%36th of 82 · median 13.0%

Return on equity

27.1%34th of 77 · median 24.9%

Free cash flow margin

11.4%45th of 79 · median 13.0%

Debt / equity (less is better)

1.2861st of 72 · median 0.72

BE and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
BE Bloom Energy	$3.8B	+37.3%	32.3%	13.7%	27.1%	11.4%	1.28
ROL Rollins, Inc.	$4.0B	+11.0%	-	13.2%	37.8%	16.8%	0.52
PNR Pentair	$4.0B	+2.3%	41.2%	15.4%	15.9%	16.3%	0.38
AOS A. O. Smith	$3.8B	+0.3%	38.6%	13.0%	27.1%	14.8%	0.37
IEX IDEX Corporation	$3.7B	+5.8%	44.9%	14.6%	13.3%	18.2%	0.44
AXON Axon Enterprise	$3.4B	+33.5%	58.5%	7.6%	6.9%	2.4%	0.76

Profitability

3 of 4

✓
Net margin above the peer median13.7% vs 13.0%
✓
Gross margin up over 5 years20.9% → 29.0%
✓
Return on equity above 15%27.1%
!
A profit in 0 of 10 years

Net margin, FY2016 to FY2025: -134.1% → -4.3%

Balance sheet

2 of 4

!
Interest covered less than 5 timesOperating income is 1.4× interest expense
!
Debt larger than equityDebt / equity 1.28 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 3.74
✓
More cash than debtNet cash $7.3M

Debt / equity at each year end, FY2016 to FY2025: 4.96 → 3.41

What the debt is made of ↓

Cash and shareholders

0 of 2

!
Free cash flow positive in 3 of 10 years$57.2M last year
!
Share count up over 5 years+73.3%

Free cash flow, FY2016 to FY2025: -291.8M → 57.2M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $4.2M Not stated $2.7B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Total recourse debt	Total of the lines	–	not stated	$2.7B
0% Convertible Senior Notes due November 2030 (Senior Notes)	Convertible	–	not stated	$2.5B
3.0% Green Convertible Senior Notes due June 2028 (Senior Notes)	Convertible	3.00%	not stated	$99.7M
3.0% Green Convertible Senior Notes due June 2029 (Senior Notes)	Convertible	3.00%	not stated	$75.1M
Total non-recourse debt	–	–	not stated	$4.2M
4.6% Term Loan due October 2026 (Secured Debt)	Secured	4.60%	floating	$2.8M
4.6% Term Loan due April 2026 (Secured Debt)	Secured	4.60%	floating	$1.4M

From the debt note in the 10-K's XBRL (0001628280-26-006516), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 2.0B Net income -87.1M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $2.0B of revenue came from

by product, year to Dec 31, 2025

Product revenue $1.5B · 76%
Service revenue $228.3M · 11%
Installation revenue $204.1M · 10%
Electricity revenue $60.4M · 3%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

BE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue2.0B

Net income-87.1M

Free cash flow57.2M

EPS (diluted)-0.37

Diluted shares240.4M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Product revenue	1.5B	75.7%	+41.1%
Service revenue	228.3M	11.3%	+6.9%
Installation revenue	204.1M	10.1%	+66.8%
Electricity revenue	60.4M	3.0%	+14.2%

10-K 0001628280-26-006516, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	208.5M	365.6M	632.6M	785.2M	794.2M	972.2M	1.2B	1.3B	1.5B	2.0B
Cost of revenue	312.0M	381.9M	526.9M	687.6M	628.5M	774.6M	1.1B	1.1B	1.1B	1.4B
Gross profit	-103.5M	-16.3M	105.8M	97.6M	165.8M	197.6M	148.3M	197.8M	404.6M	587.4M
R&D	46.8M	51.1M	89.1M	104.2M	83.6M	103.4M	150.6M	155.9M	148.6M	186.0M
SG&A	61.5M	55.7M	118.8M	152.7M	107.1M	122.2M	167.7M	160.9M	165.1M	198.4M
Operating income	-241.0M	-155.1M	-165.0M	-232.8M	-80.8M	-114.5M	-261.0M	-208.9M	22.9M	72.8M
Interest expense	81.2M	124.3M	105.9M	94.2M	78.8M	69.0M	53.5M	108.3M	62.6M	53.9M
Pretax income	-335.6M	-294.4M	-289.7M	-322.8M	-178.8M	-192.3M	-314.0M	-306.0M	-26.4M	-84.4M
Income tax	729K	636K	1.5M	633K	256K	1.0M	1.1M	1.9M	846K	2.7M
Net income	-279.7M	-276.4M	-273.5M	-304.4M	-157.6M	-164.4M	-301.7M	-302.1M	-27.2M	-87.1M
EPS (diluted)	-27.84	-26.97	-5.14	-2.67	-1.14	-0.95	-1.62	-1.42	-0.13	-0.37
Diluted shares	10.0M	10.2M	53.3M	115.1M	138.7M	173.4M	185.9M	212.7M	227.4M	240.4M
Depreciation & amortization	43.1M	54.4M	53.9M	78.6M	52.3M	53.5M	61.6M	62.6M	53.0M	50.6M
EBITDA	-197.9M	-100.7M	-111.1M	-154.2M	-28.5M	-61.0M	-199.4M	-146.3M	76.0M	123.4M
Gross margin	-49.6%	-4.5%	16.7%	12.4%	20.9%	20.3%	12.4%	14.8%	27.5%	29.0%
Operating margin	-115.6%	-42.4%	-26.1%	-29.6%	-10.2%	-11.8%	-21.8%	-15.7%	1.6%	3.6%
Net margin	-134.1%	-75.6%	-43.2%	-38.8%	-19.8%	-16.9%	-25.2%	-22.7%	-1.8%	-4.3%
Revenue growth	-	+75.3%	+73.0%	+24.1%	+1.2%	+22.4%	+23.3%	+11.2%	+10.5%	+37.3%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	217.9M	103.8M	220.7M	202.8M	246.9M	396.0M	348.5M	664.6M	802.9M	2.5B
Short-term investments	-	26.8M	104.3M	0	-	-	-	-	-	-
Receivables	-	30.3M	88.8M	37.8M	96.2M	87.8M	251.0M	340.7M	335.8M	371.8M
Inventory	-	90.3M	135.3M	109.6M	142.1M	143.4M	268.4M	502.5M	544.7M	643.3M
Current assets	-	420.0M	663.9M	472.7M	618.6M	806.4M	1.1B	1.7B	2.0B	3.7B
Property & equipment	-	497.8M	716.8M	607.1M	600.6M	-	-	-	-	-
Goodwill	-	-	-	-	0	2.0M	-	-	-	-
Total assets	-	1.2B	1.5B	1.3B	1.5B	1.7B	1.9B	2.4B	2.7B	4.4B
Accounts payable	-	48.6M	66.9M	55.6M	58.3M	73.0M	161.8M	132.1M	92.7M	203.1M
Current liabilities	-	271.3M	257.3M	574.0M	436.4M	342.5M	541.9M	470.4M	636.8M	623.8M
Total debt	-	941.3M	741.3M	636.8M	390.9M	526.7M	411.6M	846.6M	1.2B	2.6B
Total liabilities	-	1.7B	1.5B	1.5B	1.3B	1.5B	1.6B	1.9B	2.1B	3.6B
Shareholders' equity	-1.7B	-2.2B	-142.6M	-259.6M	78.8M	-44.3M	340.8M	502.1M	562.5M	768.6M
Retained earnings	-	-2.3B	-2.6B	-2.9B	-3.1B	-3.3B	-3.6B	-3.9B	-3.9B	-4.0B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-282.8M	-92.0M	-91.9M	163.8M	-98.8M	-60.7M	-191.7M	-372.5M	92.0M	113.9M
Capital spending	9.0M	61.5M	45.2M	51.1M	37.9M	49.8M	116.8M	83.7M	58.9M	56.8M
Free cash flow	-291.8M	-153.4M	-137.2M	112.7M	-136.7M	-110.5M	-308.5M	-456.3M	33.1M	57.2M
Stock-based pay (added back)	28.2M	30.5M	180.3M	-	-	-	-	-	-	-
Dividends paid	-	-	-	-	-	-	0	0	1.5M	947K
Debt raised	123.5M	100.0M	0	0	-	136.0M	0	637.1M	402.5M	2.5B
Investing cash flow	-9.0M	-88.2M	-125.4M	53.4M	-37.9M	-46.7M	-116.8M	-83.7M	-58.8M	-93.1M
Financing cash flow	283.4M	142.9M	317.2M	-120.3M	176.0M	306.4M	211.4M	683.3M	175.2M	1.5B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	28.2M	30.5M	180.3M	-	-	-	-	-	-	-
Stock-based pay / revenue	13.5%	8.3%	28.5%	-	-	-	-	-	-	-
Operating lease cost	-	-	-	-	9.8M	15.8M	25.5M	33.2M	35.8M	32.0M
Operating lease cash paid	-	-	0	0	2.9M	17.4M	14.0M	32.5M	36.4M	33.4M
Finance lease principal paid	-	-	0	0	45K	-	-	-	-	-
Right-of-use assets	-	-	-	0	35.6M	106.7M	127.0M	139.7M	122.5M	108.5M
Operating lease liabilities	-	-	-	0	49.7M	119.3M	148.6M	162.2M	144.2M	128.9M
Finance lease liabilities	-	-	-	-	341K	3.0M	3.0M	2.9M	3.4M	5.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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