Start here if you're new
what it is
Bloom sells on-site power systems so your building or data center can make electricity without waiting years for the grid.
how it gets paid
Last year Bloom Energy made $2.0B in revenue. Products was the main engine at $1.44B, or 72% of sales.
why it's growing
Revenue grew 38.9% last year. The 96.43% EPS miss mattered most, because a stock priced for perfection does not handle profit misses well.
what just happened
Bloom delivered $778M in Q4 revenue, but EPS of $0.01 missed the $0.28 estimate badly.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
69.2x trailing p/e — you're paying up for this one
31.0% return on capital — every dollar works hard here
xvary composite: 36/100 — weak
What they do
Bloom sells on-site power systems so your building or data center can make electricity without waiting years for the grid.
If your data center needs power now, waiting 4+ years for grid interconnection is not a business plan, and Bloom has 1.2 gigawatts already deployed across 1,200 locations. Products were 72% of 2025 sales, but services, installation, and electricity keep Bloom inside your site after the box is installed. Switching costs (changing suppliers after your power system is built in) are real, because ripping out critical power gear is painful and expensive.
How they make money
$2.0B
annual revenue · their business grew +38.9% last year
Products
$1.44B
Installation
$0.18B
Services
$0.26B
Electricity
$0.12B
The products that matter
on-site power generation systems
Solid Oxide Fuel Cell Systems
$2.0B revenue
it's the full $2.0B revenue story in this snapshot, and that revenue grew 38.9% last year. if bloom scales, this is where you see it first.
core engine
contracted demand pipeline
Commercial Backlog
$20B total backlog
this is not booked revenue yet. it's demand waiting to be installed, financed, and recognized. at $20B, it's roughly 10x last year's revenue, which is why the stock trades on conversion more than current scale.
future revenue
project financing support
Brookfield partnership
supports $20B backlog
management is leaning on Brookfield to help deliver against rising demand. that matters because $20B of backlog only matters if projects can be financed and installed on time.
execution lever
Key numbers
$4B
2027 revenue est
Revenue is projected to double from about $2.0B to $4B by 2027, which tells you the stock price is leaning hard on future growth.
69.2x
trailing p/e
P/E → price divided by earnings → so what: you are paying 69.2 years of current earnings for one share.
31.0%
return on capital
Return on capital → profit earned on money invested in the business → so what: Bloom is efficient when projects work.
3.6%
operating margin
Operating margin → profit after running the business → so what: for every $100 in sales, only $3.60 is left before interest and taxes.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $2.6B (6% of capital)
- net profit margin 24.4% — keeps 24 cents of every dollar in revenue
- return on equity 68% — $0.68 profit for every $1 investors have put in
C++ — net profit margin looks solid but balance sheet grade needs watching.
Total return vs. market
You invested $10,000 in BE 3 years ago → it's now worth $76,570.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
Bloom delivered $778M in Q4 revenue, but EPS of $0.01 missed the $0.28 estimate badly.
Revenue jumped 139% vs. prior year in the latest quarter, and full-year revenue reached about $2.0B. The problem is that profit still looks thin relative to the stock's price.
$778M
revenue
$0.01
eps
28.3%
gross margin
the number that mattered
The 96.43% EPS miss mattered most, because a stock priced for perfection does not handle profit misses well.
-
why has bloom energy’s stock price surged so much?in 2026, major tech players like amazon, microsoft, alphabet and meta platforms have stated that they plan to spend $625 billion for data center construction and other types of infrastructure for the electricity needed to power their ai projects.
-
the u.s.department of energy has estimated that this will contribute to a projected power deficit of over 100 gigawatts (gw). the utility power grid and its connections is unable to keep up with this kind of demand, and constructing the necessary infrastructure to do so will take years.
-
this is where bloom comes in.the company recently provided oracle with its necessary electricity in just 55 days, using its solid oxide fuel cells (more below).
-
the aforementioned tech companies now want bloom’s services.as such, it has partnered with brookfield asset management to help it fill the massive amount of backlog coming in.
-
indeed, in the fourth quarter, backlog surged 250% to $6 billion, bringing its total (including services) to $20 billion.as a result, 2026 sales should reach a whopping $3.2 billion, generating share earnings of about $1.35.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the top risk is failing to convert bloom's $20B backlog into installed systems before legal and execution friction rises.
med
backlog conversion
a backlog nearly 10x annual revenue sounds great until you remember it still has to be financed, installed, and recognized. bloom now needs to move from $2.0B in revenue toward the projected $3.2B for 2026.
if that path starts slipping, the stock at $166 has room to reprice fast because it already sits above the published $147 3–5 year midpoint.
med
legal overhang
the northern california legal investigations are not background noise. when a company is valued on future execution, legal uncertainty raises the friction around turning demand into revenue.
if that overhang worsens, the market will start discounting the $20B backlog harder and pressure the current ~$40B equity value.
med
earnings quality
full-year EPS was -$0.37 versus -$0.13 a year earlier, even with strong revenue growth. that tells you the ramp is not flowing cleanly to the bottom line yet.
22.0% operating margin looks respectable, but if earnings do not catch up to revenue, the market's patience with the backlog story gets shorter.
all three risks hit the same pressure point: the stock already needs the path from $2.0B revenue to $3.2B and $1.35 EPS to stay believable.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
the next backlog conversion update
watch whether management keeps turning the $20B backlog into a believable path toward $3.2B in 2026 sales.
metric
operating margin near 22.0%
that margin is doing a lot of narrative work. if revenue rises but margin slips, the quality of growth changes.
risk
legal investigation updates
any expansion of the northern california legal issues matters because this company needs clean execution, not extra friction.
trend
institutional follow-through
institutions were net buyers for three straight quarters. if that reverses while the stock already trades above the $147 midpoint, pay attention.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts do not see a special short-term edge here beyond the broader tape.
risk profile
high risk
stability score 5 — real drawdown risk. this is not a defensive stock.
chart momentum
average
technical score 3 — the stock is moving with the market, not breaking away from it.
earnings predictability
30 / 100
earnings predictability is low. translated: the headline numbers can swing harder than you want.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 371 buyers vs. 215 sellers in 4q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$54
$240
$166
current price
$147
target midpoint · 11% from current · 3-5yr high: $240
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive