Bloom Energy Corporation
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Bloom Energy's fundamental inflection is accelerating — Q2 2026 revenue of $1.07B with YoY growth of 165.5%, diluted EPS of $0.62, and actual EPS of $0.78 versus $0.39 estimated — but the stock at $222.65 still trades at a P/S of 21.06 versus a peer median of 4.53 and a P/E of 266.39, even after falling 36% from June highs.
Insiders have been relentless sellers, with zero open-market acquisitions and 94 dispositions totaling $466.3M net over 24 months, while total debt has climbed to $2.99B. With Q3 2026 results due Oct 22 and the stock sitting below its 50-day MA of $249 with an RSI of 37.6, the risk/reward is balanced enough to warrant a hold pending the print.
What could go wrong
- Valuation compression. P/E of 266.39 and P/S of 21.06 versus peer median of 4.53 leave no margin for any execution misstep, even after the 36% pullback from June highs.
- Persistent insider selling. Zero open-market acquisitions against 94 dispositions and $466.3M net selling over 24 months; recent September 2026 sales by the CCO, CAO, and COO at $268–277 per share.
- Leverage. Total debt of $2.99B against stockholders' equity of $768.6M as of FY2025, with debt nearly doubling from $1.53B in FY2024.
- Q3 earnings event risk. Stock has beaten estimates by 100% or more in recent quarters; any deceleration in revenue growth or margin could trigger a sharp repricing given the elevated multiple.
What would change my mind
Where this comes from: Q2 2026 results · earnings vs estimates, 28 Jul · FY25 fundamentals · peer comparison, 20 Oct. Orin's read on BE; not advice.
How has the share price moved?
Up 101% over twelve months, from $108.53 on 27 Oct 2025 to $218.50 at the Tue 27 Oct 2026 close. Its highest close in that time was $345.85 on 22 Jun 2026; the last close is 36.8% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 73.5M, on 18 Sep 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
- Rose flags: large share sales by the company's own officers and directors, from the Form 4 each one files after trading.
On file
All BE filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 10-Q | 22 Oct | — | on file |
| 8-K | 22 Oct | — | on file |
| 13G/A | 14 Aug | — | on file |
| 13G | 4 Aug | — | on file |
| 10-Q/A | 29 Jul | Bloom Energy Corporation reported total revenue of $1,065.4 million for the three months ended June 30, 2026, an increase of 165.5% year-over-year from $401.2 million for the same period in 2025. | read |
| 10-Q | 28 Jul | Bloom Energy reported revenue of $1.065 billion for the three months ended June 30, 2026, a 165.5% increase year-over-year, and $1.816 billion for the six months ended June 30… | read |
| 8-K | 28 Jul | Bloom Energy Corporation announced its second quarter 2026 financial results on July 28, 2026. | read |
| 13G/A | 27 Jul | — | on file |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $5.6B | 0.1% |
| Ameriprise Financial | $5.5B | 1.1% |
| Goldman Sachs Group | $4.2B | 0.4% |
| Vanguard Portfolio Management | $3.8B | 0.2% |
| Vanguard Capital Management | $3.7B | 0.1% |
| JPMorgan Chase | $2.2B | 0.1% |
| Morgan Stanley | $2.2B | 0.1% |
| State Street | $1.9B | 0.1% |
| D. E. Shaw | $1.3B | 0.6% |
| Geode Capital Management | $1.2B | 0.1% |
137 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 185 Form 4 filings; open-market trades net −$466.2M. Of the 50 on hand, 0 were open-market purchases and 28 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about BE
Orin answers questions about BE from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 122× its last 12 months of profit (Tue 27 Oct close); the typical Industrials company on the NYSE is at 33.7×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 122× | — | 33.7× |
| P/S | 16.9×above usual | 3.43× | — |
| EV/EBITDA | 105× | — | — |
| P/B | 33.3×above usual | 9.7× | — |
- EV/EBITDA: no usual level — it ran from 64.7× to 1069× over its last 5 fiscal years, so a middle value says little.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $293 (from $176 to $351) — 34% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$293
$176 – $351 · +34% against the last close
- 10 buy or overweight
- 11 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 122× its last 12 months of profit. None of the 2 companies it is compared to made a profit, so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| BEBloom Energy Corporation | $65B | 122× | 105× | 32.3% | 13.5% | 40% |
| FCELFuelCell Energy, Inc. | $974M | lost money | n/m | −32.4% | −113.9% | −22% |
| PLUGPlug Power Inc. | $2B | lost money | n/m | −18.5% | −220.6% | −176% |
- FCEL, PLUG: lost money over the last 12 months, so no P/E.
- FCEL, PLUG: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 122× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now122×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Industrials companies on the NYSE were priced at a typical 33.7× their yearly profit (Tue 27 Oct close).
- Now33.7×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
Neither version of the cash-flow model gives a usable value.
- Standard: comes out below zero, so it is not shown.
- Levered: comes out below zero, so it is not shown.
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.