Bloom Energy Corporation BE
Bloom Energy's operating inflection is undeniable — Q2 2026 revenue of $1.07B with a revenueyoypct of 1.655 and diluted EPS of $0.62 (versus an actual EPS surprise of $0.78 vs. $0.39 estimated) marks a dramatic acceleration from FY2025's 37.33% top-line growth and 3.6% operating margin. However, at a P/E of 246.83 and P/S of 19.52 — premiums of 841% and 414% to peer medians — the stock prices in near-flawless execution, while net insider selling of $457M over 24 months, an active securities class action with a September 28, 2026 lead plaintiff deadline, and $2.99B of total debt against $768.6M of equity create substantial downside risk.
With the stock at $206.30, below its 50-day MA of $234.16 and RSI at 44.55, the pullback has improved the setup but not enough to justify the valuation premium; waiting for litigation clarity and Q3 confirmation is the prudent stance.
What could go wrong
- Securities class action overhang. Multiple law firms announced securities fraud class actions on August 31, 2026 covering a class period from February 27, 2025 to July 8, 2026, with a lead plaintiff deadline of September 28, 2026 — potential for settlements, discovery revelations, or sustained negative sentiment.
- Extreme valuation premium. P/E of 246.83, P/S of 19.52, and EV/EBITDA of 174.13 are 841%, 414%, and 1,078% above peer medians respectively; any deceleration in revenue growth or margin compression could trigger a sharp de-rating.
- Persistent insider selling. Over the past 24 months insiders net sold 9.67M shares for $457M in value; recent August 2026 sales by Immelt, Chambers, and multiple C-suite executives at prices between $205 and $250 continue the pattern.
- High leverage. Total debt of $2.99B against stockholders' equity of $768.6M as of FY2025 creates a thin equity cushion if revenue growth stalls or working capital pressures emerge.
What would change my mind
Where this comes from: quarterly_results, quarter ended 2026-06-30 · earnings_surprises · derived_metrics, fiscal year 2025 · peer_relative. Orin's read on BE; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All BE filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Ameriprise Financial | $5.5B | 1.1% of fund |
| Goldman Sachs Group | $4.2B | 0.4% of fund |
| Vanguard Portfolio Management | $3.8B | 0.2% of fund |
| Vanguard Capital Management | $3.7B | 0.1% of fund |
| Jpmorgan Chase & | $2.2B | 0.1% of fund |
| Morgan Stanley | $2.2B | 0.1% of fund |
135 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 189 Form 4 filings, net −$460.1M. 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 →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 329.3× | — | 44.5× |
| EV/EBITDA | 232.1× | — | — |
| P/S | 26.04× | — | — |
| P/B | 49.0× | — | — |
71.8%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$285
$176 – $351 · +13% against today's price
- 17 buy or overweight
- 12 hold
- 3 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| BEBloom Energy Corporation | $81B | 329.3× | 232.1× | 31.2% | 7.9% | 25% |
| EMEEMCOR Group, Inc. | $33B | 23.5× | 14.7× | 19.7% | 7.7% | 38% |
| FIXComfort Systems USA, Inc. | $57B | 39.9× | 28.4× | 25.7% | 12.8% | 54% |
| HUBBHubbell Incorporated | $24B | 27.4× | 20.1× | 35.2% | 14.5% | 24% |
| IRIngersoll Rand Inc. | $30B | 31.1× | 17.0× | 37.9% | 12.1% | 9% |
| OTISOtis Worldwide Corporation | $26B | 17.5× | 14.1× | 30.2% | 10.2% | -27% |
| RKLBRocket Lab USA, Inc. | $41B | — | — | 37.3% | -21.5% | -8% |
| UALUnited Airlines Holdings, Inc. | $36B | 10.3× | 7.1× | 65.1% | 5.6% | 23% |
| WABWestinghouse Air Brake Technologies Corporation | $49B | 39.2× | 22.7× | 34.3% | 10.6% | 11% |
| XYLXylem Inc. | $25B | 25.9× | 14.6× | 39.2% | 11.1% | 9% |
The median is of the 8 peers listed above and nothing else — check it against the column. This company trades 1137.2% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.