Bloom Energy Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dots on the line: a member of Congress whose Hunch portfolio holds BE filed a disclosure; its hover says what the disclosure reports of BE: each trade, bought or sold, with the amount range the member filed (the House asks for a range, not the amount), or in an annual report the range of the holding’s value, the ranges of its entries added up (“in all”) where the report lists BE more than once, in several accounts or share classes: a sum that bounds the value as the ranges do but is not a range the form offers. An annual report’s row has no latest trade. Filings: the Clerk of the House. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Product was 76% and Service was 11% of revenue; 1% was revenue not from contracts with customers, which this breakdown does not split; Installation rose from 7% in the fiscal year to Dec 2023.

Quarters: Bloom Energy Corporation's SEC filings, named by the month they end. Fiscal years: Bloom Energy Corporation's annual reports to the SEC.

How it makes money

The company loses $4.4 for every $100 of revenue.

Each margin is that line of the income statement divided by revenue. Fiscal year: Bloom Energy Corporation's annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Bloom Energy sells to SK ecoplant, AEP; three customers it does not name account for 43% and 13% and 12% of its revenue; it names no suppliers. Since then its 8-K filings name Oracle as a partner (Apr 13, 2026).

 

BEBloom Energy

Customers

Unnamed customer 43%

Unnamed customer 13%

Unnamed customer 12%

AEP AEP

SK ecoplant

Their customers

SK hynix SKHYfrom SK ecoplant

Show 1

Bloom Energy's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Customer One (43%) and Customer Two (26%).

From Bloom Energy Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Brookfield BAMJoint ventures financing Energy Server projects$36.5 million invested by Bloom in joint ventures during 2025

Oracle ORCLinvested in Bloom Energy · Warrant investment supporting AI data center powerOctober 28, 2025 agreement for warrant covering up to 3,531,073 shares at $113.28 per share

OORC HoldCoBloom Energy invested in it · Passive project equity investment15.0% equity interest

Oracle ORCLinvested in Bloom Energy · On-site solid state power for AI data centers · 8-K, Apr 13, 2026Warrant to purchase up to 3,531,073 shares at $113.28 per share; issued April 9, 2026

SK ecoplantJoint assembly venture and strategic equity investmentApproximately 2.5% of Bloom's Class A common stock

SK eternixDistributes Energy Server systems in South Korea

AEP AEPChannel and financing partner for project deployments

Chart Industries (now Baker Hughes) BKRAdvances carbon capture using fuel cell exhaust

BBolt US Class A JVCoJoint venture equity interest9.9% equity interest

Changes since the previous annual report (10-K filed Feb 27, 2025)

AEP AEPNamed for the first time, as a customer and a partnerUp to 1 GW under November 2024 agreement; initial order of 100 MW

OORC HoldCoNamed for the first time, as a partner15.0% equity interest

BBolt US Class A JVCoNamed for the first time, as a partner9.9% equity interest

Brookfield BAMNamed for the first time, as a partner$36.5 million invested by Bloom in joint ventures during 2025

Chart Industries (now Baker Hughes) BKRNamed for the first time, as a partner

Oracle ORCLNamed for the first time, as a partnerOctober 28, 2025 agreement for warrant covering up to 3,531,073 shares at $113.28 per share

Second customer (unnamed)Customer, share of revenue16% → 13%

Third customer (unnamed)Customer, share of revenue14% → 12%

Named in other companies’ filings

Keurig Dr Pepper KDPdistribution deal with it · Distribution of prebiotic sodas

Only the companies Bloom Energy names in its 10-K filed Feb 9, 2026 (SEC) and in the 8-Ks it filed since, each with its date. Named in other companies' filings: those whose own latest annual report or an 8-K since names Bloom Energy. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 122x, above the peer median of 28x, so it needs earnings to keep growing to hold up.

Priced 337% above the peer median of 28x.

What analysts expect

The average analyst price target is $284, 41% above the current price; 55% of 29 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 16 analysts (55%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $99.20 to $290.22 (+193%), while BE went from $103.55 to $201.93 (+95%). In the past three months targets were raised 13 times and cut 3 times. 3 upgrades and no downgrades over the year; the latest: Barclays moved it to Overweight from Equal-Weight on Nov 3, 2026.

The day after each of these reports the stock moved −2.9% (Dec 2025, beat); +22.7% (Mar 2026, beat); −13.0% (Jun 2026, beat); −19.0% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.12 a share, and revenue of $1.5B, up 88% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $5.32 a share, and revenue of $7.1B, up 56% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $437M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Bloom Energy had 324M diluted shares in the quarter ended Sep 2026, 38.0% more than a year earlier, and 16.3% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 6.0, no pressure to repay short-term debt; shareholder equity is only 17% of assets, so debt-to-equity (3.4) says little; net debt is 0.2 years of operating cash flow, which is light.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

4 portfolios Hunch tracks hold BE: 1 member of Congress and 3 funds. It is 10.4% of Whale Rock Capital Management's portfolio (3.9% as filed).

• FundWhale Rock Capital ManagementTech-stock hedge fundBE is 10% of this portfolio4% as filed+34.9%2-year backtest
• CongressNancy PelosiU.S. RepresentativeBE is 8% of this portfolio5% as filed+33.0%2-year backtest
• FundLight Street Capital ManagementTech-stock hedge fundBE is 8% of this portfolio3% as filed+117.6%2-year backtest
• FundCloudAlpha Capital Management Limited/Hong KongHong Kong asset managerBE is 6% of this portfolio3% as filed+102.6%2-year backtest

BE's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 19 held BE at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 9 cut, 1 sold all and 4 held the same. The largest of them is Situational Awareness, 6.27M shares worth $1.9B at Jun 30, 2026, 3.3% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of BE at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $124M of BE on the open market in the 12 months to Nov 10, 2026; none bought. 65% of the sales were made under 10b5-1 plans, set up in advance. The largest was Shawn Marie Soderberg (See Remarks), who sold $34.6M in 8 sales.

From the Form 4s filed with the SEC about Bloom Energy Corporation (76 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 63 other transactions (grants, option exercises, shares sold to pay tax and gifts).

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