Bloom Energy Corp. (BE) intrinsic value & 10-year financials
Bloom Energy Corp. (BE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 28.6% a year to $2.0B, with an average return on invested capital of -23.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $221.31
- Market cap
- $53.2B
- Revenue (FY2025)
- $2.0B
- Revenue growth (10-yr CAGR)
- 28.6%
- ROIC (10-yr avg)
- -23.4%
- Free cash flow (FY2025)
- $57.2M
BE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.0B | -$87.1M | -$0.37 | $57.2M | 3.6% | 7.1% |
| FY2024 | $1.4B | -$27.2M | -$0.13 | $33.1M | 1.6% | 2.5% |
| FY2023 | $1.3B | -$302.1M | -$1.42 | -$456.3M | -16.5% | -30.6% |
| FY2022 | $1.1B | -$301.7M | -$1.62 | -$308.5M | -23.0% | -71.2% |
| FY2021 | $906.9M | -$164.4M | -$0.95 | -$110.5M | -12.6% | -49.8% |
| FY2020 | $730.2M | -$157.6M | -$1.14 | -$136.7M | -11.1% | -36.8% |
| FY2019 | $724.8M | -$304.4M | -$2.67 | $112.7M | -32.1% | -77.2% |
| FY2018 | $575.1M | -$241.8M | — | -$73.1M | -26.8% | 33.7% |
| FY2017 | $376.0M | -$262.6M | — | -$72.3M | -41.8% | 11.7% |
| FY2016 | $208.5M | -$279.7M | — | -$291.8M | -115.6% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Bloom Energy Corp is a consistent compounder, expanding top-line revenue at 28.6% annually over the past decade.
Bloom Energy Corp has historically struggled to out-earn its cost of capital, averaging just -23.4% ROIC.
Bloom Energy Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Bloom Energy Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-12.29 per share.