BEBloom Energy Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (1.2×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 8% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BE?
Bloom Energy Corporation earns 23% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 14 points above what the capital costs: growth creates value
- Operating margin
- 15%
Operating margin · Electrical Equipment & Parts median 11% · 12 months to Q3 2026
- Cash conversion
- 1.23×
Cash conversion · 2.26× a year ago · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 6.2%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −10% |
| FY2021 | −12% |
| FY2022 | −22% |
| FY2023 | −16% |
| FY2024 | 1.6% |
| FY2025 | 3.6% |
Details›
- Gross margin12 months to Q3 2026
- 32%
- Operating margin12 months to Q3 2026
- 15%
- Net margin12 months to Q3 2026
- 14%
- Free cash flow margin
- 11%
- R&D as % of revenue
- 6.2%
- Revenue, trailing twelve months
- $3.83B
- Free cash flow, trailing twelve months
- $437M
- Net income, trailing twelve months
- $523M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 23%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from BE and who it buys from, as the companies report it.
- Customer one43%
Share of revenue · FY2025 10-K
- Customer two13%
Share of revenue · FY2025 10-K
- Customer three12%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; BE’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Electrical Equipment & Parts
Ranks #10 of 18 by RyuScore