# Bloom Energy Corporation (BE)

> Source: Nexqual · https://nexqual.com/BE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bloom Energy Corporation (BE), nexqual.com/BE" · informational, not investment advice.

**Price:** USD 217.77 (-8.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 238.53 · day 210.74–229.91 · 52w 75.7–351.28 · market cap $64.1B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $3.83B, net income $523M (13.7% margin), free cash flow $437M (SEC filings).
- Valuation: P/E 122.6x, EV/EBITDA 103.2x, net cash $10.3M.
- 2 of 80 tracked superinvestors hold BE (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 25 Form 4 filings, $81.6M; 6 not under a Rule 10b5-1 plan ($11.3M); 0 by opportunistic insiders, 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +114.7% vs S&P 500 +14.9%; 5Y +978.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 1.09, revenue estimate $1.42B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $972M | $1.20B | $1.33B | $1.47B | $2.02B | $3.83B |
| Gross profit | $198M | $148M | $198M | $405M | $587M | — |
| Operating income | -$115M | -$261M | -$209M | $22.9M | $72.8M | $567M |
| Net income | -$164M | -$302M | -$302M | -$27.2M | -$87.1M | $523M |
| EPS (diluted) | -$0.95 | -$1.62 | -$1.42 | -$0.13 | -$0.37 | — |
| Free cash flow | -$110M | -$309M | -$456M | $33.1M | $57.2M | $437M |
| Gross margin | 20.3% | 12.4% | 14.8% | 27.5% | 29.0% | — |
| Operating margin | -11.8% | -21.8% | -15.7% | 1.6% | 3.6% | 14.8% |
| Net margin | -16.9% | -25.2% | -22.7% | -1.8% | -4.3% | 13.7% |
| Revenue growth | +22.4% | +23.3% | +11.2% | +10.5% | +37.3% | — |
| Cash + short-term investments | — | $348M | $665M | $803M | $2.45B | — |
| Total debt | $527M | $412M | $847M | $1.13B | $2.62B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 122.6x · P/S 16.8x · EV/EBITDA 103.2x · EV/Sales 16.7x · P/FCF 146.9x · P/B 33.2x · FCF yield 0.68% · Earnings yield 0.82% · Net cash $10.3M · EV $64.1B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold BE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 2.15% | $15.9M | Reduced -12.4% |
| Polen Capital | Polen Capital Management | 0.11% | $12.4M | Reduced -39.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
19 of 25 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Joshi Aman | Chief Commercial Officer | 8,437 | $2.3M | 5.4% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Joshi Aman | Chief Commercial Officer | 3,601 | $972K | 2.3% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Kurzymski Maciej | Chief Accounting Officer | 2,295 | $616K | 2.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Soderberg Shawn Marie | See Remarks | 2,870 | $775K | 0.6% | Yes (adopted November 26, 2025) | Routine (sold in Jan & Feb & May & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-16 | Chitoori Satish | Chief Operations Officer | 2,870 | $775K | 1.4% | Yes (adopted November 28, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Immelt Jeffrey R | Director | 30,000 | $7.2M | 13% | Yes (adopted May 1, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Joshi Aman | Chief Commercial Officer | 4,677 | $1.1M | 2.9% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Chitoori Satish | Chief Operations Officer | 2,053 | $496K | 1% | Yes (adopted November 28, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Soderberg Shawn Marie | See Remarks | 2,895 | $676K | 0.6% | No | Routine (sold in Jan & Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-13 | Chambers John T | Director | 15,000 | $3.8M | 4.1% | Yes (adopted February 26, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Chambers John T | Director | 15,000 | $3.1M | 4% | Yes (adopted February 26, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Joshi Aman | Chief Commercial Officer | 8,343 | $2.5M | 4.8% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16 | Joshi Aman | Chief Commercial Officer | 3,558 | $1.0M | 2% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16 | Kurzymski Maciej | Chief Accounting Officer | 2,259 | $652K | 2.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16 | Chitoori Satish | Chief Operations Officer | 2,837 | $820K | 1.3% | Yes (adopted November 28, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-16 | Soderberg Shawn Marie | See Remarks | 2,842 | $820K | 0.6% | No | Routine (sold in Jan & Feb & May & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-28 | Chambers John T | Director | 55,000 | $16.4M | 12.7% | Yes (adopted February 26, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14…2026-05-18 | Soderberg Shawn Marie | See Remarks | 5,625 | $1.5M | 1.2% | Yes (adopted November 26, 2025) | Routine (sold in Jan & Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-14 | Chitoori Satish | Chief Operations Officer | 2,111 | $608K | 1% | Yes (adopted November 28, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-14 | Joshi Aman | Chief Commercial Officer | 4,813 | $1.4M | 2.7% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Truist Securities | Target raised | Hold | $218 → $240 |
| 2026-10-15 | Baird | Target raised | Outperform | $310 → $351 |
| 2026-10-07 | UBS | Target raised | Buy | $325 → $350 |
| 2026-10-07 | Bernstein | Reiterated | Market Perform | $282 |
| 2026-10-02 | Barclays | Target raised | Equal-Weight | $276 → $308 |
| 2026-10-01 | Barclays | Target raised | Equal-Weight | $276 → $308 |
| 2026-09-29 | Jefferies | Target raised | Hold | $229 → $264 |
| 2026-09-28 | RBC Capital | Maintained | Outperform | $335 |
| 2026-09-14 | Mizuho | Target raised | Outperform | $242 → $351 |
| 2026-08-27 | Bernstein | Reiterated | Market Perform | $282 |
| 2026-08-14 | Jefferies | Target raised | Hold | $188 → $229 |
| 2026-07-30 | Wells Fargo | Target lowered | Equal-Weight | $217 → $176 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +114.7% | +978.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +115.3% | +60.7% |
| Volatility (annualized) | 110.5% | 84.7% |
| Max drawdown | -52.6% (Jun 2026→Jul 2026) | -74.9% (Nov 2021→Feb 2024) |

## Peers (Electrical Equipment & Parts)
VRT (Vertiv Holdings, LLC) USD 195.59 -7.81% · HUBB (Hubbell Inc) USD 445.8 -3.25% · NVT (nVent Electric plc) USD 127.67 -12.63% · FPS (Forgent Power Solutions, Inc.) USD 24.92 -21.54% · AEIS (Advanced Energy Industries, Inc) USD 216.64 -12.49% · AYI (Acuity Inc.) USD 317.23 +0.15%

## More
Full page: https://nexqual.com/BE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BE's own 10-K filed 2026-02-09 (https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Oracle (ORCL) | "In addition, in October 2025, in connection with our partnership with Oracle Corporation ("Oracle") to provide on-site solid state power for AI data centers, subject to the negotiation of a warrant mutually acceptable to…" |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $1.07B | 86.9% | +179.4% |
| Installation | $84.9M | 6.9% | +29.0% |
| Service | $67.6M | 5.5% | +15.3% |
| Electricity | $5.0M | 0.4% | +8.0% |
| Total revenue | $1.24B | 100% | — |

## Customer concentration

Period ended 2026-09-30: 43%, 26% of revenue from unnamed direct customers (10-Q, filed 2026-10-22).

## Company outlook (8-K filed 2026-10-22)

- "Our year-to-date performance and customer demand give us confidence to raise our 2026 outlook for the third time this year." 1 Summary of Key Financial Metrics Summary of GAAP Financial Information ($000), except EPS data Q3'26 Q2'26 Q3'25 Revenue"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.09 | $0.77 | +42.2% | $1.42B | 6 |
| Next quarter (ends 2027-03-31) | $0.93 | $0.82 | +13.3% | $1.37B | 9 |
| Current fiscal year (ends 2026-12-31) | $3.14 | $2.17 | +45.1% | $4.38B | 8 |
| Next fiscal year (ends 2027-12-31) | $5.06 | $4.55 | +11.4% | $6.82B | 25 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 119.5% | ±15.8% |
| 2026-11-06 | 14 | 103.3% | ±18.2% |
| 2026-11-13 | 21 | 94.5% | ±20.0% |
| 2026-11-20 | 28 | 91.0% | ±21.8% |
| 2026-11-27 | 35 | 87.4% | ±23.4% |
| 2026-12-04 | 42 | 86.7% | ±25.2% |
| 2026-12-18 | 56 | 83.2% | ±27.9% |
| 2027-01-15 | 84 | 80.0% | ±31.9% |