MeritValue

Bloom Energy Corp

BEdata completeness 100%10 fiscal years on file
The thesis, from the filings

Bloom Energy Corp earns about -10% on invested capital, but has diluted owners by 39% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$906.9M1$1.14B2$1.27B3$1.44B3$2B3
Net income−$164.4M4−$301.7M5−$302.1M5−$27.2M6−$87.1M6
Operating cash flow−$60.7M7−$191.7M8−$372.5M9$92M9$113.9M9
Capital expenditure$49.8M10$116.8M11$83.7M12$58.9M12$56.8M12
Free cash flow (derived)−$110.5M7−$308.5M8−$456.3M9$33.1M9$57.2M9
Total debt$1.05B13$823.2M14$1.69B15$2.37B16$5.24B16
Cash & equivalents$396M17$348.5M18$664.6M19$802.9M20$2.45B20
Diluted shares173.4M185.9M212.7M227.4M240.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$31.97
your share of equity
Profit it earned you last year
−$3.62
Free cash flow it threw off
$2.38
Debt you’d be carrying
$217.97

10 shares is a claim on $31.97 of net worth that earned you −$3.62 and generated $2.38 of cash last year, against $217.97 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 -16%FY22 -25%FY23 -10%FY24 1%FY25 -1%

It earned an average -10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+39% shares · 5y

Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 397% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$33.1M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$33.1M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-005035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-008747 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-006516 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001664703-22-000034 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-24-005035 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-006516 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-005035 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-008747 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-006516 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-005035 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-008747 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-006516 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-004301 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-005035 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-008747 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-006516 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-004301 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-005035 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-008747 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-006516 (CashAndCashEquivalentsAtCarryingValue)