Latest Ratios: P/E Ratio -797.4x · EV/EBITDA 579.3x · ROE -12.8%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $70.9B | $20.9B | $5.0B | $3.1B | $3.6B | $3.8B | $4.0B | $860M | $532M | — | — |
| Enterprise Value | $71.5B | $21.4B | $5.8B | $3.9B | $4.2B | $4.5B | $4.6B | $1.8B | $1.4B | — | — |
| P/E Ratio → | -797.43 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 35.05 | 10.32 | 3.43 | 2.36 | 2.96 | 3.91 | 5.01 | 1.10 | 0.72 | — | — |
| P/B Ratio | 89.45 | 26.34 | 8.63 | 6.05 | 9.38 | — | 28.12 | — | 5.86 | — | — |
| P/FCF | 1240.29 | 365.25 | 152.35 | — | — | — | — | 7.63 | — | — | — |
| P/OCF | 622.49 | 183.31 | 54.89 | — | — | — | — | 5.25 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.59 | 3.92 | 2.95 | 3.52 | 4.66 | 5.84 | 2.23 | 1.95 | — | — |
| EV / EBITDA | 579.33 | 173.68 | 76.05 | — | — | — | — | — | — | — | — |
| EV / EBIT | 981.71 | — | 159.23 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 374.65 | 174.28 | — | — | — | — | 15.54 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.0% | 29.0% | 27.5% | 14.8% | 12.4% | 20.1% | 20.3% | 12.1% | 13.5% | -5.7% | -48.6% |
| Operating Margin | 3.6% | 3.6% | 1.6% | -15.7% | -21.8% | -12.0% | -10.7% | -30.0% | -23.0% | -42.7% | -117.1% |
| Net Profit Margin | -4.4% | -4.4% | -2.0% | -22.7% | -25.1% | -16.9% | -19.8% | -38.8% | -36.9% | -69.8% | -134.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.8% | -12.8% | -5.3% | -67.2% | -159.8% | -235.1% | -111.4% | — | -301.6% | — | — |
| ROA | -2.5% | -2.5% | -1.2% | -13.9% | -16.4% | -10.3% | -11.3% | -22.4% | -21.0% | -21.7% | -26.0% |
| ROIC | 4.1% | 4.1% | 1.3% | -13.3% | -22.0% | -11.4% | -8.3% | -20.4% | -12.7% | — | — |
| ROCE | 2.5% | 2.5% | 1.2% | -12.5% | -18.7% | -9.8% | -9.6% | -25.3% | -16.6% | -17.0% | -29.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.77 | 3.77 | 2.61 | 2.79 | 2.69 | — | 6.46 | — | 12.51 | — | — |
| Debt / EBITDA | 24.25 | 24.25 | 20.14 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.68 | 1.24 | 1.52 | 1.77 | — | 4.71 | — | 10.08 | — | — |
| Net Debt / EBITDA | 4.36 | 4.36 | 9.57 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 9.40 | 21.93 | — | — | — | — | 7.91 | — | — | — |
| Interest Coverage | -0.57 | -0.57 | 0.58 | -1.83 | -4.87 | -1.79 | -1.27 | -2.43 | -1.74 | -1.38 | -3.13 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.98 | 5.98 | 3.21 | 3.60 | 1.95 | 2.35 | 1.42 | 0.82 | 2.37 | 1.55 | 1.50 |
| Quick Ratio | 4.95 | 4.95 | 2.35 | 2.53 | 1.45 | 1.94 | 1.09 | 0.63 | 1.90 | 1.22 | 1.18 |
| Cash Ratio | 3.93 | 3.93 | 1.26 | 1.41 | 0.64 | 1.16 | 0.57 | 0.35 | 1.16 | 0.48 | 0.60 |
| Asset Turnover | — | 0.46 | 0.55 | 0.55 | 0.62 | 0.56 | 0.55 | 0.59 | 0.53 | 0.31 | 0.17 |
| Inventory Turnover | 2.23 | 2.23 | 1.96 | 2.26 | 3.92 | 5.42 | 4.45 | 6.30 | 4.02 | 4.40 | 3.73 |
| Days Sales Outstanding | — | 99.32 | 119.12 | 104.59 | 90.62 | 44.59 | 48.23 | 19.96 | 46.42 | 34.49 | 70.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.1% | 0.3% | 0.7% | — | — | — | — | 13.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $240M | $227M | $213M | $186M | $173M | $139M | $115M | $53M | $59M | $58M |
High project financing sensitivity
Based on reported figures, Bloom Energy trades at a price-to-sales ratio of 29.93, a valuation multiple that appears to price in significant future market share gains rather than current earnings, which investors should monitor against the company's historical inability to maintain consistent GAAP profitability across recent quarters.
The forward P/E of 117.38 suggests that the market is heavily discounting future earnings growth, likely tied to the surge in AI-driven data center power demand. This valuation premium appears aggressive when compared to traditional industrial equipment peers, implying that investors are pricing the company as a high-growth technology platform rather than a capital-intensive energy hardware manufacturer.
As reported in financial statements, Bloom Energy's ROIC has struggled to maintain positive territory, fluctuating between -2.7% and 5.3% over the last ten quarters, which suggests that the company has yet to achieve the necessary scale to generate returns that exceed its cost of capital.
The inability to consistently compound returns on invested capital highlights the drag created by high manufacturing costs and the recurring expense of stack replacements. Investors should interpret these low returns as a signal that the current business model remains in a capital-intensive growth phase where reinvestment is prioritized over immediate shareholder value creation.
According to recent SEC filings, Bloom Energy's cash conversion cycle remains highly volatile, peaking at 348 days in 2024Q3, which indicates significant inefficiencies in managing inventory and customer payment terms compared to more mature industrial peers within the electrical equipment and parts sector.
The extended DIO and DSO metrics suggest that the company faces structural bottlenecks in converting hardware sales into cash, likely due to the long lead times associated with large-scale project installations. This inefficiency forces a reliance on external financing to bridge the gap between revenue recognition and actual cash collection.
Based on reported figures, Bloom Energy maintains a debt-to-equity ratio of 2.93 as of 2026Q1, a level that warrants further investigation as it indicates a high reliance on leverage to fund operations and suggests that interest coverage remains sensitive to fluctuations in operating income.
The company's reliance on debt to support its capital-intensive manufacturing footprint creates a vulnerable balance sheet that may struggle under sustained high interest rates. Investors should monitor the interest coverage ratio, which has shown extreme volatility, as any decline in project-based revenue could quickly impair the company's ability to service its existing debt obligations.
The price-to-earnings ratio is frequently misapplied to Bloom Energy, as the metric obscures the company's massive non-cash expenses and project-based revenue lumpy-ness, making it a poor indicator of the underlying economic health of the business model compared to more appropriate metrics like EV/Sales or cash-based valuation.
Because Bloom Energy is in a phase of heavy investment and relies on complex revenue recognition, GAAP earnings are often distorted by stock-based compensation and non-recurring financing adjustments. Analysts should instead focus on the company's ability to scale its 'always-on' power value proposition, as the P/E ratio fails to capture the strategic importance of its grid-arbitrage positioning.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying BE stock.
Bloom Energy Corporation's current P/E ratio is -797.4x. This places it at the 50th percentile of its historical range.
Bloom Energy Corporation's current EV/EBITDA is 579.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 76.1x.
Bloom Energy Corporation's return on equity (ROE) is -12.8%. The historical average is -126.2%.
Based on historical data, Bloom Energy Corporation is trading at a P/E of -797.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bloom Energy Corporation's current dividend yield is 0.00%.
Bloom Energy Corporation has 29.0% gross margin and 3.6% operating margin.
Bloom Energy Corporation's Debt/EBITDA ratio is 24.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.