Forensic Analysis · Electrical Equipment · as of Nov 9, 2026
Bloom Energy Corp (BE)
A forensic read on Bloom Energy Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-13.3%
ROE
37.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Bloom Energy Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.3%
FY2025
Return on invested capital.Return on invested capital is 4.3% in the latest fiscal year and rising across FY2023–FY2025 from -12.9%. After-tax operating profit was ($165M) in FY2023 and $58M in FY2025, with operating income at -15.7% of revenue in FY2023, 1.6% in FY2024 and 3.6% in FY2025. The capital base behind it went from $1.3B in FY2023 to $1.3B in FY2025 (+4%), while the revenue it carried went from $1.3B to $2.0B. FY2023's operating profit carried a $130M asset write-down and a $9M restructuring charge that alone took about 8.6 points off that year's return, so about 8.6 of the 17.2-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. A non-cash write-down lowers the reported return in the year it lands.
+6.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +13% over the last 2 years to FY2025 (+6.3%/yr). The count is growing — 212.7M shares in FY2023, 240.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~12%.
6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 6% of revenue and 228% of free cash flow in FY2025 — about $0.54 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.3% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.02B
Revenue Growth YoY+37.3%
Revenue CAGR (2yr)+23.2%
Net Margin-4.4%
Free Cash Flow$57.2M
Return on Equity-13.3%
Debt / Equity3.41x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Bloom Energy Corp's actual 10-K/10-Q/8-K filings?