Bloom Energy Corp (BE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 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
Safe
Financial health
14.4
Distress distance
Clean
Earnings quality
3
Forensic signals
319.4
P / E (ttm)
-11.5%
ROE
$81.1B
Market cap
0.00%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 14.4, placing it in the Safe 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, against -9% in FY2021, having run between -19.1% and 4.3% across FY2021–FY2025 with no direction held — well below the ~9% cost of capital we hold this sector to, and it has been across FY2018–FY2025, so reinvested dollars have not been earning their keep. The capital base behind it grew +31% across FY2021–FY2025, from $1.0B to $1.3B, and the return did not fall doing it, so the dollars added over that window earned at least the -9% the older base was already earning.
+8.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +29% over the last 3 years to FY2025 (+8.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.9% 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 FY2022 has been diluted ~23%.
-35%
FY2024→FY2025
Dividend — cut.The payout was CUT ~35% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2019, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.
Key fundamentals
Latest Revenue$2.02B
Revenue Growth YoY+37.3%
Revenue CAGR (3yr)+19.1%
Net Margin-4.4%
Free Cash Flow$57.2M
Return on Equity-11.5%
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?