Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 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

Safe

Financial health

14.4

Distress distance

Clean

Earnings quality

Forensic signals

10686.6

P / E (ttm)

-11.5%

ROE

$64.6B

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). 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 and rising from -19% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+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

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.