Bloom Energy Corp - Ordinary Shares - Class A
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+ FollowMarket Cap$51.2B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Q3 performance was record-breaking; strong operating leverage
- Revenue $1.24B, up 138% YoY (and +16% sequentially).
- Operating income $286M, up >500% YoY (and +19% sequentially).
- Operating margin 23.1% vs 8.9% a year ago; driven by revenue growing far faster than operating expenses (OpEx +26% YoY).
- Product revenue $1.07B (system deliveries/acceptances), up 179% YoY; service and installation revenues grew more moderately.
- Gross margin improving: Total gross margin 34.5% (+412 bps YoY); product gross margin 38.4% (+250 bps YoY).
Company raised 2026 guidance again (clear demand/visibility improvement)
- Full-year revenue outlook raised to $4.4B–$4.6B (implies about ~122% YoY growth at midpoint).
- Full-year non-GAAP operating income raised to $960M–$1.03B (midpoint implies ~22% operating margin vs 14% at midpoint of the February outlook).
- Non-GAAP diluted EPS raised to $3.10–$3.40.
- Gross margin outlook maintained around ~34% (despite higher revenue), suggesting confidence but also that margin expansion is being managed amid ramp/mixture factors.
Cash flow: near-term headwind but management expects self-funded growth
- Q3 cash flow from operations was a use of $27M (notably due to working capital build: inventory, contract assets, receivables).
- Free cash flow (FCF) was -$181M in Q3, but FCF YTD was +$42M.
- Balance sheet: ended quarter with ~$2.5B cash.
- CFO emphasized the business is “self-funding”: operating cash generation should reduce dependence on external capital over time (important for execution risk).
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$-13.89
107.2% downside
Current Fair Value
107.2% downsideOvervalued by 107.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $51.20 Billion |
|---|---|
| Enterprise Value | $51.77 Billion |
| Earnings per Share | $-0.37 |
| Beta | 3.64 |
| Outstanding Shares | 294,757,000 |
Return
| Return on Equity | 26.82% |
|---|---|
| Return on Assets | 7.89% |
| Return on Invested Capital | 10.65% |
Valuation & Multiples
| P/E Ratio | 97.1 |
|---|---|
| PEG | -8.2 |
| Price to Sales | 16.0 |
| Price to Book Ratio | 32.0 |
| Enterprise Value to Revenue | 13.52 |
| Enterprise Value to EBIT | 93.83 |
| Enterprise Value to Net Income | 99 |
| Total Debt to Enterprise | 0.06 |
| Debt to Equity | 1.58 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$0.68
Consensus analyst estimateRevenue Estimate
$1.06 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$1.07
Consensus analyst estimateRevenue Estimate
$1.42 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.91, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.9130▼ 66.10% |
|---|---|
| Total Calls | 1,164,800▼ 95.32% |
| Total Puts | 1,063,500▼ 97.29% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 10.26%▼ 70.85% |
|---|---|
| Total Invested | $8.16B▼ 88.36% |
| Investors Holding | 721▼ 675.00% |
About Bloom Energy Corp
CEO: KR Sridhar
