Does BLOOM ENERGY CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores BLOOM ENERGY CORPORATION (BE) 14.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 3, returns on capital 0, balance-sheet safety 23, capital discipline 44.

How has BE's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 14.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

BLOOM ENERGY CORPORATION

BE · Industrials · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power3

Median gross margin 17.0% over 10y, variable.

Returns on capital0

Median ROIC -28.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety23

Net debt/EBITDA 2.3x, interest coverage 1x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $214.96
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

11 years of fundamentals

The business, in plain English

BLOOM ENERGY CORPORATION booked $2.0B of revenue in FY2025 in the Industrials sector and kept 29.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, −4.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $208.5M (FY2016) to $2.0B (FY2025) — about 28.6% a year compounded over 9 years.

It earned 6.1% on invested capital in FY2025, with a median of −28.6% across 7 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $2.6B of total debt in FY2025. Balance-Sheet Safety scores it 23/100.

Put together: Capital Discipline is the strongest of the four filters (44/100) and Returns on Capital the weakest (0/100), which is how BE lands at 14/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.0B FY2025

Gross marginRevenue kept after cost of goods29.3% FY2025

Return on invested capitalOperating profit on the capital employed6.1% FY2025

Owner earningsCash an owner could take out−$143.9M FY2025

Gaps in a line mean that item isn’t in BE’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale14.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BE has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#288 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#286RRX REGAL REXNORD CORP14.4 out of 100, No moatNo moat
#287SGLA SINO GREEN LAND CORPORATION14.4 out of 100, No moatNo moat
#289FCEL FUELCELL ENERGY INC14.3 out of 100, No moatNo moat
#290OLOX OLENOX INDUSTRIES INC.14.3 out of 100, No moatNo moat

Compare BE with its nearest peers →All Industrials companies on the Index →

Common questions about BE

Does BLOOM ENERGY CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores BLOOM ENERGY CORPORATION (BE) 14.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 3, returns on capital 0, balance-sheet safety 23, capital discipline 44.
How has BE's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 14.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BE. See the disclaimer.