BLOOM ENERGY CORPORATION
BE · Industrials · FY2025 filings · No moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $907M to $2.0B, increasing; diluted EPS -0.95 to -0.37, increasing.
Median gross margin 17.0% over 10y, variable.
Median ROIC -28.6%, above the 12% hurdle in 0% of years.
Net debt/EBITDA 1.4x, interest coverage 1x.
Owner earnings trend unclear, share count n/a.
Price vs. conservative owner-earnings floor
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Owner earnings (normalized)
- Not reported
- Owner-earnings floor / share
- Unavailable — insufficient owner-earnings data
- Capped-growth comparison / share
- Unavailable — insufficient growth-model data
- Recent price
- $184.89
- Price vs. owner-earnings floor
- No price data
This floor assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Cohort context: median current price is 239% above the floor across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or floor: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth floor 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
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 $209M (FY2016) to $2.0B (FY2025) — about 28.6% a year compounded over 9 years.
It earned 6.1% on invested capital in the latest filed year, FY2025. Across the full 7-year measurable filed record, median ROIC was −28.6%. Over the v3 recent window (7 measurable filed years), median ROIC was −28.6%. 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 36/100.
Put together: Business Trend is the strongest of the five filters (60/100) and Returns on Capital the weakest (0/100), which is how BE lands at 29/100 — 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.
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
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How BLOOM ENERGY CORPORATION’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored BE on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, BE did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Industrials context
#348 of 428 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #346SONO SONOS, INC.28.9 out of 100, No moatNo moat
- #347AVT AVNET, INC.28.7 out of 100, No moatNo moat
- #349JTAI Jet.AI Inc.28.6 out of 100, No moatNo moat
- #350ARTW ARTS WAY MANUFACTURING CO INC28.2 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) 28.7 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 3, returns on capital 0, balance-sheet safety 36, capital discipline 44.
- How has BE's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 28.7 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.