Bloom Energy key statistics and ratios

In fiscal 2025, Bloom Energy had return on equity of -13.1%, an operating margin of 3.6%, debt equal to 348.5% of equity and a current ratio of 5.98. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bloom Energy: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	−49.6%	−4.5%	16.7%	12.4%	20.9%	20.3%	12.4%	14.8%	27.5%	29.0%	32.3%
Operating margin	−115.6%	−42.4%	−26.1%	−29.6%	−10.2%	−11.8%	−21.8%	−15.7%	1.6%	3.6%	14.8%
Net margin	−134.1%	−75.6%	−43.2%	−38.8%	−19.8%	−16.9%	−25.2%	−22.7%	−1.8%	−4.3%	13.6%
Free-cash-flow margin	−139.9%	−42.0%	−21.7%	14.4%	−17.2%	−11.4%	−25.7%	−34.2%	2.2%	2.8%	11.4%
Return on equity	—	—	—	—	—	—	—	−71.7%	−5.1%	−13.1%	38.5%
Return on assets	—	−22.6%	−19.9%	−21.2%	−11.2%	−10.3%	−16.4%	−13.9%	−1.1%	−2.5%	9.5%
Asset turnover	—	0.30	0.46	0.55	0.57	0.61	0.65	0.61	0.58	0.57	0.70
Current ratio	—	1.55	2.55	0.82	1.42	2.35	1.95	3.60	3.21	5.98	3.74
Debt to equity	—	—	—	—	668.6%	—	123.0%	172.7%	221.0%	348.5%	130.7%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	0.4x	1.4x	15.9x
Effective tax rate	—	—	—	—	—	—	—	—	—	—	0.7%
R&D as % of revenue	22.5%	14.0%	14.1%	13.3%	10.5%	10.6%	12.6%	11.7%	10.1%	9.2%	6.2%
Capital spending as % of revenue	4.3%	16.8%	7.1%	6.5%	4.8%	5.1%	9.7%	6.3%	4.0%	2.8%	6.6%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	—	—	84.0%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	4.4%	1.7%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Bloom Energy: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	38.3%	27.2%	26.7%	29.2%	30.8%	30.0%	33.4%	33.8%
Operating margin	18.3%	−5.8%	−0.9%	1.5%	11.3%	9.6%	17.1%	18.2%
Net margin	18.4%	−7.3%	−10.6%	−4.4%	0.3%	9.4%	18.4%	20.3%
Free-cash-flow margin	82.7%	−38.3%	−54.9%	1.4%	50.8%	6.3%	16.4%	−14.6%
Current ratio	3.21	3.44	4.99	4.40	5.98	5.03	4.09	3.74
Debt to equity	200.7%	195.6%	190.5%	173.4%	340.6%	282.4%	153.7%	128.1%
R&D as % of revenue	6.9%	12.5%	10.2%	9.4%	7.2%	7.6%	5.5%	5.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 6 checks passed · September 30, 2026

What it owns · $6.6bn

Short-term assets $5.2bnLonger-term assets $1.4bn

What it owes, and who funded it · $6.5bn

Short-term liabilities $1.4bnLonger-term liabilities $3.2bnShareholders' equity $1.9bn

Short-term assets cover short-term liabilities $5.2bn of assets due within a year against $1.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.2bn short-term assets against $3.2bn of longer-dated liabilities.
More cash than debt $2.5bn of cash against $2.5bn of debt.
Debt below 40% of shareholders' equity Debt is 128% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $691m of operating cash flow against $2.5bn of debt.
Operating profit covers interest at least five times over Operating income of $567m against $36m of interest.

From Bloom Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

18 /100

Weak moat

How hard Bloom Energy's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Cash operating profit has been a median -7.0% of total assets over 8 years.
Pricing power 3 / 20

Gross margin has been a median 18.5%, moving by 7.3 percentage points (standard deviation) across 9 years.
Durability 10 / 20

Operating margin has been a median -15.7%; its worst year was -38.9%.
Cash conversion 3 / 20

Free cash flow was positive in 3 of 9 years, at a median -19.2% of revenue.
Discipline 2 / 20

The diluted share count rose 80.0% over five years; stock-based pay has been a median 8.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Bloom Energy's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bloom Energy.