Key Stats for Bloom Energy Stock
- Current Price: $193.30
- Target Price (Mid): ~$657
- Street Target: ~$287
- Potential Total Return: ~240%
- Annualized IRR: ~34% / year
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What Happened?
Bloom Energy (BE) carried a forward P/E of around 78x on September 30. At the October 23 close of $193.30, it was around 40x. Two moves did the work in roughly equal measure: the stock fell 30.2%, and TIKR’s next-twelve-months normalized EPS figure rose from around $3.50 to around $4.90.
AI power stocks sold off on October 22 as Meta Platforms’ (META) results reignited AI spending concerns, and Bloom closed at $217.77 before its report. It fell another 11.24% on October 23 despite record quarterly revenue of $1.24 billion and a third 2026 guidance raise, while GE Vernova (GEV) slipped 1.50%. Coverage tied the drop to a $27 million operating cash outflow, which TIKR covered that day, plus valuation and broader AI sentiment.
Q3 Operating Income Topped All of 2025, Which Is Why Estimates Rose
Product revenue crossed $1 billion for the first time. Non-GAAP operating income reached $285.7 million, up more than 500%, while non-GAAP operating expenses grew 26% against revenue growth of 138.1%. Non-GAAP operating margin hit 23.1%, and Q3 operating income alone exceeded Bloom’s total for all of 2025.
“That is the operating leverage embedded in our model now showing up in the results,” CFO Simon Edwards said on the October 22 call. Non-GAAP product gross margin rose 120 basis points from Q2 to 38.4%, even as Bloom ramped new lines and expedited deliveries. Management raised non-GAAP operating income guidance to $960 million to $1.03 billion.
Bloom funded $231 million of year-to-date capex from operations and ended September with $2.5 billion of cash, though its convertible notes leave TIKR’s LTM net debt at $299.89 million. At around 40x forward earnings, the stock now trades about level with GE Vernova’s around 39x on TIKR’s Competitors page. The Street models Bloom’s revenue compounding around 86% a year from 2025 to 2027.
TIKR tracks 29 analysts on Bloom Energy. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Bloom Energy, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Bloom Energy’s Analyst Ratings
Sridhar Is Already Preparing for Life After 5 Gigawatts
Asked why Bloom is expanding in Fremont now, CEO K.R. Sridhar said the 5-gigawatt milestone is in sight, and Bloom must prepare for what follows. He described adding capacity as a dial, not a step, and said Bloom will “never go past our headlights.”
Speed is the selling point. Sridhar said Bloom secured planning approvals for Nebius Group (NBIS) in New Jersey within three months of signing, and had the first block of power ready two months later. Utilities are another channel. On October 14, American Electric Power (AEP) announced plans to invest around $4 billion in a 702-megawatt fuel cell plant near Cheyenne, Wyoming. The plant will use Bloom technology to serve Google, owned by Alphabet (GOOGL), and is expected to be fully operational by the end of 2028. Bloom already had an agreement to supply AEP with up to 1 gigawatt of fuel cells.
Two signals temper that. Street estimates put Q1 2027 revenue at around $1.43 billion, flat with the Q4 2026 estimate. That figure comes from fewer analysts, and Q1 2026 revenue of $751.05 million also trailed Q4 2025’s $777.68 million. Sridhar said backlog is growing faster than revenue but declined to size it. Price targets split after the report: JPMorgan cut to $292, BTIG to $250 and Roth to $230, while Morgan Stanley raised to $335, per TheFly.
TIKR Advanced Model Analysis
- Current Price: $193.30
- Target Price (Mid): ~$657
- Potential Total Return: ~240%
- Annualized IRR: ~34% / year
TIKR’s mid case serves as the central scenario here, not a forecast. It reaches around $657 by December 31, 2030, more than twice the Street’s 12-month mean target of around $287, which covers a much shorter horizon. For scale, the nine analysts forecasting 2030 put revenue at around $14.4 billion, up from $2.02 billion in 2025, with normalized net income margin near 31%.
Revenue depends on hyperscaler and neocloud deliveries plus the utility channel. Margin depends on the operating leverage Q3 showed. The primary risk is growth slowing before margins finish expanding. Over 12 months, the Street mean sits about 48% above the close, and the Street’s $97 low sits about 50% below it.
Conclusion
Bloom set its 2026 outlook in February and reported Q4 2025 on February 5, 2026. Asked about backlog growth on the October 22 call, Sridhar said Bloom will give “exact guidance” at the start of the year. A 2027 revenue outlook at or above the Street’s roughly $7 billion would suggest a 40x multiple is pricing a business still compounding. A lower range would argue the reset has further to run.
So what is Bloom Energy stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
