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On October 13, 2025 Bloom Energy and Brookfield announced a strategic partnership committing up to $5.0 billion to deploy Bloom’s fuel-cell technology for AI data centers and to develop “AI factories.” On October 31, 2025 the company priced an upsized private offering of $2.2 billion aggregate principal amount of 0% convertible senior notes due 2030.
Technical Analysis
ADX at 27.47 indicates a strong directional regime; the directional indicators themselves show bearish pressure because DI+ decreased while DI- increased.
MACD registers 2.06 and trends downward while sitting below its 7.04 signal line, signaling contracting bullish momentum and a bearish momentum tilt in the near term.
MRO sits at 24.78 and trends downward; because MRO remains positive, the price trades above the model target and carries a measurable potential for a price decrease toward the target level.
RSI at 60.3 and trending lower shows momentum has faded from overbought-range strength and suggests room for further short-term consolidation or decline.
Price trades below short-term averages—20-day average $121.98, 12-day EMA $113.02, and 50-day average $101.92—while remaining well above the 200-day average $45.82; that alignment implies short-term weakness inside a longer-term uptrend.
Bollinger bands place the 1σ lower band at $103.54 and the 2σ lower band at $85.11; the current close of $93.38 sits below the 1σ lower band and above the 2σ lower band, consistent with a sharp, volatility-driven pullback rather than a simple trend change.
Short-term beta (42-day) at 5.29 and elevated volume (today’s 20.0M vs 10-day avg 15.9M and 200-day avg 9.6M) underline outsized short-term volatility and heavy trading interest that amplify directional moves over the coming weeks.
Fundamental Analysis
Total revenue for the period stands at $519.0M. Quarter-over-quarter revenue growth equals 27.25% while year-over-year revenue growth equals -19.36%.
Gross margin registers 29.22% with a reported year-over-year change of 22.627%, reflecting improved unit economics on product and service mix.
Operating income equals $7.85M and operating margin equals 1.51%, with operating-margin year-over-year change reported as 123.009%.
EBIT sits at -$8.23M and EBIT margin equals -1.59%, which falls well below the industry peer mean of 13.36% and the industry peer median of 19.20%.
EPS came in at $0.15 versus an estimate of $0.10, producing a 50% EPS surprise.
Balance-sheet liquidity shows $595.1M in cash and cash and short-term investments, a current ratio of 4.40 and a quick ratio of 2.88, supporting near-term operational flexibility. Cash conversion cycle equals 245.21 days, which sits above the industry peer mean of 102.25 days and reflects extended working-capital absorption relative to peers.
Leverage metrics include total debt $1.51B, net debt $537.3M, debt-to-equity 2.32x and debt-to-assets 57.36%; debt-to-assets sits near the upper end of the industry peer range. Interest expense totaled $14.39M and the interest-coverage ratio registers negative, reflecting limited coverage from operating earnings.
Free cash flow recorded $7.37M and free-cash-flow yield equals 0.042%, with reported free-cash-flow growth dynamics mixed versus prior periods.
Valuation summary: WMDST values the stock as over-valued based on the company’s current multiples and cash-flow metrics relative to growth and margin improvement pacing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-28 |
| NEXT REPORT DATE: | 2026-01-27 |
| CASH FLOW | Begin Period Cash Flow | $ 606.0 M |
| Operating Cash Flow | $ 19.7 M | |
| Capital Expenditures | $ -12.30 M | |
| Change In Working Capital | $ -62.19 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 21.0 M | |
| End Period Cash Flow | $ 627.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 519.0 M | |
| Forward Revenue | $ -122.85 M | |
| COSTS | ||
| Cost Of Revenue | $ 367.4 M | |
| Depreciation | $ 12.8 M | |
| Depreciation and Amortization | $ 12.8 M | |
| Research and Development | $ 48.7 M | |
| Total Operating Expenses | $ 511.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 151.7 M | |
| EBITDA | $ 4.6 M | |
| EBIT | $ -8.23 M | |
| Operating Income | $ 7.8 M | |
| Interest Income | $ 5.3 M | |
| Interest Expense | $ 14.4 M | |
| Net Interest Income | $ -9.10 M | |
| Income Before Tax | $ -22.62 M | |
| Tax Provision | $ 336.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -23.09 M | |
| Net Income From Continuing Operations | $ -22.96 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 50.0 % | |
| Forward EPS | $ 0.09 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.6 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 653.1 M | |
| Total Current Assets | $ 2.0 B | |
| Cash and Short-Term Investments | $ 595.1 M | |
| Cash | $ 595.1 M | |
| Net Receivables | $ 411.7 M | |
| Inventory | $ 705.0 M | |
| Long-Term Investments | $ 37.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 167.4 M | |
| Short-Term Debt | $ 1.4 M | |
| Total Current Liabilities | $ 466.0 M | |
| Net Debt | $ 537.3 M | |
| Total Debt | $ 1.5 B | |
| Total Liabilities | $ 2.0 B | |
| EQUITY | ||
| Total Equity | $ 653.1 M | |
| Retained Earnings | $ -3.99 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.76 | |
| Shares Outstanding | 236.357 M | |
| Revenue Per-Share | $ 2.20 | |
| VALUATION | Market Capitalization | $ 17.5 B |
| Enterprise Value | $ 18.4 B | |
| Enterprise Multiple | 4040.506 | |
| Enterprise Multiple QoQ | -729.168 % | |
| Enterprise Multiple YoY | 2906.786 % | |
| Enterprise Multiple IPRWA | BE: 4040.506 high: 238.157 median: 95.909 mean: 83.309 low: -194.359 |
|
| EV/R | 35.544 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.04 | |
| Asset To Liability | 1.346 | |
| Debt To Capital | 0.699 | |
| Debt To Assets | 0.574 | |
| Debt To Assets QoQ | -4.605 % | |
| Debt To Assets YoY | 1209.083 % | |
| Debt To Assets IPRWA | high: 0.576 BE: 0.574 median: 0.276 mean: 0.265 low: 0.002 |
|
| Debt To Equity | 2.317 | |
| Debt To Equity QoQ | -9.45 % | |
| Debt To Equity YoY | 774.926 % | |
| Debt To Equity IPRWA | BE: 2.317 high: 0.916 mean: 0.604 median: 0.596 low: 0.003 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 26.843 | |
| Price To Book QoQ | 96.241 % | |
| Price To Book YoY | 369.913 % | |
| Price To Book IPRWA | BE: 26.843 high: 15.938 mean: 8.176 median: 7.578 low: -2.447 |
|
| Price To Earnings (P/E) | 494.468 | |
| Price To Earnings QoQ | 103.555 % | |
| Price To Earnings YoY | -145.899 % | |
| Price To Earnings IPRWA | BE: 494.468 high: 276.29 median: 119.759 mean: 105.929 low: -111.167 |
|
| PE/G Ratio | 9.889 | |
| Price To Sales (P/S) | 33.775 | |
| Price To Sales QoQ | 66.623 % | |
| Price To Sales YoY | 353.302 % | |
| Price To Sales IPRWA | high: 80.184 BE: 33.775 median: 20.435 mean: 19.056 low: 1.381 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 548.89 | |
| Forward PE/G | 10.978 | |
| Forward P/S | -142.699 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.357 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.201 | |
| Asset Turnover Ratio QoQ | 28.61 % | |
| Asset Turnover Ratio YoY | 56.608 % | |
| Asset Turnover Ratio IPRWA | high: 0.411 BE: 0.201 mean: 0.183 median: 0.172 low: 0.002 |
|
| Receivables Turnover | 1.181 | |
| Receivables Turnover Ratio QoQ | 17.925 % | |
| Receivables Turnover Ratio YoY | 99.31 % | |
| Receivables Turnover Ratio IPRWA | high: 1.73 mean: 1.282 median: 1.266 BE: 1.181 low: 0.589 |
|
| Inventory Turnover | 0.527 | |
| Inventory Turnover Ratio QoQ | 16.626 % | |
| Inventory Turnover Ratio YoY | 15.603 % | |
| Inventory Turnover Ratio IPRWA | high: 2.805 mean: 0.986 median: 0.938 BE: 0.527 low: 0.265 |
|
| Days Sales Outstanding (DSO) | 77.238 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 245.206 | |
| Cash Conversion Cycle Days QoQ | -14.197 % | |
| Cash Conversion Cycle Days YoY | -19.217 % | |
| Cash Conversion Cycle Days IPRWA | high: 277.76 BE: 245.206 mean: 102.249 median: 88.63 low: -11.304 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.328 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -0.961 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 653.1 M | |
| Net Working Capital | $ 1.6 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.277 | |
| Current Ratio | 4.395 | |
| Current Ratio QoQ | -11.943 % | |
| Current Ratio YoY | 30.942 % | |
| Current Ratio IPRWA | high: 9.763 BE: 4.395 mean: 1.685 median: 1.358 low: 0.486 |
|
| Quick Ratio | 2.882 | |
| Quick Ratio QoQ | -10.214 % | |
| Quick Ratio YoY | 23.931 % | |
| Quick Ratio IPRWA | high: 6.355 BE: 2.882 mean: 1.1 median: 0.794 low: 0.29 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 331.445 | |
| Cost Of Debt | 0.749 % | |
| Interest Coverage Ratio | -0.572 | |
| Interest Coverage Ratio QoQ | -69.094 % | |
| Interest Coverage Ratio YoY | -528.197 % | |
| Interest Coverage Ratio IPRWA | high: 168.205 median: 20.03 mean: 14.202 BE: -0.572 low: -209.386 |
|
| Operating Cash Flow Ratio | 0.113 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 48.424 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.259 % | |
| Revenue Growth | 29.36 % | |
| Revenue Growth QoQ | 27.254 % | |
| Revenue Growth YoY | -1936.148 % | |
| Revenue Growth IPRWA | high: 42.205 % BE: 29.36 % mean: 1.218 % median: -0.569 % low: -42.452 % |
|
| Earnings Growth | 50.0 % | |
| Earnings Growth QoQ | -78.571 % | |
| Earnings Growth YoY | -160.0 % | |
| Earnings Growth IPRWA | high: 100.0 % BE: 50.0 % mean: 7.481 % median: 4.068 % low: -65.517 % |
|
| MARGINS | ||
| Gross Margin | 29.222 % | |
| Gross Margin QoQ | 9.454 % | |
| Gross Margin YoY | 22.627 % | |
| Gross Margin IPRWA | high: 44.059 % median: 38.28 % mean: 37.519 % BE: 29.222 % low: -10.983 % |
|
| EBIT Margin | -1.586 % | |
| EBIT Margin QoQ | -76.197 % | |
| EBIT Margin YoY | -333.923 % | |
| EBIT Margin IPRWA | high: 21.612 % median: 19.204 % mean: 13.357 % BE: -1.586 % low: -667.042 % |
|
| Return On Sales (ROS) | 1.512 % | |
| Return On Sales QoQ | -273.196 % | |
| Return On Sales YoY | 123.009 % | |
| Return On Sales IPRWA | high: 22.513 % median: 19.562 % mean: 14.682 % BE: 1.512 % low: -654.394 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.4 M | |
| Free Cash Flow Yield | 0.042 % | |
| Free Cash Flow Yield QoQ | -101.55 % | |
| Free Cash Flow Yield YoY | -101.234 % | |
| Free Cash Flow Yield IPRWA | high: 5.261 % median: 0.821 % mean: 0.775 % BE: 0.042 % low: -10.764 % |
|
| Free Cash Growth | -103.344 % | |
| Free Cash Growth QoQ | -235.324 % | |
| Free Cash Growth YoY | 86.774 % | |
| Free Cash Growth IPRWA | high: 286.648 % median: 63.827 % mean: 51.797 % BE: -103.344 % low: -374.035 % |
|
| Free Cash To Net Income | -0.319 | |
| Cash Flow Margin | 10.145 % | |
| Cash Flow To Earnings | -2.28 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.894 % | |
| Return On Assets QoQ | -46.112 % | |
| Return On Assets YoY | 56.567 % | |
| Return On Assets IPRWA | high: 4.781 % median: 2.489 % mean: 1.272 % BE: -0.894 % low: -36.697 % |
|
| Return On Capital Employed (ROCE) | -0.379 % | |
| Return On Equity (ROE) | -0.035 | |
| Return On Equity QoQ | -50.67 % | |
| Return On Equity YoY | 3.574 % | |
| Return On Equity IPRWA | high: 0.114 median: 0.054 mean: 0.045 BE: -0.035 low: -0.583 |
|
| DuPont ROE | -3.702 % | |
| Return On Invested Capital (ROIC) | -0.364 % | |
| Return On Invested Capital QoQ | -70.237 % | |
| Return On Invested Capital YoY | -21.552 % | |
| Return On Invested Capital IPRWA | high: 7.515 % mean: 3.958 % median: 3.608 % BE: -0.364 % low: -10.193 % |
|