What is Bloom Energy Corporation (BE) worth?

Bloom Energy is the leader in solid‑oxide fuel cells. It sits at the inflection point from years of losses to profitability and positive free cash flow, underpinned by structural demand for behind‑the‑meter power delivery to AI data centres. The fundamentals are indeed accelerating: Q1'26 (quarter ended 2026‑03‑31) revenue of $751 million (+130% YoY), net profit of $70.65 million, diluted EPS $0.23, operating profit of $72.19 million, and a gross margin of around 30%. Trailing twelve‑month revenue already stands at approximately $2.45 billion.

The problem is not the company; it is the price. At the current share price, the market cap is about $62 billion and enterprise value around $72.5 billion—equivalent to roughly 25× TTM sales and approximately 270× EV/EBITDA. A reverse DCF reveals the price embeds a five‑year free cash flow CAGR of about 104%—a trajectory that is extremely hard to sustain for a hardware company dependent on customer project finance.

After incorporating the stronger‑than‑expected results into my model and raising FY2026/FY2027 revenue estimates, my probability‑weighted fair value is approximately $118 per share (a slight nudge up from my previous $115). Relative to fair value, the stock remains materially overvalued. Separately, the Hunterbrook short report of 8 July has triggered headlines questioning accounting and scandium supply; management has flatly denied the allegations. The Q2 earnings release on 28 July is the next critical checkpoint.

Probability‑weighted scenario approach (forward EV/sales), cross‑checked with a growth‑stage DCF and a reverse DCF.

Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.