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Priced above base case
What is Bloom Energy Corporation (BE) worth?
Currently $226.26 — above the base case ($105.00) · ● live
High-growth
low confidence in the point estimate
— for this profile, read the range & what the price implies, not the single number
● live · as of 2026-07-21 21:28 · Market cap $69.2B
As of 2026-07-15, Bloom Energy Corporation (BE) looks overvalued. Dolphy estimates a fair value of $115.00 versus a current price of $226.26 — a 97% premium to fair value.
Executive summary
Bloom Energy makes solid-oxide fuel-cell 'Energy Servers' that generate on-site electricity from natural gas, biogas or hydrogen without combustion, plus electrolyzers for hydrogen. The investment story is simple: AI data centers need power fast, and grid interconnection queues are years long — Bloom can deploy behind-the-meter power in months. That narrative has taken the stock up ~12x, to a $69B market cap on ~$2.4B TTM revenue.
The fundamentals have genuinely inflected: Q1 2026 revenue of $751M was +130% YoY, gross margin ~30%, operating income $72M and net income $71M ($0.23 diluted EPS) — the first clean quarter of profitability at scale. TTM revenue is ~$2.45B with ~$230M FCF. This is no longer a cash-burning science project.
The problem is price, not business quality. At $243 the market pays ~20x FY2027E sales and ~290x EBITDA; a reverse-DCF requires ~108% FCF growth for five years to justify the quote. My probability-weighted fair value is ~$115. A July-2026 short report from Hunterbrook attacking supply-chain and accounting claims (which management flatly rejects) adds headline risk to an already 3.7-beta stock. Great theme, richly-owned stock, poor entry.
How we value it
Probability-weighted scenarios (forward EV/sales) cross-checked with DCF and reverse-DCF
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About Bloom Energy Corporation
Bloom Energy Corporation designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation in the United States and internationally. It offers Bloom Energy Server, an energy server platform to convert fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through a non-combustion electrochemical process. The company also provides Bloom Electrolyzer for producing hydrogen. It sells its products through direct and indirect sales channels to utilities, data centers, retail, healthcare, education, telecom, manufacturing, and other industries. The company was formerly known as Ion America Corp. and changed its name to Bloom Energy Corporation in 2006. Bloom Energy Corporation was incorporated in 2001 and is headquartered in San Jose, California.
Frequently asked questions
Is BE a buy?
As of 2026-07-15, Bloom Energy Corporation (BE) looks overvalued. Dolphy estimates a fair value of $115.00 versus a current price of $226.26 — a 97% premium to fair value.
What is BE's fair value?
Dolphy's estimated fair value for Bloom Energy Corporation (BE) is $115.00, versus a current market price of $226.26.
Is BE overvalued or undervalued?
Bloom Energy Corporation (BE) currently looks overvalued — trading at a 97% premium to Dolphy's estimated fair value of $115.00.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.