Bloom Energy Corporation
BE Industrials Electrical Equipment & Parts
Bloom Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, up 37.3% from fiscal 2024. In the quarter to June 2026, revenue grew 165.5%, EPS grew 477.8%, free cash flow grew 179.4% and total debt rose 93.9%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years.
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Bloom Energy Corporation (BE) Beneish M-score
Bloom Energy Corporation's Beneish M-score for fiscal 2025 is −2.70; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.70 | 0.29 |
| FY2024 | −2.98 | (0.69) |
| FY2023 | −2.29 | (1.08) |
| FY2022 | −1.21 | 1.57 |
| FY2021 | −2.79 | (1.21) |
| FY2020 | −1.58 | 2.49 |
| FY2019 | −4.07 | (1.27) |
| FY2018 | −2.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.74 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 1.37 | — | 1.22 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.05) | — | −0.21 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.70 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ATKR Atkore Inc. compare | −3.1× |
| ENS Enersys compare | −2.9× |
| AYI Acuity, Inc. compare | −2.7× |
| BE Bloom Energy Corporation | −2.7× |
| HUBB Hubbell Inc compare | −2.5× |
| VRT Vertiv Holdings Co. compare | −2.4× |
| AEIS Advanced Energy Industries, Inc. compare | −2.4× |
| POWL Powell Industries, Inc. compare | −2.4× |
| NVT nVent Electric PLC compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI
More on BE
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- Net margin
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- P/E ratio
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- EV/FCF
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- Return on invested capital
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- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- The full statement