BEBloom Energy Corp
Electrical Industrial Apparatus
- Revenue
- $2.0B
- 39% YoY
- Operating margin
- 3.6%
- 129% YoY
- EBITDA
- $123M
- 62% YoY
- Market cap
- $60.0B
- Employees
- 2,000
- $1M revenue each
- Net debt / EBITDA
- -0.1×
- −$10M net debt
- AI in 10-K
- 8.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo9% of revenueOver 10% of revenue
- Payouts exceed cash flowNo1% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentYes77% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 75th pctBottom quartile of its SIC industry
- Quiet on AINo8.2 per 10K words · 90th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.1× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$60.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$165M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $907M | $1.1B | $1.3B | $1.4B | $2.0B | 39% |
| Operating income | −$115M | −$261M | −$209M | $23M | $73M | 218% |
| Net income | −$164M | −$302M | −$302M | — | — | |
| Operating cash flow | −$61M | −$192M | −$373M | $92M | $114M | 24% |
| Capex | $50M | $117M | $84M | $59M | $57M | 3.6% |
| Dividends | — | $0 | $0 | $1M | $947K | 35% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 20, 2025 | SK ecoplant Co., Ltd. | SCHEDULE 13D/A | 4.7% | Passive |
| Aug 18, 2025 | SK ecoplant Co., Ltd. | SCHEDULE 13D/A | 4.7% | Passive |
| Jul 14, 2025 | SK ecoplant Co., Ltd. | SCHEDULE 13D/A | 5.8% | Passive |
| Oct 3, 2023 | SK ecoplant Co., Ltd. | SC 13D/A | 10.5% | Passive |
| Apr 19, 2023 | SK ecoplant Co., Ltd. | SC 13D/A | 11.5% | Passive |
| Mar 24, 2023 | SK ecoplant Co., Ltd. | SC 13D/A | 11.5% | Active |
| Mar 14, 2023 | SK ecoplant Co., Ltd. | SC 13D/A | 11.5% | Passive |
| Dec 12, 2022 | SK ecoplant Co., Ltd. | SC 13D/A | 11.6% | Passive |
| Oct 4, 2022 | SK ecoplant Co., Ltd. | SC 13D | 11.5% | Passive |
| Nov 23, 2021 | NEW ENTERPRISE ASSOCIATES 10 L P | SC 13D/A | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $165M · 56
- Net
- −$165M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $416M | 303 | 66 |
| FY2024 | $45M | $40M | 77 | 50 |
| FY2023 | $2M | −$3M | 52 | 61 |
| FY2022 | $3M | −$2M | 67 | 68 |
| FY2021 | $34M | $45M | 77 | 97 |