Bloom Energy shares closed at $239.34 on October 14, about 31% below the June 22 record of $345.85. The stock is still up almost 1,000% in five years, as AI data centres turn to its fuel cells for on-site power. Revenue rose 37% in 2025 to $2.02 billion. Second-quarter revenue jumped 166% to $1.07 billion, and management expects $3.9 billion to $4.2 billion for 2026. One analyst forecasts revenue of about $12 billion in 2030, with adjusted earnings of roughly $7.75 a share. At 30 times earnings, that implies a price near $230, about 4% below today's level. If margins hold near 21% and taxes rise, the price could fall to about $180. A short-seller's July report questioning Bloom's accounting, which the company rejected, adds risk.

Bloom Energy shares trade at 177.5 times adjusted earnings for the past twelve months. Against consensus profit forecasts, the multiple falls to 114.5 times for fiscal 2026 and 63.0 times for fiscal 2027. Buyers are betting on higher sales and fatter margins. Analysts expect revenue to grow 67.4% from fiscal 2026 to fiscal 2027, and net income to rise 81.7%. Revenue already jumped 91.0% over the past twelve months, and the second quarter of fiscal 2026 was the first with more than $1 billion in revenue, driven by data centre deliveries. On July 28, 2026, the company raised its fiscal 2026 revenue outlook to a midpoint of $4.05 billion. Margin is the likeliest miss. Net margin was 7.2% in fiscal 2025, but consensus needs 16.0% in fiscal 2026 and 17.3% in fiscal 2027. Project delays or slower AI spending could also push sales into later periods.

Bloom Energy and NextEra Energy offer investors very different bets on clean power, according to a comparison of their FY 2025 results. Bloom, which makes on-site fuel cell systems for data centres, grew revenue 37.3% to nearly $2.0 billion. It posted a net loss of about $88.4 million and free cash flow of roughly $57.2 million. NextEra, which runs Florida Power & Light and a large renewables business, reported revenue of about $27.5 billion, up 11%. Net income was nearly $6.8 billion, and free cash flow was almost $3.2 billion. NextEra trades at a forward price-to-earnings ratio of 19.1x against Bloom's 107.9x, and pays a 3.2% dividend. Bloom pays none.