Bloom Energy discounted 2028 enterprise valuation

Bloom Energy Corporation (BE)
By@hypertonx
Assumptions as of 2026-08-05
USD
Updated Aug 5, 2026 · Revised 1 time
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Bloom Energy discounted 2028 enterprise valuation

Scenario valuation of Bloom Energy based on FY2028 revenue and normalized EBITDA, discounted to August 5, 2026. The model blends EV/revenue and EV/EBITDA to reflect Bloom's rapid growth while requiring operating-profit conversion. Normalized EBITDA is intended to include recurring stock compensation rather than relying on management's adjusted EBITDA. The Brookfield framework supports the demand case but is not treated as contracted revenue. Fully diluted shares are used to capture convertible and equity compensation dilution.

as of 2026-08-05

Fair value
$128.42
Upside/downside
-45.8%
FY2028 revenue
$7.1k
FY2028 normalized EBITDA
$1.5k
FY2028 blended enterprise value
$53.9k
Present enterprise value
$42.0k
Implied equity value
$41.7k
Market-implied FY2028 EV/revenue
14.0
Market-implied FY2028 EV/EBITDA
66.7

Capital structure

325.00M shares
$250.0$M

Market

236.88$/share

Operating forecast

40.0%
25.0%
21.0%
$4.1k$M

Valuation

11.0%
32.00x
8.50x

Sources

  1. Bloom reported Q2 2026 revenue of $1.065B, 34.3% non-GAAP gross margin, $239.6M non-GAAP operating income, $253.4M adjusted EBITDA, $226.4M operating cash flow, and raised FY2026 guidance to $3.9B-$4.2B revenue, about 34% non-GAAP gross margin, $800M-$900M non-GAAP operating income, and $2.55-$2.85 non-GAAP EPS. — sec.gov (accessed 2026-08-05)
  2. At June 30, 2026 Bloom reported $2.667B cash and cash equivalents, $2.475B recourse debt, $206.5M financing obligations, 293.4M common shares outstanding, and 323.3M Q2 diluted weighted-average shares. — sec.gov (accessed 2026-08-05)
  3. The Q2 2026 Form 10-Q/A disclosed $442.4M of unsatisfied product and installation performance obligations and $51.7M of deferred service-contract obligations, with the product and installation amount expected to be recognized within 1-2 years. — sec.gov (accessed 2026-08-05)
  4. Management said on the Q2 call that all major U.S. hyperscalers and over a dozen U.S. neoclouds, AI labs, and colocation operators have validated Bloom's power solutions, that backlog is growing faster than revenue, and that FY2026 guidance is not dependent on a single project. — seekingalpha.com (accessed 2026-08-05)
  5. Brookfield expanded its prospective financing framework for qualifying Bloom-powered AI infrastructure projects from $5B to $25B; the framework is not modeled as backlog or guaranteed revenue. — investor.bloomenergy.com (accessed 2026-08-05)
  6. BE reference share price was $236.88 at 19:51 UTC on August 5, 2026. — finance.yahoo.com (accessed 2026-08-05)

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