Bloom Energy Corp

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 1✗ 27▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio60.0x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value1.0%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.0%, ROC=30.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)405.0x

  ✗Dreman< 8x

  Price / Book Value per Share60.0x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=0.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=60.0x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share807.0x

  ✗Ackman<= 25

  Price vs. Trailing Low1048% of trailing low ($18.32)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+0.92%; #3005/6340 (top 47.4%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.0341; #5067/6449 (top 78.6%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share60.05x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+462.7%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.0675; #4476/5247 (top 85.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+0.77%; #2432/4519 (top 53.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+15.17%; #1593/6202 (top 25.7%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models0% pass✗ 2▾

  BE overvalued: all 2 models price fair value below $191.99 (median $5.38)

  Munger fair value$4.33

  ✗Munger-4333.9% margin vs $191.99

  Ackman fair value$6.43

  ✗Ackman-2885.8% margin vs $191.99
• Profitability6% pass✓ 9✗ 26▾

  15 of 16 flag BE's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)0/10 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)0/10 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-73.0%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)3.6% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE27.1%

  ✓Lynch> 15%

  EBIT / Enterprise Value1.0%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.0%, ROC=30.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-1.98%

  ✗PiotroskiROA > 0

  ROA Change YoY-1.02% -> -1.98% (delta: -0.96%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=2.59%, ROA=-1.98%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY27.5% -> 29.0%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue13.8%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity27.1%

  ✓Dreman> 12%

  Margin of SafetyP/B=60.0x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-25.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue14.8%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity27.1%

  ✓Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-15.7% (2023) -> 3.6% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 14.8% -> 29.0%, operating margin -15.7% -> 3.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+0.92%; #3005/6340 (top 47.4%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+18.84%; #2129/3702 (top 57.5%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+27.06%; #532/5226 (top 10.2%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0572; #2745/5884 (top 46.7%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years0/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Debt & Leverage8% pass✓ 4✗ 11▾

  11 of 12 flag BE's debt & leverage — Buffett, Lynch, Piotroski +8 more

  LT Debt vs Net Current AssetsLT Debt $2.5B vs NCA $3.8B

  ✓GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.28, IC: 29.7x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.28

  ✗Lynch< 0.33

  Cash - Long-term Debt$13.2M

  ✓LynchPositive preferred

  LT Debt / Total Assets Change38.17% -> 59.45%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities3.74

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.28

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.28

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=1.9x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.28

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.2812; #3477/4210 (top 82.6%)

  ✗AsnessTop 30% of eligible cross-section
• Growth13% pass✓ 4✗ 9▾

  7 of 8 flag BE's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 31.6% vs Rev: 110.6%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$-27.84 (2016) -> $-0.37 (2025)

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency0/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth11.2%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 14.8% -> 29.0%, operating margin -15.7% -> 3.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR20.6%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Verdicts13% pass✓ 2✗ 14▾

  Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (4/7)✗GreenblattRank #1438✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✓AckmanPASS (5/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1238/2370 (Top 52.2%))✗NeffFAIL (3/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Cash Flow30% pass✓ 4✗ 8▾

  7 of 10 flag BE's cash flow — Buffett, Dreman, Pabrai +4 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing$436.7M

  ✓LynchPositive and growing

  Operating Cash Flow$113.9M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=2.59%, ROA=-1.98%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)405.0x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=0.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive3/10 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap0.9%

  ✗Ackman>= 4%

  Price / FCF per Share807.0x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency3/10 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$436.7M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+0.77%; #2432/4519 (top 53.8%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency38% pass✓ 4✗ 7▾

  5 of 8 flag BE's efficiency — Buffett, Piotroski, Munger +2 more

  Current Ratio3.74

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)-34.3%

  ✗Buffett> 10%

  ROIC - WACC-44.3%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)30.3%

  ✓Greenblatt> 25%

  Current Ratio Change YoY3.21 -> 5.98

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.55x -> 0.46x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities3.74

  ✓Dreman> 1.5

  Return on Invested Capital10.2%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-12.2%; FY2024: ROIC=1.1%; FY2025: ROIC=1.7%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 1.7%)

  ✗SleepROIC > 12% in a majority of years