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Side-by-side financial comparison of Bloom Energy Corp (BE) and FUELCELL ENERGY INC (FCEL). Click either name above to swap in a different company.
Bloom Energy Corp is the larger business by last-quarter revenue ($772.8M vs $55.0M, roughly 14.0× FUELCELL ENERGY INC). Bloom Energy Corp runs the higher net margin — 0.2% vs -54.3%, a 54.5% gap on every dollar of revenue. On growth, Bloom Energy Corp posted the faster year-over-year revenue change (36.3% vs 11.5%). Bloom Energy Corp produced more free cash flow last quarter ($395.1M vs $-23.9M). Over the past eight quarters, Bloom Energy Corp's revenue compounded faster (84.9% CAGR vs 81.6%).
KR Sridhar is an Indian American engineer, inventor, professor, and entrepreneur. He is the founder, chairman, and chief executive officer (CEO) of Bloom Energy. Prior, Sridhar was a professor of Aerospace and Mechanical Engineering and the Director of the Space Technologies Laboratory (STL) at the University of Arizona. He worked with and advised NASA, and is a member of the National Academy of Engineering.
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
BE vs FCEL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $772.8M | $55.0M |
| Net Profit | $1.4M | $-29.9M |
| Gross Margin | 31.0% | -12.1% |
| Operating Margin | 11.3% | -51.5% |
| Net Margin | 0.2% | -54.3% |
| Revenue YoY | 36.3% | 11.5% |
| Net Profit YoY | -98.6% | 27.9% |
| EPS (diluted) | $99.91 | $-0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $772.8M | $55.0M | ||
| Q3 25 | $513.3M | $46.7M | ||
| Q2 25 | $396.3M | $37.4M | ||
| Q1 25 | $319.3M | $19.0M | ||
| Q4 24 | $567.0M | $49.3M | ||
| Q3 24 | $321.8M | $23.7M | ||
| Q2 24 | $326.5M | $22.4M | ||
| Q1 24 | $226.1M | $16.7M |
| Q4 25 | $1.4M | $-29.9M | ||
| Q3 25 | $-23.0M | $-91.7M | ||
| Q2 25 | $-42.2M | $-38.0M | ||
| Q1 25 | $-23.4M | $-28.3M | ||
| Q4 24 | $105.2M | $-41.4M | ||
| Q3 24 | $-14.6M | $-32.7M | ||
| Q2 24 | $-61.2M | $-32.1M | ||
| Q1 24 | $-56.5M | $-19.8M |
| Q4 25 | 31.0% | -12.1% | ||
| Q3 25 | 29.5% | -11.0% | ||
| Q2 25 | 27.0% | -25.2% | ||
| Q1 25 | 27.8% | -27.4% | ||
| Q4 24 | 38.7% | -22.1% | ||
| Q3 24 | 24.5% | -26.2% | ||
| Q2 24 | 21.0% | -31.6% | ||
| Q1 24 | 16.8% | -70.2% |
| Q4 25 | 11.3% | -51.5% | ||
| Q3 25 | 1.5% | -204.0% | ||
| Q2 25 | -0.9% | -95.7% | ||
| Q1 25 | -6.0% | -172.9% | ||
| Q4 24 | 18.5% | -83.2% | ||
| Q3 24 | -3.0% | -141.9% | ||
| Q2 24 | -7.1% | -184.5% | ||
| Q1 24 | -21.7% | -254.5% |
| Q4 25 | 0.2% | -54.3% | ||
| Q3 25 | -4.5% | -196.1% | ||
| Q2 25 | -10.6% | -101.7% | ||
| Q1 25 | -7.3% | -149.1% | ||
| Q4 24 | 18.5% | -84.0% | ||
| Q3 24 | -4.5% | -137.8% | ||
| Q2 24 | -18.7% | -143.4% | ||
| Q1 24 | -25.0% | -118.6% |
| Q4 25 | $99.91 | $-0.43 | ||
| Q3 25 | $-100.00 | $-3.78 | ||
| Q2 25 | $-0.18 | $-1.79 | ||
| Q1 25 | $-0.10 | $-1.42 | ||
| Q4 24 | $0.45 | $-2.29 | ||
| Q3 24 | $-0.06 | $-1.99 | ||
| Q2 24 | $-0.27 | $-2.18 | ||
| Q1 24 | $-0.25 | $-1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | $278.1M |
| Total DebtLower is stronger | $2.6B | $103.8M |
| Stockholders' EquityBook value | $768.6M | $662.2M |
| Total Assets | $4.4B | $932.1M |
| Debt / EquityLower = less leverage | 3.41× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $278.1M | ||
| Q3 25 | $595.1M | $174.7M | ||
| Q2 25 | $574.8M | $177.0M | ||
| Q1 25 | $794.8M | $208.4M | ||
| Q4 24 | $802.9M | $257.3M | ||
| Q3 24 | $495.7M | $267.2M | ||
| Q2 24 | $581.7M | $260.1M | ||
| Q1 24 | $516.0M | $297.5M |
| Q4 25 | $2.6B | $103.8M | ||
| Q3 25 | $1.1B | $106.4M | ||
| Q2 25 | $1.1B | $109.4M | ||
| Q1 25 | $1.1B | $112.3M | ||
| Q4 24 | $1.1B | $115.7M | ||
| Q3 24 | $1.1B | $112.7M | ||
| Q2 24 | $1.1B | $116.2M | ||
| Q1 24 | $847.9M | $107.2M |
| Q4 25 | $768.6M | $662.2M | ||
| Q3 25 | $653.1M | $556.2M | ||
| Q2 25 | $594.6M | $609.2M | ||
| Q1 25 | $578.3M | $635.2M | ||
| Q4 24 | $562.5M | $656.9M | ||
| Q3 24 | $430.9M | $675.8M | ||
| Q2 24 | $423.3M | $639.8M | ||
| Q1 24 | $466.1M | $663.9M |
| Q4 25 | $4.4B | $932.1M | ||
| Q3 25 | $2.6B | $830.5M | ||
| Q2 25 | $2.5B | $883.8M | ||
| Q1 25 | $2.6B | $907.5M | ||
| Q4 24 | $2.7B | $944.1M | ||
| Q3 24 | $2.6B | $948.9M | ||
| Q2 24 | $2.5B | $916.8M | ||
| Q1 24 | $2.3B | $923.2M |
| Q4 25 | 3.41× | 0.16× | ||
| Q3 25 | 1.73× | 0.19× | ||
| Q2 25 | 1.91× | 0.18× | ||
| Q1 25 | 1.96× | 0.18× | ||
| Q4 24 | 2.01× | 0.18× | ||
| Q3 24 | 2.62× | 0.17× | ||
| Q2 24 | 2.66× | 0.18× | ||
| Q1 24 | 1.82× | 0.16× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $418.1M | $-22.9M |
| Free Cash FlowOCF − Capex | $395.1M | $-23.9M |
| FCF MarginFCF / Revenue | 51.1% | -43.4% |
| Capex IntensityCapex / Revenue | 3.0% | 1.8% |
| Cash ConversionOCF / Net Profit | 293.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $57.2M | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $418.1M | $-22.9M | ||
| Q3 25 | $19.7M | $-26.8M | ||
| Q2 25 | $-213.1M | $-29.9M | ||
| Q1 25 | $-110.7M | $-45.7M | ||
| Q4 24 | $484.2M | $5.8M | ||
| Q3 24 | $-69.5M | $-63.4M | ||
| Q2 24 | $-175.5M | $-37.1M | ||
| Q1 24 | $-147.3M | $-58.3M |
| Q4 25 | $395.1M | $-23.9M | ||
| Q3 25 | $7.4M | $-32.1M | ||
| Q2 25 | $-220.4M | $-35.2M | ||
| Q1 25 | $-124.9M | $-52.8M | ||
| Q4 24 | $473.1M | $-4.7M | ||
| Q3 24 | $-83.8M | $-76.8M | ||
| Q2 24 | $-187.5M | $-50.3M | ||
| Q1 24 | $-168.7M | $-68.8M |
| Q4 25 | 51.1% | -43.4% | ||
| Q3 25 | 1.4% | -68.6% | ||
| Q2 25 | -55.6% | -94.0% | ||
| Q1 25 | -39.1% | -277.8% | ||
| Q4 24 | 83.4% | -9.5% | ||
| Q3 24 | -26.0% | -324.0% | ||
| Q2 24 | -57.4% | -224.5% | ||
| Q1 24 | -74.6% | -412.4% |
| Q4 25 | 3.0% | 1.8% | ||
| Q3 25 | 2.4% | 11.2% | ||
| Q2 25 | 1.8% | 14.1% | ||
| Q1 25 | 4.5% | 37.2% | ||
| Q4 24 | 2.0% | 21.4% | ||
| Q3 24 | 4.4% | 56.6% | ||
| Q2 24 | 3.7% | 58.9% | ||
| Q1 24 | 9.5% | 63.3% |
| Q4 25 | 293.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.60× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BE
| Products | $638.5M | 83% |
| Installation | $67.3M | 9% |
| Services | $61.7M | 8% |
| Electricity | $10.2M | 1% |
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
