Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for wonderful businesses run by able and honest people, bought at sensible prices. Bloom Energy is a genuinely interesting company riding a genuinely real wave of demand, and it has, after twenty-four years, finally begun to make money on an operating basis. We tip our hats to that. But "interesting" and "investable" are not the same word. What we see is a capital-intensive hardware manufacturer with a long history of losses and shareholder dilution, a competitive advantage that looks far more like a temporary supply-window than a durable moat, an unusually heavy dependence on a handful of enormous contracts, and — most decisively — a stock price that has multiplied roughly fifteen-fold in a year and now trades at something like 160 times forward earnings.
Recent filings analysed: 10-K (2026-02-09), 10-Q (2025-10-28), 10-Q (2025-07-31), 10-Q (2025-04-30).
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