Bloom Energy's Backlog Is 5 Times This Year's Expected Revenue. Here's How Fast It Can Actually Build.

Bloom Energy disclosed a $20 billion backlog in February, with $6 billion in product orders and $14 billion in long-term service contracts. While the company plans to double its Fremont factory capacity to 2 gigawatts by end of 2026 and has raised revenue guidance twice this year, the analyst cautions that the stock's valuation at 56x forward P/E assumes full-speed conversion for years, which may be overly optimistic.