Bloom Energy Stock Has More Than Doubled for 2 Years Running. I'd Keep Buying It Bit by Bit.

Over the past two years, Bloom Energy's stock has surged more than 291%, climbing from around $22 to $87. In 2026, the stock has more than doubled again, reaching roughly $208 as of now. However, the stock's journey hasn't been without volatility. It peaked at $345.85 on June 22, 2026, but is currently trading about 40% below that high.

The stock has even fallen 40% or more on three separate occasions in the past year. Despite this, the company's growth in the fuel cell systems sector, particularly driven by data centers for AI, has been substantial. Last year, Bloom's revenue grew by 37% to around $2 billion, and its adjusted earnings per share increased from $0.28 in 2024 to $0.76.

This year, the stock has closed much of that gap, with third-quarter revenue growing by 138% year over year to about $1.24 billion. Bloom's adjusted operating margin also widened to 23% from 9% in the same period last year, and adjusted earnings per share reached $0.94. Over four quarters, the company has made $2.61 per share on an adjusted basis.

Management forecasts earnings between $3.10 and $3.40 for 2026, with revenue of $4.4 billion to $4.6 billion, a 122% increase from the midpoint. While Bloom's stock has more than quadrupled over the past two years, trading at around 114 times its adjusted earnings at the end of 2025, the recent volatility could present another significant drop.

This situation highlights the importance of buying in smaller increments, or dollar-cost averaging, to minimize the impact of such fluctuations. Despite the premium valuation, the company's growth and robust earnings forecast make it an appealing investment. However, the stock's history of sharp declines emphasizes the need to spread investments over time to mitigate potential losses.