Filing Flows › Bloom Energy (BE) › Takeover & LBO
Is Bloom Energy (BE) a takeover target?
A leveraged buyout at today's price plus 30% ($226.08 a share) would return a loss of about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $82.51 a share (−53% against today's $173.91). At $73.3B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect. Historically 2.1% of companies with its figures were bought within a year (0.42× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $226.08 | today's $173.91 plus 30% |
| × shares | 324.3 million | |
| = Equity value | $73.3B | |
| + Debt refinanced | $2.5B | |
| − Cash | $2.5B | |
| + Other claims | $30.2M | preferred stock, minority interests |
| = Enterprise value | $73.3B | 118.0× EBITDA of $621M |
| Fees | $1.5B | 2% of the price |
| New debt | $3.4B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $71.4B | 95% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.9B | $628M | $261M | $68.1M | $3.3B |
| Year 2 | $3.9B | $638M | $256M | $75.5M | $3.3B |
| Year 3 | $4.0B | $651M | $250M | $85.0M | $3.2B |
| Year 4 | $4.1B | $668M | $244M | $96.5M | $3.1B |
| Year 5 | $4.2B | $688M | $237M | $110M | $3.0B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 90.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $62.4B | |
| − Debt left | $3.0B | |
| = Buyer's equity | $59.5B | |
| Money multiple | 0.83× | on $71.4B put in |
| Buyer's yearly return (IRR) | −3.6% |
Price against return
What the buyer makes at other premiums over today's $173.91; the IRR reaches 20% at $82.51 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $191.30 | −0.1% |
| 20% | $208.69 | −2.0% |
| 30% | $226.08 | −3.6% |
| 40% | $243.47 | −5.1% |
| 50% | $260.87 | −6.4% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.8B | |
| EBITDA, last 12 months | $621M | 16.2% of revenue |
| Depreciation and amortization | $54.0M | |
| Capital spending | $254M | |
| Debt | $2.5B | |
| Cash | $2.5B | |
| Share price | $173.91 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 1.1% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bloom Energy would cost about $243.47 a share, $79.0B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $199.47 | $64.7B |
| Median | 40% | $243.47 | $79.0B |
| High end (a quarter paid more) | 60.2% | $278.60 | $90.3B |
The odds, from history
Historically 2.1% of companies with its figures were bought within a year (0.42× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Bloom Energy's latest quarter
Bloom Energy, Q3 2026: revenue $1.2B (+138% year over year), operating margin 18.2%, net earnings $250M, operating cash flow −$27.1M. The chart follows the revenue to costs, profit and cash.
Questions
Is Bloom Energy being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Bloom Energy?
A leveraged buyout at today's price plus 30% ($226.08 a share) would return a loss of about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $82.51 a share (−53% against today's $173.91). At $73.3B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Bloom Energy cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bloom Energy would cost about $243.47 a share, $79.0B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.