BE vs CMI: How Bloom Energy and CMI Compare (2026)
Last updated July 2026
Short answer
BE and CMI are similarly sized, but CMI trades noticeably cheaper on forward earnings (19.91x vs 66.38x): the market is paying up for BE's profile and pricing CMI more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
BE vs CMI: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | BE | CMI | What it tells you |
|---|---|---|---|
| Market cap | $82.35B | $93.27B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 66.38 | 19.91 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 3.75 | 1.22 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 81% of range | 85% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 89.30 | 7.55 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: CMI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how BE and CMI affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BE and CMI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BE and CMI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Bloom Energy (BE) do?
Bloom Energy (BE) designs and manufactures solid-oxide fuel cell systems that generate electricity on-site for commercial and industrial customers. Its flagship product, the Bloom Energy Server, converts natural gas, biogas, or hydrogen into electricity through an electrochemical process that is cleaner and more efficient than combustion, providing reliable, always-on power independent of the grid. Customers use Bloom's systems for resilient primary or backup power, to reduce emissions, and increasingly to power energy-intensive facilities like data centers that need large amounts of dependable electricity quickly, often faster than utilities can deliver new grid capacity. Bloom also develops solid-oxide electrolyzer technology to produce hydrogen, positioning it for a potential hydrogen economy. The company sells equipment and offers service and financing arrangements, building a base of long-term service revenue. The investment story centers on distributed, resilient clean power and surging electricity demand from AI data centers. Founded in 2001 and headquartered in San Jose, California, Bloom Energy is a higher-risk clean-energy growth company working toward sustained profitability.
What does CMI (CMI) do?
Cummins Inc. is one of the world's largest independent makers of diesel and natural gas engines, and it operates across five segments: Engine, Components, Distribution, Power Systems, and Accelera (its low-carbon and electrification arm). Its products power heavy- and medium-duty trucks, buses, construction and mining equipment, and standby and prime power generators, and it runs a large aftermarket parts and service network. The Distribution segment is the largest by revenue, while Power Systems has been the fastest-growing thanks to demand for backup power at data centers.
BE vs CMI: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- BE drivers: Data center power demand; Resilient distributed power.
- CMI drivers: Data center backup power; North American truck cycle.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Bloom has a long history of losses and has struggled to reach consistent profitability, relying on growth and financing to fund operations. For CMI, cummins is exposed to the industrial and freight cycle, so a downturn in truck demand or construction spending can cut engine volumes and margins quickly.
BE or CMI: which should you pick?
BE vs CMI: the full fundamentals
BE. Bloom Energy is a growth-stage clean-energy company, so it is valued on revenue growth, gross-margin improvement, and the path to sustained profitability rather than current earnings. The valuation embeds optimism about data center demand and distributed power adoption, making the stock highly sensitive to order momentum, clean-energy sentiment, interest rates, and incentive policy.
CMI. Cummins trades at a premium to its historical multiple after a large 2025-2026 run tied to data center power demand. The forward P/E near 23x sits well below the trailing figure, reflecting expected earnings growth as guidance was raised. The dividend is modest in yield but backed by a long record of annual increases.
Headline figures (approximate, early 2026): BE shows revenue (ttm) ~$1.3-1.6 billion, operating margin Thin to negative (approaching profitability), gross margin Improving, ~20-30% range, earnings Historically loss-making; profitability a key milestone; CMI shows revenue (fy2025) ~$33.7B, revenue (q1 2026) ~$8.4B, up ~3% YoY, net income (fy2025) ~$2.8B, market cap ~$96B.
The bottom line: BE vs CMI
BE and CMI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BE and CMI exposure against your real portfolio. It is not an investment adviser.
Build a basket around BE with Walnut
Use Bloom Energy as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is the difference between BE and CMI?
+
Bloom Energy (BE) designs and manufactures solid-oxide fuel cell systems that generate electricity on-site for commercial and industrial customers. Cummins Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is BE or CMI the better stock?
+
Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, BE or CMI?
+
On forward P/E (as of July 2026), BE trades at 66.38x and CMI at 19.91x, so CMI is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both BE and CMI?
+
Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of BE vs CMI?
+
BE: Bloom has a long history of losses and has struggled to reach consistent profitability, relying on growth and financing to fund operations. The economics of its systems depend on natural gas prices, electricity prices, and government incentives, which can change. Its fuel cells most often run on natural gas, so the clean-energy positioning is partial and exposed to shifting policy and emissions standards. The company faces competition from grid power, gas turbines, batteries, and other distributed-generation technologies, and the data center opportunity, while large, is contested. Bloom carries debt and has had cash-flow pressures, and the stock is highly volatile, sensitive to clean-energy sentiment, interest rates, incentive policy, and order timing. CMI: Cummins is exposed to the industrial and freight cycle, so a downturn in truck demand or construction spending can cut engine volumes and margins quickly. The recent stock re-rating leaves valuation elevated versus history, which raises the bar for execution and makes the shares sensitive to any slowdown in data center power orders. Tightening or shifting emissions regulations can trigger costly product changes and demand pull-forwards or air pockets. Accelera continues to lose money and has produced restructuring charges, adding uncertainty. Tariffs, supply chain costs, and exposure to China and other international markets add further variability to results.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell BE or CMI; figures are approximate and dated (as of July 2026). Verify current data before investing.