NYSE Shariah screener · October 2026
Is Bloom Energy Corporation (BE) Halal?
Bloom Energy Corporation · NYSE: BE · Industrials
The short answer
Bloom Energy passes all three Shariah gates: its fuel-cell power-generation business has no haram segments, it carries ~$2.68B of interest-bearing debt (3.28% of its ~$81.75 billion market cap), and interest income of about 1.68% of revenue is under the 5% ceiling.
Gate 1 — Business activity: PASS
Gate 1 — business activity: PASS. Bloom Energy Corporation, headquartered in San Jose, California, designs, manufactures, sells and services solid-oxide fuel cell systems (the Bloom Energy Server) for on-site electricity generation, plus Bloom Electrolyzers for hydrogen production. Per its FY2025 Form 10-K, FY2025 revenue of $2,023,994 thousand came from product sales ($1,531,281 thousand), installation ($204,068 thousand), service ($228,295 thousand) and electricity sales ($60,350 thousand).
The company is an energy-equipment and power-generation business — not an interest-based lender — and is not involved in alcohol, tobacco, gambling or pork. Nothing in its disclosed business lines is a core haram segment, so the business passes gate 1.
Gate 2 — Debt and cash: PASS
Gate 2 — interest-bearing debt: PASS (3.28%, ceiling 33%). Per Bloom Energy's Q2 2026 condensed consolidated balance sheet (June 30, 2026), interest-bearing obligations total about $2.68 billion: recourse debt of $2,470,704 thousand long-term plus $4,686 thousand current (convertible notes), non-recourse debt of $2,583 thousand, and financing obligations of $144,446 thousand long-term plus $62,034 thousand current (financing structures tied to power-purchase arrangements). Operating lease liabilities ($102,730 thousand long-term plus $23,094 thousand current) are excluded — they are not interest-bearing debt.
$2.68 billion of interest-bearing debt against a market capitalization of about $81.75 billion (stockanalysis.com, October 1, 2026) is 3.28%, well under the 33% ceiling. Cash and cash equivalents of $2,666,859 thousand at June 30, 2026 represent about 3.3% of market cap.
Gate 3 — Non-compliant income: PASS
Gate 3 — non-compliant income: PASS (1.68%, ceiling 5%). Bloom Energy's FY2025 Form 10-K separately discloses interest income on its consolidated statements of operations: $34,070 thousand in FY2025 ($25,342 thousand in FY2024, $19,885 thousand in FY2023). FY2025 interest income of $34,070 thousand against FY2025 total revenue of $2,023,994 thousand is about 1.68%, well under the 5% ceiling.
The Q2 2026 10-Q is consistent: it reports interest income of $20,881 thousand for the quarter, and its MD&A notes that interest income is earned on invested cash balances, primarily money market funds.
Key figures used
- Business: solid-oxide fuel cell systems (Bloom Energy Server) for on-site power generation plus Bloom Electrolyzers for hydrogen; HQ San Jose, CA; FY2025 revenue $2,023,994K (product $1,531,281K, installation $204,068K, service $228,295K, electricity $60,350K)
- Haram assessment: energy equipment and power generation - not interest-based lending; no alcohol/tobacco/gambling/pork involvement
- Debt: ~$2,684.5M interest-bearing obligations at June 30, 2026 ($2,475.4M recourse convertible notes + $2.6M non-recourse + $206.5M financing obligations) - 3.28% of ~$81.75B market cap (stockanalysis.com, Oct 1, 2026) - well under the 33% ceiling
- Cash: $2,666,859K cash and cash equivalents at June 30, 2026 (~3.3% of market cap)
- Interest income: $34,070K in FY2025 vs $2,023,994K revenue = 1.68% - under the 5% ceiling (FY2024: $25,342K; FY2023: $19,885K; Q2 2026: $20,881K, earned on money-market cash balances)
- Market data: NYSE-listed (verified on the 10-K cover); still listed on NYSE (confirmed October 2, 2026; live quotes, no delisting)
- Third-party: Zoya publishes a BE page and flags it Shariah-compliant (Sep 2026, AAOIFI; cites the same 1.68% interest-income figure); no verifiable Musaffa or ShariaPortfolio rating found
Frequently asked questions
What does Bloom Energy do?
Bloom Energy Corporation (NYSE: BE), headquartered in San Jose, California, designs, manufactures, sells and services solid-oxide fuel cell systems - the Bloom Energy Server - for on-site electricity generation. The fuel cells can run on biogas, hydrogen, natural gas or blends, and the same solid-oxide platform underpins the Bloom Electrolyzer, which produces hydrogen. Per its FY2025 Form 10-K, revenue comes from product sales ($1,531,281 thousand), installation ($204,068 thousand), service ($228,295 thousand) and electricity sales ($60,350 thousand), for total FY2025 revenue of $2,023,994 thousand.
Is Bloom Energy's business Shariah compliant?
Bloom Energy is an energy-equipment and power-generation company - it sells fuel cell systems, installs and services them, and sells electricity. It is not an interest-based lender and it has no involvement in alcohol, tobacco, gambling or pork production. Nothing in its disclosed business lines is a core haram segment, so the business passes this screener's first gate.
How much interest-bearing debt does Bloom Energy have?
Per Bloom Energy's Q2 2026 condensed consolidated balance sheet (June 30, 2026), interest-bearing obligations total about $2.68 billion: recourse debt of $2,470,704 thousand long-term plus $4,686 thousand current (convertible notes), non-recourse debt of $2,583 thousand, and financing obligations of $144,446 thousand long-term plus $62,034 thousand current (financing structures tied to power-purchase arrangements). Operating lease liabilities ($102,730 thousand long-term plus $23,094 thousand current) are excluded as they are not interest-bearing debt. $2.68 billion against a market capitalization of about $81.75 billion is 3.28%, well under the 33% ceiling. Cash and cash equivalents of $2,666,859 thousand at June 30, 2026 represent about 3.3% of market cap.
How much interest income does Bloom Energy earn?
Bloom Energy's FY2025 Form 10-K separately discloses interest income on its consolidated statements of operations: $34,070 thousand in FY2025, $25,342 thousand in FY2024 and $19,885 thousand in FY2023. FY2025 interest income of $34,070 thousand against FY2025 total revenue of $2,023,994 thousand is about 1.68% - under the 5% non-compliant income ceiling. The Q2 2026 10-Q similarly reports interest income of $20,881 thousand for the quarter (its MD&A notes interest income is earned on invested cash balances, primarily money market funds), consistent with the audited annual figure.
What do third-party Shariah screeners say about Bloom Energy?
Zoya publishes a Bloom Energy (BE) page and flags the stock as Shariah-compliant (last updated September 2026, applying AAOIFI guidelines), citing the same figures - interest income of $34,070,000 representing 1.68% of revenue. I could not verify a Musaffa rating page for BE or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.
Sources
- Bloom Energy FY2025 Form 10-K (for year ended Dec 31, 2025; filed Feb 9, 2026 - cover confirms NYSE: BE; Item 1 business; consolidated statements of operations with separately disclosed interest income)
- Bloom Energy Q2 2026 Form 10-Q (quarter ended June 30, 2026 - condensed consolidated balance sheet: recourse debt, financing obligations, cash)
- stockanalysis.com - Bloom Energy market cap ($81.75B as of October 1, 2026)
- Finnhub - Bloom Energy Corp financial market data (NYSE: BE)
- Zoya - Bloom Energy (BE) Shariah compliance page (flags Shariah-compliant, Sep 2026)
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).