公司概述
Stem, Inc. (STEM) operates within the Utilities sector, specifically focusing on the Renewable sub-industry, where it engages in the development, deployment, and operation of clean energy assets across the United States and international markets. The company provides original equipment manufacturer (OEM) energy storage systems alongside edge hardware devices and solutions, complemented by PowerTrack, an integrated suite of software designed for solar applications. With a market capitalization of $82.46M and annual revenue of $156.27M, the firm employs 423 individuals to execute its strategic initiatives. These valuation and revenue figures indicate a relatively small-cap enterprise operating within a high-growth renewable energy niche, suggesting a business model that relies on scalable asset deployment rather than mature utility-scale dominance. The employee count of 423 reflects a lean operational structure typical of specialized technology and infrastructure developers aiming to expand their footprint in the clean energy transition.
财务健康
Stem, Inc. reported a trailing twelve-month (TTM) revenue of $156.27M, accompanied by a net income of $137.76M, while EBITDA stood at -$10,030,000. The substantial gap between the $156.27M revenue and the $137.76M net income reveals a highly efficient cost structure where operating expenses and depreciation are either minimal or capitalized, allowing a disproportionate portion of top-line sales to flow directly to the bottom line. Despite the positive net income, the negative EBITDA of -$10.03M indicates that non-cash charges such as depreciation and amortization, or significant interest expenses, are impacting cash generation metrics differently than reported earnings. The company generated $20.98M in free cash flow, which provides a critical buffer for financial flexibility, allowing for potential capital expenditures or debt servicing without immediate reliance on external financing. The balance sheet shows $48.91M in cash against $368.63M in total debt, creating a significant leverage position that must be managed carefully given the current interest rate environment. While the debt-to-equity ratio is not applicable (N/A) in standard reporting for this entity, the disparity between cash reserves and total debt highlights a leveraged capital structure. The current ratio of 0.91 suggests that short-term current assets are slightly below current liabilities, indicating potential liquidity constraints in meeting obligations due within one year. Return on Equity (ROE) is not applicable (N/A) due to the company's negative equity position, and Return on Assets (ROA) is -7.0%, which reveals that the asset base is currently generating negative returns on a pre-interest basis.
估值评估
The company exhibits a trailing P/E ratio that is not applicable (N/A) due to historical earnings anomalies, while the forward P/E stands at -1.66, a metric that inversely suggests market expectations or accounting adjustments regarding future earnings trajectory. The price-to-book ratio is -0.33, indicating that the market values the company at a negative multiple of its book value, which often occurs when intangible assets or capitalized development costs are not fully reflected in the shareholders' equity. The price-to-sales ratio is 0.53, and the EV/EBITDA is -40.14; these alternative valuation metrics suggest the market is pricing the stock based on revenue multiples rather than traditional earnings-based valuations, likely reflecting the high capital intensity and long payback periods inherent in renewable energy projects. Over the past year, the stock has traded between a 52-week high of $32.23 and a 52-week low of $5.82, illustrating extreme volatility within a single trading year. The beta of 1.41 indicates that the stock's price volatility is 41% higher than the broader market, exposing investors to significantly greater fluctuations than standard utility or market index components.
Growth & Income
Stem, Inc. experienced a year-over-year revenue decline of -15.6%, while earnings growth is not applicable (N/A) due to the negative earnings baseline; this divergence implies that the company is currently in a contractionary phase where top-line sales are shrinking, potentially due to project completions or market headwinds. The company does not pay a dividend, as evidenced by a dividend yield of N/A and a payout ratio of 0.0%, meaning all available earnings are theoretically reinvested into operations or held as cash reserves rather than distributed to shareholders. The absence of a dividend payout confirms that the firm prioritizes internal capital allocation for asset deployment over income generation for current shareholders. Consequently, the overall growth and income profile is defined by revenue contraction and a lack of dividend income, presenting a high-risk, capital-reinvestment-focused investment case typical of early-stage infrastructure developers.