Stem, Inc. (STEM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the STEM SEC filings page.
Stem, Inc. (STEM) reported $148.0M in revenue over the twelve months to Jun 30, 2026, down 5.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business’s gross margin recovered in FY2025, but operations still lost money and the balance sheet remained equity-negative.
The unusual FY2025 net income of$138M coexisted with an operating loss of$56M , so reported profit was not produced by operating profitability. Operating cash flow was$7M , showing cash conversion improved but did not validate the accounting profit.
Revenue fell from
Liabilities were
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Stem, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Stem, Inc. has an operating margin of -35.6%, meaning the company loses $36 on every $100 of revenue. This results in a profitability score of 6/100. This is up from -580.6% the prior year.
Stem, Inc.'s revenue grew 8.1% year-over-year to $156.3M, a solid pace of expansion. This earns a growth score of 1/100.
Stem, Inc.'s current ratio of 0.91 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.
Not available for Stem, Inc., and counted as zero in the overall score.
Stem, Inc. scores -6.83, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($40.0M) relative to total liabilities ($557.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Stem, Inc. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Stem, Inc. generates $0.05 in operating cash flow ($6.9M OCF vs $137.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Stem, Inc. reported an operating loss of $55.7M against $23.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Stem, Inc. generated $33.7M in revenue in Q2 2026. This represents a decrease of 12.3% from the same quarter a year earlier. Against the prior quarter it is up 16.0%.
Stem, Inc.'s EBITDA was -$4.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 53.4% from the same quarter a year earlier. Against the prior quarter it is down 27.8%.
Stem, Inc. reported -$14.4M in net income in Q2 2026. This represents a decrease of 107.1% from the same quarter a year earlier. Against the prior quarter it is up 24.0%.
Stem, Inc. earned -$1.58 per diluted share (EPS) in Q2 2026. This represents an increase of 11.7% from the same quarter a year earlier. Against the prior quarter it is up 28.8%.
Cash & Balance Sheet
Stem, Inc. held $38.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Stem, Inc.'s gross margin was 41.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 7.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.
Stem, Inc.'s operating margin was -22.8% in Q2 2026, reflecting core business profitability. This is up 12.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 26.2 percentage points.
Stem, Inc.'s net profit margin was -42.7% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is up 22.5 percentage points. No change is given against Q2 2025: its reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Stem, Inc. invested $6.5M in research and development in Q2 2026. This represents a decrease of 35.4% from the same quarter a year earlier. Against the prior quarter it is down 1.8%.
Not reported for Q2 2026.
Not reported for Q2 2026.
STEM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.7M-12.3% | $29.0M-10.8% | $47.1M-15.6% | $38.2M+30.5% | $38.4M+12.9% | $32.5M+27.7% | $55.8M-66.7% | $29.3M-78.1% |
| Cost of Revenue | $19.8M-22.7% | $18.1M-17.4% | $24.1M-58.6% | $24.7M+6.8% | $25.6M+3.9% | $22.0M-55.8% | $58.3M-62.7% | $23.1M-85.0% |
| Gross Profit | $13.9M+8.5% | $10.9M+3.0% | $23.0M+1045.0% | $13.6M+119.2% | $12.8M+36.5% | $10.5M+143.6% | -$2.4M-122.0% | $6.2M+130.5% |
| R&D Expenses | $6.5M-35.4% | $6.6M-42.0% | $7.1M-34.5% | $6.9M-37.6% | $10.0M-34.6% | $11.3M-19.9% | $10.8M-25.6% | $11.1M-23.1% |
| SG&A Expenses | $8.2M-7.8% | $8.7M-36.1% | $16.6M-37.1% | $12.5M-53.9% | $8.9M-43.8% | $13.6M-26.9% | $26.5M+62.7% | $27.2M+23.9% |
| Operating Income | -$7.7M+42.5% | -$14.2M+32.8% | -$8.3M+82.3% | -$12.9M+91.1% | -$13.3M+97.7% | -$21.1M+68.9% | -$47.1M-40.6% | -$144.5M-111.6% |
| EBITDA | -$4.8M+53.4% | -$3.7M+63.2% | $19.4M+157.6% | -$9.8M+92.7% | -$10.2M+98.2% | -$10.2M+82.3% | -$33.7M-91.8% | -$134.0M-125.2% |
| Interest Expense | $7.5M+84.4% | $7.4M+71.5% | $8.3M+86.8% | $7.3M+61.1% | $4.1M-12.1% | $4.3M-8.9% | $4.4M-9.2% | $4.5M+2.4% |
| Income Tax | $13K-97.3% | $112K+93.1% | $144K+1300.0% | -$141K-209.3% | $475K+666.1% | $58K-62.1% | -$12K-115.2% | $129K+380.4% |
| Net Income | -$14.4M-107.1% | -$18.9M+24.3% | -$15.9M+68.8% | -$23.8M+84.0% | $202.5M+134.8% | -$25.0M+65.4% | -$51.1M-35.7% | -$148.3M-92.4% |
| EPS (Basic) | -$1.58-106.5% | -$2.22+27.2% | -$2.00-566.7% | -$2.84+84.4% | $24.31+133.9% | -$3.05-563.0% | -$0.30-25.0% | -$18.24-3622.4% |
| EPS (Diluted) | -$1.58+11.7% | -$2.22 | -$1.85 | -$2.84 | -$1.79 | -$3.05 | -$0.30-25.0% | -$18.24 |
| Diluted Shares (Avg) | 9M+7.4% | 9M | N/A | 8M | 8M | 8M | N/A | 8M |
STEM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $279.8M-26.2% | $281.9M-30.4% | $308.9M-29.4% | $362.6M-32.6% | $379.2M-45.2% | $405.1M-68.5% | $437.4M-67.8% | $537.8M-61.6% |
| Current Assets | $89.3M-10.0% | $85.3M-22.9% | $100.1M-26.7% | $93.8M-58.8% | $99.2M-72.4% | $110.6M-72.7% | $136.6M-71.1% | $227.5M-55.4% |
| Cash & Equivalents | $38.4M-5.8% | $36.6M-37.5% | $48.9M-13.1% | $43.1M-42.8% | $40.8M-54.5% | $58.6M-48.1% | $56.3M-46.6% | $75.4M-22.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% |
| Inventory | N/A | N/A | $658K+56.3% | N/A | N/A | N/A | $421K-98.4% | N/A |
| Accounts Receivable | $33.2M-22.5% | $33.3M-4.0% | $38.4M-35.3% | $35.8M-61.3% | $42.8M-79.2% | $34.7M-85.5% | $59.3M-80.4% | $92.7M-67.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $2.5M | N/A | $0 | N/A | N/A | N/A | $0-100.0% | $0-100.0% |
| Total Liabilities | $549.8M-7.2% | $547.8M-33.4% | $557.9M-33.2% | $597.7M-32.2% | $592.7M-33.7% | $822.0M-10.0% | $835.2M-10.2% | $881.4M-6.8% |
| Current Liabilities | $107.5M-4.1% | $101.3M-15.7% | $110.6M-14.2% | $113.6M-45.1% | $112.1M-48.3% | $120.2M-49.2% | $128.8M-48.7% | $207.0M-23.1% |
| Non-Current Liabilities | $442.3M-8.0% | $446.5M-36.4% | $447.4M-36.7% | $484.2M-28.2% | $480.6M-29.1% | $701.8M+3.8% | $706.4M+4.0% | $674.4M-0.3% |
| Total Equity | -$269.6M-25.9% | -$266.3M+36.2% | -$249.4M+37.4% | -$235.7M+31.5% | -$214.1M-5.3% | -$417.5M-212.4% | -$398.4M-193.5% | -$344.1M-176.0% |
| Retained Earnings | -$1.5B-5.0% | -$1.5B+8.7% | -$1.5B+8.5% | -$1.5B+6.5% | -$1.4B-1.5% | -$1.7B-95.5% | -$1.6B-110.6% | -$1.6B-114.4% |
Not reported in any period shown, so not listed: Long-Term Debt.
STEM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $342K+101.6% | -$8.3M-197.4% | $8.2M+155.9% | $11.4M+220.7% | -$21.3M-79.0% | $8.5M+1474.6% | -$14.7M-590.9% | -$9.4M-135.3% |
| Depreciation & Amortization | $2.9M-6.5% | $10.5M-4.7% | $11.8M+0.7% | $3.1M-70.5% | $3.1M-69.6% | $11.0M+1.7% | $11.8M-7.3% | $10.5M+19.3% |
| Stock-Based Compensation | $1.5M+4.2% | $2.0M-52.6% | N/A | $2.2M-66.1% | $1.4M-79.5% | $4.3M-48.4% | N/A | $6.5M-41.7% |
| Investing Cash Flow | -$1.2M-11.5% | -$1.3M+62.5% | -$927K+65.3% | -$1.0M+56.7% | -$1.1M+66.2% | -$3.6M-176.8% | -$2.7M-117.3% | -$2.3M-107.3% |
| Financing Cash Flow | $2.9M-35.0% | -$2.8M+0.5% | -$1.5M+1.0% | -$7.8M-181.6% | $4.5M+161.4% | -$2.8M-189.7% | -$1.5M+69.5% | -$2.8M+46.4% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
STEM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.3%+7.9pp | 37.4%+5.0pp | 48.9%+53.2pp | 35.5%+14.4pp | 33.4%+5.8pp | 32.4%+127.4pp | -4.4%-11.0pp | 21.1%+36.3pp |
| Operating Margin | -22.8%+12.0pp | -49.0%+16.0pp | -17.7%+66.8pp | -33.6% | -34.8% | -65.0% | -84.5%-64.4pp | -493.2% |
| Net Margin | -42.7% | -65.3%+11.6pp | -33.8%+57.8pp | -62.2% | 527.8% | -76.9% | -91.6%-69.1pp | -506.3% |
| Return on Assets | -5.1%-58.6pp | -6.7%-0.5pp | -5.2%+6.5pp | -6.6%+21.0pp | 53.4%+137.6pp | -6.2%-0.5pp | -11.7%-8.9pp | -27.6%-22.1pp |
| Current Ratio | 0.83-0.1x | 0.84-0.1x | 0.91-0.2x | 0.83-0.3x | 0.89-0.8x | 0.92-0.8x | 1.06-0.8x | 1.10-0.8x |
| Asset Turnover | 0.120.0x | 0.100.0x | 0.150.0x | 0.11+0.1x | 0.10+0.1x | 0.08+0.1x | 0.130.0x | 0.050.0x |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$249.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Stem, Inc. STEM | FY2025 | $156.3M | $137.8M | 88.2% | $40.0M | 25/100 |
| NextNRG, Inc. NXXT | FY2025 | $81.8M | -$85.7M | N/A | $10.9M | 35/100 |
| Verde Clean Fuels, Inc. VGAS | FY2025 | N/A | -$7.0M | N/A | $23.4M | — |
| Ellomay Capital LTD ELLO | FY2025 | $50.3M | -$7.5M | -14.9% | $300.5M | 31/100 |
| Eco Wave Power Global AB (publ) WAVE | FY2025 | $38K | -$3.7M | N/A | $36.6M | — |
Where Stem, Inc. Ranks
Frequently Asked Questions
What is Stem, Inc.'s annual revenue?
Stem, Inc. (STEM) reported $156.3M in total revenue for fiscal year 2025. This represents a 8.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Stem, Inc.'s revenue growing?
Stem, Inc. (STEM) revenue grew by 8.1% year-over-year, from $144.6M to $156.3M in fiscal year 2025.
Is Stem, Inc. profitable?
Yes, Stem, Inc. (STEM) reported a net income of $137.8M in fiscal year 2025, with a net profit margin of 88.2%.
What is Stem, Inc.'s EBITDA?
Stem, Inc. (STEM) had EBITDA of -$10.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Stem, Inc.'s gross margin?
Stem, Inc. (STEM) had a gross margin of 38.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Stem, Inc.'s operating margin?
Stem, Inc. (STEM) had an operating margin of -35.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Stem, Inc.'s net profit margin?
Stem, Inc. (STEM) had a net profit margin of 88.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Stem, Inc.'s operating cash flow?
Stem, Inc. (STEM) generated $6.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Stem, Inc.'s total assets?
Stem, Inc. (STEM) had $308.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Stem, Inc. spend on research and development?
Stem, Inc. (STEM) invested $35.3M in research and development during fiscal year 2025.
What is Stem, Inc.'s current ratio?
Stem, Inc. (STEM) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Stem, Inc.'s return on assets (ROA)?
Stem, Inc. (STEM) had a return on assets of 44.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Stem, Inc.'s P/E ratio?
Stem, Inc. (STEM) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $40.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Stem, Inc.'s price-to-sales ratio?
Stem, Inc. (STEM) trades at 0.3x sales, its market capitalization divided by revenue of $148.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $40.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Stem, Inc.'s debt-to-equity ratio negative or not reported?
Stem, Inc. (STEM) has negative shareholder equity of -$249.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Stem, Inc.'s Altman Z-Score?
Stem, Inc. (STEM) has an Altman Z-Score of -6.83, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Stem, Inc.'s Piotroski F-Score?
Stem, Inc. (STEM) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Stem, Inc.'s earnings high quality?
Stem, Inc. (STEM) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Stem, Inc. cover its interest payments?
Stem, Inc. (STEM) reported an operating loss of $55.7M against $23.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Stem, Inc.?
Stem, Inc. (STEM) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.