Stem (STEM) Gross Margin (2020 - 2026)
Stem (STEM) recorded quarterly Gross Margin of 37.44% in Q1 2026, down 23.38% quarter-over-quarter from 48.87% in Q4 2025, and up 503.0% on a YoY basis from 6.21% in Q1 2025.
Stem (STEM) Gross Margin (2020 - 2026) Analysis & Trends
Stem's Gross Margin history runs 7 years deep, the most recent figure standing at 37.44% for Q1 2026.
- In Q1 2026, Gross Margin rose 503.0% year-over-year to 37.44%; the TTM figure through Mar 2026 stood at 39.46% (up 2385.0% YoY), while the FY2025 annual figure was 38.37%, up 4602.0% from the prior year.
- Gross Margin was 37.44% for Q1 2026 at Stem, down from 48.87% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 48.87% in Q4 2025 to a low of 94.98% in Q1 2024.
- Historically, Gross Margin has averaged 10.61% across 5 years, with a median of 11.63% in 2022.
- The sharpest annual moves came in 2024 and 2025: Gross Margin plunged 9646 bps in 2024, then surged 12739 bps in 2025.
- A 5-year view of Gross Margin shows it stood at 8.06% in 2022, then dropped by 18 bps to 6.62% in 2023, then sank by 166 bps to 4.37% in 2024, then soared by 1219 bps to 48.87% in 2025, then fell by 23 bps to 37.44% in 2026.
- The last three Gross Margin figures came in at 37.44% (Q1 2026), 48.87% (Q4 2025), and 35.52% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | AXIA Energia | 186.46 Bn | 183.75 Bn | 1.44 Bn | 59.62% |
| 2 | Enlight Renewable Energy | 11.26 Bn | 10.73 Bn | 85.64 Mn | 68.96% |
| 3 | Ormat Technologies | 8.50 Bn | 8.35 Bn | 78.83 Mn | 28.56% |
| 4 | Fluence Energy | 3.04 Bn | 2.71 Bn | 46.63 Mn | 10.03% |
| 5 | Clearway Energy | 1.39 Bn | 4.74 Bn | 220.00 Mn | 62.15% |
| 6 | XPLR Infrastructure | 1.09 Bn | 8.62 Bn | 141.00 Mn | 51.27% |
| 7 | Energy Vault Holdings | 940.11 Mn | 894.68 Mn | 4.79 Mn | 21.88% |
| 8 | Ellomay Capital | 694.29 Mn | 616.52 Mn | 1,508.00 | 0.01% |
| 9 | ReNew Energy Global | 317.68 Mn | 100.91 Mn | 275.78 Mn | 81.35% |
| 10 | Stem | 65.58 Mn | 29.38 Mn | 10.86 Mn | 37.44% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 37.44% |
| Dec 31, 2025 | 48.87% |
| Sep 30, 2025 | 35.52% |
| Jun 30, 2025 | 33.36% |
| Mar 31, 2025 | 32.41% |
| Dec 31, 2024 | -4.37% |
| Sep 30, 2024 | 21.15% |
| Jun 30, 2024 | 27.57% |
| Mar 31, 2024 | -94.98% |
| Dec 31, 2023 | 6.62% |
| Sep 30, 2023 | -15.17% |
| Jun 30, 2023 | 12.77% |
| Mar 31, 2023 | 1.47% |
| Dec 31, 2022 | 8.06% |
| Sep 30, 2022 | 9.17% |
| Jun 30, 2022 | 11.63% |
| Mar 31, 2022 | 8.87% |
| Dec 31, 2021 | -3.12% |
| Sep 30, 2021 | 7.88% |
| Jun 30, 2021 | -0.66% |