Stem (STEM) Gross Margin (2020 - 2026)
Stem (STEM) posted quarterly Gross Margin of 37.44% for Q1 2026, up 503.0% year-over-year from 6.21% in Q1 2025, and down 23.38% quarter-over-quarter from 48.87% in Q4 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 for Q1 2026 stood at 37.44%, down from 48.87% in the prior quarter.
- The five-year high for Gross Margin was 48.87% in Q4 2025, with the low at 94.98% in Q1 2024.
- The 5-year median for Gross Margin is 11.63% (2022), against an average of 10.61%.
- The sharpest annual moves came in 2024 and 2025: Gross Margin tumbled 9646 bps in 2024, then jumped 12739 bps in 2025.
- Stem's Gross Margin stood at 8.06% in 2022, then slipped by 18 bps to 6.62% in 2023, then plunged by 166 bps to 4.37% in 2024, then surged by 1219 bps to 48.87% in 2025, then declined by 23 bps to 37.44% in 2026.
- Business Quant data shows STEM's Gross Margin at 37.44% in Q1 2026, 48.87% in Q4 2025, and 35.52% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enlight Renewable Energy | 11.86 Bn | 10.69 Bn | 117.49 Mn | 70.78% |
| 2 | Ormat Technologies | 6.97 Bn | 6.31 Bn | 68.70 Mn | 26.55% |
| 3 | Brookfield Renewable Partners | 4.63 Bn | 2.13 Bn | 623.00 Mn | 57.90% |
| 4 | Clearway Energy | 3.79 Bn | 3.45 Bn | 332.00 Mn | 69.02% |
| 5 | ReNew Energy Global | 2.48 Bn | 2.06 Bn | 269.00 Mn | 79.35% |
| 6 | Fluence Energy | 1.83 Bn | 1.27 Bn | 33.24 Mn | 5.12% |
| 7 | XPLR Infrastructure | 1.08 Bn | 584.55 Mn | - | - |
| 8 | AXIA Energia | 672.29 Mn | -1.91 Bn | 1.44 Bn | 59.62% |
| 9 | Energy Vault Holdings | 671.14 Mn | 602.39 Mn | 4.79 Mn | 21.88% |
| 10 | Stem | 46.59 Mn | 10.00 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% |