What is Stem's gross margin?

Stem (STEM) reported gross margin of 39.5% in Q1 2026.

How has Stem's gross margin changed year-over-year?

Stem's gross margin increased by 152.8% year-over-year, from 15.6% to 39.5%.

What is the long-term trend for Stem's gross margin?

Over 3 years (2022 to 2025), Stem's gross margin has grown at a 61.5% compound annual growth rate (CAGR), from 9.1% to 38.4%.

What does gross margin mean?

Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

Stem STEM Gross margin

Gross margin at other companies

Tesla, Inc.TSLA

19.1%+1.4pp

Enphase EnergyENPH

44.2%-3.7pp

Fluence Energy, Inc.FLNC

11.7%-1.4pp

NextNRG, Inc. Common StockNXXT

9.4%+4.4pp

One Stop Systems, Inc.OSS

18.5%-9.5pp

SolarEdge TechnologiesSEDG

19.4%+10.6pp

Other financials

Income statement

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Revenue$29.0M-10.8%

Gross profit$10.9M+3.0%

Operating income-$14.2M+32.8%

Net income-$18.9M+24.3%

EPS (diluted)-$2.22+27.2%

Balance sheet

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Cash & equivalents$38.4M-36.4%

Total debt$11.0M-12.2%

Total equity-$266.3M+36.2%

Total assets$281.9M-30.4%

Cash flow

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Operating cash flow-$8.3M-197%

CapEx-—

Free cash flow-$8.3M-197%

Valuation

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Market cap$69.95M+25.3%

Enterprise value$42.58M+71.1%

P/E0.5×—

P/S0.5×+0.1×

Profitability

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Operating margin-31.9%-15.5pp

Net margin62.2%+33.8pp

FCF margin-6.5%-2.6pp

Returns & leverage

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Return on equity-37.8%+35.1pp

Debt / equity0×0.0×

Current ratio0.8×-0.1×

Where this comes from

Calculated from Stem’s reported figures.

gross profit/total revenue=39.5%

Based on trailing twelve months.

The official record: Stem’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Stem's gross margin?: Stem (STEM) reported gross margin of 39.5% in Q1 2026.
How has Stem's gross margin changed year-over-year?: Stem's gross margin increased by 152.8% year-over-year, from 15.6% to 39.5%.
What is the long-term trend for Stem's gross margin?: Over 3 years (2022 to 2025), Stem's gross margin has grown at a 61.5% compound annual growth rate (CAGR), from 9.1% to 38.4%.
What does gross margin mean?: Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.