Stem, Inc. (STEM)

NYSE: STEM · Services-Computer Integrated Systems Design · Houston, TX · filing with the SEC since 2018

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Grade4.5

◀ Past 4.3● Present 4.1▶ Future 5.5

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Stem, Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.5/10

◀ Past4.340% of the headline

● Present4.135% of the headline

▶ Future5.525% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.3/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

1.6/10

Has it survived what it has been through?

5 warning events since 2018; the latest 2026-10-23.

weight 33% of this tense · 16th percentile among 45 sector filers · read for itself

From the record

Stem, Inc.'s filings since 2018 show 5 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2026-10-23); a warning not to rely on past financial statements (8-K item 4.02, the latest 2021-04-26); an auditor change (8-K item 4.01, 2 times, the latest 2026-03-17) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.3/10

What has it actually done, year after year?

+44% a year over 7 filed years; profitable in 1 of 7.

weight 45% of this tense · 53rd percentile among 38 sector filers · read for its customers

From the record

Stem, Inc.'s 7 filed years say what it did: revenue went from $18 million in fiscal 2019 to $156 million in fiscal 2025, up 44% a year; it rose in 5 of 6 years; the deepest fall was 69% from fiscal 2023 to fiscal 2024; net income was positive in 1 of 7 of those years (its annual reports).

What it rests on

revenue growth over the filed span44.0%top 7% of its family
the share of years revenue rosetop 41% of its family
the share of filed years with a profitbottom 38% of its family
the deepest fall from a revenue peak68.7%bottom 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

6.3/10

How has it treated the people who own it?

SI estimate 6.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 63rd percentile among 41 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the top 37% of 41 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 41 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Stem, Inc.'s shareholder treatment is put at 6.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 37% of 41 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.1/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

2.8/10

Is it financially healthy right now?

Leverage 181%: owes 181¢ per asset dollar.

weight 33% of this tense · 28th percentile among 41 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Stem, Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 19 cents per dollar of everything the company owns. Leverage: it owed about 181 cents per dollar of assets, and net share issuance: its share count grew 5.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 6% of its family
gross profit against assetsbottom 37% of its family
the share count against the year beforebottom 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.7/10

How strong is its position in its industry?

top 43% of 40 in its family; net margin 88.2%.

weight 45% of this tense · 57th percentile among 40 sector filers · read for its customers

From the record

Stem, Inc.'s standing among 40 graded names in its industry family: revenue of $156 million in fiscal 2025 ranks in the top 46% by size; a net margin of 88.2% ranks in the top 1%; revenue growth of -24.5% a year over the last 3 filed years ranks in the bottom 19% (its annual reports).

What it rests on

revenue against the family$156Mtop 46% of its family
net margin88.2%top 1% of its family
three-year revenue growth-24.5%bottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

2.5/10

What are the people in charge doing?

bottom 25% of 26 in its family for leadership; chief executive since 2025.

weight 22% of this tense · 25th percentile among 26 sector filers · read for its shareholders

From the record

Stem, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Narayanan, Arun (Chief Executive Officer, as filed), filing under that title since 2025-01-28, 1.8 years (bottom 35% of its family); the 14 officers and directors filing in the last fifteen months have been on the record a median of 3.7 years (bottom 30%); 21 officer or director changes were reported on Form 8-K since 2023-11-13, against the 14 people in charge now (bottom 9%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge21 in three years among 14 peoplebottom 9% of its family
the median years the people in charge have filed3.7 yearsbottom 30% of its family
the chief executive's years on the record1.8 yearsbottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.5/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.0/10

How much room does it have to grow?

top 40% of 39 in its family for room to expand.

weight 22% of this tense · 60th percentile among 39 sector filers · read for itself

From the record

Stem, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $51 million against no long-term debt tagged leaves 16.4% of its assets as net cash, top 30% of its family; cash from operations less capital spending is 4.4% of revenue (top 37%); a gross margin of 38.4% (top 47%); research spending of 22.6% of revenue (top 44%) (its annual report).

What it rests on

cash less debt against assets16.4%top 30% of its family
cash from operations less capital spending against revenue4.4%top 37% of its family
gross margin38.4%top 47% of its family
research spending against revenue22.6%top 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

2.9/10

What could actually drive growth from here?

bottom 29% of 38 in its family for growth drivers.

weight 45% of this tense · 29th percentile among 38 sector filers · read for its customers

From the record

Stem, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -24.5% a year over the last three filed years against 44% over all 7, slowing (bottom 1% of its family); the newest year grew 8.1% (top 50%); research spending grew -2.7% a year (bottom 36%) (its annual reports). Stem, Inc. reported 5 product lines in fiscal 2025: Edge Hardware at $54 million (34%), Power Track Software at $38 million (24%), Managed Services at $30 million (19%), and 2 more; 4 of 5 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-68.4 points a yearbottom 1% of its family
the newest year's revenue growth8.1%top 50% of its family
three-year growth of research spending-2.7%bottom 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

8.7/10

Did its newest year beat what its own record pointed to?

top 13% of 32 in its family for expectations against reality.

weight 33% of this tense · 87th percentile among 32 sector filers · read for its shareholders

From the record

Stem, Inc.'s newest year against its own record: revenue of $156 million in fiscal 2025 came in 71.2% above the $91 million its prior three years' pace pointed to (top 17% of its family); net income of $138 million against a prior three-year average of $373 million (top 17%); a net margin of 88.2% against losses larger than its revenue before (top 5%) (its annual reports).

What it rests on

revenue against the prior three years' pace71.2%top 17% of its family
net income against the prior three years' average+137%top 17% of its family
net margin against its prior averageup more than 100 pointstop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton STEM · research, not advice