Forget Bloom Energy Stock at $207 Per Share. Buy This Hydrogen-Focused ETF Instead for Just $43.

From reporting record-breaking financial results to projecting continued growth in 2026, Bloom Energy (NYSE: BE) has provided investors with plenty to celebrate recently. The market clearly noticed, fueling a 321% rise in the power generation company's shares over the past year.

But with the market's seemingly voracious appetite for Bloom Energy stock, many are now reluctant to buy shares, believing there's little more room to run. Fortunately, there's a hydrogen-focused exchange-traded fund (ETF) that offers exposure to Bloom Energy and a variety of other hydrogen and fuel cell stocks.

Bloom's bottom line has blossomed in 2026

It's understandable why Bloom stock has flourished over the past year. While the company has consistently generated gross profit, it has failed to report positive net income. This changed in 2026, however, as it reported diluted earnings per share (EPS) of $0.23 in the first quarter and $0.62 in the second quarter.

Plus, management is optimistic that the company will continue to thrive in 2026. In its second-quarter earnings report, Bloom guided for 2026 revenue of $3.9 billion to $4.2 billion and adjusted operating income of $800 million to $900 million. Should the company achieve the midpoints of both metrics, it will mean year-over-year revenue growth of 100% and adjusted operating income growth of 285%.

Exposure to Bloom stock is just part of this ETF's allure

As a result of Bloom stock's recent climb, shares are trading at a considerable premium to their historical valuation. Whereas Bloom stock has a five-year average price-to-sales multiple of 3.3, it's now valued at 18.5 times trailing sales. Couple this with the fact that Bloom is changing hands at 265 times trailing earnings, and it's unsurprising why some are balking at the chance to buy Bloom stock.

For comprehensive exposure to the hydrogen and fuel cell industry, the Global X Hydrogen ETF (NASDAQ: HYDR) is a great alternative choice for investors. Those hesitant to buy Bloom stock can still gain exposure through the Global X Hydrogen ETF, as Bloom is the fund's largest holding at 13.4%.

Through its 25 holdings, the fund provides exposure to a variety of other notable names in the hydrogen industry. Plug Power stock, for example, is the second-largest position with a 10.9% weighting, while FuelCell Energy has a 6.3% weighting.

The Global X Hydrogen ETF has $103 million in assets under management and a 0.50% expense ratio.

Recognize this before powering your portfolio with this ETF

Down about 42% from its 52-week high, Bloom Energy stock may look attractive to some, but it's important to be mindful of the steep valuation. Whether you're a value investor or simply someone interested in broad exposure to hydrogen stocks, a hydrogen ETF like the Global X Hydrogen ETF represents a great route to industry exposure.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.