Blue Bird Corporation (BLBD): A Bull Case Theory 

We came across a bullish thesis on Blue Bird Corporation on Bullseye Investing’s Substack. In this article, we will summarize the bulls’ thesis on BLBD. Blue Bird Corporation’s share was trading at $54.84 as of October 10th. BLBD’s trailing and forward P/E were 15.41 and 13.12 respectively according to Yahoo Finance.

BlueBird Corporation, a nearly century-old U.S. school bus manufacturer, remains largely undiscovered by investors despite its strong fundamentals and growing market opportunity. With a market cap of around $1.9 billion, BlueBird designs, engineers, and sells a full range of school buses and related parts, warranties, and services. Its core bus-making business generates about 90% of total revenue, amounting to $1.2 billion in FY2024, while its parts business contributed $104 million.

Founded in 1927, BlueBird has built deep trust and brand recognition among school districts through its reputation for reliability and safety. The company’s long history and innovation-driven approach have positioned it as the leading manufacturer of electric school buses in the U.S., producing models that run on diesel, gas, propane, and electricity. This product diversity provides a significant competitive edge as the school transportation industry transitions toward clean energy.

BlueBird is uniquely positioned to benefit from structural tailwinds such as the EPA’s $5 billion Clean School Bus Program (FY2022–2026), which incentivizes the replacement of traditional buses with zero-emission vehicles. State-level regulations, particularly in California, are accelerating this shift by mandating a move toward zero-emission heavy vehicles by 2030.

As the largest electric school bus producer in the nation, BlueBird stands to gain outsized share in a market projected to grow from $35.5 billion in 2024 to $335.3 billion by 2033 at a 28.3% CAGR. Despite these catalysts, the company remains undervalued and underfollowed, offering investors exposure to a durable, regulated, and rapidly electrifying transportation niche.

Previously we covered a bullish thesis on Blue Bird Corporation (BLBD) by Hidden Market Gems in February 2025, which highlighted the company’s leadership in electric and alternative fuel school buses, steady revenue growth, and government support through the EPA’s Clean School Bus Program. The stock has appreciated approximately 53% since our coverage. The thesis still stands as Blue Bird benefits from electrification tailwinds. Bullseye Investing shares a similar view but emphasizes long-term growth potential in the zero-emission school bus market.

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Disclosure: None.