ChargePoint Holdings, Inc. (CHPT) Stock Analysis

ChargePoint’s principal competitive advantage is its scale and breadth as the largest independent EV charging network in North America, with over 342,000 active charging ports and access to more than 1 million ports globally through roaming partnerships. This network effect is reinforced by high brand awareness—ChargePoint is the preferred provider for over 60% of Fortune 500 companies and 80% of Fortune 50 firms.

Unlike vertically integrated rivals such as Tesla, which operate proprietary networks, ChargePoint’s “capital-light” model empowers site owners and fleet operators to own and brand their charging infrastructure, while ChargePoint supplies the hardware, software, and ongoing services. This approach enables rapid expansion with lower capital intensity and reduces direct exposure to utilization risk.

Recurring revenue from software subscriptions and service contracts (34.6% of FY25 revenue, up from 23.8% in FY24) provides a more stable income stream than hardware sales alone. ChargePoint’s open platform and broad hardware compatibility further differentiate it from hardware-centric competitors like Blink and ABB.

However, ChargePoint faces intensifying competition from Tesla’s expanding Supercharger network, Electrify America, and new entrants with deep pockets. Its competitive edge is also threatened by industry price pressure, customer demand for open standards, and the risk of commoditization. Sustaining its lead will depend on continued software innovation, customer retention, and successful execution of partnerships such as the recent collaboration with Eaton.