Fluence Energy Inc FLNC

IndustrialsRenewable EnergyUnited States of America

Last close 5.72 USD on Nov 1, 2026, −71.1% year to date

Quant rating

Quant rating D Rank 412 of 486 in Industrials

Growth A 17 of 486
Valuation D 427 of 486
Quality C 241 of 486
Revisions D 423 of 486
Momentum D 478 of 486

Wall Street consensus Hold (3.08)Average target 9.09 USD +58.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 1.2B
52-week range: 5.33 – 33.51
3-year range: 3.61 – 33.51
Dividend yield: –
Beta (5 years): 2.80
Shares outstanding: 185M
Next earnings: Nov 23, 2026

About the company

Fluence Energy, Inc. is a global provider of energy storage products and services, and optimization software for renewables and storage. With a presence in 47 markets globally, the Company provides an ecosystem of offerings to drive the clean energy transition, including modular, scalable energy storage products, comprehensive service offerings, and artificial intelligence (AI)-enabled optimization software for managing and optimizing renewables and storage from any provider. Its offerings include energy storage products and solutions, delivery services, recurring O&M services, and digital applications and solutions for energy storage and other power assets. Its energy storage solutions include Gridstack Pro, Gridstack, Sunstack, Edgestack, and Ultrastack. In addition, each of its energy storage solutions comes with its proprietary energy management system, Fluence OS. The Company’s cloud-based software products include Fluence Mosaic and Fluence Nispera.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,263	2,699	2,218	1,199	681	–
Revenue growth	−16.1%	21.7%	85.0%	76.1%	21.3%	32.2%
EPS (basic, normalized)	−0.37	0.13	−0.40	−2.69	−0.59	–
EPS growth	–	–	–	–	–	–
Gross margin	13.1%	12.6%	6.4%	−5.2%	−10.2%	3.4%
Net margin	−2.1%	0.8%	−3.1%	−8.7%	−23.8%	−7.4%
ROE	−10.7%	5.2%	−16.6%	−55.0%	–	−19.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	339
Current ratio	1.34x
Long-term debt (mil)	392
Net debt (mil)	111
Total equity (mil)	373
Net debt / equity	0.30x
Net debt / EBITDA	5.70x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,263	−16.1%	0.5x	19.5	−68.0%	60.0x	−0.37	−384.6%	−15.5x
2026	2,519	+11.3%	0.5x	−113	−680.6%	−10.3x	−1.02	−176.2%	−5.6x
2027	3,144	+24.8%	0.4x	69.5	+161.5%	16.8x	−0.26	+74.8%	−22.2x
2028	3,868	+23.0%	0.3x	143	+105.9%	8.2x	0.18	+168.5%	32.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,519	−4.4%	−24.7%	−24.4%	−1.02	−8.3%	−864.5%	−1,342.2%
2027	3,144	−5.5%	−24.2%	−22.1%	−0.26	−17.5%	−205.5%	−200.8%
2028	3,868	−5.8%	−20.8%	−18.1%	0.18	−2.2%	−64.3%	−67.7%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	623	483	1,228	187	432	603	1,042	475	465	650
Sales mean (mil)	579	423	1,301	380	333	761	1,382	468	623	848
Surprise	+7.7%	+14.3%	−5.6%	−50.9%	+29.6%	−20.8%	−24.6%	+1.4%	−25.4%	−23.4%
EPS reported	−0.07	0.00	0.34	−0.32	−0.24	0.01	0.13	−0.32	−0.16	−0.24
EPS mean	−0.07	−0.13	0.29	−0.19	−0.22	0.00	0.19	−0.21	−0.16	0.02
Surprise	−4.1%	+100.0%	+17.0%	−70.4%	−11.3%	−455.9%	−31.0%	−52.4%	0.0%	−1,367.8%

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FLNC Fluence Energy Inc	1.1B	5.70x	−2.1%	2.83x	−5.6x	−22.2x	−10.3x	16.8x
FSLR First Solar, Inc.	18.7B	−0.70x	29.3%	1.72x	9.9x	7.6x	6.5x	5.3x
NXT Nextpower Inc	12.0B	−1.21x	16.5%	4.55x	16.7x	13.9x	12.0x	9.8x
ENPH Enphase Energy, Inc.	3.4B	−0.75x	11.7%	2.73x	15.1x	15.2x	11.2x	13.5x
SEDG SolarEdge Technologies, Inc.	1.8B	1.56x	−34.2%	4.49x	−82.5x	33.3x	118.2x	17.6x
PLUG Plug Power Inc.	1.9B	−1.05x	−229.8%	3.28x	−4.4x	−8.7x	−13.6x	−30.7x
Mean		0.59x	−34.8%	3.27x	−8.5x	6.5x	20.7x	5.4x
Median		−0.72x	4.8%	3.05x	2.7x	10.7x	8.8x	11.7x

Technical analysis

1M−23.7%
3M−54.7%
1Y−68.4%
3Y−66.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Fluence Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,263	2,699	2,218	1,199	681	561
Cost of revenue	1,966	2,357	2,077	1,261	750	553
Gross profit	297	341	141	−62.4	−69.1	7.9
Selling, general & administrative expenses	243	237	177	154	60.8	34.2
Research & development	86.2	66.2	66.3	60.1	23.4	11.5
Depreciation/amortization	13.3	11.4	9.8	7.1	5.1	3.0
Interest expense (income), operating	4.1	−5.7	−5.4	−0.3	1.4	–
Unusual expense (income)	1.2	–	0.9	–	–	–
Other operating expenses	−5.4	−7.3	−7.9	4.6	0.3	−0.5
Operating income	−45.1	39.6	−100	−288	−160	−40.3
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−45.1	39.6	−100	−288	−160	−40.3
Provision for taxes	22.9	9.2	4.5	1.4	1.8	6.4
Minority interest	19.7	−7.7	35.2	185	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−48.3	22.7	−69.6	−104	−162	−46.7
Extraordinary items	–	–	–	–	–	–
Net income	−48.3	22.7	−69.6	−104	−162	−46.7
EBIT, normalized	−28.2	39.7	−105	−288	−159	−40.3
EBITDA, normalized	−4.2	54.4	−93.9	−281	−154	−37.3
Basic EPS, normalized	−0.37	0.13	−0.40	−2.69	−0.59	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Fluence Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	691	449	346	468	36.8	93.8
Receivables	728	806	395	352	206	187
Total inventory	455	183	225	653	390	37.3
Prepaid expenses	151	188	113	60.2	15.8	4.1
Other current assets	39.1	55.7	116	69.2	13.0	5.5
Total current assets	2,064	1,680	1,195	1,602	662	327
Property, plant & equipment	61.6	23.5	15.6	16.2	8.2	5.2
Goodwill	28.6	27.5	26.0	24.9	9.2	4.7
Intangibles	63.4	60.0	55.8	51.7	36.1	26.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	0	30.9	–	–	–
Other long-term assets	139	111	28.9	51.4	2.7	0.4
Total assets	2,357	1,902	1,352	1,746	718	364
Liabilities
Accounts payable	321	437	65.4	307	163	87.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	285	400	230	210	202	148
Short-term debt	0	0	0	0	100	0
Current portion of long-term debt	3.5	30.4	22.5	–	–	–
Other current liabilities	761	392	428	592	306	143
Total current liabilities	1,370	1,259	746	1,109	771	378
Long-term debt	391	0	28.0	0	0	0
Minority interest	119	135	154	193	–	–
Other liabilities	47.0	36.2	22.1	7.0	2.4	3.0
Total liabilities	1,927	1,430	950	1,310	774	381
Shareholders' equity
Preferred stock	0	–	–	–	–	–
Common stock	0	0	0	0	–	–
Additional paid-in capital	628	635	581	543	106	99.9
Retained earnings (accumulated deficit)	−200	−151	−174	−105	−279	−117
Treasury stock	−10.2	−9.5	−7.8	−5.0	–	–
Other equity	11.6	−1.8	3.2	2.8	117	0.2
Total equity	430	472	402	436	−56.2	−17.2
Total liabilities & shareholders' equity	2,357	1,902	1,352	1,746	718	364

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Fluence Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−68.0	30.4	−105	−289	−162	−46.7
Depreciation, depletion & amortization	29.3	14.5	10.7	7.1	5.1	3.0
Deferred taxes	6.4	−6.7	2.5	0.5	−1.3	1.9
Non-cash items	30.7	50.9	20.7	77.5	41.4	–
Changes in working capital	−144	−9.4	−41.0	−78.3	−148	27.8
Cash from operations	−146	79.7	−112	−282	−265	−14.0
Investing activities
Capital expenditures	−29.8	−19.0	−12.2	−7.9	−4.3	−1.8
Other investing cash flows	0	0	107	−140	−18.0	20.0
Cash from investing	−29.8	−19.0	94.4	−148	−22.3	18.2
Financing activities
Financing cash flow items	−13.2	−12.3	0	−29.0	6.1	2.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	370	3.7	52.6	846	225	0
Cash from financing	357	−8.7	52.6	817	231	2.5
Foreign exchange effects	14.4	3.9	−2.1	5.4	−0.5	1.3
Net change in cash	196	56.0	33.0	392	−57.0	8.0
Free cash flow	−175	60.7	−124	−290	−270	−15.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.