Fluence Energy Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Demand is not in question; the core operational question is open: can Fluence get production at its contract manufacturers under control so that its backlog once again yields a double-digit gross margin? The filings show no existential risk such as going-concern doubts or negative equity — liquidity stood at $863.0 million on June 30, 2026. But the ongoing cash outflow and the leverage cap from 2027 sit close to the red line. If you wait, check the fiscal 2026 annual report: how large was the fourth-quarter loss, what does Fluence plan for 2027, and does the credit facility hold? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Fluence Energy is the packing-slip trap in its purest form: a $6.4 billion backlog, record order intake and a market growing on the back of data centers — but in fiscal 2026 two guidance cuts from $3.4 billion to about $2.4 billion of revenue, a gross margin of 5.1 percent in the latest quarter and an expected adjusted EBITDA loss of about $200 million, which the company attributes to delays at its contract manufacturers. The balance sheet holds for now, but stricter covenants apply from 2027, and about 51 percent of economic interests — the founders' shares — are registered for resale. Not investment advice.
Demand & backlog
A record $6.4 billion backlog on June 30, 2026, more than $1.44 billion of orders in the third quarter of fiscal 2026 and roughly $850 million of data center business through July 2026. Demand is documented and broad.
Execution & guidance reliability
Fiscal 2026 guidance was cut twice within six weeks: revenue from $3.4 billion to about $2.4 billion, adjusted EBITDA from +$50 million to about −$200 million (midpoints). The company blames production problems at contract manufacturers, Houston above all — even though the original guidance was about 85 percent covered by backlog.
Margins & earnings power
Gross margin of 5.1 percent in the third quarter of fiscal 2026, down from 14.8 percent, hit by liquidated damages, cost overruns and rising battery prices; nine months: −$136.1 million net result. Only fiscal 2024 showed a profit (+$30.4 million).
Balance sheet & financing
$863.0 million of total liquidity and $1,014.0 million billed in advance (including $57.5 million from related parties) on June 30, 2026; the convertible notes do not mature until 2030. But $366.5 million of operating cash outflows in nine months, a leverage cap from January 1, 2027 and $2.91 billion of off-balance-sheet purchase commitments.
Ownership & control
94.7 million shares of founders AES, Siemens and Qatar Holding (about 51 percent of economic interests) are registered for resale; the founders already sold 23 million in May 2026; AES controls about 59 percent of the votes by our calculation, and Fluence is a “controlled company” under Nasdaq rules.
Worth Noting
Fluence's fiscal year ends September 30. Fiscal 2026 ran from October 1, 2025 to September 30, 2026; its annual report (10-K) had not been filed as of October 13, 2026. The latest periodic report is the 10-Q for June 30, 2026 (filed August 5, 2026); all current reports through October 9, 2026 have been reviewed.
The market value of about $1.3 billion is calculated from 184,596,369 economic interests (143,163,588 Class A plus 41,432,781 Class B-1 held by AES and exchangeable into Class A, as of July 31, 2026) and the October 12, 2026 close ($7.07). The last price cited in a filing ($25.23 on May 11, 2026, prospectus supplement 424B7) predates the share price decline and does not serve as a cross-check.
The AES voting share of about 59 percent is our own calculation: 41,432,781 Class B-1 shares with five votes each versus 143,163,588 Class A shares with one vote each (as of July 31, 2026). The fourth-quarter figures (about $810 million of revenue, about −$109 million of adjusted EBITDA) are derived from annual guidance minus nine-month results, not company figures.
The average analyst price target of $10 (fundamental data, 23 ratings, as of October 13, 2026) is third-party information for context, not a price target of ours.
Stock Watch
This analysis is as of October 13, 2026. Stock Watch will tell you what's changed at FLNC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.50 $ to 32.20 $ · Last price: 5.70 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Utilities - Renewable
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Fluence Energy Inc FLNC | 1.1 | – | 19.4 | 9.4 | -8.4 | -16.2 | -70.0 |
| AXIA Energia AXIA | 23.3 | 10.0 | 16.5 | 47.4 | 43.8 | 2.7 | 40.2 |
| AXIA Energia SA AXICY | 19.8 | 8.5 | 15.1 | 47.4 | 40.3 | 2.7 | – |
| Brookfield Renewable Partners LP BEP | 14.0 | – | 9.3 | 51.4 | 17.1 | 11.0 | -0.3 |
| Enlight Renewable Energy Ltd. ENLT | 9.3 | 108.7 | 30.3 | 71.9 | 54.5 | 45.6 | 91.6 |
| Clearway Energy Inc Class C CWEN | 7.7 | 306.9 | 11.2 | 64.4 | 7.6 | 4.2 | 8.7 |
| Ormat Technologies Inc ORA | 5.5 | 40.5 | 15.3 | 27.9 | 21.3 | 12.5 | -13.7 |
| Brookfield Renewable Corp BEPC | 5.3 | – | 38.2 | 57.1 | 14.5 | -10.0 | -27.8 |
| SOLV Energy, Inc. MWH | 4.9 | 35.3 | 15.6 | 17.5 | -0.1 | 34.8 | – |
| Median of companies shown | 7.7 | 37.9 | 15.6 | 47.4 | 17.1 | 4.2 | -0.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 92 | -50 | -47 | -0.95 | 28 | 26 | 189 |
| 2020 | 561 | -41 | -47 | -0.94 | -14 | -17 | 364 |
| 2021 | 681 | -158 | -162 | -2.99 | -265 | -56 | 718 |
| 2022 | 1,199 | -276 | -104 | -0.90 | -282 | 629 | 1,746 |
| 2023 | 2,218 | -113 | -70 | -0.60 | -112 | 402 | 1,352 |
| 2024 | 2,699 | 27 | 23 | 0.12 | 80 | 472 | 1,902 |
| 2025 | 2,263 | -46 | -48 | -0.37 | -146 | 430 | 2,357 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.32 | – | 187 | -48.70 | -22.20 | -211 | -216 |
| 2025: Q1 | -0.24 | – | 432 | -30.70 | -7.20 | -46 | -54 |
| 2025: Q2 | 0.03 | 698.90 | 603 | 24.70 | 1.00 | -154 | -161 |
| 2025: Q3 | 0.14 | -57.60 | 1,042 | -15.20 | 1.70 | 266 | 256 |
| 2025: Q4 | -0.34 | – | 475 | 154.40 | -9.50 | -227 | -236 |
| 2026: Q1 | -0.16 | – | 465 | 7.70 | -4.50 | -123 | -129 |
| 2026: Q2 | -0.24 | -900.00 | 650 | 7.90 | -5.00 | -19 | -20 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 09/30/2027 | -0.53 | -0.93 – -0.31 | 3,012 | 59.3% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Fluence verkauft mit Fluence Mosaic und Fluence Nispera eigene Cloud-Software, die laut Geschäftsbericht auf proprietärem maschinellem Lernen und KI beruht und im Quartalsbericht als eigene, separat abgerechnete Leistung geführt wird; Nispera beschreibt das Unternehmen ausdrücklich als „AI-driven“. Die KI-Produkte sind damit Umsatzquelle — allerdings eine kleine: Digitale Anwendungen brachten in den ersten neun Monaten des Geschäftsjahres 2026 rund 6,2 von 1.590,0 Mio. US-Dollar Umsatz.
View the full file — quotes, sources, reviewed filings
„Our Fluence digital offerings encompass proprietary machine learning, AI, data science technologies, and applied engineering to enable the advanced capabilities of our two cloud-based software products: Fluence Mosaic and Fluence Nispera."
Unsere digitalen Fluence-Angebote umfassen proprietäres maschinelles Lernen, KI, Data-Science-Technologien und angewandte Ingenieurskunst, um die fortgeschrittenen Fähigkeiten unserer beiden cloudbasierten Softwareprodukte zu ermöglichen: Fluence Mosaic und Fluence Nispera.
10-K · 2025-11-25 · View SEC filing
„Fluence Nispera is an AI-driven utility-scale asset performance management platform that supports portfolios of energy storage, solar, and wind assets."
Fluence Nispera ist eine KI-gestützte Plattform für das Leistungsmanagement von Anlagen im Kraftwerksmaßstab, die Portfolios aus Energiespeicher-, Solar- und Windanlagen unterstützt.
10-Q · 2026-08-05 · View SEC filing
„The use of the Fluence digital software applications is separately identifiable from other promises that the Company offers to its customers."
Die Nutzung der digitalen Softwareanwendungen von Fluence ist von den übrigen Leistungsversprechen, die das Unternehmen seinen Kunden gibt, getrennt identifizierbar.
10-Q · 2026-08-05 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-05-06 · 10-Q 2026-02-04 · 10-Q 2025-08-11 · 10-K 2025-11-25 · 10-K 2024-11-29
Rated on October 13, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 23.6%
- More than 10% revenue growth is expected for the coming year 24.5%
- Share count grows by less than 3% a year 4.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -23.9%
- Gross margin at 40% or higher and without meaningful erosion 13.1%
- Goodwill from acquisitions does not grow faster than revenue 1.2%
- Net debt below twice EBITDA 300 m net cash
- Operating cash flow covers the profits of the last three years -83 m
- Return on capital at 15% or higher, or up versus two years ago -4.7%
- Insiders hold at least 10% or are net buyers 14.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 70.5%
- Exp. sales growth 3Y > 5% 33.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 33.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -14.3%
- ROCE > 15% -4.7%
- Expected return > 10% 11.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 21, 2026 | Bulls Herman E | Director | Buy | 10,000 | 7.36 | 73,600 |
| Sep 21, 2026 | von Heynitz Harald | Director | Buy | 7,000 | 7.36 | 51,520 |
| Jul 17, 2026 | Williams Peter Bennett | SVP and CPSCO | Other | 3,905 | 14.07 | 54,943 |
| Jul 17, 2026 | Williams Peter Bennett | SVP and CPSCO | Other | 8,588 | 0.00 | – |
| Jul 6, 2026 | SPT Holding Sarl | 10% Owner | Other | 20,462,735 | – | – |
The company
About the Company
Fluence Energy, Inc. bietet über ihre Tochtergesellschaften Energiespeicher und Optimierungssoftware für Anwendungen mit erneuerbaren Energien und Speichern in Amerika, im asiatisch-pazifischen Raum, Europa, dem Nahen Osten und Afrika an.
- Employees
- 1,670
- Headquarters
- Arlington, VA
- Address
- 2107 Wilson Boulevard, 22201 Arlington, United States
- Phone
- 833 358 3623
- Website
- fluenceenergy.com
- IPO Date
- 10/28/2021
- ISIN
- US34379V1035
Management
| Name | Title | Birth Year |
|---|---|---|
| Julian Jose Nebreda Marquez | President, CEO & Director | 1967 |
| Ahmed Pasha | Senior VP & CFO | 1969 |
| John Zahurancik | SVP & Chief Customer Success Officer | 1972 |
| Bernerd Raymond Da Santos Avila | Executive VP, COO & Principal Operating Officer | 1964 |
| Michelle Philpotas | Chief Accounting Officer | 1967 |
| Chris Shelton | Vice President of Investor Relations & Sustainability | – |
| Vincent Winslow Mathis J.D. | Senior VP, Chief Legal & Compliance Officer and Secretary | 1964 |
| Andrea Fisher | Senior VP & Chief Human Resources Officer | – |
| Roman Loosen | Senior VP, Chief Supply Chain & Manufacturing Officer | – |
| Jeff Monday | Chief Growth Officer & SVP | 1983 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/09/2026 Fluence Energy, Inc. (FLNC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 09/16/2026 Fluence Energy, Inc. (FLNC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/01/2026 Fluence Energy, Inc. (FLNC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Other Events SEC ↗
- 08/05/2026 Fluence Energy, Inc. (FLNC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.