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Fluence Energy
(NASDAQ:FLNC)
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Rating:55Neutral
Price Target:
$17.50
▲(29.25% Upside)
Action:Reiterated
Date:06/06/26
The score is held back primarily by weak and volatile financial performance (losses, materially negative TTM cash flow, and higher leverage). Technicals are a major offset, showing strong upward momentum. Earnings call factors are supportive (reaffirmed guidance, record backlog/order intake and liquidity) but tempered by continued EBITDA losses, ASP pressure, and working-capital demands; valuation remains unattractive due to negative earnings and no dividend.
Positive Factors
Record backlog / revenue visibility
A $5.6B backlog provides multi‑quarter revenue visibility and reduces near‑term demand uncertainty. Durable backlog supports resource planning and capacity utilization, enabling smoother execution, improved predictability of cash flow conversion if the company can reliably convert orders to revenue.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow increases reliance on external financing and heightens funding risk. Sustained cash burn constrains reinvestment, elevates refinancing needs, and can force tradeoffs between growth projects and margin improvements if cash generation doesn’t recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog / revenue visibility
A $5.6B backlog provides multi‑quarter revenue visibility and reduces near‑term demand uncertainty. Durable backlog supports resource planning and capacity utilization, enabling smoother execution, improved predictability of cash flow conversion if the company can reliably convert orders to revenue.
Read all positive factors
Fluence Energy Key Performance Indicators (KPIs)
Any
Backlog
Represents the value of unfulfilled orders, indicating future revenue visibility and the strength of product demand.
Represents the value of unfulfilled orders, indicating future revenue visibility and the strength of product demand.
Data provided by:
The Fly
The FlyFluence Energy (FLNC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.13B
Dividend YieldN/A
Average Volume (3M)16.20M
Price to Earnings (P/E)―
Beta (1Y)2.11
Revenue Growth10.93%
EPS Growth-73.80%
CountryUS
Employees1,595
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.31
Shares Outstanding132,811,500
10 Day Avg. Volume12,301,968
30 Day Avg. Volume16,203,863
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)3.28
Price to Sales (P/S)0.62
P/FCF Ratio-8.03
Enterprise Value/Market Cap1.38
Enterprise Value/Revenue1.67
Enterprise Value/Gross Profit14.49
Enterprise Value/Ebitda-397.15
Forecast
1Y Price Target
$20.57Price Target Upside51.93% Upside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$3.36B
Fluence Energy Business Overview & Revenue Model
Company Description
Fluence Energy, Inc. (FLNC) is a global provider of sophisticated energy storage systems and AI-powered digital applications, specifically designed for renewable energy integration and overall storage optimization. The company's core offering enco...
How the Company Makes Money
Fluence primarily makes money by selling and delivering turnkey battery energy storage systems (BESS) and related engineering, procurement, and construction-oriented project delivery for customers that need storage capacity on the grid or behind t...
Fluence Energy Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum (doubled YTD order intake, $5.6B backlog), important product and supply-chain milestones (Smartstack commercialization, U.S. domestic cell sourcing) and reaffirmed fiscal 2026 guidance with solid liquidity (~$900M). Headwinds include a Q2 revenue timing delay (~$80M), continued ASP declines, an ongoing negative adjusted EBITDA (improved but still negative) and working-capital absorption from inventory builds. Management emphasized disciplined execution and expected conversion of a growing data center pipeline, but acknowledged that MSAs and pipeline conversion are not guaranteed.Positive Updates
Accelerating Order Intake
Signed approximately $2.0 billion of orders year-to-date (double the amount signed through the same period last year, ~+100% YTD). Q3-to-date bookings exceed $600 million. Management expects total fiscal 2026 order intake to significantly exceed fiscal 2025.
Negative Updates
Quarterly Revenue Timing Disruption
Q2 revenue was $465 million (+8% YoY) but approximately $80 million of revenue was pushed into Q3 due to a customs issue in Vietnam and a shortage of loading equipment in Spain. Management says both issues are resolved.
Read all updates
Q2-2026 Updates
Positive
Negative
Accelerating Order Intake
Signed approximately $2.0 billion of orders year-to-date (double the amount signed through the same period last year, ~+100% YTD). Q3-to-date bookings exceed $600 million. Management expects total fiscal 2026 order intake to significantly exceed fiscal 2025.
Read all positive updates
Company Guidance
Fluence reaffirmed fiscal 2026 guidance of $3.2–$3.6B revenue (midpoint $3.4B) with roughly 70% of revenue expected in the second half (about 30% of H2 in Q3), ARR of ~ $180M (up from $148M in FY25), adjusted EBITDA of $40–$60M and adjusted gross margin of 11–13% (Q2 was 11.1%; rolling 12‑month AGM 12.4%). For context, Q2 revenue was $465M (+8% YoY) with $51M adjusted gross profit and adjusted EBITDA of -$9M (a $21M YoY improvement); the company exited Q2 with a record $5.6B backlog, roughly $2B of orders signed YTD (first 7 months) including >$600M Q3‑to‑date, 50% of orders from new customers, pipeline up 35% (data center pipeline +30% to ~12 GWh), liquidity of ~ $900M (cash ~ $430M), and inventory investments of $220M in Q2 with ~ $100M planned in Q3—management expects liquidity to return to ~ $900M by year‑end and anticipates continued margin improvement despite ~50% ASP declines over the past two years.Fluence Energy Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.58B | 2.26B | 2.70B | 2.22B | 1.20B | 680.77M |
| Gross Profit | 297.41M | 295.79M | 341.08M | 140.96M | -62.35M | -69.14M |
| EBITDA | -10.85M | -16.99M | 41.10M | -101.94M | -276.41M | -153.63M |
| Net Income | -41.80M | -48.31M | 22.72M | -69.62M | -289.18M | -162.00M |
Balance Sheet | ||||||
| Total Assets | 2.35B | 2.36B | 1.90B | 1.35B | 1.75B | 717.67M |
| Cash, Cash Equivalents and Short-Term Investments | 412.89M | 690.77M | 448.69M | 345.90M | 467.65M | 36.83M |
| Total Debt | 401.97M | 390.80M | 30.36M | 50.56M | 2.74M | 100.00M |
| Total Liabilities | 1.89B | 1.81B | 1.30B | 795.82M | 1.12B | 773.87M |
| Stockholders Equity | 368.12M | 429.60M | 472.10M | 402.35M | 435.83M | -56.20M |
Cash Flow | ||||||
| Free Cash Flow | -270.64M | -175.34M | 60.71M | -124.15M | -290.32M | -269.56M |
| Operating Cash Flow | -237.50M | -145.54M | 79.69M | -111.93M | -282.38M | -265.27M |
| Investing Cash Flow | -33.15M | -29.80M | -18.98M | 94.44M | -148.42M | -22.29M |
| Financing Cash Flow | 65.85M | 356.88M | -8.68M | 52.59M | 817.05M | 231.13M |
Fluence Energy Technical Analysis
Negative
13.54
Price Trends
19.96
Negative
17.72
Negative
18.64
Negative
Market Momentum
-0.74
Positive
38.11
Neutral
11.96
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNC, the sentiment is Negative. The current price of 13.54 is below the 20-day moving average (MA) of 22.14, below the 50-day MA of 19.96, and below the 200-day MA of 18.64, indicating a bearish trend. The MACD of -0.74 indicates Positive momentum. The RSI at 38.11 is Neutral, neither overbought nor oversold. The STOCH value of 11.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLNC.
Fluence Energy Risk Analysis
Fluence Energy disclosed 76 risk factors in its most recent earnings report. Fluence Energy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fluence Energy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
57 Neutral | $2.22B | 19.98 | 8.54% | ― | 30.87% | 121.64% | |
55 Neutral | $3.13B | -54.45 | -10.50% | ― | 10.93% | -73.80% | |
52 Neutral | $54.02M | -13.90 | -64.74% | ― | -77.09% | -82.90% | |
51 Neutral | $3.57B | -4.05 | -40.01% | ― | -61.93% | -66.79% | |
51 Neutral | $720.11M | -5.86 | -171.06% | ― | 361.99% | 22.34% | |
44 Neutral | $56.32M | -0.52 | 506.75% | ― | 131.30% | 87.66% |
* Utilities Sector Average
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Fluence Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
Fluence Energy Adds AES Leader to Board of Directors
Positive
Jun 5, 2026
On June 2, 2026, Fluence Energy director John Christopher “Chris” Shelton tendered his resignation from the board, effective at the close of business on June 3, 2026, with the company stating his departure was not due to any disagreeme...
Business Operations and StrategyPrivate Placements and Financing
Fluence Energy Boosts Public Float, Broadens Shareholder Base
Positive
May 15, 2026
On May 14, 2026, AES Grid Stability, LLC exercised its redemption right for 10,066,414 common units of Fluence Energy, LLC, with a corresponding cancellation of the same number of Fluence Energy, Inc. Class B-1 shares. Fluence settled the transact...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.