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Maker and integrator of grid-scale battery energy storage systems, a joint venture of Siemens and AES.
Maker and integrator of grid-scale battery energy storage systems, a joint venture of Siemens and AES.
Sells complete battery storage systems on fixed-price contracts that take months to deliver, so revenue arrives in lumps as projects are finished, with service and software contracts following. It buys battery cells from Asian suppliers, which makes tariffs and cell prices important, and has been working to source more in the US.
Moat: narrow (scale, installed base, process know-how). Large deployed storage fleet and software give operating-performance credibility that's hard for new entrants to match.
Headquarters: Arlington, Virginia, US · Founded: 2018 · Employees: 1,670
Size Fluence Energy (FLNC) is a United States Industrials company (Electrical Products) with a market value of $973M, the 2266th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.27 on 6 Nov 2026.
Performance Over six months the shares fell 78.2%, against -21.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +9.3%); the operating margin is -3.7% (peer median 5.7%).
Valuation It trades at 0.4× enterprise value to sales against a peer median of 2.2× (cheapest of 21).
Capital Return on invested capital runs 29.3 points below its cost of capital (14.9% WACC).
Backlog Backlog (remaining performance obligations) was $6.40B at 30 Jun 2026, up 31% on a year earlier — 2.4 years of trailing revenue. Backlog detail →
Credit Fluence Energy has 1 bond outstanding ($400M).
Short interest Short interest is 25.2% of the free float (15 Oct 2026).
Next results Next results expected around 23 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.63B | $2.26B | $2.70B | $2.22B | $1.20B |
| Revenue growth | — | -16% | +22% | +85% | — |
| Gross profit | $230M | $284M | $330M | $118M | -$18.5M |
| EBITDA | -$57.3M | -$10.9M | $40.7M | -$116M | -$225M |
| Net income | -$80.9M | -$48.3M | $22.7M | -$69.6M | -$104M |
| Free cash flow | -$121M | -$175M | $52.3M | -$124M | -$290M |
| Capital expenditure | $31.1M | $29.8M | $19.0M | $12.2M | $7.93M |
| Total debt | $413M | $406M | $38.9M | $53.5M | $2.74M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Fluence Energy FLNC | $973M | -78% | +7% | -4% | 0.4× | n/a |
| Tesla TSLA | $1.42T | -16% | +8% | 4% | 13.4× | n/a |
| Wartsila Oyj Abp WRT1V.HE | $17.1B | -25% | -2% | 13% | 2.0× | 7.2% |
| Sungrow Power Supply 300274.SZ | $25.3B | -40% | -24% | 12% | 2.4× | 12.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FLNC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.3% | -6.3% | lowest of 21 |
| 6-month return | -78.2% | -21.4% | lowest of 20 |
| Distance from 52-week high | -84.3% | -39.1% | lowest of 21 |
| Revenue growth (TTM) | +7.5% | +9.3% | 11th highest of 21 |
| Operating margin | -3.7% | 5.7% | 3rd lowest of 20 |
| EV / Sales | 0.4× | 2.2× | cheapest of 21 |
| ROIC minus cost of capital | -29.3 pp | -2.2 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fluence Energy FLNC | United States | $973M | -78% | +7% | -4% | 0.4× | n/a | n/a |
| Transformers and Rectifiers (India) TARIL.NS | India | $974M | -7% | +27% | 15% | 3.4× | n/a | n/a |
| Mersen MRN.PA | France | $976M | -1% | -3% | 9% | 1.1× | 11.0% | +7.0% |
| Shenzhen Uniconn Technology 301631.SZ | China | $969M | -34% | +32% | 5% | 1.1× | 18.2% | +49.0% |
| Guangdong Xinyaguang Cable 001382.SZ | China | $968M | -21% | +12% | 4% | 2.0× | n/a | n/a |
| CSG Smart Science&Technology 300222.SZ | China | $966M | -27% | +26% | 2% | 2.0× | n/a | n/a |
| Jiangsu Zhongchao 002471.SZ | China | $963M | -45% | -5% | 1% | 1.7× | n/a | n/a |
| Jolywood (Suzhou) Sunwatt 300393.SZ | China | $958M | -42% | -48% | -62% | 4.9× | 5.1% | -2.7% |
| Motic (Xiamen) Electric 300341.SZ | China | $957M | -20% | +19% | 12% | 3.3× | 17.7% | +5.1% |
| Ficont Industry(Beijing) 605305.SS | China | $989M | -35% | +15% | 26% | 2.5× | -1.1% | +22.5% |
| Elecon Engineering ELECON.NS | India | $995M | -26% | +5% | 17% | 3.6× | 31.3% | +17.8% |
| Temb Intelligent Tech Shandong 603448.SS | China | $951M | n/a | +16% | n/a | 1.9× | 45.6% | n/a |
| Guangdong Shunna Electric 000533.SZ | China | $996M | -24% | +25% | 6% | 2.4× | 16.8% | +8.7% |
| discoverIE DSCV.L | United Kingdom | $997M | +17% | +5% | 10% | 1.9× | 21.4% | +7.9% |
| Beijing Creative 002350.SZ | China | $946M | -19% | +7% | -1% | 2.7× | 54.8% | -0.3% |
| Leedarson IoT Technology 605365.SS | China | $1.01B | -55% | -2% | 4% | 1.1× | n/a | n/a |
| Sunway 603333.SS | China | $941M | +1% | +68% | 3% | 3.1× | n/a | n/a |
| Qingdao CHOHO Industrial 003033.SZ | China | $939M | +36% | +6% | 9% | 3.3× | 14.2% | +14.6% |
| Sanyo Denki 6516.T | Japan | $1.01B | -39% | +20% | 12% | 1.1× | 9.0% | +6.7% |
| Warom Technology 603855.SS | China | $938M | +1% | -18% | 15% | 2.0× | -2.6% | +7.1% |
| Topsec Technologies 002212.SZ | China | $1.01B | -18% | -9% | -14% | 3.3× | n/a | n/a |
Fluence Energy has 1 bond outstanding with $400M face value.
Fluence Energy reported $6.40B of remaining performance obligations at 30 Jun 2026, up 31% from a year earlier and up 14% from the previous quarter. That is 2.4 years of trailing revenue already under contract. Book-to-bill last quarter: 2.23.