Fluence Energy, Inc. (FLNC) financials
NASDAQ · Utilities · Renewable Utilities · 1,670 employees · CEO Julian Jose Nebreda Marquez
- Price
- $5.72 -6.08%
- Market cap
- $1.15B
- Enterprise value
- $1.2B
- Last report
- Q3 '26 filed 2026-08-05
- Next report
- 2026-11-23 EPS est. -$0.54
Revenue (TTM)$2.63B+7.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-4.1%-2.9 pp vs a year agoOperating income -$107M
Net income (TTM)-$80.9M-339.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$132M+69.1% vs a year agoCapex $31.1M
Diluted EPS (TTM)-$0.60-110.7% vs a year agoSum of the last 4 quarters
Net cash-$52.8M-214.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.15B EV $1.2B
- Revenue
- $2.63B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -3.1% Net income / revenue, TTM
- P/E
- -9.5×
- P/S
- 0.4× Price / sales, TTM
- EV / EBITDA
- -22.9× TTM
- Free cash flow
- -$132M Trailing 12 months
- Net income
- -$80.9M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-23 Revenue est. $812M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue missed by 20.6%, EPS missed by 6,006.9%Revenue $650M vs $819M expected (-20.6%); EPS -$0.24 vs -$0.00 (-6,006.9%).
- Revenue growth slowing: 7.9% year on yearQ3 '26 revenue $650M, against an average of 42.9% over the four quarters before.
- Operating margin -4.1% (TTM), -2.9 pp on a year agoOperating income grew -292.7% while revenue grew 7.5%.
- Capex 1.2% of revenue (a year ago 1.0%)$31.1M invested in the last 4 quarters (+21.5% on a year earlier). Free cash flow -$132M.
- Diluted share count down 24.8% in a year138M diluted shares in Q3 '26, 184M a year earlier.
- Net debt $52.8MCash + short-term investments $339M, debt incl. leases $392M; a year ago net cash $46M.
Last quarter: Q3 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $650M | $603M | +7.9% |
| Gross margin | 5.1% | 14.8% | -9.7 pp |
| Operating income | -$53.5M | $4.04M | -1,426.7% |
| Operating margin | -8.2% | 0.7% | -8.9 pp |
| Net income | -$32.8M | $6.25M | -624.9% |
| Diluted EPS | -$0.24 | $0.02 | -1,668.6% |
| Operating cash flow | -$17.2M | -$154M | +88.8% |
| Capex | $5.23M | $7.29M | -28.3% |
| Free cash flow | -$22.4M | -$161M | +86.1% |
| R&D | $23.7M | $26M | -8.7% |
| Stock-based compensation | $8.83M | $6.37M | +38.7% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $650M | $819M | -20.6% |
| EPS (as estimated) | -$0.24 | -$0.00 | -6,006.9% |
From the report of 2026-08-05 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | $627M | +7.4% | 96.9% | $2.53B | -10.4% | |
| Service | $20.1M | +18.8% | 3.1% | $90.9M | -6.3% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $322M | +17.1% | 49.6% | $1.6B | +33.6% | |
| Asia Pacific | $250M | +167.9% | 38.5% | $620M | +16.3% | |
| EMEA | $77.3M | -66.9% | 11.9% | $414M | -42.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$101M
- Capex
- -$31.1M
- Buybacks
- -$263K
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- -$6.09M
- Stock-based compensation
- $18.2M
- Free cash flow
- -$132M
- Returned to shareholders / FCF
- -0.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -9.5× | 126.2× 1 of 5 years | 126.2× – 126.2× |
| EV / EBITDA | -22.9× | 87.7× 1 of 5 years | 87.7× – 87.7× |
| EV / Sales | 0.5× | 1.9× | 0.7× – 4.0× |
| Price / FCF | -8.7× | 47.2× 1 of 5 years | 47.2× – 47.2× |
| Price / Book | 2.1× | 5.0× 4 of 5 years | 3.3× – 6.7× |
| FCF yield | -11.5% | -9.3% | -17.3% – 2.1% |
| Return on invested capital | -12.1% | -81.2% | -343.1% – 3.0% |
| Return on equity | -20.7% | 48.1% | -24.0% – 288.3% |
Analysts
Consensus target $9.93 (+73.6%)
range $4.00 – $19.00 · rating Hold
Strong buy0
Buy8
Hold17
Sell5
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 258 figures Fluence Energy, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $70.8M2026-03-31 | – | – | – | – | – | |
| $53.7M | – | – | – | – | – | |
| $64.2M | – | – | – | – | – | |
| $118M | – | – | – | – | – | |
| Accounts Payable, Current | $295M | $256M | +15.4% | $321M | $437M | -26.5% |
| Accounts Receivable from Securitization | $02025-09-30 | $30.9M | -100.0% | $0 | $30.9M | -100.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $350M | $153M | +129.5% | $273M | $216M | +26.0% |
| Accounts Receivable, Allowance for Credit Loss | $700K2025-09-30 | $2.9M | -75.9% | $700K | $2.9M | -75.9% |
| Accrued Liabilities | $275M | $222M | +24.1% | $185M2022-09-30 | $186M | -0.9% |
| Accrued Liabilities, Current | $275M | $222M | +24.1% | $246M | $338M | -27.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $14.4M | $11.8M | +21.8% | $11.6M | -$1.84M | +731.1% |
| Additional Paid in Capital | $670M | $623M | +7.6% | $628M | $635M | -1.1% |
| Advances on Inventory Purchases | $226M | $214M | +5.8% | $127M | $175M | -27.4% |
| Advertising Expense | – | – | – | $4.3M | $3.3M | +30.3% |
| Amortization of Debt Issuance Costs | $1.41M | $1.13M | +25.3% | $4.22M | $3.09M | +36.4% |
| Amortization of Intangible Assets | $3.4M | $3.8M | -10.5% | $12.7M | $9.1M | +39.6% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $4.89M | $6.37M | -23.2% | $19.5M | $23.9M | -18.1% |
| Assets | $2.62B | $2.08B | +26.0% | $2.36B | $1.9B | +23.9% |
| Assets, Current | $2.32B | $1.85B | +25.7% | $2.06B | $1.68B | +22.8% |
| Assets, Noncurrent | $291M | $225M | +29.1% | $293M | $222M | +32.0% |
| Capitalized Computer Software, Accumulated Amortization | $3.24M | – | – | – | – | – |
| Capitalized Computer Software, Amortization | $2.3M2026-03-31 | $1.3M | +76.9% | $6.2M | $2.9M | +113.8% |
| Capitalized Computer Software, Gross | $14.5M | – | – | – | – | – |
| Capitalized Computer Software, Net | $11.2M | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $339M | $436M | -22.2% | $691M | $449M | +54.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $365M | $460M | -20.6% | $715M | $519M | +37.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$47.9M | -$150M | +68.1% | $196M | $56M | +250.0% |
| Common Stock, Shares, Issued | 51.5M2025-09-30 | – | – | – | – | – |
| Common Stock, Shares, Outstanding | 51.5M2025-09-30 | – | – | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$8.46M | $2.91M | -391.3% | -$14.4M | $5.61M | -355.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$24.5M | $12M | -304.3% | -$34.9M | $17.7M | -297.2% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$32.9M | $14.9M | -321.3% | -$49.2M | $23.3M | -311.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $328M | $151M | +116.8% | $240M | $172M | +39.2% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | – | – | – | $78.4M2024-09-30 | $84.1M | -6.8% |
| Contract with Customer, Performance Obligation Satisfied in Previous Period | – | – | – | $5.5M | $11M | -50.0% |
| Contractual Obligation | $6.91B | $4.57B | +51.2% | $5.84B | $3.73B | +56.7% |
| Convertible Notes Payable, Noncurrent | $392M | $390M | +0.5% | $391M | $0 | – |
| Cost of Goods and Services Sold | $617M | $513M | +20.1% | $1.97B | $2.36B | -16.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $165K | $1.95M | -91.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $14.3M | $13.7M | +4.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $6.29M | -$6.72M | +193.7% |
| Deferred Income Tax Assets, Net | $2.88M | $2.53M | +14.0% | $4.05M | $8.88M | -54.4% |
| Deferred Income Tax Expense (Benefit) | $28K | $5.37M | -99.5% | $6.35M | -$6.72M | +194.5% |
| Deferred Income Tax Liabilities, Net | $9.1M | $7.51M | +21.2% | $9.53M | $7.11M | +34.0% |
| Deferred Tax Assets, Deferred Income | $35.8M2025-09-30 | $27.4M | +30.8% | $35.8M | $27.4M | +30.8% |
| Deferred Tax Assets, Gross | $576M2025-09-30 | $549M | +4.8% | $576M | $549M | +4.8% |
| Deferred Tax Assets, Inventory | $147M2025-09-30 | $129M | +14.0% | $147M | $129M | +14.0% |
| Deferred Tax Assets, Investments | $312M2025-09-30 | $333M | -6.5% | $312M | $333M | -6.5% |
| Deferred Tax Assets, Net | – | – | – | $1.77M2024-09-30 | – | – |
| Deferred Tax Assets, Net of Valuation Allowance | $208M2025-09-30 | $172M | +21.1% | $208M | $172M | +21.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $66.6M2025-09-30 | $47.8M | +39.5% | $66.6M | $47.8M | +39.5% |
| Deferred Tax Assets, Other | $4.96M2025-09-30 | $2.05M | +142.2% | $4.96M | $2.05M | +142.2% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $3.45M2025-09-30 | $3.84M | -10.2% | $3.45M | $3.84M | -10.2% |
| Deferred Tax Assets, Unrealized Currency Losses | $5.3M2025-09-30 | $5.27M | +0.6% | $5.3M | $5.27M | +0.6% |
| Deferred Tax Assets, Valuation Allowance | $367M2025-09-30 | $377M | -2.6% | $367M | $377M | -2.6% |
| Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals | $193M2025-09-30 | $140M | +37.5% | $193M | $140M | +37.5% |
| Deferred Tax Liabilities, Gross | $214M2025-09-30 | $170M | +25.6% | $214M | $170M | +25.6% |
| Deferred Tax Liabilities, Intangible Assets | $3.68M2025-09-30 | $3.7M | -0.6% | $3.68M | $3.7M | -0.6% |
| Deferred Tax Liabilities, Net | $5.48M2025-09-30 | – | – | $5.48M | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-K 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-K 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02