Fluence Energy, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Sep 2025, Revenue from sale of energy storage products and solutions was 96% and Revenue from services was 4% of revenue; Revenue from sale of energy storage products and solutions fell from 99% in the fiscal year to Sep 2023.

Quarters: Fluence Energy, Inc.'s SEC filings, named by the month they end. Fiscal years: Fluence Energy, Inc.'s annual reports to the SEC.

How it makes money

The company loses $2.1 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: Fluence Energy, Inc.'s annual reports to the SEC.

How much work is already signed?

Customers had signed $6.4B of work Fluence Energy has not yet delivered at the end of Jun 2026: 2.4 years of revenue at the last four quarters' pace. New orders over those four quarters were about 1.6× revenue, so the backlog grew.

Backlog: remaining performance obligations in Fluence Energy, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Fluence Energy buys from AES, Siemens; sells to AES, Siemens.

Their suppliers

Kratos Defense & Security Solutions KTOSto Siemens

Show 1

Suppliers

AES AES

Siemens SIE.DE

 

FFLNCFluence Energy

Customers

AES AES 24%

Siemens SIE.DE

Their customers

Comfort Systems USA FIXfrom Siemens

Show 1

Fluence Energy's 10-Q for the quarter to Dec 2025 gives the share of revenue of a group of customers, not of any one: Three Customers (57%).

From Fluence Energy, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Partners

AES AESinvested in Fluence Energy · Holds equity and voting interestsApproximately 28.5% economic interest in Fluence Energy, LLC; approximately 66.6% combined voting power in Fluence Energy, Inc.

Siemens SIE.DEinvested in Fluence Energy · Holds Class A common stock39,738,064 shares of Class A common stock

SSPT Investinvested in Fluence Energy · Holds Class A common stock11,761,131 shares of Class A common stock

QQHLinvested in Fluence Energy · Holds equity and voting interests14,668,275 Class A shares; approximately 3.8% combined voting power and 8.1% economic interest

Changes since the previous annual report (10-K filed Nov 29, 2024)

RReNew PowerNo longer named (was a partner)

AES AESCustomer, share of revenue41% → 24%

AES AESNow also a supplier

SiemensNow also a supplier and a customer

Only the companies Fluence Energy names in its 10-K filed Nov 25, 2025 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 0.4x, below the peer median of 3.5x. Revenue is up 8% from a year ago.

Below the peer median of 3.5x. The market pays less per $1 of revenue than for peers.

Fluence Energy, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $7.95, 68% above the current price; 17% of 23 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 4 analysts (17%). Sell or Strong Sell: 5.

Over the past year the average of the analysts' latest price targets went from $11.31 to $8.05 (−29%), while FLNC went from $16.25 to $4.74 (−71%). In the past three months targets were raised once and cut 21 times. 6 upgrades and 8 downgrades over the year; the latest: Goldman Sachs moved it to Neutral from Buy on Sep 18, 2026.

The day after each of these reports the stock moved +8.9% (Sep 2025, missed); −41.2% (Dec 2025, missed); +49.5% (Mar 2026, beat); −15.7% (Jun 2026, missed).

For the quarter ending Sep 2026 (Fluence Energy reports on Nov 23, 2026), analysts expect an adjusted loss of $0.61 a share, against $0.13 a year earlier, and revenue of $812M, down 22% on a year earlier. For the fiscal year ending Sep 2027, they expect revenue of $3.0B, up 25% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $14M exceeds operating cash flow of −$101M, leaving free cash flow of −$115M. The gap has to be covered with cash on hand or borrowing.

Fluence Energy had 138M diluted shares in the quarter ended Jun 2026, 24.8% fewer than a year earlier, and 23.2% more each year on average since Dec 2021. The quarter a year earlier had a profit and this one a loss, which leaves out of the diluted count the options, convertible notes and units exchangeable for shares that a profit counts: the fall is partly or wholly in what the count includes.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.5, no pressure to repay short-term debt; debt-to-equity 0.9, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves FLNC out (on the exchange, not in the app yet): Swiss National Bank, Canada Pension Plan Investment Board, Norges Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held FLNC at the end of their latest quarter (for most, Q2 2026). Over that quarter 1 added shares, 2 cut, 2 bought new, 1 sold all and 1 held the same. The largest of them is Renaissance Technologies, 557,050 shares worth $4.3M at Sep 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FLNC at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $125K and sold $880K of FLNC on the open market in the 12 months to Nov 12, 2026. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was John Zahurancik (SVP & CCSO), who sold $755K in 2 sales.

From the Form 4s filed with the SEC about Fluence Energy, Inc. (44 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 33 other transactions (option exercises, shares withheld for tax, shares sold to pay tax, gifts and other transfers). Also not counted: 3 trades by holders of more than 10% who are neither officers nor directors.