Tearsheet
FLNC Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About FLNC Interactive Breakdown Better Bets vs. FLNC Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Fluence Energy (FLNC)

Market Price (5/18/2026): $20.55 | Market Cap: $2.7 Bil
Sector: Industrials | Industry: Electrical Components & Equipment

Fluence Energy (FLNC)

Market Price (5/18/2026): $20.55
Market Cap: $2.7 Bil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Show more.

Weak multi-year price returns
2Y Excs Rtn is -18%, 3Y Excs Rtn is -75%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -50 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.9%

Stock price has recently run up significantly
12M Rtn12 month market price return is 284%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8%

High stock price volatility
Vol 12M is 117%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21%

Key risks
FLNC key risks include [1] an ongoing SEC investigation and multiple lawsuits, Show more.

0 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -18%, 3Y Excs Rtn is -75%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -50 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.9%
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 284%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8%
6 High stock price volatility
Vol 12M is 117%
7 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21%
8 Key risks
FLNC key risks include [1] an ongoing SEC investigation and multiple lawsuits, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Fluence Energy (FLNC) stock has lost about 30% since 1/31/2026 because of the following key factors:

1. Gross profit margin contraction and widened net loss in Q1 FY2026.

Fluence Energy reported its Q1 FY2026 earnings on February 4-5, 2026, where the company's gross profit margin significantly contracted from 11.4% in Q1 FY2025 to 4.9% in Q1 FY2026, and its net loss widened from $57 million to $63 million. This contributed to a substantial drop of 24.44% in the stock price on February 5, 2026.

2. Significant revenue miss in Q2 FY2026.

The company reported its Q2 FY2026 earnings on May 6, 2026, missing Wall Street's revenue expectations by 24%, with actual revenue of $464.9 million against analyst estimates of $611.5 million.

Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -32.5% change in FLNC stock from 1/31/2026 to 5/17/2026 was primarily driven by a -40.2% change in the company's P/S Multiple.
(LTM values as of)13120265172026Change
Stock Price ($)30.7720.77-32.5%
Change Contribution By: 
Total Revenues ($ Mil)2,2632,58514.2%
P/S Multiple1.81.1-40.2%
Shares Outstanding (Mil)131133-1.1%
Cumulative Contribution-32.5%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/17/2026
ReturnCorrelation
FLNC-32.5% 
Market (SPY)7.1%30.8%
Sector (XLI)3.9%7.9%

Fundamental Drivers

The -1.1% change in FLNC stock from 10/31/2025 to 5/17/2026 was primarily driven by a -5.0% change in the company's P/S Multiple.
(LTM values as of)103120255172026Change
Stock Price ($)21.0020.77-1.1%
Change Contribution By: 
Total Revenues ($ Mil)2,4492,5855.5%
P/S Multiple1.11.1-5.0%
Shares Outstanding (Mil)131133-1.4%
Cumulative Contribution-1.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/17/2026
ReturnCorrelation
FLNC-1.1% 
Market (SPY)9.0%38.8%
Sector (XLI)11.2%23.6%

Fundamental Drivers

The 407.8% change in FLNC stock from 4/30/2025 to 5/17/2026 was primarily driven by a 407.1% change in the company's P/S Multiple.
(LTM values as of)43020255172026Change
Stock Price ($)4.0920.77407.8%
Change Contribution By: 
Total Revenues ($ Mil)2,5212,5852.5%
P/S Multiple0.21.1407.1%
Shares Outstanding (Mil)129133-2.3%
Cumulative Contribution407.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/17/2026
ReturnCorrelation
FLNC407.8% 
Market (SPY)34.8%37.6%
Sector (XLI)32.4%24.9%

Fundamental Drivers

The 15.0% change in FLNC stock from 4/30/2023 to 5/17/2026 was primarily driven by a 93.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020235172026Change
Stock Price ($)18.0620.7715.0%
Change Contribution By: 
Total Revenues ($ Mil)1,3342,58593.7%
P/S Multiple1.61.1-31.8%
Shares Outstanding (Mil)115133-12.9%
Cumulative Contribution15.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/17/2026
ReturnCorrelation
FLNC15.0% 
Market (SPY)84.7%34.2%
Sector (XLI)79.2%30.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FLNC Return2%-52%39%-33%25%6%-40%
Peers Return8%-45%-1%59%21%17%33%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
FLNC Win Rate67%42%50%42%50%40% 
Peers Win Rate45%35%45%52%45%56% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
FLNC Max Drawdown--82%-47%-46%-80%-63% 
Peers Max Drawdown-52%-68%-62%-52%-59%-44% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: TSLA, STEM, EOSE, GNRC, ENPH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)

How Low Can It Go

EventFLNCS&P 500
2025 US Tariff Shock
  % Loss-47.3%-18.8%
  % Gain to Breakeven89.8%23.1%
  Time to Breakeven71 days79 days
2024 Yen Carry Trade Unwind
  % Loss-19.7%-7.8%
  % Gain to Breakeven24.6%8.5%
  Time to Breakeven8 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-40.8%-9.5%
  % Gain to Breakeven68.9%10.5%
  Time to Breakeven818 days24 days
2023 SVB Regional Banking Crisis
  % Loss-30.1%-6.7%
  % Gain to Breakeven43.1%7.1%
  Time to Breakeven56 days31 days

Compare to TSLA, STEM, EOSE, GNRC, ENPH

In The Past

Fluence Energy's stock fell -47.3% during the 2025 US Tariff Shock. Such a loss loss requires a 89.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFLNCS&P 500
2025 US Tariff Shock
  % Loss-47.3%-18.8%
  % Gain to Breakeven89.8%23.1%
  Time to Breakeven71 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-40.8%-9.5%
  % Gain to Breakeven68.9%10.5%
  Time to Breakeven818 days24 days
2023 SVB Regional Banking Crisis
  % Loss-30.1%-6.7%
  % Gain to Breakeven43.1%7.1%
  Time to Breakeven56 days31 days

Compare to TSLA, STEM, EOSE, GNRC, ENPH

In The Past

Fluence Energy's stock fell -47.3% during the 2025 US Tariff Shock. Such a loss loss requires a 89.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Fluence Energy (FLNC)

Fluence Energy, Inc. provides energy storage products and services, and artificial intelligence enabled digital applications for renewables and storage applications worldwide. The company sells energy storage products with integrated hardware, software, and digital intelligence, as well as engineering and delivery services to support the deployment of its storage products; operational and maintenance, and energy storage-as-a-service; and digital applications and solutions. Its energy storage products include Gridstack, a grid-scale industrial strength energy storage product; Sunstack for optimizing solar capture and delivery; and Edgestack, a commercial energy storage product that discharges when needed to flatten a facility's energy load profile. The company serves utilities, developers, and commercial and industrial customers. Fluence Energy, Inc. was founded in 2018 and is headquartered in Arlington, Virginia. Fluence Energy, Inc. is a joint venture of Siemens Aktiengesellschaft and The AES Corporation.

AI Analysis | Feedback

Fluence Energy (FLNC) can be described with these analogies:

  • Fluence Energy is like AWS (Amazon Web Services) for energy storage, providing the critical infrastructure and digital applications for the modern grid.
  • Think of Fluence Energy as Cisco for the energy grid, building the essential hardware and software backbone for renewable energy storage and management.
  • It's like Tesla, but for utility-scale and commercial energy storage systems, rather than electric vehicles.

AI Analysis | Feedback

```html
  • Gridstack: A grid-scale industrial strength energy storage product.
  • Sunstack: An energy storage product designed for optimizing solar capture and delivery.
  • Edgestack: A commercial energy storage product that flattens a facility's energy load profile.
  • Engineering and Delivery Services: Services provided to support the deployment and installation of Fluence's energy storage products.
  • Operational and Maintenance (O&M) Services: Services provided for the ongoing performance and upkeep of energy storage systems.
  • Energy Storage-as-a-Service (ESaaS): A service model offering access to energy storage solutions without significant upfront capital investment.
  • AI-enabled Digital Applications: Software solutions leveraging artificial intelligence for managing and optimizing renewable energy and storage applications.
```

AI Analysis | Feedback

Fluence Energy (FLNC) serves the following major categories of customers:

  • Utilities
  • Developers (e.g., renewable energy project developers)
  • Commercial and Industrial (C&I) customers

AI Analysis | Feedback

Major Suppliers of Fluence Energy (FLNC):

  • Contemporary Amperex Technology Co. Limited (CATL)
  • LG Energy Solution (Symbol: 373220.KS)
  • Samsung SDI Co., Ltd. (Symbol: 006400.KS)
  • Sungrow Power Supply Co., Ltd. (Symbol: 300274.SZ)
  • SMA Solar Technology AG (Symbol: S92.DE)

AI Analysis | Feedback

Julian Nebreda, President and Chief Executive Officer

Julian Nebreda has served as the President and Chief Executive Officer of Fluence since September 2022, bringing over 20 years of experience in the energy industry. He was also a member of Fluence's Board of Directors since September 2021. Before joining Fluence, Mr. Nebreda held various leadership roles at The AES Corporation, including President of the South America Strategic Business Unit from October 2018, President of the AES Brazil Strategic Business Unit from April 2016, and President of the Europe Strategic Business Unit from 2009. His prior experience also includes serving as Vice President for Central America and the Caribbean, Chief Executive Officer of Electricidad de Caracas, and President of AES Dominicana. Mr. Nebreda currently serves as Chairman of the Board of AES Andes and AES Brasil. He previously held a position in the public sector as a Counsellor to the Executive Director from Panama and Venezuela at the Inter-American Development Bank.

Ahmed Pasha, SVP & Chief Financial Officer

Ahmed Pasha serves as the Senior Vice President and Chief Financial Officer of Fluence. In this role, he is responsible for overseeing all financial activities, including capital investments and investor relations.

Peter Williams, SVP & Chief Product and Supply Chain Officer

Larissa Cerqueira, SVP & Chief Human Resources Officer

Vincent Mathis, SVP, Chief Legal and Compliance Officer and Secretary

AI Analysis | Feedback

Key Risks to Fluence Energy (FLNC)

  1. Legal, Regulatory, and Reputational Risks: Fluence Energy is facing a securities class action lawsuit and an ongoing SEC investigation concerning allegations of misleading financial reporting and improper accounting practices. Furthermore, Siemens Energy, an affiliate of one of Fluence's founders and a major revenue source, has accused Fluence of misrepresentation, breach of contract, and fraud in a lawsuit. These legal and regulatory challenges, alongside concerns about the declining relationship and potential divestment by founding partners Siemens and AES, pose significant threats to investor confidence, financial stability, and the company's reputation.
  2. Operational and Supply Chain Challenges: The company has experienced slower-than-expected ramp-up of its U.S. manufacturing facilities, including its Houston plant, which has led to delays in revenue realization and forced Fluence to shift anticipated fiscal year 2025 revenue into fiscal year 2026. Additionally, reliance on a limited number of suppliers for key components and broader supply chain disruptions continue to impact production and delivery timelines.
  3. Financial Performance and Cash Flow: Fluence Energy has demonstrated chronic negative operating cash flow and a low gross margin, indicating weak structural profitability and potential challenges in funding its operations. The company's free cash flow margin has been dropping, and it has burned through a significant amount of cash, raising concerns about its long-term financial sustainability and the potential need to raise additional capital, which could dilute shareholder returns.

AI Analysis | Feedback

null

AI Analysis | Feedback

Fluence Energy (FLNC) operates in several addressable markets for its energy storage products, services, and digital applications. The key market sizes are as follows:

  • Grid-Scale Energy Storage (Gridstack): The global grid-scale stationary battery storage market was estimated at USD 174.1 billion in 2024 and is expected to reach USD 2.96 trillion by 2034, growing at a compound annual growth rate (CAGR) of 30.7% from 2025 to 2034. Specifically in the U.S., the grid-scale stationary battery storage market was valued at over USD 43.7 billion in 2024.

  • Commercial Energy Storage (Edgestack): The global commercial energy storage system market was valued at USD 3,643.95 million in 2024 and is anticipated to reach USD 46,019 million by 2032, expanding at a CAGR of 37.3% between 2025 and 2032.

  • Solar Optimization and Storage (Sunstack): The global solar energy storage solutions market size was approximately USD 53.73 billion in 2023 and is projected to reach USD 196.56 billion by 2032, with a CAGR of roughly 15.50% between 2024 and 2032.

  • AI-Enabled Digital Applications for Renewables and Storage: Fluence Energy's CEO has estimated a new total addressable market of USD 8.5 billion by 2030, specifically for behind-the-meter battery systems configured to buffer the spiky loads of the data center business, driven by AI power demand.

AI Analysis | Feedback

Fluence Energy (FLNC) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions.

  1. Robust and Expanding Backlog: Fluence Energy benefits from a substantial and growing order backlog, which provides strong visibility for future revenue. As of February 5, 2026, the company reported a record backlog of $5.5 billion, with expectations to convert approximately $2.5 billion into revenue in fiscal year 2026. This backlog is significantly covered by orders, underpinning management's confidence in meeting its fiscal year 2026 revenue guidance.
  2. Global Geographic Expansion and Market Penetration: The company is aggressively pursuing expansion into new geographical markets and strengthening its presence in existing high-growth regions. Fluence has a strong focus on markets across the Americas, EMEA, and APAC regions, including key countries like the U.S., Germany, Australia, Canada, and Chile. Recent expansion includes opening an office in Tokyo, Japan, to engage with that country's growing energy storage market. Fluence's domestic content strategy in the U.S. is also driving significant demand and setting it apart in one of the fastest-growing global markets.
  3. Diversification and Innovation in Products and Services: Fluence is continuously developing and launching advanced energy storage solutions and expanding its service offerings. This includes new product lines like Gridstack Pro and Smartstack™, which aims to reduce costs and accelerate deployments. The company is also enhancing its operational and maintenance services and developing AI-powered digital applications through its Fluence IQ platform to optimize energy storage operations, generate recurring revenue, and meet evolving customer needs.
  4. Accelerated Demand in the Energy Storage Market: The energy storage market is experiencing explosive growth, fueled by the integration of renewable energy, increasing demands for grid stability, and accelerating growth from data centers and industrial loads. Fluence is strategically positioned to capitalize on this expanding demand, with its pipeline growing significantly due to these market forces.
  5. Strategic Investment in Domestic Manufacturing and Supply Chain Optimization: Fluence is investing in expanding its manufacturing capabilities, particularly in the U.S., to enhance supply chain resilience, reduce risks, and leverage federal incentives. This includes initiating U.S. battery module production and new manufacturing partnerships in states like Arizona. This focus on domestic content is crucial for meeting growing U.S. demand and improving operational efficiency.

AI Analysis | Feedback


Share Issuance

  • Fluence Energy completed its Initial Public Offering (IPO) in November 2021, raising gross proceeds of $998.2 million.
  • The IPO involved the sale of 35,650,000 shares of Class A common stock at an initial public offering price of $28.00 per share, including the full exercise of underwriters' option to purchase additional shares.
  • Common shares outstanding for the fiscal year ending September 30, 2025, were 182.66 million.

Inbound Investments

  • As part of the IPO, BNP Paribas Energy Transition Fund intended to purchase $70 million in shares in the offering.
  • In December 2020, Fluence raised $125 million from the Qatar Investment Authority in private equity, reaching unicorn status prior to its IPO.

Outbound Investments

  • In October 2020, Fluence acquired Advanced Microgrid Solutions, a provider of AI-enabled optimized bidding software, for an undisclosed amount.
  • Fluence acquired Nispera's software services in 2022, which provided technologies for improving predictions and maintenance of renewable energy systems.

Capital Expenditures

  • Annual capital expenditures for Fluence Energy were approximately $18.6 million, $14.9 million, and $8.1 million in recent fiscal years.
  • Capital expenditure for the three months ended December 2025 was approximately $9.35 million.

Better Bets vs. Fluence Energy (FLNC)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Fluence Energy Stock Rockets 113% With 8-Day Winning Streak05/12/2026
2Fluence Energy Stock 7-Day Winning Spree: Stock Climbs 104%05/09/2026
3Fluence Energy Stock Up 40% in One Day, Should You Buy The Stock?05/08/2026
4Fluence Energy Stock Surges 60%, With A 6-Day Winning Spree05/08/2026
5Fluence Energy (FLNC) +7.5%: Sector Rally on Strong Solar Outlook03/13/2026
6Fluence Stock (-35%): Gross Margin Collapse Forces De-Risking02/06/2026
7Fluence Energy Stock Drop Looks Sharp, But How Deep Can It Go?02/06/2026
8Fluence Stock (+13%): Arizona Gigawatt Project Win Sparks Short Cover01/16/2026
9Where Does Fluence Energy Stock Rank Among Competitors?01/16/2026
10Fluence Energy Earnings Notes12/29/2026
11ARTICLES 
12Fluence Energy Stock On Fire: Up 113% With 8-Day Winning Streak05/12/2026
13Fluence Energy Stock Rockets 104% With 7-Day Winning Streak05/09/2026
14Fluence Stock (-35%): Gross Margin Collapse Triggers Profitability Shock02/06/2026
15Buy or Sell Fluence Energy Stock?02/06/2026
16Fluence Energy Stock (+13%): Arizona Contract Win Forces Re-Rate01/16/2026
Title
0DASHBOARDS
1Fluence Energy Stock Rockets 113% With 8-Day Winning Streak
2Fluence Energy Stock 7-Day Winning Spree: Stock Climbs 104%
3Fluence Energy Stock Up 40% in One Day, Should You Buy The Stock?
4Fluence Energy Stock Surges 60%, With A 6-Day Winning Spree
5Fluence Energy (FLNC) +7.5%: Sector Rally on Strong Solar Outlook
6Fluence Stock (-35%): Gross Margin Collapse Forces De-Risking
7Fluence Energy Stock Drop Looks Sharp, But How Deep Can It Go?
8Fluence Stock (+13%): Arizona Gigawatt Project Win Sparks Short Cover
9Where Does Fluence Energy Stock Rank Among Competitors?
10Fluence Energy Earnings Notes
11ARTICLES
12Fluence Energy Stock On Fire: Up 113% With 8-Day Winning Streak
13Fluence Energy Stock Rockets 104% With 7-Day Winning Streak
14Fluence Stock (-35%): Gross Margin Collapse Triggers Profitability Shock
15Buy or Sell Fluence Energy Stock?
16Fluence Energy Stock (+13%): Arizona Contract Win Forces Re-Rate

Trade Ideas

Select ideas related to FLNC.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_4302026_Dip_Buyer_ValueBuy04302026GEOGEODip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
RUN_4302026_Short_Squeeze04302026RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.0%0.0%0.0%
RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper04172026RSGRepublic ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.8%0.8%-1.1%
VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
ENPH_4102026_Dip_Buyer_ValueBuy04102026ENPHEnphase EnergyDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.7%5.7%0.0%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

FLNCTSLASTEMEOSEGNRCENPHMedian
NameFluence .Tesla Stem Eos Ener.Generac Enphase . 
Mkt Price20.77422.248.757.87263.6852.8936.83
Mkt Cap2.81,365.50.12.715.46.94.8
Rev LTM2,58597,8791531614,3261,4001,992
Op Inc LTM-505,297-45-28432310429
FCF LTM-2697,000-14-38733114565
FCF 3Y Avg-1465,054-81-250466341130
CFO LTM-23616,528-10-30249919191
CFO 3Y Avg-12114,783-70-200613401166

Growth & Margins

FLNCTSLASTEMEOSEGNRCENPHMedian
NameFluence .Tesla Stem Eos Ener.Generac Enphase . 
Rev Chg LTM10.9%2.3%0.7%725.8%-0.5%-1.6%1.5%
Rev Chg 3Y Avg15.7%4.5%-18.4%241.2%0.3%-18.0%2.4%
Rev Chg Q7.7%15.8%-10.8%444.7%12.4%-20.6%10.1%
QoQ Delta Rev Chg LTM1.3%3.2%-2.2%40.7%2.8%-5.0%2.0%
Op Inc Chg LTM-87.3%-25.2%67.8%-60.3%-41.7%-32.1%-36.9%
Op Inc Chg 3Y Avg13.2%-24.0%17.1%-17.9%-5.5%-42.3%-11.7%
Op Mgn LTM-1.9%5.4%-29.7%-176.9%7.5%7.4%1.7%
Op Mgn 3Y Avg-2.1%6.9%-57.2%-714.7%10.1%10.9%2.4%
QoQ Delta Op Mgn LTM0.3%0.3%5.9%48.5%0.6%-3.8%0.4%
CFO/Rev LTM-9.1%16.9%-6.5%-187.9%11.5%13.6%2.5%
CFO/Rev 3Y Avg-4.7%15.4%-21.9%-671.8%14.5%25.7%4.9%
FCF/Rev LTM-10.4%7.2%-9.4%-240.8%7.6%10.4%-1.1%
FCF/Rev 3Y Avg-5.8%5.2%-26.8%-819.9%11.0%21.9%-0.3%

Valuation

FLNCTSLASTEMEOSEGNRCENPHMedian
NameFluence .Tesla Stem Eos Ener.Generac Enphase . 
Mkt Cap2.81,365.50.12.715.46.94.8
P/S1.114.00.516.63.65.04.3
P/Op Inc-55.2257.8-1.6-9.447.766.923.0
P/EBIT-55.2236.40.4-6.050.347.223.8
P/E-65.9353.60.5-5.681.551.526.0
P/CFO-11.782.6-7.5-8.830.936.411.7
Total Yield-1.5%0.3%193.0%-17.8%1.2%1.9%0.8%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-18.5%0.5%-825.4%-44.4%5.7%3.7%-9.0%
D/E0.10.04.40.20.10.10.1
Net D/E0.0-0.03.90.10.1-0.10.0

Returns

FLNCTSLASTEMEOSEGNRCENPHMedian
NameFluence .Tesla Stem Eos Ener.Generac Enphase . 
1M Rtn53.5%5.4%-19.1%9.8%24.3%62.8%17.1%
3M Rtn12.5%1.1%-22.6%-29.1%17.5%21.6%6.8%
6M Rtn16.0%4.4%-47.6%-43.0%74.4%84.4%10.2%
12M Rtn284.3%20.6%-19.4%12.7%103.7%4.9%16.7%
3Y Rtn-7.5%138.7%-89.4%239.0%123.7%-67.7%58.1%
1M Excs Rtn33.4%3.4%-23.4%5.4%21.9%60.3%13.7%
3M Excs Rtn4.1%-7.2%-30.9%-37.5%9.1%13.2%-1.5%
6M Excs Rtn-0.0%-10.1%-58.9%-62.6%54.2%64.1%-5.0%
12M Excs Rtn255.4%-4.3%-47.0%-12.4%79.5%-16.2%-8.3%
3Y Excs Rtn-75.3%71.5%-169.4%186.8%54.6%-146.3%-10.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment2,699 1,199681561
Revenue from digital applications and solutions 4   
Revenue from energy storage products and solutions 2,198   
Revenue from services 16   
Total2,6992,2181,199681561


Price Behavior

Price Behavior
Market Price$20.77 
Market Cap ($ Bil)2.7 
First Trading Date10/28/2021 
Distance from 52W High-35.6% 
   50 Days200 Days
DMA Price$15.33$16.35
DMA Trendupdown
Distance from DMA35.5%27.1%
 3M1YR
Volatility122.2%117.6%
Downside Capture228.47297.97
Upside Capture202.86381.10
Correlation (SPY)26.7%34.6%
FLNC Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.242.022.623.423.572.16
Up Beta0.951.181.140.202.181.52
Down Beta-4.094.574.416.165.722.33
Up Capture48%107%97%510%1601%2238%
Bmk +ve Days15223166141428
Stock +ve Days11202658122361
Down Capture305%227%348%263%190%113%
Bmk -ve Days4183056108321
Stock -ve Days11233867128388

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FLNC
FLNC283.1%117.0%1.68-
Sector ETF (XLI)23.7%15.4%1.1721.4%
Equity (SPY)27.4%12.1%1.7134.2%
Gold (GLD)42.5%26.8%1.3018.8%
Commodities (DBC)45.4%18.5%1.884.8%
Real Estate (VNQ)11.5%13.5%0.5610.7%
Bitcoin (BTCUSD)-23.7%41.8%-0.5427.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FLNC
FLNC-9.9%96.0%0.32-
Sector ETF (XLI)11.9%17.5%0.5336.6%
Equity (SPY)13.6%17.1%0.6340.5%
Gold (GLD)19.4%17.9%0.8813.3%
Commodities (DBC)10.9%19.4%0.4511.3%
Real Estate (VNQ)2.9%18.8%0.0632.5%
Bitcoin (BTCUSD)7.2%55.9%0.3426.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FLNC
FLNC-5.1%96.0%0.32-
Sector ETF (XLI)13.9%20.0%0.6136.6%
Equity (SPY)15.5%17.9%0.7440.5%
Gold (GLD)13.0%16.0%0.6713.3%
Commodities (DBC)8.3%17.9%0.3811.3%
Real Estate (VNQ)5.0%20.7%0.2132.5%
Bitcoin (BTCUSD)67.4%66.9%1.0626.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity27.2 Mil
Short Interest: % Change Since 415202611.0%
Average Daily Volume4.9 Mil
Days-to-Cover Short Interest5.6 days
Basic Shares Quantity132.5 Mil
Short % of Basic Shares20.5%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/202639.9%63.0% 
2/4/2026-34.6%-39.6%-49.0%
11/24/20256.1%25.6%26.4%
8/11/2025-19.4%-11.8%-26.0%
5/7/20256.9%20.8%4.7%
2/10/2025-46.4%-46.2%-59.6%
11/25/2024-19.1%-22.0%-32.8%
8/7/202415.0%20.1%32.6%
...
SUMMARY STATS   
# Positive899
# Negative987
Median Positive11.0%20.1%26.4%
Median Negative-11.0%-15.0%-26.0%
Max Positive39.9%63.0%32.6%
Max Negative-46.4%-46.2%-59.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/04/202610-Q
09/30/202511/25/202510-K
06/30/202508/11/202510-Q
03/31/202505/08/202510-Q
12/31/202402/10/202510-Q
09/30/202411/29/202410-K
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202302/08/202410-Q
09/30/202311/29/202310-K
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202202/10/202310-Q
09/30/202212/14/202210-K
06/30/202208/15/202210-Q

Recent Forward Guidance [BETA]

Latest: Q2 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue3.20 Bil3.40 Bil3.60 Bil0 AffirmedGuidance: 3.40 Bil for 2026
2026 Adjusted EBITDA40.00 Mil50.00 Mil60.00 Mil0 AffirmedGuidance: 50.00 Mil for 2026
2026 Annual Recurring Revenue 180.00 Mil 0 AffirmedGuidance: 180.00 Mil for 2026

Prior: Q1 2026 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue3.20 Bil3.40 Bil3.60 Bil0 AffirmedGuidance: 3.40 Bil for 2026
2026 Adjusted EBITDA40.00 Mil50.00 Mil60.00 Mil0 AffirmedGuidance: 50.00 Mil for 2026
2026 Annual Recurring Revenue 180.00 Mil 0 AffirmedGuidance: 180.00 Mil for 2026

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Spt, Holding Sarl DirectSell515202620.5310,066,414206,638,313445,338,303Form
2Von, Heynitz Harald DirectSell319202616.5010,000165,0191,048,696Form
3Arnold, Cynthia A DirectBuy51520255.9033,000194,641508,437Form

External Quote Links


Prefer one of these to Trefis? Tell us why.