Fluence Energy (FLNC)
Market Price (8/17/2026): $13.24 | Market Cap: $1.8 BilSector: Utilities | Industry: Renewable Electricity
Fluence Energy (FLNC)
Market Price (8/17/2026): $13.24Market Cap: $1.8 BilSector: UtilitiesIndustry: Renewable Electricity
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Renewable Energy Transition, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -127% Meaningful short interestShort 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 16% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -111 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.0% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.9% High stock price volatilityVol 12M is 128% Key risksFLNC key risks include [1] an ongoing SEC investigation and multiple lawsuits, Show more. |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -127% |
| Meaningful short interestShort 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 16% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -111 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.9% |
| High stock price volatilityVol 12M is 128% |
| Key risksFLNC key risks include [1] an ongoing SEC investigation and multiple lawsuits, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Fluence Energy (FLNC) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Sustained Strong Commercial Momentum and Record Backlog Growth: Fluence Energy demonstrated robust order intake, with fiscal Q2 2026 year-to-date orders through May 6, 2026, doubling to approximately $2.0 billion compared to the same period in the prior fiscal year. This momentum continued into fiscal Q3 2026, which ended June 30, 2026, with an order intake of over $1.44 billion, nearly tripling the prior year's comparable quarter. These strong order flows resulted in a record contracted backlog of approximately $5.6 billion as of March 31, 2026, which further increased to about $6.4 billion by June 30, 2026, signaling strong future revenue potential.
2. Significant Expansion into the Data Center Market: The company announced master supply agreements with two major hyperscalers during its fiscal Q2 2026 earnings call in May 2026, a development that analysts noted was ahead of expectations and represented significant progress in the emerging data center segment. This was further reinforced by securing approximately $850.0 million in data center business through July 2026, including a substantial $550.0 million award from a hyperscaler in July 2026, establishing a new and growing revenue stream.
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Fluence Energy (FLNC) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Sustained Strong Commercial Momentum and Record Backlog Growth: Fluence Energy demonstrated robust order intake, with fiscal Q2 2026 year-to-date orders through May 6, 2026, doubling to approximately $2.0 billion compared to the same period in the prior fiscal year. This momentum continued into fiscal Q3 2026, which ended June 30, 2026, with an order intake of over $1.44 billion, nearly tripling the prior year's comparable quarter. These strong order flows resulted in a record contracted backlog of approximately $5.6 billion as of March 31, 2026, which further increased to about $6.4 billion by June 30, 2026, signaling strong future revenue potential.
2. Significant Expansion into the Data Center Market: The company announced master supply agreements with two major hyperscalers during its fiscal Q2 2026 earnings call in May 2026, a development that analysts noted was ahead of expectations and represented significant progress in the emerging data center segment. This was further reinforced by securing approximately $850.0 million in data center business through July 2026, including a substantial $550.0 million award from a hyperscaler in July 2026, establishing a new and growing revenue stream.
3. Positive Analyst Sentiment and Price Target Upgrades Following Q2: The strong operational performance and strategic wins in fiscal Q2 2026 led to a surge in positive analyst sentiment. Notably, Roth/MKM upgraded Fluence Energy to "Buy" from "Neutral" and significantly raised its price target from $13.00 to $26.00 in May 2026. Similarly, Citigroup also raised its price target for Fluence Energy from $15.00 to $26.00 in May 2026, reflecting increased confidence in the company's outlook and contributing to the stock's upward trend.
4. Resilient Demand Amidst Operational Challenges in Q3: Despite missing revenue and EPS estimates for fiscal Q3 2026 and subsequently lowering its full-year fiscal 2026 guidance due to approximately $400.0 million in project deliveries being delayed into fiscal year 2027 due to production and construction issues at new manufacturing facilities, the underlying demand for Fluence Energy's solutions remained strong. The continued record order intake and backlog growth, especially in the burgeoning data center sector, helped mitigate the negative impact of the operational setbacks, indicating that investors looked beyond short-term execution issues to the robust long-term market demand.
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Stock Movement Drivers
Fundamental Drivers
The 7.9% change in FLNC stock from 4/30/2026 to 8/16/2026 was primarily driven by a 9.8% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.18 | 13.14 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,551 | 2,632 | 3.2% |
| P/S Multiple | 0.6 | 0.7 | 9.8% |
| Shares Outstanding (Mil) | 132 | 138 | -4.8% |
| Cumulative Contribution | 7.9% |
Market Drivers
4/30/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| FLNC | 7.9% | |
| Market (SPY) | 8.0% | 42.8% |
| Sector (XLU) | -5.4% | -36.5% |
Fundamental Drivers
The -57.3% change in FLNC stock from 1/31/2026 to 8/16/2026 was primarily driven by a -61.3% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.77 | 13.14 | -57.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,263 | 2,632 | 16.3% |
| P/S Multiple | 1.8 | 0.7 | -61.3% |
| Shares Outstanding (Mil) | 131 | 138 | -5.1% |
| Cumulative Contribution | -57.3% |
Market Drivers
1/31/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| FLNC | -57.3% | |
| Market (SPY) | 12.5% | 40.9% |
| Sector (XLU) | 3.2% | -18.1% |
Fundamental Drivers
The 61.8% change in FLNC stock from 7/31/2025 to 8/16/2026 was primarily driven by a 52.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.12 | 13.14 | 61.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,330 | 2,632 | 13.0% |
| P/S Multiple | 0.5 | 0.7 | 52.2% |
| Shares Outstanding (Mil) | 130 | 138 | -5.9% |
| Cumulative Contribution | 61.8% |
Market Drivers
7/31/2025 to 8/16/2026| Return | Correlation | |
|---|---|---|
| FLNC | 61.8% | |
| Market (SPY) | 23.9% | 41.9% |
| Sector (XLU) | 5.7% | 5.9% |
Fundamental Drivers
The -55.1% change in FLNC stock from 7/31/2023 to 8/16/2026 was primarily driven by a -65.7% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.24 | 13.14 | -55.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,690 | 2,632 | 55.8% |
| P/S Multiple | 2.0 | 0.7 | -65.7% |
| Shares Outstanding (Mil) | 116 | 138 | -15.8% |
| Cumulative Contribution | -55.1% |
Market Drivers
7/31/2023 to 8/16/2026| Return | Correlation | |
|---|---|---|
| FLNC | -55.1% | |
| Market (SPY) | 75.6% | 35.6% |
| Sector (XLU) | 43.7% | 12.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FLNC Return | 2% | -52% | 39% | -33% | 25% | -33% | -62% |
| Peers Return | 8% | -45% | -1% | 59% | 21% | -12% | -0% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| FLNC Win Rate | 67% | 42% | 50% | 42% | 50% | 38% | |
| Peers Win Rate | 45% | 35% | 45% | 52% | 45% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FLNC Max Drawdown | - | -82% | -47% | -46% | -80% | -63% | |
| Peers Max Drawdown | -52% | -68% | -62% | -52% | -59% | -56% | |
| 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 8/14/2026 (YTD)
How Low Can It Go
| Event | FLNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.3% | -18.8% |
| % Gain to Breakeven | 89.8% | 23.1% |
| Time to Breakeven | 71 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -19.7% | -7.8% |
| % Gain to Breakeven | 24.6% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.8% | -9.5% |
| % Gain to Breakeven | 68.9% | 10.5% |
| Time to Breakeven | 818 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.1% | -6.7% |
| % Gain to Breakeven | 43.1% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
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.
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| Event | FLNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.3% | -18.8% |
| % Gain to Breakeven | 89.8% | 23.1% |
| Time to Breakeven | 71 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.8% | -9.5% |
| % Gain to Breakeven | 68.9% | 10.5% |
| Time to Breakeven | 818 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.1% | -6.7% |
| % Gain to Breakeven | 43.1% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
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 (FLNC) is a leading provider of advanced energy storage products, services, and artificial intelligence-enabled digital applications for the global renewable energy and storage markets. Formed as a joint venture between Siemens Aktiengesellschaft and The AES Corporation, Fluence integrates sophisticated hardware, software, and digital intelligence to deliver comprehensive energy storage solutions.
The company's core offerings include a suite of energy storage products tailored for different applications: Gridstack for large-scale grid stability, Sunstack designed to optimize solar energy capture and delivery, and Edgestack for commercial energy load management. In addition to these products, Fluence provides essential engineering and deployment services, ongoing operational and maintenance support, and innovative "energy storage-as-a-service" models. Its digital applications leverage AI to enhance the management and performance of renewable energy assets and storage systems.
Fluence Energy serves a broad international customer base, including utilities striving for grid modernization and reliability, renewable energy developers aiming to maximize efficiency and integrate intermittent sources, and commercial and industrial customers seeking to optimize energy consumption and reduce costs. The company's solutions are pivotal in accelerating the transition to a more sustainable and resilient energy infrastructure.
```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.
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- 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
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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)
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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
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Key Risks to Fluence Energy (FLNC)
- 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.
- 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.
- 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.
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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.
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Fluence Energy (FLNC) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions.
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Renewable Electricity
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | 1.9% | 229.1% | 291.9% | HNRG 635% · CNL 470% · OKLO 351% |
| Electric Utilities | 24 | 12.2% | 49.7% | 47.0% | VST 795% · GNE 158% · ETR 136% |
| Multi-Utilities | 18 | 11.4% | 49.8% | 40.1% | PCG 99% · MDU 97% · NI 95% |
| Gas Utilities | 10 | 9.8% | 44.6% | 36.2% | ATO 91% · NFG 83% · NJR 78% |
| Water Utilities | 12 | 11.0% | -0.2% | -14.7% | CWCO 196% · AWR 9% · ARTNA 8% |
| Renewable Electricity ← | 5 | -16.8% | -54.4% | -94.2% | ORA 75% · CWEN 44% · AGIG -94% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.81 |
| Mkt Cap | 3.6 |
| Rev LTM | 1,980 |
| Op Inc LTM | 38 |
| FCF LTM | 80 |
| FCF 3Y Avg | 125 |
| CFO LTM | 108 |
| CFO 3Y Avg | 155 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.0% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | 9.2% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | -32.0% |
| Op Inc Chg 3Y Avg | -17.0% |
| Op Mgn LTM | 0.2% |
| Op Mgn 3Y Avg | 2.0% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | 10.1% |
| CFO/Rev 3Y Avg | 4.9% |
| FCF/Rev LTM | 5.2% |
| FCF/Rev 3Y Avg | -0.7% |
Price Behavior
| Market Price | $13.14 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 10/28/2021 | |
| Distance from 52W High | -59.2% | |
| 50 Days | 200 Days | |
| DMA Price | $17.47 | $18.69 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -24.8% | -29.7% |
| 3M | 1YR | |
| Volatility | 135.5% | 128.8% |
| Downside Capture | 858.78 | 525.34 |
| Upside Capture | 492.48 | 475.25 |
| Correlation (SPY) | 52.6% | 43.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.66 | 5.46 | 5.22 | 3.83 | 4.18 | 2.35 |
| Up Beta | 11.69 | 2.47 | 3.46 | 1.65 | 1.51 | 1.66 |
| Down Beta | -0.80 | 3.45 | 4.21 | 4.04 | 5.54 | 2.40 |
| Up Capture | 342% | 941% | 1104% | 648% | 3345% | 3726% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 17 | 29 | 54 | 120 | 359 |
| Down Capture | 690% | 476% | 408% | 276% | 193% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 26 | 34 | 72 | 131 | 391 |
[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 | |
|---|---|---|---|---|
| FLNC | 74.4% | 128.1% | 1.01 | - |
| Sector ETF (XLU) | 4.7% | 14.9% | 0.10 | 5.4% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 43.5% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | 21.3% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | 3.1% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | -0.4% |
| Bitcoin (BTCUSD) | -49.1% | 42.8% | -1.45 | 28.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLNC | |
|---|---|---|---|---|
| FLNC | -17.8% | 98.3% | 0.24 | - |
| Sector ETF (XLU) | 8.7% | 17.3% | 0.35 | 16.8% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 40.8% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | 14.2% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | 10.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 28.7% |
| Bitcoin (BTCUSD) | 8.0% | 52.8% | 0.34 | 25.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLNC | |
|---|---|---|---|---|
| FLNC | -9.3% | 98.3% | 0.24 | - |
| Sector ETF (XLU) | 8.9% | 19.3% | 0.39 | 16.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 40.8% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 14.2% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 10.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 28.7% |
| Bitcoin (BTCUSD) | 59.9% | 66.1% | 1.00 | 25.7% |
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Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.2% | -7.2% | |
| 5/6/2026 | 39.9% | 63.0% | 69.0% |
| 2/4/2026 | -34.6% | -39.6% | -49.0% |
| 11/24/2025 | 6.1% | 25.6% | 26.4% |
| 8/11/2025 | -19.4% | -11.8% | -26.0% |
| 5/7/2025 | 6.9% | 20.8% | 4.7% |
| 2/10/2025 | -46.4% | -46.2% | -59.6% |
| 11/25/2024 | -19.1% | -22.0% | -32.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 10 |
| # Negative | 12 | 11 | 9 |
| Median Positive | 11.0% | 20.1% | 26.7% |
| Median Negative | -9.1% | -11.9% | -26.0% |
| Max Positive | 39.9% | 63.0% | 69.0% |
| Max Negative | -46.4% | -46.2% | -59.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.2% | -7.2% | |
| 5/6/2026 | 39.9% | 63.0% | 69.0% |
| 2/4/2026 | -34.6% | -39.6% | -49.0% |
| 11/24/2025 | 6.1% | 25.6% | 26.4% |
| 8/11/2025 | -19.4% | -11.8% | -26.0% |
| 5/7/2025 | 6.9% | 20.8% | 4.7% |
| 2/10/2025 | -46.4% | -46.2% | -59.6% |
| 11/25/2024 | -19.1% | -22.0% | -32.8% |
| 8/7/2024 | 15.0% | 20.1% | 32.6% |
| 5/8/2024 | -8.0% | -9.1% | 9.7% |
| 2/7/2024 | 6.7% | 4.2% | -23.9% |
| 11/28/2023 | 23.8% | 27.0% | 21.3% |
| 8/9/2023 | -6.2% | -18.3% | -4.5% |
| 5/10/2023 | 6.8% | 17.5% | 28.6% |
| 2/9/2023 | -9.5% | -11.9% | -25.3% |
| 12/12/2022 | 26.3% | 12.9% | 27.1% |
| 8/15/2022 | -3.0% | -7.8% | 7.8% |
| 5/12/2022 | -11.0% | 14.2% | 31.7% |
| 2/10/2022 | -8.8% | -18.5% | -34.7% |
| 12/9/2021 | -0.9% | -1.2% | -13.3% |
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 10 |
| # Negative | 12 | 11 | 9 |
| Median Positive | 11.0% | 20.1% | 26.7% |
| Median Negative | -9.1% | -11.9% | -26.0% |
| Max Positive | 39.9% | 63.0% | 69.0% |
| Max Negative | -46.4% | -46.2% | -59.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/29/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/29/2023 | 10-K |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 12/14/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/29/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/29/2023 | 10-K |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 12/14/2022 | 10-K |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-Q |
| 09/30/2021 | 12/14/2021 | 10-K |
| 06/30/2021 | 10/29/2021 | 424B4 |
Recent Forward Guidance
Updated 8/6/2026Latest: Q3 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 2.90 Bil | 3.00 Bil | 3.10 Bil | -11.8% | Lowered | Guidance: 3.40 Bil for 2026 | |
| 2026 Adjusted EBITDA | -30.00 Mil | -10.00 Mil | 10.00 Mil | -120.0% | Lowered | Guidance: 50.00 Mil for 2026 | |
| 2026 Annual Recurring Revenue | 180.00 Mil | 0 | Affirmed | Guidance: 180.00 Mil for 2026 | |||
Prior: Q2 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.20 Bil | 3.40 Bil | 3.60 Bil | 0 | Affirmed | Guidance: 3.40 Bil for 2026 | |
| 2026 Adjusted EBITDA | 40.00 Mil | 50.00 Mil | 60.00 Mil | 0 | Affirmed | Guidance: 50.00 Mil for 2026 | |
| 2026 Annual Recurring Revenue | 180.00 Mil | 0 | Affirmed | Guidance: 180.00 Mil for 2026 | |||
Q1 2026 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.20 Bil | 3.40 Bil | 3.60 Bil | 0 | Affirmed | Guidance: 3.40 Bil for 2026 | |
| 2026 Adjusted EBITDA | 40.00 Mil | 50.00 Mil | 60.00 Mil | 0 | Affirmed | Guidance: 50.00 Mil for 2026 | |
| 2026 Annual Recurring Revenue | 180.00 Mil | 0 | Affirmed | Guidance: 180.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 11/24/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.20 Bil | 3.40 Bil | 3.60 Bil | 36.0% | Raised | Guidance: 2.50 Bil for 2026 | |
| 2026 Adjusted EBITDA | 40.00 Mil | 50.00 Mil | 60.00 Mil | ||||
| 2026 ARR | 180.00 Mil | ||||||
| 2026 Revenue Growth | 50.0% | ||||||
Insider Activity
Updated 7/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zahurancik, John | SVP & CCSO | Direct | Sell | 6242026 | 22.03 | 15,974 | 351,839 | 1,567,591 | Form |
| 2 | Zahurancik, John | SVP & CCSO | Direct | Sell | 6242026 | 25.18 | 16,000 | 402,864 | 2,194,224 | Form |
| 3 | Von, Heynitz Harald | Direct | Sell | 6162026 | 25.00 | 5,000 | 125,000 | 1,463,750 | Form | |
| 4 | Qatar, Investment Authority | Held by Qatar Holding LLC | Sell | 5182026 | 21.00 | 2,867,172 | 60,210,612 | 247,823,163 | Form | |
| 5 | Aes, Corp | See footnote | Sell | 5182026 | 21.00 | 10,066,414 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zahurancik, John | SVP & CCSO | Direct | Sell | 6242026 | 22.03 | 15,974 | 351,839 | 1,567,591 | Form |
| 2 | Zahurancik, John | SVP & CCSO | Direct | Sell | 6242026 | 25.18 | 16,000 | 402,864 | 2,194,224 | Form |
| 3 | Von, Heynitz Harald | Direct | Sell | 6162026 | 25.00 | 5,000 | 125,000 | 1,463,750 | Form | |
| 4 | Qatar, Investment Authority | Held by Qatar Holding LLC | Sell | 5182026 | 21.00 | 2,867,172 | 60,210,612 | 247,823,163 | Form | |
| 5 | Aes, Corp | See footnote | Sell | 5182026 | 21.00 | 10,066,414 | Form | |||
| 6 | Spt, Holding Sarl | Direct | Sell | 5152026 | 20.53 | 10,066,414 | 206,638,313 | 445,338,303 | Form | |
| 7 | Von, Heynitz Harald | Direct | Sell | 3192026 | 16.50 | 10,000 | 165,019 | 1,048,696 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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