The company's capital structure has shifted toward higher leverage, with total debt increasing to $391.7 million in 2026Q2 compared to $51.6 million in 2024Q1.
| Total Assets | 2.35B | 2.36B | 1.9B | 1.35B | 1.75B | 717.67M | 364.02M | 188.8M |
| Asset Growth % | 52.51% | 23.91% | 40.68% | -22.54% | 143.24% | 97.15% | 92.81% | - |
| PP&E (Net) | 41.77M | 50.32M | 15.35M | 12.77M | 13.76M | 8.21M | 5.17M | 3.95M |
| PP&E / Total Assets % | 1.78% | 2.13% | 0.81% | 0.94% | 0.79% | 1.14% | 1.42% | 2.09% |
| Total Current Assets | 2.08B | 2.06B | 1.68B | 1.19B | 1.6B | 661.51M | 327.47M | 148.29M |
| Cash & Equivalents | 387.3M | 690.77M | 448.69M | 345.9M | 357.3M | 36.83M | 93.81M | 84.11M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 764.16M | 455.01M | 182.6M | 224.9M | 652.74M | 389.79M | 37.31M | 10.68M |
| Other Current Assets | 466.19M | 30.56M | 82.11M | 136.54M | 63.65M | 13.03M | 5.46M | 3.9M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 28.51M | 28.58M | 27.48M | 26.02M | 24.85M | 9.18M | 4.73M | 4.7M |
| Intangible Assets | 64.13M | 63.4M | 60M | 55.75M | 51.7M | 36.06M | 26.3M | 28.75M |
| Other Assets | 126.92M | 146.39M | 110.03M | 62.56M | 50.79M | 1.54M | 353K | 1.49M |
| Total Liabilities | 1.89B | 1.81B | 1.3B | 795.82M | 1.12B | 773.87M | 381.25M | 163.3M |
| Total Debt | 391.71M | 390.8M | 30.36M | 50.56M | 2.74M | 100M | 0 | 0 |
| Net Debt | 4.41M | -299.96M | -418.32M | -295.33M | -354.55M | 63.17M | -93.81M | -84.11M |
| Long-Term Debt | 391.71M | 390.8M | 0 | 28.02M | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 0 | 30.36M | 22.54M | 0 | 100M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 2.74M | 0 | 0 | 0 |
| Total Current Liabilities | 1.45B | 1.37B | 1.26B | 745.66M | 1.11B | 771.49M | 378.24M | 160.72M |
| Accounts Payable | 189.08M | 321M | 436.74M | 65.38M | 304.9M | 158.37M | 78.13M | 15.04M |
| Accrued Expenses | 643.11M | 209.79M | 304.57M | 163.89M | 183.81M | 186.14M | 137.7M | 17.8M |
| Deferred Revenue | 805.53M | 720.37M | 312.66M | 383.44M | 273.07M | 71.36M | 123.84M | 52.98M |
| Other Current Liabilities | 456.72M | 88.89M | 116.57M | 80.96M | 28.48M | 14.8M | 10.17M | 6.1M |
| Deferred Taxes | 35.81M | 1000K | 1000K | 1000K | 1000K | 0 | 163K | 0 |
| Other Liabilities | 37.46M | 37.45M | 29.1M | 17.34M | 1.1M | 2.38M | 2.85M | 2.58M |
| Total Equity | 458.18M | 548.85M | 607.14M | 556.33M | 629.21M | -56.2M | 0 | 0 |
| Equity Growth % | -28.77% | -9.6% | 9.13% | -11.58% | 1219.61% | - | - | - |
| Shareholders Equity | 368.12M | 429.6M | 472.1M | 402.35M | 435.83M | -56.2M | 0 | 0 |
| Minority Interest | 90.06M | 119.25M | 135.03M | 153.98M | 193.38M | 0 | 0 | 0 |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 627.96M | 634.85M | 581.1M | 542.6M | 0 | 0 | 0 |
| Retained Earnings | -265.76M | -199.76M | -151.45M | -174.16M | -104.54M | -279.3M | -117.3M | -70.59M |
| Accumulated OCI | 6.05M | 11.61M | -1.84M | 3.2M | 2.78M | -285K | 201K | -1.28M |
| Return on Assets (ROA) | -1.85% | -2.27% | 1.4% | -4.49% | -23.48% | -29.95% | -16.9% | -24.88% |
| Return on Equity (ROE) | -8.29% | -8.36% | 3.9% | -11.74% | -100.93% | - | - | - |
| Debt / Equity | 0.85x | 0.71x | 0.05x | 0.09x | 0.00x | - | - | - |
| Debt / Assets | 16.68% | 16.58% | 1.6% | 3.74% | 0.16% | 13.93% | - | - |
| Net Debt / EBITDA | -0.23x | - | -10.18x | - | - | - | - | - |
| Book Value per Share | 3.47 | 4.21 | 3.3 | 4.78 | 9.03 | -1.04 | - | - |
Project execution and leverage
As reported in financial statements, Fluence Energy's net PPE has grown from $13.4 million in 2024Q1 to $41.8 million by 2026Q2, reflecting a measured increase in physical infrastructure that remains small relative to the company's total asset base of $2.3 billion.
The modest growth in net PPE suggests that the company is not yet transitioning into a capital-intensive utility model, but rather maintaining an integrator-focused asset light strategy. Investors should monitor whether this asset growth correlates with improved operational efficiency or if it merely reflects the accumulation of testing and assembly facilities.
Based on reported figures, the company's total debt has surged from $51.6 million in 2024Q1 to $391.7 million in 2026Q2, resulting in a debt-to-equity ratio that has climbed significantly to 0.85, indicating a shift toward higher financial leverage to support ongoing operations.
This rapid increase in debt levels warrants further investigation into the cost of capital and the sustainability of interest coverage given the company's current negative profitability. The shift in capital structure appears to be a departure from the earlier, more conservative balance sheet positioning observed in 2024.
According to recent SEC filings, equity has remained relatively stagnant, fluctuating between $368.1 million and $472.1 million over the last ten quarters, which suggests that the company has struggled to build a meaningful retained earnings base to support long-term balance sheet stability.
The lack of consistent growth in equity, combined with persistent negative ROE, implies that the company's internal capital generation is currently insufficient to fund its growth ambitions. This may indicate that future expansion will continue to rely on external financing rather than organic equity accumulation.
As indicated by quarterly data, the company's cash position peaked at $690.8 million in 2025Q4 before declining to $387.3 million in 2026Q2, highlighting the rapid consumption of liquidity required to sustain the current project-based business model and operational overhead.
While the current liquidity remains adequate for near-term operations, the downward trend in cash reserves suggests that the company may face pressure to secure additional financing if project execution delays persist. The current ratio of 1.43 provides a modest buffer, but the burn rate warrants close monitoring by institutional investors.
Quick answers to the most common questions about buying FLNC stock.
As of 2025, Fluence Energy, Inc. (FLNC) had total assets of $2.36B including $2.06B in current assets.
Fluence Energy, Inc. (FLNC) carries total debt of $390.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fluence Energy, Inc. (FLNC) has total shareholders' equity (book value) of $429.6M ($4.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fluence Energy, Inc. (FLNC) reported a current ratio of 1.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.