Latest Ratios: P/E Ratio -9.0x · EV/EBITDA N/A · ROE -8.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $693M | $1.4B | $4.2B | $2.7B | $1.7B | — | — | — |
| Enterprise Value | $393M | $1.1B | $3.8B | $2.4B | $1.3B | — | — | — |
| P/E Ratio → | -9.00 | — | 189.25 | — | — | — | — | — |
| P/S Ratio | 0.26 | 0.62 | 1.55 | 1.21 | 1.40 | — | — | — |
| P/B Ratio | 1.25 | 2.56 | 6.88 | 4.81 | 2.66 | — | — | — |
| P/FCF | — | — | 68.84 | — | — | — | — | — |
| P/OCF | — | — | 52.45 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.49 | 1.39 | 1.07 | 1.10 | — | — | — |
| EV / EBITDA | — | — | 91.50 | — | — | — | — | — |
| EV / EBIT | — | — | 141.28 | — | — | — | — | — |
| EV / FCF | — | — | 61.95 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.1% | 13.1% | 12.6% | 6.4% | -5.2% | -10.2% | 1.4% | -8.6% |
| Operating Margin | -2.0% | -2.0% | 1.0% | -5.1% | -23.1% | -23.3% | — | -53.8% |
| Net Profit Margin | -2.1% | -2.1% | 0.8% | -3.1% | -8.7% | -23.8% | -8.3% | -51.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -8.4% | -8.4% | 3.9% | -11.7% | -36.5% | — | — | — |
| ROA | -2.3% | -2.3% | 1.4% | -4.5% | -8.5% | -30.0% | -16.9% | -24.9% |
| ROIC | -15.9% | -15.9% | 8.9% | -31.5% | -147.2% | -1704.7% | — | — |
| ROCE | -5.7% | -5.7% | 4.3% | -18.1% | -94.9% | — | — | -176.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.05 | 0.09 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | 0.74 | — | — | — | — | — |
| Net Debt / Equity | — | -0.55 | -0.69 | -0.53 | -0.56 | — | — | — |
| Net Debt / EBITDA | — | — | -10.18 | — | — | — | — | — |
| Debt / FCF | — | — | -6.89 | — | — | — | -22.32 | -17.01 |
| Interest Coverage | -11.27 | -11.27 | — | — | -141.63 | -110.62 | -313.76 | -6821.71 |
Net cash position: cash ($691M) exceeds total debt ($391M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.51 | 1.51 | 1.33 | 1.60 | 1.44 | 0.86 | 0.87 | 0.92 |
| Quick Ratio | 1.17 | 1.17 | 1.19 | 1.30 | 0.86 | 0.35 | 0.77 | 0.86 |
| Cash Ratio | 0.50 | 0.50 | 0.36 | 0.46 | 0.42 | 0.05 | 0.25 | 0.65 |
| Asset Turnover | — | 0.96 | 1.42 | 1.64 | 0.69 | 0.95 | 1.54 | 0.49 |
| Inventory Turnover | 4.32 | 4.32 | 12.91 | 9.24 | 1.93 | 1.92 | 14.83 | 9.37 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.5% | — | — | — | — | — |
| FCF Yield | — | — | 1.5% | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.3% | — | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.3% | — | — | — |
| Shares Outstanding | — | $130M | $184M | $116M | $115M | $54M | $49M | $49M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FLNC stock.
Fluence Energy, Inc.'s current P/E ratio is -9.0x. The historical average is 189.3x.
Fluence Energy, Inc.'s return on equity (ROE) is -8.4%. The historical average is -13.2%.
Based on historical data, Fluence Energy, Inc. is trading at a P/E of -9.0x. Compare with industry peers and growth rates for a complete picture.
Fluence Energy, Inc. has 13.1% gross margin and -2.0% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Negative Earnings, Premium Multiple
FLNC trades at a P/B of 2.70 despite negative earnings, implying the market prices future growth. According to recent filings, the stock's P/E is -30.78, reflecting losses, while peers like Stem trade at -0.62.
The negative P/E and lack of dividend yield make traditional utility valuation metrics inapplicable. The P/B of 2.70 suggests investors are paying a premium for the company's asset base and growth potential, but this premium is unjustified given the persistent losses and negative ROE. The market appears to be pricing in a turnaround that has not yet materialized, as evidenced by the volatile revenue and operating margins.
ROE Deeply Below Authorized
FLNC's ROE has been negative in eight of the last ten quarters, with the latest at -7.4%. As reported in financial statements, this is far below any regulatory allowed return, indicating severe underperformance relative to the cost of capital.
The earned ROE is consistently negative, with the best quarter at 8.4% in 2024Q4, but that was an outlier. The negative ROE suggests that the company is destroying shareholder value, and there is no regulatory mechanism to recover these losses. This gap between earned and allowed ROE is a critical concern, as it indicates that the business model is not generating adequate returns on invested capital.
Margins Squeezed by Costs
Operating margins have been negative in eight of the last ten quarters, with the worst at -28.8% in 2025Q1. Based on EDBL's reported figures, cost recovery is insufficient, as operating expenses consistently exceed gross profit.
The negative operating margins indicate that FLNC is unable to recover its costs, likely due to pricing pressures or project overruns. The volatility in margins, swinging from -28.8% to +5.5%, suggests a lack of stable cost recovery mechanisms. This is a fundamental issue for a utility, as it undermines the ability to generate consistent earnings and cash flows.
Leverage Surges, Coverage Weak
Debt-to-capital has risen from 0.05 in 2024Q4 to 0.48 in 2026Q3, while interest coverage turned negative at -13.92. As reported in financial statements, this indicates a rapid shift toward debt financing amid deteriorating earnings.
The sharp increase in leverage, with debt-to-capital jumping from 0.05 to 0.48, suggests that FLNC is funding its operations and growth through debt. However, the negative interest coverage ratio indicates that the company is not generating enough operating income to cover interest expenses, which is a red flag for credit quality. The FFO/debt ratio is also negative, further highlighting the strain on the balance sheet.
No Dividend, Cash Burn Continues
FLNC pays no dividend, so payout is not a concern, but free cash flow was -$414.2M in 2026Q3. According to financial statements, the company is burning cash, which limits internal funding for any future capital needs.
The absence of a dividend is not surprising given the negative earnings and cash flow. The significant negative free cash flow, driven by operating losses and working capital swings, suggests that FLNC is reliant on external financing to sustain operations. This is a critical risk, as the company's cash reserves have declined from $690.8M to $339.3M over the past year, indicating a limited runway.
Misapplied P/E on Loss-Making Utility
The most misapplied ratio for FLNC is the P/E, which is meaningless when earnings are negative. As reported in financial statements, the negative P/E obscures the company's asset-based value and growth potential, which are better captured by P/B and EV/EBITDA.
For a utility with negative earnings, the P/E ratio is not informative and can be misleading. Investors should focus on P/B, which at 2.70 indicates the market is valuing the company at a premium to its book value, and on EV/EBITDA, which is not available but would be more relevant. Additionally, the standard D/E ratio may understate leverage if off-balance-sheet obligations exist, but given the data, the rapid increase in debt is a clear concern. The alternative is to analyze the company's ability to generate positive cash flows and achieve regulatory returns, which is currently not evident.