| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 38 | — | 17.8x | Bottom tier | |
Growth | 59 | 7.5% | 7.1% | Around median | |
Quality | 13 | -15.4% | 4.5% | Bottom tier | |
Safety | 28 | — | 2.6x | Bottom tier | |
Capital Return | 38 | — | 2.12% | Bottom tier | |
Momentum | 27 | 81.3% | 2.9% | Bottom tier | |
Sentiment | 45 | 7 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Fluence Energy provides utility-scale and data center energy storage solutions, combining storage hardware, the Smartstack platform, and proprietary operating software. The customer value proposition focuses on energy density, safety, reliability, load management, voltage dip response, and remote monitoring, features that management said helped win data center business. The company recognizes revenue according to project execution milestones, with a significant portion recognized when equipment is delivered to the site and title transfers, while converting traditional contracts into full revenue may take approximately 12 to 18 months.
Revenue for quarter 3 of fiscal 2026 was approximately $649.8 million, up 8% year over year, but came in about $90 million below management's previous expectations due to production delays at two new contract manufacturing facilities. GAAP gross profit was $33.2 million, equivalent to a gross margin of approximately 5.1%, and the company recorded a net loss of $32.8 million and negative earnings per share of $0.24. Pressures included approximately $15 million in new product introduction costs and production delays, in addition to a $15 million loss related to a planned battery supply agreement.
Revenue for the last twelve months was $2.6 billion, and gross profit was $245.8 million, while the net loss reached $80.9 million and earnings per share were approximately negative $0.59. The data does not provide a segment breakdown of revenue, but the order mix shows that utilities and independent power producers represented approximately 90% of signed orders through quarter 3 of fiscal 2026, while Smartstack represented approximately 75% of year-to-date orders through that date. Meanwhile, data centers began emerging as a new source of growth through an order and awarded contracts with a total value of $850 million.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $17.63, within a wide range of $12 to $25, with a neutral consensus; the average is approximately 47% below the 52-week range high of $33.51, reflecting lower expectations compared with the levels the stock reached during the year. No meaningful price-to-earnings ratio is available because of the last twelve months' loss of $80.9 million, so valuation depends more heavily on converting the backlog into revenue and restoring margins. The breadth of the 52-week range between $6.602 and $33.51 and the wide range of analyst targets appear consistent with a conflict between two opposing factors: record demand and a $6.4 billion backlog versus a revenue forecast reduction of approximately $400 million and severe execution and margin pressures.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
The company lowered its revenue forecast to a range of $2.9 billion to $3.1 billion, with a midpoint of $3 billion, after issues at two contract manufacturing facilities shifted approximately $400 million in revenue to fiscal 2027. The Houston facility faced construction, interconnection, and automation delays, while the initial production of certain Smartstack components at a facility in China did not meet the required quality standards. As a result, the midpoint of the adjusted earnings before interest, taxes, depreciation, and amortization forecast was also lowered from positive $50 million to negative $10 million.
The data center opportunity pipeline reached 16 gigawatt-hours in quarter 3 of fiscal 2026, up more than 35% from the previous quarter. The company signed a $300 million order with a developer for a behind-the-meter project, and this project moved from an initial opportunity to a contract within three months. In July 2026, it received an additional award worth approximately $550 million from a hyperscale computing operator, but it had not converted into a purchase order as of the date of the call.
The contracted backlog reached $6.4 billion on June 30, 2026, up 14% from the previous quarter and more than 30% from the corresponding period. Management expects to convert approximately $2.2 billion of it into revenue during fiscal 2027, compared with $1.5 billion in coverage for fiscal 2026 revenue on June 30, 2025. However, the shift of approximately $400 million in revenue demonstrated that backlog size does not guarantee the timing of revenue recognition unless the company succeeds in producing and delivering according to plan.
Smartstack 10 increased unit density from 7.5 to 10 megawatt-hours when it was announced in quarter 3 of fiscal 2026. The platform combines storage design with operating software that supports load management, voltage dip response, and remote monitoring, features that management said helped win data center business. Smartstack represented approximately 75% of the company's orders from the beginning of fiscal 2026 through the end of the third quarter.
The company ended quarter 3 of fiscal 2026 with total liquidity of approximately $863 million, including about $365 million in cash. Management expected liquidity to return to approximately $900 million by the end of fiscal 2026 based on the execution of projects included in the guidance. However, supporting growth in orders could require an additional $300 million to $500 million in working capital during the year following the call, making financing and discipline in project selection important factors.
