Latest Ratios: P/E Ratio -48.2x · 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 | $2.3B | $1.4B | $4.2B | $2.7B | $1.0B | — | — | — |
| Enterprise Value | $2.0B | $1.1B | $3.8B | $2.4B | $663M | — | — | — |
| P/E Ratio → | -48.16 | — | 189.25 | — | — | — | — | — |
| P/S Ratio | 1.04 | 0.62 | 1.55 | 1.21 | 0.85 | — | — | — |
| P/B Ratio | 4.23 | 2.56 | 6.88 | 4.81 | 1.62 | — | — | — |
| 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 | 0.55 | — | — | — |
| 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% | -23.7% | -23.3% | — | -53.8% |
| Net Profit Margin | -2.1% | -2.1% | 0.8% | -3.1% | -24.1% | -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% | -100.9% | — | — | — |
| ROA | -2.3% | -2.3% | 1.4% | -4.5% | -23.5% | -30.0% | -16.9% | -24.9% |
| ROIC | -15.9% | -15.9% | 8.9% | -31.5% | -151.0% | -1704.7% | — | — |
| ROCE | -5.7% | -5.7% | 4.3% | -18.1% | -97.4% | — | — | -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 | — | — | — | — | -140.50 | -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 | 0.0% | 0.1% | 0.0% | 0.1% | 0.5% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.1% | 0.0% | 0.1% | 0.5% | — | — | — |
| Shares Outstanding | — | $130M | $184M | $116M | $70M | $54M | $49M | $49M |
Project execution and leverage
Based on reported figures, Fluence Energy trades at a P/S ratio of 1.12, while its negative TTM P/E of -52.08 highlights the market's struggle to reconcile the company's high-growth aspirations with the persistent lack of GAAP profitability typical of a regulated utility infrastructure provider.
The absence of a forward P/E multiple suggests that the market remains uncertain regarding the timing of sustainable earnings, effectively treating the stock as a speculative infrastructure play rather than a bond-proxy utility. Investors should monitor whether the valuation premium over pure-play hardware integrators can be sustained as the company attempts to pivot toward higher-margin digital software revenue.
According to recent financial statements, the company's debt-to-capital ratio has climbed to 0.46 as of 2026Q2, reflecting a significant shift toward debt financing to support operations as the firm navigates a period of negative interest coverage and cash flow volatility.
The rapid increase in debt-to-capital from historical lows of 0.09 suggests that the company is increasingly reliant on external financing to bridge the gap between project-based cash outflows and revenue recognition. This trend warrants further investigation into the sustainability of the balance sheet if the current negative interest coverage ratio persists through future quarters.
As reported in financial data, Fluence maintains a P/B ratio of 4.58, which appears to command a premium compared to the distressed valuations of peers like Energy Vault, likely due to the perceived stability of its joint-venture backing and software-agnostic integration platform.
While the company leads in operational scale, its negative ROE of -4.4% in 2026Q2 suggests that the market's valuation premium may be based on future software potential rather than current operational efficiency. Analysts should compare this against the more vertically integrated models of competitors to determine if the current premium is justified by the company's unique grid-balancing software moat.
The most commonly misapplied ratio for Fluence is the standard utility P/E, which obscures the company's reliance on project-based hardware revenue and fails to account for the inherent volatility of percentage-of-completion accounting in the energy storage sector.
Applying a traditional utility P/E multiple to Fluence is fundamentally flawed because it ignores the lack of a regulated rate base and the high cyclicality of its hardware-heavy business model. Investors should instead focus on metrics like Digital Assets Under Management and backlog conversion rates, which provide a more accurate reflection of the company's true growth trajectory and long-term earnings potential.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
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 -48.2x. The historical average is 189.3x.
Fluence Energy, Inc.'s return on equity (ROE) is -8.4%. The historical average is -29.3%.
Based on historical data, Fluence Energy, Inc. is trading at a P/E of -48.2x. Compare with industry peers and growth rates for a complete picture.
Fluence Energy, Inc. has 13.1% gross margin and -2.0% operating margin.