Fluence Energy
FLNC on Nasdaq. Fluence Energy sells energy storage systems and services to utilities and businesses. Market value $309m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-12.60 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -72 cents a year. Above 10 is good.
Quality score: 35 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$8.03 a share, 15% above its 1-year low
Over the past year the price has ranged from $7.01 to $33.51.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $1.2bn | $2.2bn | $2.7bn | $2.3bn |
| Operating margin | ||||
| Operating margin | -23.8% | -4.4% | 1.6% | -2.0% |
| Debt to equity | ||||
| Debt to equity | 0.00 | 0.13 | 0.06 | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.07bn | 0.12bn | 0.18bn | 0.13bn |
Health checks
- Free cash flow positive1 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 23.6% a year
- Buying back its own sharesNo, 87% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $650 million last quarter, up 8% on a year ago.
- A loss of $33 million, after a profit of $6 million a year ago.
- Over the past 12 months it spent $132 million more cash than it brought in, compared with $426 million a year earlier.
- 25% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.2bn |
| December 2024 | $187m |
| March 2025 | $432m |
| June 2025 | $603m |
| September 2025 | $1.0bn |
| December 2025 | $475m |
| March 2026 | $465m |
| June 2026 | $650m |
| Quarter to | Amount |
|---|---|
| September 2024 | $48m |
| December 2024 | -$41m |
| March 2025 | -$31m |
| June 2025 | $6m |
| September 2025 | $18m |
| December 2025 | -$45m |
| March 2026 | -$21m |
| June 2026 | -$33m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 November 2025
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 299 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Manhattan Co.First Manhattan partners | $198,800 | <0.1% | New |
Largest holders overall
- Siemens Pension Trust E V$431mCut
- Siemens AG$392m
- BlackRock$147mAdded
- TWO Sigma Investments, LP$106mCut
- Vanguard Portfolio Management$73mAdded
- Vanguard Capital Management$71mAdded
- Driehaus Capital Management$71mNew
- Morgan Stanley$64mAdded
- D. E. Shaw$64mCut
- State Street$52mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Siemens AGPassive investorat least 29.3%−9.6 pts(filed with 2 related holders)Since 30 June 2026
- The AES CorporationPassive investorat least 22.5%(filed with 1 related holder)Since 15 May 2026
- Qatar Investment AuthorityPassive investor8.3%−0.6 ptsSince 15 May 2026
- BANK OF AMERICA CORP /DE/Passive investorSold down below 5%Since 30 September 2025
- SPT Invest Management SarlPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Siemens AG Passive investor | at least 29.3%−9.6 pts (filed with 2 related holders) | 30 June 2026 | |
The AES Corporation Passive investor | at least 22.5% (filed with 1 related holder) | 15 May 2026 | |
Qatar Investment Authority Passive investor | 8.3%−0.6 pts | 15 May 2026 | |
BANK OF AMERICA CORP /DE/ Passive investor | Sold down below 5% | 30 September 2025 | |
SPT Invest Management Sarl Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $125,120 of shares on the open market. 2 sold $1m, $879,787 of it under preset trading plans.
- BULLS HERMAN EDirectorBought
- Date
- 21 September 2026
- Shares
- 10,000
- Price
- $7.36
- Value
- $73,600
- von Heynitz HaraldDirectorBought
- Date
- 21 September 2026
- Shares
- 7,000
- Price
- $7.36
- Value
- $51,520
- Zahurancik JohnSVP & CCSOSoldunder a preset trading plan
- Date
- 23 June 2026
- Shares
- 15,974
- Price
- $22.03
- Value
- $351,907
- Zahurancik JohnSVP & CCSOSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 16,000
- Price
- $25.18
- Value
- $402,880
- von Heynitz HaraldDirectorSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 5,000
- Price
- $25.00
- Value
- $125,000
- von Heynitz HaraldDirectorSold
- Date
- 18 March 2026
- Shares
- 10,000
- Price
- $16.50
- Value
- $165,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | BULLS HERMAN E Director | Bought | 10,000 | $7.36 | $73,600 |
| 21 September 2026 | von Heynitz Harald Director | Bought | 7,000 | $7.36 | $51,520 |
| 23 June 2026 | Zahurancik John SVP & CCSO | Sold under a preset trading plan | 15,974 | $22.03 | $351,907 |
| 22 June 2026 | Zahurancik John SVP & CCSO | Sold under a preset trading plan | 16,000 | $25.18 | $402,880 |
| 15 June 2026 | von Heynitz Harald Director | Sold under a preset trading plan | 5,000 | $25.00 | $125,000 |
| 18 March 2026 | von Heynitz Harald Director | Sold | 10,000 | $16.50 | $165,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Nov 2025, plus the 10-Q filed 5 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.