Fluence Energy, Inc. (FLNC) Balance Sheet
FLNC balance sheet, FY2025
September 30, 2025 · U.S. dollars$2.36B assets = $1.81B liabilities + $548.8M equity
Both columns are drawn to the same scale: what FLNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FLNC financial health
Descriptive bands, not a rating. Fiscal FY2025.
FLNC balance sheet trends, FY2019–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $188.8MFY2019 | $2.36BFY2025 | +52.3%/yr | |
| Total liabilities | $163.3MFY2019 | $1.81BFY2025 | +49.3%/yr | |
| Shareholders’ equity | $25.5MFY2019 | $429.6MFY2025 | +60.1%/yr | |
| Cash & short-term investments | $104.1MFY2019 | $690.8MFY2025 | +37.1%/yr | |
| Total debt | $86.6MFY2019 | $390.8MFY2025 | +28.6%/yr | |
| Net cash (debt) | $17.5MFY2019 | $300.0MFY2025 | +$282.4M | |
| Working capital | −$12.4MFY2019 | $693.9MFY2025 | +$706.3M | |
| Book value per share | $0.52FY2019 | $3.30FY2025 | +36.2%/yr | |
| Current ratio | 0.92FY2019 | 1.51FY2025 | +0.58 | |
| Debt / equity | 3.39FY2019 | 0.91FY2025 | −2.49 | |
| Shares outstanding | 49.5MFY2019 | 130.3MFY2025 | +17.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FLNC assets
FLNC liabilities and equity
FLNC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FLNC balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $690.8M | $448.7M | $345.9M | $467.7M | $36.8M | $93.8M | $104.1M |
| Cash & equivalents | $690.8M | $448.7M | $345.9M | $357.3M | $36.8M | $93.8M | $84.1M |
| Short-term investments | — | — | $0 | $110.4M | $0 | $0 | $20.0M |
| Receivables | $736.9M | $780.1M | $374.4M | $86.8M | $182.0M | $186.8M | $24.8M |
| Inventory | $455.0M | $182.6M | $224.9M | $652.7M | $389.8M | $37.3M | $10.7M |
| Other current assets | $181.5M | $269.1M | $249.7M | $394.4M | $52.9M | $9.6M | $8.7M |
| Total current assets | $2.06B | $1.68B | $1.19B | $1.60B | $661.5M | $327.5M | $148.3M |
| Property, plant & equipment (net) | $50.3M | $15.3M | $12.8M | $16.2M | $8.2M | $5.2M | $4.0M |
| Goodwill & intangible assets | $92.0M | $87.5M | $81.8M | $76.5M | $45.2M | $31.0M | $33.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $150.4M | $118.9M | $62.6M | $51.4M | $2.7M | $353,000 | $3.1M |
| Total assets | $2.36B | $1.90B | $1.35B | $1.75B | $717.7M | $364.0M | $188.8M |
| Liabilities | |||||||
| Accounts payable | $321.0M | $436.7M | $65.4M | $304.9M | $158.4M | $78.1M | $15.0M |
| Short-term debt | $10.3M | $30.4M | $22.5M | $1.7M | $100.0M | $166.1M | $86.6M |
| Deferred revenue | $720.4M | $312.7M | $383.4M | $273.1M | $71.4M | $123.8M | $53.0M |
| Total current liabilities | $1.37B | $1.26B | $745.7M | $1.11B | $771.5M | $378.2M | $160.7M |
| Long-term debt | $390.8M | $0 | $28.0M | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | $2.7M | $0 | — | — |
| Other long-term liabilities | $47.0M | $36.2M | $22.1M | $7.0M | $2.4M | $3.0M | $2.6M |
| Total liabilities | $1.81B | $1.30B | $795.8M | $1.12B | $773.9M | $381.2M | $163.3M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | $106.2M | $99.9M | $97.4M |
| Retained earnings (deficit) | −$199.8M | −$151.4M | −$174.2M | −$383.8M | −$279.3M | −$117.3M | −$70.6M |
| Accumulated other comprehensive income | $11.6M | −$1.8M | $3.2M | $2.8M | −$285,000 | $201,000 | −$1.3M |
| Minority interest | $119.3M | $135.0M | $154.0M | $193.4M | — | — | — |
| Total shareholders' equity | $429.6M | $472.1M | $402.3M | $629.2M | −$56.2M | −$17.2M | $25.5M |
| Key figures | |||||||
| Total debt | $390.8M | $30.4M | $50.6M | $2.7M | $150.0M | $166.1M | $86.6M |
| Net cash (debt) | $300.0M | $418.3M | $295.3M | $464.9M | −$113.2M | −$72.3M | $17.5M |
| Working capital | $693.9M | $421.6M | $449.3M | $492.1M | −$110.0M | −$50.8M | −$12.4M |
| Tangible book value | $337.6M | $384.6M | $320.6M | $552.7M | −$101.4M | −$48.3M | −$7.9M |
| Book value per share | $3.30 | $2.57 | $3.46 | $5.43 | −$1.04 | −$0.35 | $0.52 |
| Shares outstanding | 130.3M | 184.0M | 116.4M | 115.9M | 54.1M | 49.5M | 49.5M |
| Current ratio | 1.51 | 1.33 | 1.60 | 1.44 | 0.86 | 0.87 | 0.92 |
| Quick ratio | 1.04 | 0.98 | 0.97 | 0.50 | 0.28 | 0.74 | 0.80 |
| Debt / equity | 0.91 | 0.06 | 0.13 | 0.00 | — | — | 3.39 |
| Equity / assets | 18.2% | 24.8% | 29.8% | 36.0% | −7.8% | −4.7% | 13.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $339.3M | $412.9M | $452.6M | $690.8M | $436.3M | $568.6M | $607.4M | $448.7M | $388.2M | $411.8M | $317.6M | $345.9M |
| Cash & equivalents | $339.3M | $412.9M | $452.6M | $690.8M | $436.3M | $568.6M | $607.4M | $448.7M | $388.2M | $411.8M | $317.6M | $345.9M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | $0 |
| Receivables | $1.04B | $642.3M | $802.1M | $736.9M | $488.6M | $518.2M | $588.6M | $780.1M | $310.7M | $301.3M | $448.5M | $394.7M |
| Inventory | $783.0M | $971.4M | $540.6M | $455.0M | $654.3M | $698.3M | $543.4M | $182.6M | $469.9M | $309.1M | $564.5M | $224.9M |
| Other current assets | $158.5M | $56.0M | $191.4M | $181.5M | $270.4M | $246.2M | $244.2M | $269.1M | $335.1M | $300.6M | $334.9M | $229.4M |
| Total current assets | $2.32B | $2.08B | $1.99B | $2.06B | $1.85B | $2.03B | $1.98B | $1.68B | $1.50B | $1.32B | $1.67B | $1.19B |
| Property, plant & equipment (net) | $43.5M | $50.5M | $45.9M | $50.3M | $46.3M | $19.9M | $18.8M | $15.3M | $13.6M | $13.5M | $13.4M | $12.8M |
| Goodwill & intangible assets | $92.5M | $92.6M | $92.4M | $92.0M | $90.9M | $86.0M | $84.8M | $87.5M | $85.0M | $83.4M | $84.3M | $81.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $155.1M | $122.3M | $144.6M | $150.4M | $88.2M | $135.9M | $126.7M | $118.9M | $87.4M | $110.2M | $52.3M | $62.6M |
| Total assets | $2.62B | $2.35B | $2.27B | $2.36B | $2.08B | $2.27B | $2.21B | $1.90B | $1.69B | $1.53B | $1.82B | $1.35B |
| Liabilities | ||||||||||||
| Accounts payable | $295.1M | $189.1M | $135.2M | $321.0M | $255.6M | $232.9M | $101.9M | $436.7M | $321.9M | $244.2M | $318.5M | $65.4M |
| Short-term debt | — | $7.1M | — | $10.3M | $12.5M | — | $3.0M | $30.4M | $53.7M | $52.7M | $51.6M | $22.5M |
| Deferred revenue | $1.01B | $871.9M | $863.1M | $720.4M | $593.0M | $682.9M | $605.9M | $312.7M | $446.4M | $398.6M | $382.8M | $383.4M |
| Total current liabilities | $1.73B | $1.45B | $1.34B | $1.37B | $1.12B | $1.35B | $1.26B | $1.26B | $1.12B | $973.1M | $1.25B | $745.7M |
| Long-term debt | $392.2M | $391.7M | $391.3M | $390.8M | $390.4M | $389.9M | $389.1M | $0 | $0 | $0 | $0 | $28.0M |
| Other long-term liabilities | $58.2M | $46.7M | $50.7M | $47.0M | $39.1M | $38.7M | $34.2M | $36.2M | $27.1M | $25.0M | $24.4M | $22.1M |
| Total liabilities | $2.18B | $1.89B | $1.78B | $1.81B | $1.55B | $1.77B | $1.68B | $1.30B | $1.15B | $998.1M | $1.28B | $795.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$298.6M | −$265.8M | −$244.8M | −$199.8M | −$217.7M | −$224.0M | −$192.9M | −$151.4M | −$199.3M | −$200.1M | −$190.9M | −$174.2M |
| Accumulated other comprehensive income | $14.4M | $6.1M | $9.8M | $11.6M | $11.8M | $6.1M | $222,000 | −$1.8M | $1.6M | $3.2M | $4.4M | $3.2M |
| Minority interest | $58.0M | $90.1M | $100.2M | $119.3M | $113.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $373.2M | $368.1M | $388.0M | $429.6M | $407.4M | $388.2M | $409.4M | $472.1M | $421.2M | $413.1M | $415.9M | $402.3M |
| Key figures | ||||||||||||
| Total debt | $392.2M | $402.0M | $391.3M | $390.8M | $390.4M | $389.9M | $389.1M | $30.4M | $53.7M | $52.7M | $51.6M | $50.6M |
| Net cash (debt) | −$52.8M | $10.9M | $61.3M | $300.0M | $46.0M | $178.7M | $218.3M | $418.3M | $334.5M | $359.1M | $266.0M | $295.3M |
| Working capital | $590.5M | $631.2M | $647.2M | $693.9M | $724.9M | $685.8M | $722.3M | $421.6M | $379.3M | $349.6M | $413.6M | $449.3M |
| Tangible book value | $280.7M | $275.5M | $295.6M | $337.6M | $316.4M | $302.1M | $324.6M | $384.6M | $336.2M | $329.6M | $331.6M | $320.6M |
| Book value per share | $2.70 | $2.79 | $2.95 | $2.32 | $3.13 | $2.99 | $3.16 | $2.57 | $2.29 | $3.26 | $3.43 | $3.39 |
| Shares outstanding | 138.1M | 132.0M | 131.5M | 184.8M | 130.1M | 130.0M | 129.5M | 184.0M | 184.2M | 126.8M | 121.1M | 118.8M |
| Current ratio | 1.34 | 1.43 | 1.48 | 1.51 | 1.64 | 1.51 | 1.57 | 1.33 | 1.34 | 1.36 | 1.33 | 1.60 |
| Quick ratio | 0.80 | 0.73 | 0.94 | 1.04 | 0.82 | 0.81 | 0.95 | 0.98 | 0.62 | 0.73 | 0.61 | 0.99 |
| Debt / equity | 1.05 | 1.09 | 1.01 | 0.91 | 0.96 | 1.00 | 0.95 | 0.06 | 0.13 | 0.13 | 0.12 | 0.13 |
| Equity / assets | 14.3% | 15.7% | 17.1% | 18.2% | 19.6% | 17.1% | 18.5% | 24.8% | 24.9% | 27.0% | 22.9% | 29.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 25, 2025); data from EODHD.
FLNC financial position
At the end of fiscal 2025 (September 30, 2025), Fluence Energy had total assets of $2.4 billion (up 23.9% from a year earlier), total liabilities of $1.8 billion and shareholders' equity of $429.6 million. It held $690.8 million in cash and short-term investments against $390.8 million of debt, a net cash position of $300.0 million. Its current ratio was 1.51. In the latest quarter (ended June 30, 2026) total assets were $2.6 billion and equity $373.2 million.
Related: FLNC income statement, FLNC cash flow statement, FLNC key metrics. See the FLNC stock overview for the latest quote and news.
FLNC balance sheet FAQ
What are Fluence Energy's total assets?
Fluence Energy reported total assets of $2.4 billion at the end of fiscal 2025 (September 30, 2025), compared with $1.9 billion a year earlier.
How much debt does Fluence Energy have?
Fluence Energy had $390.8 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.91.
How much cash does Fluence Energy have?
Fluence Energy held $690.8 million in cash and short-term investments at the end of fiscal 2025; with $390.8 million of debt that is net cash of $300.0 million.
What is Fluence Energy's book value?
Fluence Energy's shareholders' equity (book value) was $429.6 million at the end of fiscal 2025, or $3.30 per share.
What is Fluence Energy's current ratio?
Fluence Energy had current assets of $2.1 billion and current liabilities of $1.4 billion, a current ratio of 1.51 (it can cover its short-term obligations).
How much goodwill does Fluence Energy have?
Fluence Energy carried $92.0 million of goodwill and intangible assets, 3.9% of total assets, at the end of fiscal 2025.