• Fluence Energy, a grid-scale battery storage provider, recently reported strong operational momentum, with a 21.5% average backlog growth over the past two years and earnings per share increasing faster than revenue, indicating highly profitable incremental sales.
• This combination of robust contract accumulation and improving profitability highlights Fluence’s growing role in enabling renewable energy integration and grid stability worldwide.
• Next, we’ll examine how Fluence’s expanding backlog and operational efficiency influence its existing investment narrative and future risk-reward balance.

Find companies with promising cash flow potential yet trading below their fair value.

Fluence Energy Investment Narrative Recap

To own Fluence Energy, you need to believe grid-scale storage will remain central to renewable integration and that Fluence can convert its growing backlog into profitable, on-time projects despite policy and supply chain uncertainty. The latest update on strong backlog and earnings per share growth does not materially change the key near term catalyst, which is timely conversion of its contracted backlog into revenue, or the biggest current risk around tariffs, trade policy, and contract delays.

The recent 2025-12-08 announcement of the Phase 2 expansion at the John BESS project in the UK, using Fluence’s Gridstack Pro 5000, sits squarely in this story. It reinforces how new contracted capacity and grid-stability projects feed backlog growth and visibility, but it also underlines the execution risk if policy shifts, tariffs, or supply chain constraints slow the conversion of these large, multi-year projects.

However, investors should also be aware that...

Fluence Energy's narrative projects $4.2 billion revenue and $97.9 million earnings by 2028.

Uncover how Fluence Energy's forecasts yield a $14.97 fair value, a 35% downside to its current price.

Exploring Other Perspectives

Six fair value estimates from the Simply Wall St Community span roughly US$14.97 to US$26 per share, highlighting very different expectations. You can weigh those views against the risk that tariff and trade disruptions delay contract execution and revenue recognition, with clear consequences for Fluence’s near term performance.

Explore 6 other fair value estimates on Fluence Energy - why the stock might be worth as much as 12% more than the current price!

Build Your Own Fluence Energy Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Fluence Energy research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Fluence Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Fluence Energy's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.