FLNC Fluence Energy, Inc. - Class A Common Stock
$11.70
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$7–$34
19% of range
Analyst Rating
HOLD
29 analysts
Price Target
$16
+40% upside
P/E (TTM)
-29.2
ROE
-10.7%
Net Profit Margin
-2.1%
FLNC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$11.70
Market Cap
—
P/E (TTM)
-29.2
EPS (TTM)
$-0.37
Revenue (TTM)
$2.26B
Div Yield
—
ROE
-10.7%
Debt/Equity
0.0
52W Range
$7 – $34
FLNC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.26B
2020-09-30
→
2025-09-30
EPS
$-0.37
2022-09-30
→
2025-09-30
Free Cash Flow
$-160M
2022-09-30
→
2025-09-30
Margins
-2.1%
2022-09-30
→
2025-09-30
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FLNC
Peer Median
P/E (TTM)
-29.2
54.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FLNC
Peer Median
Gross Margin
13.1%
29.5%
Net Profit Margin
-2.1%
4.6%
ROA
-2.3%
3.3%
ROE
-10.7%
7.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FLNC
Peer Median
Debt / Equity
0.0
0.0
Current Ratio
1.5
2.7
Quick Ratio
0.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FLNC
Peer Median
Revenue YoY
-16.2%
—
Revenue CAGR 3Y
23.6%
—
Revenue CAGR 5Y
32.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FLNC
Peer Median
FLNC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
29 analysts
- Strong Buy 4 13.8%
- Buy 8 27.6%
- Hold 14 48.3%
- Sell 3 10.3%
- Strong Sell 0 0.0%
12-Month Price Target
18 analysts · 2026-08-19
Median
$16.00
Now
$11.70
Low
$9.00
High
$24.00
Median target
$16.00
+36.8%
Mean target
$16.39
+40.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.24 | $0.02 | -0.26% |
| March 31, 2026 | $-0.16 | $-0.16 | 0.00% |
| Dec. 31, 2025 | $-0.32 | $-0.21 | -0.11% |
| Sept. 30, 2025 | $0.13 | $0.19 | -0.06% |
| June 30, 2025 | $0.01 | $-0.00 | 0.01% |
| March 31, 2025 | $-0.24 | $-0.22 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FLNC | — | -29.2 | -16.2% | -2.1% | -10.7% | 13.1% |
| ST | — | 158.5 | -5.8% | 0.84% | 1.1% | — |
| ATKR | $2.11B | -139.4 | -11.0% | -0.53% | -1.1% | 23.7% |
| PLUG | — | -1.4 | 12.9% | -229.8% | -120.3% | -34.1% |
| RUN | $4.30B | 10.8 | 45.1% | 15.2% | 15.8% | — |
| PLPC | $1.01B | 29.0 | 12.7% | 5.3% | 7.9% | 31.2% |
| ALNT | $910M | 40.7 | 4.6% | 4.0% | 7.5% | 32.8% |
| FCEL | $412M | -1.2 | 41.0% | -118.8% | -28.5% | — |
| AMPX | $1.06B | -22.5 | 202.1% | -60.3% | -48.8% | 11.3% |
| AMSC | $1.61B | 11.1 | 34.3% | 44.7% | 29.8% | 30.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $2.26B | $2.70B | $2.22B | $1.20B | $681M | |
| Cost of Revenue | $1.97B | $2.36B | $2.08B | $1.26B | $750M | |
| Gross Profit | $296M | $341M | $141M | $-62M | $-69M | |
| R&D Expense | $86M | $66M | $66M | $60M | $23M | |
| SG&A Expense | $163M | $173M | $136M | $117M | $38M | |
| Interest Expense | · | · | · | $2M | $1M | |
| Interest Income | $500.0K | $4M | $3M | · | · | |
| Other Non-op | $5M | $7M | $7M | $-5M | $-270.0K | |
| Pretax Income | $-45M | $40M | $-100M | $-288M | $-160M | |
| Income Tax | $23M | $9M | $5M | $1M | $2M | |
| Net Income | $-48M | $23M | $-70M | $-104M | · | |
| EPS (Basic) | $-0.37 | $0.18 | $-0.60 | $-1.50 | · | |
| EPS (Diluted) | $-0.37 | $0.13 | $-0.60 | $-1.50 | · | |
| Shares (Basic) | 130,307,162 | 126,180,011 | 116,448,602 | 69,714,054 | · | |
| Shares (Diluted) | 130,307,162 | 184,034,832 | 116,448,602 | 69,714,054 | · | |
| EBITDA | $29M | · | $11M | · | · |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $691M | $449M | $346M | $357M | $37M | |
| Short-term Investments | · | $0 | $0 | $110M | $0 | |
| Receivables | $273M | $216M | $103M | $87M | $57M | |
| Inventory | $455M | $183M | $225M | $653M | $390M | |
| Prepaid Expense | $22M | $10M | $3M | $2M | $2M | |
| Other Current Assets | $55M | $47M | $31M | $27M | $31M | |
| Current Assets | $2.06B | $1.68B | $1.19B | $1.60B | $662M | |
| PP&E (Net) | $50M | $15M | $13M | $14M | $8M | |
| PP&E (Gross) | · | $30M | $22M | $19M | $11M | |
| Accum. Depreciation | · | $15M | $9M | $5M | $3M | |
| Goodwill | $29M | $27M | $26M | $25M | $9M | |
| Intangibles | $63M | $60M | $56M | $52M | $36M | |
| Other Non-current Assets | $146M | $110M | $32M | $26M | $1M | |
| Total Assets | $2.36B | $1.90B | $1.35B | $1.75B | $718M | |
| Accounts Payable | $321M | $437M | $65M | $305M | $158M | |
| Accrued Liabilities | $246M | $338M | $176M | $184M | $186M | |
| Current Liabilities | $1.37B | $1.26B | $746M | $1.11B | $771M | |
| Capital Leases | $5M | $5M | $1M | $1M | $0 | |
| Deferred Tax | $10M | $7M | $5M | $5M | $0 | |
| Other Non-current Liabilities | $37M | $29M | $17M | $2M | $2M | |
| Total Liabilities | $1.81B | $1.30B | $796M | $1.12B | $774M | |
| Long-term Debt | · | $30M | $51M | $0 | · | |
| Total Debt | $0 | · | $51M | · | · | |
| Paid-in Capital | $628M | $635M | $581M | $543M | · | |
| Retained Earnings | $-200M | $-151M | $-174M | $-105M | $-279M | |
| Treasury Stock | $10M | $9M | $8M | $5M | · | |
| AOCI | $12M | $-2M | $3M | $3M | $-285.0K | |
| Stockholders' Equity | $430M | $472M | $402M | $436M | · | |
| Liabilities + Equity | $2.36B | $1.90B | $1.35B | $1.75B | $718M | |
| Shares Outstanding | 51,499,195 | · | · | · | · |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $29M | $14M | $11M | $7M | $5M | |
| Stock-based Comp | $20M | $24M | $27M | $44M | $0 | |
| Deferred Tax | $6M | $-7M | $3M | $516.0K | $-1M | |
| Amort. of Intangibles | $13M | $9M | $7M | $5M | $4M | |
| Other Non-cash | $-152M | · | $-82M | · | · | |
| Operating Cash Flow | $-146M | $80M | $-112M | $-282M | $-265M | |
| CapEx | $15M | $8M | $3M | $8M | $4M | |
| Investing Cash Flow | $-30M | $-19M | $94M | $-148M | $-22M | |
| Stock Repurchased | · | · | $3M | $5M | $0 | |
| Net Stock Activity | · | · | $-3M | $-5M | · | |
| Financing Cash Flow | $357M | $-9M | $53M | $817M | $231M | |
| Net Change in Cash | $196M | $56M | $33M | $392M | $-57M | |
| Taxes Paid | $19M | $3M | $1M | · | · | |
| Free Cash Flow | $-160M | · | $-115M | $-290M | · | |
| Levered FCF | · | · | · | $-292M | · |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 13.1% | · | 6.4% | -5.2% | · | |
| Net Margin | -2.1% | · | -3.1% | -8.7% | · | |
| Pretax Margin | -2.0% | · | -4.5% | -24.0% | · | |
| EBITDA Margin | 1.3% | · | 0.48% | · | · | |
| ROA | -2.3% | · | -4.5% | -8.5% | · | |
| ROE | -10.7% | · | -16.6% | -47.9% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.5 | · | 1.6 | 1.4 | · | |
| Quick Ratio | 0.7 | · | 0.6 | 0.5 | · | |
| Debt / Equity | 0.0 | · | 0.1 | · | · | |
| LT Debt / Equity | · | · | 0.1 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | · | 1.4 | 1.0 | · | |
| Inventory Turnover | 6.2 | · | 4.7 | 2.4 | · | |
| Receivables Turnover | 9.2 | · | 23.3 | 16.6 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | -16.2% | 21.7% | 85.0% | 76.1% | 21.3% | |
| Revenue CAGR 3Y | 23.6% | 58.3% | 58.1% | · | · | |
| Revenue CAGR 5Y | 32.2% | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $2.26B | $2.70B | $2.22B | $1.20B | $681M | |
| Net Income TTM | $-48M | $23M | $-70M | $-104M | · | |
| P/E | -29.2 | 174.7 | -38.3 | -9.7 | · | |
| Earnings Yield | -3.4% | 0.57% | -2.6% | -10.3% | · |
Income Statement 16
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $650M | $465M | $475M | $1.04B | $603M | $432M | $187M | $1.23B | $483M | $623M | $364M | $673M | $536M | $698M | $310M | $442M | |
| Cost of Revenue | $617M | $418M | $452M | $899M | $513M | $389M | $166M | $1.07B | $400M | $559M | $328M | $597M | $515M | $667M | $298M | $431M | |
| Gross Profit | $33M | $47M | $23M | $143M | $89M | $43M | $21M | $157M | $83M | $64M | $36M | $76M | $22M | $31M | $12M | $11M | |
| R&D Expense | $24M | $21M | $19M | $21M | $26M | $22M | $17M | $18M | $15M | $17M | $15M | $15M | $10M | $23M | $19M | $18M | |
| SG&A Expense | $38M | $37M | $42M | $49M | $36M | $41M | $37M | $46M | $45M | $44M | $38M | $35M | $38M | $32M | $31M | $33M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | $2M | $1M | $816.0K | · | |
| Interest Income | · | · | · | $0 | $0 | $0 | $500.0K | $900.0K | $1M | $1M | $1M | · | · | · | · | · | |
| Other Non-op | $11M | $14M | $-6M | $1M | $9M | $2M | $-6M | $7M | $-562.0K | $-215.0K | $1M | $-2M | $733.0K | $-3M | $11M | $-5M | |
| Pretax Income | $-44M | $-28M | $-70M | $46M | $11M | $-44M | $-59M | $76M | $5M | $-15M | $-27M | $11M | $-36M | $-38M | $-38M | $-54M | |
| Income Tax | $772.0K | $2M | $-8M | $22M | $5M | $-2M | $-2M | $8M | $4M | $-2M | $-1M | $7M | $-1M | $-126.0K | $-614.0K | $2M | |
| Net Income | $-33M | $-21M | $-45M | $18M | $6M | $-31M | $-41M | $48M | $785.0K | $-9M | $-17M | $3M | $-23M | $-25M | $-25M | $-37M | |
| EPS (Basic) | $-0.24 | $-0.16 | $-0.34 | $0.14 | $0.05 | $-0.24 | $-0.32 | $0.38 | $0.01 | $-0.07 | $-0.14 | $0.02 | $-0.20 | $-0.21 | $-0.21 | $-0.27 | |
| EPS (Diluted) | $-0.24 | $-0.16 | $-0.34 | $0.18 | $0.01 | $-0.24 | $-0.32 | $0.34 | $0.00 | $-0.07 | $-0.14 | $0.02 | $-0.20 | $-0.21 | $-0.21 | $-0.27 | |
| Shares (Basic) | 138,129,139 | 132,542,675 | 131,522,223 | -259,884,696 | 130,723,258 | 129,985,932 | 129,482,668 | -249,686,653 | 127,910,081 | 126,843,301 | 121,113,282 | -232,667,955 | 117,456,282 | 116,266,838 | 115,393,437 | -94,198,062 | |
| Shares (Diluted) | 138,129,139 | 132,542,675 | 131,522,223 | -312,806,931 | 183,645,493 | 129,985,932 | 129,482,668 | -248,140,816 | 184,219,065 | 126,843,301 | 121,113,282 | -232,667,955 | 117,456,282 | 116,266,838 | 115,393,437 | -94,198,062 | |
| EBITDA | · | · | $9M | · | · | · | $4M | · | · | · | $3M | · | · | · | · | · |
Balance Sheet 27
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $339M | $387M | $453M | $691M | $436M | $569M | $607M | $449M | $388M | $412M | $318M | · | $298M | $194M | $287M | · | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $70M | $110M | $110M | |
| Receivables | $350M | $180M | $289M | $273M | $153M | $149M | $147M | $216M | $93M | $87M | $172M | · | $153M | $338M | $109M | · | |
| Inventory | $783M | $764M | $541M | $455M | $654M | $698M | $543M | $183M | $470M | $309M | $564M | · | $514M | $763M | $1.08B | · | |
| Prepaid Expense | $29M | $30M | $27M | $22M | $24M | $22M | $22M | $10M | $12M | $10M | $14M | · | $3M | $4M | $2M | · | |
| Other Current Assets | $163M | $96M | $83M | $55M | $59M | $69M | $78M | $47M | $42M | $46M | $50M | · | $27M | $28M | $30M | · | |
| Current Assets | $2.32B | $2.08B | $1.99B | $2.06B | $1.85B | $2.03B | $1.98B | $1.68B | $1.50B | $1.32B | $1.67B | · | $1.39B | $1.81B | $2.01B | · | |
| PP&E (Net) | $44M | $42M | $46M | $50M | $46M | $20M | $19M | $15M | $14M | $14M | $13M | · | $13M | $13M | $15M | · | |
| Goodwill | $28M | $29M | $29M | $29M | $29M | $27M | $26M | $27M | $26M | $26M | $28M | $26M | $26M | $26M | $26M | $25M | |
| Intangibles | $64M | $64M | $64M | $63M | $62M | $59M | $59M | $60M | $59M | $57M | $57M | · | $55M | $50M | $51M | · | |
| Other Non-current Assets | $152M | $127M | $141M | $146M | $86M | $128M | $119M | $110M | $87M | $110M | $52M | · | $17M | $18M | $18M | · | |
| Total Assets | $2.62B | $2.35B | $2.27B | $2.36B | $2.08B | $2.27B | $2.21B | $1.90B | $1.69B | $1.53B | $1.82B | · | $1.56B | $1.95B | $2.15B | · | |
| Accounts Payable | $295M | $189M | $135M | $321M | $256M | $233M | $102M | $437M | $322M | $244M | $319M | · | $166M | $400M | $506M | · | |
| Accrued Liabilities | $275M | $255M | $278M | $246M | $222M | $377M | $477M | $338M | $213M | $26M | $172M | · | $96M | $106M | $160M | · | |
| Current Liabilities | $1.73B | $1.45B | $1.34B | $1.37B | $1.12B | $1.35B | $1.26B | $1.26B | $1.12B | $973M | $1.25B | · | $954M | $1.34B | $1.53B | · | |
| Capital Leases | $13M | $3M | $4M | $5M | $7M | $8M | $5M | $5M | $4M | $3M | $2M | · | $2M | $2M | $668.0K | · | |
| Deferred Tax | $9M | $9M | $10M | $10M | $8M | $7M | $7M | $7M | $5M | $5M | $5M | · | $4M | $3M | $3M | · | |
| Other Non-current Liabilities | $49M | $37M | $41M | $37M | $32M | $32M | $28M | $29M | $22M | $20M | $19M | · | $10M | $8M | $1M | · | |
| Total Liabilities | $2.18B | $1.89B | $1.78B | $1.81B | $1.55B | $1.77B | $1.68B | $1.30B | $1.15B | $998M | $1.28B | · | $1.02B | $1.38B | $1.55B | · | |
| Long-term Debt | · | · | · | · | · | · | · | · | $54M | $59M | $52M | · | · | · | · | · | |
| Total Debt | · | · | · | · | $0 | $0 | $0 | · | $54M | $59M | $52M | · | $50M | $22M | $21M | · | |
| Paid-in Capital | $670M | $641M | $636M | $628M | $623M | $616M | $612M | $635M | $628M | $618M | $610M | · | $574M | $563M | $555M | · | |
| Retained Earnings | $-299M | $-266M | $-245M | $-200M | $-218M | $-224M | $-193M | $-151M | $-199M | $-200M | $-191M | · | $-177M | $-154M | $-129M | · | |
| Treasury Stock | $13M | $13M | $13M | $10M | $10M | $10M | $10M | $9M | $9M | $8M | $8M | · | $7M | $5M | $5M | · | |
| AOCI | $14M | $6M | $10M | $12M | $12M | $6M | $222.0K | $-2M | $2M | $3M | $4M | · | $3M | $-565.0K | $410.0K | · | |
| Stockholders' Equity | $373M | $368M | $388M | $430M | $407M | $388M | $409M | $472M | $421M | $413M | $416M | · | $393M | $403M | $421M | · | |
| Liabilities + Equity | $2.62B | $2.35B | $2.27B | $2.36B | $2.08B | $2.27B | $2.21B | $1.90B | $1.69B | $1.53B | $1.82B | · | $1.56B | $1.95B | $2.15B | · |
Cash Flow 16
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $11M | $11M | $9M | $10M | $8M | $6M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | |
| Stock-based Comp | $5M | $4M | $5M | $4M | $6M | $4M | $5M | $5M | $6M | $7M | $6M | $5M | $6M | $7M | $8M | $9M | |
| Deferred Tax | $28.0K | $-175.0K | $28.0K | $537.0K | $5M | $511.0K | $-66.0K | $-7M | $0 | $0 | $295.0K | $4M | $0 | $-325.0K | $-951.0K | $516.0K | |
| Amort. of Intangibles | $3M | $4M | $3M | $4M | $4M | $3M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $2M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | · | · | |
| Other Non-cash | · | · | $-196M | · | · | · | $-179M | · | · | · | $27M | · | · | · | · | · | |
| Operating Cash Flow | $-19M | $-121M | $-227M | $266M | $-154M | $-46M | $-211M | $11M | $-21M | $71M | $19M | $49M | $3M | $-75M | $-89M | $-221M | |
| CapEx | $1M | $2M | $6M | $5M | $4M | $4M | $2M | $3M | $2M | $1M | $1M | $1M | $790.0K | $-1M | $2M | $5M | |
| Investing Cash Flow | $-32M | $-7M | $-9M | $-10M | $-7M | $-8M | $-5M | $-6M | $-6M | $-5M | $-3M | $-3M | $62M | $42M | $-6M | $-115M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | $88.0K | $0 | · | $1M | $0 | $288.0K | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-288.0K | · | |
| Financing Cash Flow | $5M | $68M | $-2M | $-2M | $-468.0K | $-2M | $361M | $-3M | $864.0K | $-272.0K | $-6M | $7.0K | $29M | $558.0K | $23M | $2M | |
| Net Change in Cash | $-48M | $-65M | $-237M | $255M | $-150M | $-44M | $136M | $5M | $-28M | $65M | $14M | $47M | $104M | $-39M | $-78M | $-332M | |
| Taxes Paid | $8M | $7M | $4M | $20M | $-12M | $5M | $6M | $942.0K | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | $-233M | · | · | · | $-213M | · | · | · | $18M | · | · | · | $-91M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-92M | · |
Profitability 6
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.1% | 10.0% | 4.9% | · | 14.8% | 9.9% | 11.3% | · | 17.2% | 10.3% | 10.0% | · | 4.1% | 4.4% | 3.9% | · | |
| Net Margin | -5.1% | -4.5% | -9.5% | · | 1.0% | -7.2% | -22.2% | · | 0.16% | -1.5% | -4.6% | · | -4.4% | -3.6% | -7.9% | · | |
| Pretax Margin | -6.7% | -6.0% | -14.8% | · | 1.9% | -10.2% | -31.4% | · | 1.1% | -2.3% | -7.4% | · | -6.8% | -5.4% | -12.2% | · | |
| EBITDA Margin | · | · | 1.8% | · | · | · | 2.4% | · | · | · | 0.79% | · | · | · | · | · | |
| ROA | -1.4% | -0.91% | -2.0% | · | 0.33% | -1.6% | -2.1% | · | 0.05% | -0.53% | -0.84% | · | -1.5% | -1.4% | -1.4% | · | |
| ROE | -8.4% | -5.5% | -11.3% | · | 1.5% | -7.8% | -10.1% | · | 0.19% | -2.2% | -4.0% | · | -5.5% | -7.7% | -7.3% | · |
Liquidity & Solvency 4
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.4 | 1.5 | · | 1.6 | 1.5 | 1.6 | · | 1.3 | 1.4 | 1.3 | · | 1.5 | 1.3 | 1.3 | · | |
| Quick Ratio | 0.4 | 0.4 | 0.6 | · | 0.5 | 0.5 | 0.6 | · | 0.4 | 0.5 | 0.4 | · | 0.5 | 0.4 | 0.3 | · | |
| Debt / Equity | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · |
Efficiency 3
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.1 | · | 0.3 | 0.4 | 0.2 | · | 0.3 | 0.4 | 0.2 | · | |
| Inventory Turnover | 0.9 | 0.6 | 0.8 | · | 0.9 | 0.8 | 0.3 | · | 0.8 | 1.0 | 0.4 | · | 1.1 | 1.2 | 0.4 | · | |
| Receivables Turnover | 2.6 | 2.8 | 2.2 | · | 4.9 | 3.7 | 1.2 | · | 3.9 | 2.9 | 2.6 | · | 4.4 | 3.0 | 3.8 | · |
Valuation (TTM) 4
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.19B | $1.97B | $1.70B | · | $1.70B | $1.72B | $1.66B | · | $2.01B | $2.22B | $1.91B | · | $1.78B | $1.59B | $1.07B | · | |
| Net Income TTM | $-93M | $-91M | $-111M | · | $-65M | $-81M | $-67M | · | $-49M | $-74M | $-90M | · | $-92M | $-88M | $-92M | · | |
| P/E | -27.2 | -18.8 | -22.2 | · | -12.2 | -7.7 | -30.0 | · | -42.3 | -28.0 | -31.4 | · | -27.5 | -18.1 | -11.9 | · | |
| Earnings Yield | -3.7% | -5.3% | -4.5% | · | -8.2% | -13.0% | -3.3% | · | -2.4% | -3.6% | -3.2% | · | -3.6% | -5.5% | -8.4% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Revenue | $2.26B | $2.70B | $2.22B | $1.20B | $681M |
| Gross Margin % | 13.1% | — | 6.4% | -5.2% | — |
| Net Income | $-48M | $23M | $-70M | $-104M | — |
| Diluted EPS | $-0.37 | $0.13 | $-0.60 | $-1.50 | — |
Balance Sheet
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | — | 0.1 | — | — |
| Current Ratio | 1.5 | — | 1.6 | 1.4 | — |
| Quick Ratio | 0.7 | — | 0.6 | 0.5 | — |
Cash Flow
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-160M | — | $-115M | $-290M | — |
Latest News Recent headlines mentioning this company
- Fluence Energy (FLNC) to Collaborate with Siemens and Nvidia to Develop AI Data Centers
- Fluence Energy signs master supply agreements with two ‘major’ hyperscalers
- Goldman Sachs Raises its Price Target on Fluence Energy (FLNC) to $22
- Two Analysts Just Cut Fluence Energy (FLNC). Can It Still Be a Buy in 2026?
- Susquehanna Trims PT on Fluence Energy (FLNC) to $23
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Institutional owners (13F) 356 filers · $2.4B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 105 (+47 vs prior Q) | 40 (-14 vs prior Q) | 94 (+14 vs prior Q) | 88 (+1 vs prior Q) | +8.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SIEMENS PENSION TRUST E V | $431,290,974 | 21,694,717 | 17.71% | Shares |
| SIEMENS AG | $392,392,712 | 19,738,064 | 16.12% | Shares |
| JANE STREET GROUP, LLC | $124,154,576 | 6,245,200 | 5.10% | Call option |
| VANGUARD GROUP INC | $111,507,099 | 5,637,366 | 4.58% | Shares |
| TWO SIGMA INVESTMENTS, LP | $106,134,927 | 5,338,779 | 4.36% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $73,556,000 | 37,000 | 3.02% | Call option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $72,687,483 | 3,656,312 | 2.99% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $71,361,725 | 3,589,624 | 2.93% | Shares |
| Driehaus Capital Management LLC | $71,090,164 | 3,575,964 | 2.92% | Shares |
| STATE STREET CORP | $52,228,994 | 2,627,213 | 2.15% | Shares |
| TWO SIGMA ADVISERS, LP | $48,360,122 | 2,444,900 | 1.99% | Shares |
| FIRST TRUST ADVISORS LP | $44,158,390 | 2,221,247 | 1.81% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $38,814,005 | 1,951,963 | 1.59% | Shares |
| FMR LLC | $36,386,046 | 1,830,284 | 1.49% | Shares |
| JANE STREET GROUP, LLC | $35,825,748 | 1,802,100 | 1.47% | Put option |
| Connor, Clark & Lunn Investment Management Ltd. | $35,075,258 | 1,764,349 | 1.44% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $33,632,984 | 1,691,800 | 1.38% | Call option |
| Goodlander Investment Management, LLC | $29,820,000 | 1,500,000 | 1.22% | Shares |
| D. E. Shaw & Co., Inc. | $28,886,038 | 1,453,020 | 1.19% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $28,627,160 | 1,439,998 | 1.18% | Shares |
| Caption Management, LLC | $28,577,500 | 1,437,500 | 1.17% | Call option |
| GOLDMAN SACHS GROUP INC | $27,246,932 | 1,370,570 | 1.12% | Shares |
| Point72 Asset Management, L.P. | $25,879,764 | 1,301,799 | 1.06% | Shares |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $17,892,000 | 900,000 | 0.73% | Shares |
| BARCLAYS PLC | $16,320,466 | 820,949 | 0.67% | Shares |
| CITADEL ADVISORS LLC | $14,629,692 | 735,900 | 0.60% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,524,328 | 730,600 | 0.60% | Put option |
| BANK OF AMERICA CORP /DE/ | $14,458,744 | 727,301 | 0.59% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $14,159,391 | 712,243 | 0.58% | Shares |
| Erste Asset Management GmbH | $13,729,573 | 716,949 | 0.56% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,045,372 | 605,904 | 0.49% | Shares |
| CITADEL ADVISORS LLC | $11,872,793 | 597,223 | 0.49% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $11,610,914 | 584,050 | 0.48% | Shares |
| BARCLAYS PLC | $11,097,016 | 558,200 | 0.46% | Call option |
| Qube Research & Technologies Ltd | $10,714,704 | 538,969 | 0.44% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $10,673,572 | 536,900 | 0.44% | Shares |
| HSBC HOLDINGS PLC | $10,110,000 | 500,000 | 0.42% | Call option |
| PEAK6 LLC | $9,940,000 | 500,000 | 0.41% | Put option |
| Robinhood Asset Management, LLC | $9,144,865 | 460,003 | 0.38% | Shares |
| SEVEN GRAND MANAGERS, LLC | $7,952,000 | 400,000 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $7,727,356 | 388,700 | 0.32% | Put option |
| Voleon Capital Management LP | $7,199,323 | 362,139 | 0.30% | Shares |
| PEAK6 LLC | $7,186,620 | 361,500 | 0.30% | Call option |
| D. E. Shaw & Co., Inc. | $7,115,052 | 357,900 | 0.29% | Call option |
| DIMENSIONAL FUND ADVISORS LP | $6,918,518 | 348,014 | 0.28% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $6,500,163 | 326,970 | 0.27% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $6,098,250 | 306,753 | 0.25% | Shares |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $5,964,000 | 300,000 | 0.24% | Put option |
| TUDOR INVESTMENT CORP ET AL | $5,956,048 | 299,600 | 0.24% | Call option |
| GROUP ONE TRADING LLC | $5,865,117 | 295,026 | 0.24% | Shares |
| Freestone Grove Partners LP | $5,673,195 | 285,372 | 0.23% | Shares |
| Squarepoint Ops LLC | $5,334,162 | 268,318 | 0.22% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $5,058,466 | 254,450 | 0.21% | Shares |
| Point72 Asset Management, L.P. | $4,934,216 | 248,200 | 0.20% | Call option |
| Pier Capital, LLC | $4,646,016 | 233,703 | 0.19% | Shares |
| XTX Topco Ltd | $4,073,114 | 204,885 | 0.17% | Shares |
| Cubist Systematic Strategies, LLC | $3,735,311 | 345,862 | 0.15% | Shares |
| BlackRock, Inc. | $3,419,618 | 172,013 | 0.14% | Shares |
| NEUBERGER BERMAN GROUP LLC | $3,394,112 | 170,730 | 0.14% | Shares |
| MACQUARIE GROUP LTD | $3,381,429 | 170,092 | 0.14% | Shares |
| Swiss National Bank | $3,379,600 | 170,000 | 0.14% | Shares |
| LPL Financial LLC | $3,357,454 | 168,886 | 0.14% | Shares |
| MORGAN STANLEY | $3,230,023 | 162,476 | 0.13% | Shares |
| Defiance ETFs, LLC | $3,097,626 | 168,716 | 0.13% | Shares |
| Walleye Trading LLC | $3,051,580 | 153,500 | 0.13% | Call option |
| PDT Partners, LLC | $2,999,057 | 150,858 | 0.12% | Shares |
| BANK OF MONTREAL /CAN/ | $2,982,000 | 150,000 | 0.12% | Put option |
| Almanack Investment Partners, LLC. | $2,885,085 | 145,125 | 0.12% | Shares |
| J. Goldman & Co LP | $2,882,600 | 145,000 | 0.12% | Call option |
| NISSAY ASSET MANAGEMENT CORP /JAPAN | $2,830,236 | 142,366 | 0.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,683,800 | 135,000 | 0.11% | Put option |
| NOMURA HOLDINGS INC | $2,644,040 | 133,000 | 0.11% | Put option |
| MILLENNIUM MANAGEMENT LLC | $2,541,857 | 127,860 | 0.10% | Shares |
| MIZUHO MARKETS AMERICAS LLC | $2,529,491 | 127,238 | 0.10% | Shares |
| Point72 Asset Management, L.P. | $2,524,760 | 127,000 | 0.10% | Put option |
| ALPS ADVISORS INC | $2,386,336 | 120,037 | 0.10% | Shares |
| Walleye Trading LLC | $2,312,044 | 116,300 | 0.09% | Put option |
| WOLVERINE TRADING, LLC | $2,276,580 | 199,700 | 0.09% | Call option |
| RHUMBLINE ADVISERS | $2,217,700 | 111,555 | 0.09% | Shares |
| IMC-Chicago, LLC | $2,195,150 | 110,420 | 0.09% | Shares |
| SIMPLEX TRADING, LLC | $2,161,055 | 108,705 | 0.09% | Shares |
| CREDIT AGRICOLE S A | $2,132,846 | 107,286 | 0.09% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $2,087,400 | 105,000 | 0.09% | Shares |
| Schonfeld Strategic Advisors LLC | $1,936,271 | 97,398 | 0.08% | Shares |
| Cubist Systematic Strategies, LLC | $1,901,880 | 176,100 | 0.08% | Call option |
| Altshuler Shaham Ltd | $1,901,860 | 95,667 | 0.08% | Shares |
| HSBC HOLDINGS PLC | $1,840,505 | 91,024 | 0.08% | Shares |
| ALGERT GLOBAL LLC | $1,798,544 | 90,470 | 0.07% | Shares |
| PEAK6 LLC | $1,773,554 | 89,213 | 0.07% | Shares |
| Cubist Systematic Strategies, LLC | $1,762,560 | 163,200 | 0.07% | Put option |
| FirstWave Capital Management LLC | $1,756,895 | 88,375 | 0.07% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,714,153 | 86,225 | 0.07% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $1,646,064 | 82,800 | 0.07% | Put option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,612,387 | 81,106 | 0.07% | Shares |
| Lighthouse Investment Partners, LLC | $1,590,400 | 80,000 | 0.07% | Shares |
| Cetera Investment Advisers | $1,546,331 | 77,783 | 0.06% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,539,904 | 77,460 | 0.06% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,491,281 | 108,378 | 0.06% | Shares |
| Man Group plc | $1,452,075 | 73,042 | 0.06% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $1,399,214 | 70,383 | 0.06% | Shares |
Company insiders 20 insiders · 9 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Julian Nebreda | President and CEO | Dec. 18, 2025 M | 198,811 | 0 | 0 | $0 |
| Dubuc Manuel Perez | Chief Executive Officer | Feb. 17, 2022 P | 30,000 | 0 | 0 | $0 |
| Ahmed Pasha | SVP & Chief Financial Officer | Jan. 1, 2026 M | 38,841 | 0 | 0 | $0 |
| Peter Bennett Williams | SVP and CPSCO | July 17, 2026 M | 22,292 | 0 | 0 | $0 |
| John Zahurancik | SVP & CCSO | June 23, 2026 S | 71,171 | 0 | 4 | $-1,509,574 |
| Vincent Mathis | SVP & Chief Legal and Compliance Officer and Secretary. | Dec. 18, 2025 M | 101,305 | 0 | 0 | $0 |
| Jeffrey Richard Monday | SVP, Chief Growth Officer | Dec. 1, 2025 A | — | 0 | 0 | $0 |
| Rebecca Boll | SVP and Chief Product Officer | Feb. 17, 2022 P | 1,478 | 0 | 0 | $0 |
| Carolee Couch | SVP & CSC and MO | Nov. 1, 2021 P | 1,200 | 0 | 0 | $0 |
| Harald Von Heynitz | Director | June 15, 2026 S | 58,550 | 0 | 1 | $-125,000 |
| Elizabeth Anne Fessenden | Director | June 2, 2026 G | 66,250 | 0 | 0 | $0 |
| Herman E Bulls | Director | March 17, 2026 M | 159,550 | 0 | 0 | $0 |
| Cynthia A Arnold | Director | Oct. 28, 2022 M | 13,571 | 0 | 0 | $0 |
| John Christopher Shelton | Director | Feb. 15, 2022 P | 5,000 | 0 | 0 | $0 |
| Barbara Humpton | Director | Nov. 1, 2021 P | 4,000 | 0 | 0 | $0 |
| Lisa Krueger | Director | Nov. 1, 2021 P | 1,000 | 0 | 0 | $0 |
| SPT Holding Sarl | 10% owner | July 6, 2026 J | 1,231,982 | 0 | 0 | $0 |
| SPT Invest Management Sarl | 10% owner | Oct. 28, 2025 J | 0 | 0 | 0 | $0 |
| SIEMENS PENSION TRUST E V | 10% owner | Oct. 14, 2025 J | 20,000,000 | 0 | 0 | $0 |
| Michelle Philpot | — | Feb. 18, 2026 A | 8,240 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Qatar Investment Authority ×2 filings | May 19, 2026 | 8.90% | Amendment | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 50 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| UPGR · DBX ETF Trust | 2.62% | 9,096 NS | May 29, 2026 | N-PORT |
| CTEX · ProShares Trust | 1.72% | 6,712 NS | May 31, 2026 | N-PORT |
| CTEC · Global X Funds | 1.66% | 29,773 NS | May 31, 2026 | N-PORT |
| ACES · ALPS ETF Trust | 1.36% | 105,052 NS | May 31, 2026 | N-PORT |
| PBW · Invesco Exchange-Traded Fund Trust | 0.84% | 290,950 SH | Aug. 8, 2026 | Daily |
| FSCC · Federated Hermes ETF Trust | 0.44% | 65,172 NS | May 31, 2026 | N-PORT |
| AIPO · Tidal Trust II | 0.42% | 168,368 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.40% | 339,461 NS | April 30, 2026 | N-PORT |
| IBAT · iShares Trust | 0.24% | 13,163 SH | Aug. 8, 2026 | Daily |
| POW · Tidal Trust III | 0.23% | 8,272 NS | May 31, 2026 | N-PORT |
| CCSO · Tidal Trust II | 0.18% | 7,081 NS | April 30, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.16% | 20,383 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.15% | 150,955 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.14% | 3,043 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.10% | 93,866 SH | Aug. 8, 2026 | Daily |
| CCNR · Financial Investors Trust | 0.09% | 29,699 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.08% | 31,652 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.07% | 798,565 SH | Aug. 8, 2026 | Daily |
| ZAP · Global X Funds | 0.07% | 26,177 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.06% | 65,277 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 503,950 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.04% | 4,301 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.04% | 1,060,405 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 19,610 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.04% | 2,246,923 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.04% | 2,422 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.03% | 75,553 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 406,136 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 30,934 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 3,375 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.02% | 13,081 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 973,914 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 1,822,821 SH | Aug. 8, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.02% | 103,053 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 3,399 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.02% | 48,400 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 32,358 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 2,664 SH | Aug. 8, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.01% | 19,366 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 3,928 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 2,988 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 86 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.01% | 1,748 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 74,491 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 36,420 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 50,107 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 114,555 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 24,828 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,530,978 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,940 SH | Aug. 8, 2026 | Daily |