Eletrobras (EBR.B) vs Fluence Energy, Inc. (FLNC)

Eletrobras and Fluence Energy, Inc. are both Utilities Renewable companies. Eletrobras is the larger, with a market value of $2.6B against $1.4B — 1.9× the size. Fluence Energy, Inc. has negative trailing earnings, so its P/E is not meaningful; Eletrobras trades at 14.7×. Eletrobras grew revenue faster over the last twelve months: 10.3% against 7.46%. Eletrobras has the higher net margin (26.1% vs −3.07%) and the higher return on invested capital (2.18% vs −15.2%). Across the 19 metrics below, Eletrobras leads on 15 and Fluence Energy, Inc. on 4.

Valuation

Metric EBR.B FLNC Utilities Renewable median
P/E 14.69 n/m 18.99
P/S 2.65 0.41 2.58
P/B 0.92 2.51 1.38
Price to free cash flow 10.53 n/m 5.71
EV/EBITDA 23.58 n/m 16.32
EV/Sales 3.81 0.43 5.43
Earnings yield 6.81% (7.64%) (12.46%)
Free cash flow yield 9.49% (12.16%) (21.58%)

Profitability

Metric EBR.B FLNC Utilities Renewable median
Gross margin 100.15% 9.34% 41.45%
Operating margin 13.70% (4.23%) 0.00%
Net margin 26.10% (3.07%) (0.87%)
Free cash flow margin 24.74% (5.01%) (9.23%)
Return on equity 9.76% (16.99%) 0.00%
Return on assets 4.26% (3.45%) (2.61%)
Return on invested capital 2.18% (15.19%) 0.00%

Growth

Metric EBR.B FLNC Utilities Renewable median
Revenue growth (TTM) 10.25% 7.46% 10.25%
EPS growth (last fiscal year) (30.04%) (384.62%) —
Revenue growth, 5-year CAGR 5.56% 32.16% 6.29%
Net income growth, 5-year CAGR (0.91%) 0.00% 0.00%

Health

Metric EBR.B FLNC Utilities Renewable median
Debt to equity 0.59 0.91 0.59
Current ratio 2.05 1.34 1.16
Net debt to EBITDA 7.17 25.34 2.66

Dividend

Metric EBR.B FLNC Utilities Renewable median
Dividend yield 2.94% — 5.61%
Payout ratio 1.53 0.00 0.00

Size

Metric EBR.B FLNC Utilities Renewable median
Market cap 2.62b 1.39b 239.67m

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