Fluence Energy, Inc. (FLNC) vs ReNew Energy Global PLC (RNW)

Fluence Energy, Inc. and ReNew Energy Global PLC are both Utilities Renewable companies. ReNew Energy Global PLC is the larger, with a market value of $2.5B against $1.4B — 1.8× the size. Fluence Energy, Inc. has negative trailing earnings, so its P/E is not meaningful; ReNew Energy Global PLC trades at 21.7×. ReNew Energy Global PLC grew revenue faster over the last twelve months: 11.9% against 7.46%. ReNew Energy Global PLC has the higher net margin (6.62% vs −3.07%) and the higher return on invested capital (6.79% vs −15.2%). Across the 18 metrics below, ReNew Energy Global PLC leads on 12 and Fluence Energy, Inc. on 6.

Valuation

Metric FLNC RNW Utilities Renewable median
P/E n/m 21.75 18.99
P/S 0.41 1.53 2.58
P/B 2.51 1.54 1.38
Price to free cash flow n/m n/m 5.71
EV/EBITDA n/m 8.27 16.32
EV/Sales 0.43 6.00 5.43
Earnings yield (7.64%) 4.60% (12.46%)
Free cash flow yield (12.16%) (11.03%) (21.58%)

Profitability

Metric FLNC RNW Utilities Renewable median
Gross margin 9.34% 84.06% 41.45%
Operating margin (4.23%) 59.41% 0.00%
Net margin (3.07%) 6.62% (0.87%)
Free cash flow margin (5.01%) (16.86%) (9.23%)
Return on equity (16.99%) 6.73% 0.00%
Return on assets (3.45%) 0.95% (2.61%)
Return on invested capital (15.19%) 6.79% 0.00%

Growth

Metric FLNC RNW Utilities Renewable median
Revenue growth (TTM) 7.46% 11.87% 10.25%
EPS growth (last fiscal year) (384.62%) 123.08% —
Revenue growth, 5-year CAGR 32.16% 15.47% 6.29%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FLNC RNW Utilities Renewable median
Debt to equity 0.91 5.15 0.59
Current ratio 1.34 0.43 1.16
Net debt to EBITDA 25.34 6.64 2.66

Dividend

Metric FLNC RNW Utilities Renewable median
Dividend yield — — 5.61%
Payout ratio 0.00 0.00 0.00

Size

Metric FLNC RNW Utilities Renewable median
Market cap 1.39b 2.50b 239.67m

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