Industries
Lithium Batteries & Energy Storage
All research in Lithium Batteries & Energy Storage — 4 reports.
49/100
EVE Energy: Storage Now Leads the Growth and Carries the Thinnest Margin, and Capex Still Outruns the Cash It Converts
EVE Energy is a Chinese lithium-battery maker whose center of gravity has moved to grid and utility storage, already 39.8% of 2025 revenue and the largest quarterly shipment line by Q1 2026. Annual operating cash flow of CNY 7.492bn converts at about 1.81 times net profit, but CNY 10.45bn of fixed-asset spending keeps free cash flow negative, and storage carries the thinnest gross margin of the three segments at 12.28%. Rating Watch: the storage position is real, yet the price already sits above the conservative value and the ideal buy zone is 38 to 45 CNY.
41/100
Fluence Energy: Real Storage Backlog, Not Yet Real Margins
Fluence Energy is a grid-scale battery storage systems integrator and software vendor that sells bankable project delivery and risk transfer rather than owning a battery-chemistry moat, backed by a record $5.6 billion order backlog as of March 2026 and two new hyperscaler data-center agreements. Fiscal 2025 revenue fell back to $2.26 billion, first-half fiscal 2026 gross margin was only 7.4% with free cash flow negative $285.4 million, Chinese integrators captured 76% of the global BESS market in 2025, and Fluence remains a Nasdaq-controlled company entangled in AES's pending $33.4 billion take-private sale. Rating Hold: real backlog and software optionality, but cash conversion and governance still lag the demand narrative, and at $16.74 the stock offers no margin of safety for new money.
42/100
LG Energy Solution: Strategic Assets, Unproven Returns
LG Energy Solution is the largest Korean large-format battery maker, running a three-part machine of automotive cells for global OEMs, IRA-localized North American capacity, and a fast-growing energy-storage pivot, with 2025 revenue of ₩23.7tn. The 2026 question is whether it can earn real returns on a ₩42.6tn asset base: Q1 2026 still posted a ₩207.8bn operating loss even after ₩189.8bn of AMPC credits, though 46-series backlog has topped 440 GWh and ESS is becoming a credible second leg. Rating Hold: at ₩404,500 the stock trades near 4.0x sales and already prices a recovery, leaving no clear margin of safety until ex-credit profitability inflects.
35/100
Samsung SDI (006400.KO) Zen Horizon Research Report
Samsung SDI is South Korea's largest integrated battery company and one of the world's top five lithium battery makers by cumulative installations, with Energy Solutions contributing about 93% of revenue and Electronic Materials about 7%. FY2025 revenue was KRW 13.27 trillion (-21%), with an operating loss of KRW 1.72 trillion and a net loss of KRW 64.9 billion; Q1 2026 revenue rebounded to KRW 3.58 trillion (+12.6%), operating loss narrowed by 64.2%, and net income turned positive at KRW 56.1 billion, but its global EV battery share fell out of the top 10. Research rating Watch: the turnaround signals are visible, but valuation already prices in recovery while dilution, JV delays, and market-share erosion remain unresolved.