Start here if you're new
what it is
It chills natural gas into exportable liquid, moves it through a 94-mile pipeline, and gets paid along the way.
how it gets paid
Last year Cheniere Ergy Ptrs made $10.8B in revenue. LNG liquefaction services was the main engine at $8.6B, or 80% of sales.
why it's growing
Revenue grew 23.6% last year. Revenue rose 226% vs. prior year in the latest quarter.
what just happened
CQP posted $7.8B in quarterly revenue and last earnings came in at $2.38 versus $1.11 expected.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
25/100 earnings predictability — expect surprises
14.7x trailing p/e — the market's not buying it — or you found a deal
5.2% dividend yield — cash in your pocket every quarter
25.0% return on capital — every dollar works hard here
xvary composite: 51/100 — below average
What they do
It chills natural gas into exportable liquid, moves it through a 94-mile pipeline, and gets paid along the way.
Sabine Pass is hard to copy because it is already built, already permitted, and connected by a 94-mile pipeline. Infrastructure moat → expensive, regulated assets → so what: a rival cannot casually drop a competing LNG export terminal next door. You are buying durability: 37.0% operating margin and a 25.0% return on capital say this asset throws off real cash once the steel is in the ground.
How they make money
$10.8B
annual revenue · their business grew +23.6% last year
LNG liquefaction services
$8.6B
Terminal use and export fees
$1.1B
Creole Trail pipeline transportation
$0.6B
Regasification services
$0.5B
The products that matter
liquefies and exports natural gas
Sabine Pass Terminal
$10.8B revenue · 100% of the business shown here
it's the whole business in this snapshot: one LNG export asset generating all $10.8B in revenue with a 23.8% net margin. if sabine pass runs well, the story works. if it doesn't, there is nowhere else to hide.
100% of revenue
Key numbers
5.2%
yield
You are being paid cash now, which matters because management's own setup points to durability over growth.
37.0%
operating margin
Operating margin → profit after running the business → so what: this asset keeps more than a third of each revenue dollar before interest and taxes.
$14.2B
long-term debt
That debt is 34% of capital, which is manageable for infrastructure but still large enough to matter if conditions tighten.
25.0%
return on capital
Return on capital → profit from money invested in the business → so what: these assets are productive, not decorative.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $14.2B (34% of capital)
- net profit margin 25.3% — keeps 25 cents of every dollar in revenue
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in CQP 3 years ago → it's now worth $13,290.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
CQP posted $7.8B in quarterly revenue and last earnings came in at $2.38 versus $1.11 expected.
Revenue rose 226% vs. prior year in the latest quarter. The last earnings print beat estimates by 114.41%, which is the kind of gap that makes analysts look under the hood again.
$2.7B
revenue
$2.38
eps
37.0%
gross margin
the number that mattered
The 114.41% earnings surprise mattered most because it showed just how conservative expectations were versus actual cash generation.
-
the partnership should deliver consistent financial results and dividends in full-year 2026.
-
capital spending ought to remain manageable, too.management has emphasized maintaining the base distribution while retaining flexibility through variable payments, depending on operating performance, capital needs, and debt obligations. given the partnership’s fee-based structure and long-term customer agreements, cash available for distribution should remain well covered, even if reported earnings are uneven.
-
the long-term outlook appears to be defined by durability, rather than growth.expansion opportunities exist at sabine pass, though the proposed sbl expansion remains in the regulatory process and still requires final approvals and firm commercial commitments, a process likely to take several years. such large-scale lng projects are capital intensive, and introduce meaningful regulatory, construction, and balance sheet risk. in the meantime, we expect stable financial results and gradual increases to the distribution out to 2029-2031.
-
cheniere units are ranked below average for timeliness (4).
-
however, they may still interest long-term, incomeoriented investors.
source: company earnings report, 2026
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What could go wrong
cqp is unusually easy to break down: one terminal, $10.8B of revenue, and $14.2B of debt. that makes the key risks specific, not theoretical.
high
lng export spread compression at sabine pass
when the gap narrows between cheap U.S. gas and global LNG pricing, the toll-road economics get thinner. this is the core earnings lever.
because sabine pass represents 100% of the $10.8B revenue shown here, weaker economics hit the whole business at once
high
single-asset concentration
one terminal producing all reported revenue is efficient until it isn't. outages, maintenance, or operating issues do not get diversified away here.
one asset supports the full $10.8B revenue base and the entire simplified story investors are paying for
med
debt load and financing drag
the business carries $14.2B of long-term debt, equal to 34% of capital. a 37.0% operating margin becomes a 23.8% net margin for a reason.
if operating performance softens, the gap between operating profit and net profit matters even more
med
permitting and regulatory friction on LNG exports
export infrastructure is political infrastructure. delays, new rules, or environmental restrictions can slow expansions and cap the market's willingness to pay up.
the existing asset still matters, but the future growth story gets harder to defend
here's what would change our mind: if revenue growth falls hard from the current 23.6%, if operating margin slips below the current 37.0%, or if debt moves above today's $14.2B, the toll-road framing gets weaker fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
net margin holding around the current 23.8%
this is the quickest read on whether sabine pass is still earning toll-road economics or just moving volume.
metric
revenue after a 23.6% jump
watch whether growth on the $10.8B base keeps going or starts to flatten. the market can live with steady. it will care if steady starts looking soft.
calendar
next earnings update
with a 25/100 predictability score, each report matters more than usual. this is not a stock you put on autopilot and check next year.
trend
institutional flow turning decisively positive
61 buyers versus 62 sellers is basically a shrug. if that flips clearly positive, the market is seeing something better than just stable cash flow.
Analyst rankings
short-term outlook
below average
momentum score 4. in human-speak, analysts think this lags the average stock from here.
risk profile
average
stability score 3. not especially safe, not especially fragile — just tightly tied to one asset and one market.
chart momentum
below average
technical score 4. the market is not treating this like a fresh leadership story.
earnings predictability
25 / 100
the numbers swing more than you would want from an income-style infrastructure name. expect surprises, not clockwork.
source: institutional data
Institutional activity
61 buyers vs. 62 sellers in 3q2025. total institutional holdings: 0.2B shares.
source: institutional data
Price targets
3-5 year target range
$45
$80
$57
current price
$63
target midpoint · +11% from current · 3-5yr high: $95 (+70% · 18% ann'l return)
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