Start here if you're new
what it is
Flex LNG owns and runs 13 liquefied natural gas carriers on long contracts.
how it gets paid
Last year Flex Lng made $348M in revenue. Fixed-rate MEGI charters was the main engine at $137M, or 39% of sales.
why growth slowed
Revenue fell 2.4% last year. Annual revenue was $348M, down 2.4% vs. prior year, and the latest quarter showed $174M of revenue with EPS at $0.67, down 34% from the.
what just happened
$174M of revenue was flat, but EPS fell to $0.67.
At a glance
n/a balance sheet
35/100 earnings predictability — expect surprises
14.6x trailing p/e — the market's not buying it — or you found a deal
10.5% dividend yield — cash in your pocket every quarter
6.8% return on capital — nothing to write home about
xvary composite: 75/100 — average
What they do
Flex LNG owns and runs 13 liquefied natural gas carriers on long contracts.
Twelve of 13 vessels are on fixed-rate time charters, which means long rental deals in plain English. So your cash flow is mostly set before the ship leaves port. One vessel is tied to the spot market, so only 1 ship is exposed to today's price.
How they make money
$348M
annual revenue · their business grew -2.4% last year
Fixed-rate MEGI charters
$137M
Fixed-rate X-DF charters
$82M
Partial re-liquefaction vessels
$47M
Full re-liquefaction vessels
$58M
Variable spot-indexed charter
$24M
The products that matter
fixed-rate vessel leases
Long-Term Charter Fleet
90% of revenue · 6.5-year average term
It drives 90% of revenue from contracted charters, which is why this shipping company can even talk about a $1.6B backlog with a straight face.
cash-flow anchor
variable-rate vessel leases
Spot Market Fleet
3 of 13 ships · $30M guidance swing
Three ships are exposed to spot pricing, and that exposure is enough to create the $310M–$340M 2026 revenue range.
swing factor
Key numbers
10.5%
dividend yield
Yield -> annual cash back as a share of price -> you are getting paid 10.5% just for waiting.
50.6%
operating margin
Operating margin -> profit before interest and taxes as a share of sales -> 50.6 cents of each revenue dollar survives the dock.
14.6x
trailing p/e
P/E -> price divided by earnings -> the market is paying 14.6 years of current profits.
$1.7B
long-term debt
Debt -> borrowed money due later -> $1.7B is 52% of capital, which means the balance sheet is doing a lot of the steering.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 2 — safer than 80% of stocks
- price stability 25 / 100
- long-term debt $1.7B (52% of capital)
n/a — risk rank looks solid but long-term debt needs watching.
Total return vs. market
Return history isn't available for FLNG right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$174M of revenue was flat, but EPS fell to $0.67.
Annual revenue was $348M, down 2.4% vs. prior year, and the latest quarter showed $174M of revenue with EPS at $0.67, down 34% from the prior year. Web data shows gross profit margin at 74.9%, which is absurdly high for a shipping business.
$174M
revenue
$0.67
eps
74.9%
gross margin
the number that mattered
Revenue was $174M in the latest quarter, and that mattered because the stock still trades like a cash machine while growth came in flat.
source: EDGAR quarterly filing, Yahoo Finance consensus, 2025
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What could go wrong
The top threat is spot LNG charter-rate exposure on 3 vessels.
high
Spot Market Volatility
Three of 13 vessels are exposed to spot rates. Management's own 2026 guide spans $310M–$340M, which tells you the swing is real.
a weak spot market can pressure revenue by up to $30M across the guidance range
med
High Financial Leverage
Long-term debt is $1.7B, or 52% of capital. That leverage is easier to carry with fixed charters than in a prolonged rate downturn.
limits flexibility if cash flow softens
low
Backlog Roll-Off After 2028
The $1.6B backlog has an average remaining term of 6.5 years, but contracts do not last forever. Renewal terms matter more as the calendar moves forward.
future revenue visibility fades as charter expirations approach
Between the $30M guidance range and $1.7B of debt, the risk picture is simple: this is a yield stock until spot rates or refinancing conditions say otherwise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 revenue range
Management guided to $310M–$340M for 2026 versus $348M last year. That gap is the market telling you fixed charters help, but they do not eliminate exposure.
calendar
next earnings report
Expected May 20, 2026. You want an update on spot fixtures, charter coverage, and whether the revenue range is tightening.
balance sheet
$1.7B of long-term debt
Debt equals 52% of capital. That is manageable when vessels stay employed, and much less comfortable when shipping markets turn ugly.
contracts
backlog quality, not just backlog size
The $1.6B backlog sounds great because it is great. What matters next is how much of that remains fixed and how much rolls closer to spot economics.
Analyst rankings
earnings predictability
35 / 100
A 35/100 score means the earnings stream is less stable than it looks from the dividend. In human-speak, analysts think the spot exposure can still surprise you.
source: institutional data
Institutional activity
institutional ownership data for FLNG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
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