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what it is
Golar turns natural gas into exportable LNG from floating ships, then gets paid under long contracts.
how it gets paid
Last year Golar Lng made $260M in revenue. FLNG operations was the main engine at $220M, or 85% of sales.
what just happened
Revenue hit $261M, but EPS still came in at $0.30 versus the $0.37 estimate.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
45.8x trailing p/e — you're paying up for this one
2.5% dividend yield — cash in your pocket every quarter
5.5% return on capital — nothing to write home about
xvary composite: 33/100 — weak
What they do
Golar turns natural gas into exportable LNG from floating ships, then gets paid under long contracts.
Golar is now a pure-play FLNG operator. Plain English: floating LNG plants at sea. So what: you are no longer buying old shipping exposure after it sold its last legacy LNG carrier in March 2025. With 2 operating FLNG vessels and 1 conversion project in a market the company says is less than 10 years old, scarce assets matter more when demand rises and older LNG ships age out.
How they make money
$260M
annual revenue
FLNG operations
$220M
+89.0%
Shipping and carriers
$25M
50.0%
Project development
$10M
+25.0%
Corporate and other
$5M
flat
The products that matter
floating LNG production
Hilli FLNG
relocation downtime starts july 2026
It is operating now, but scheduled downtime begins in July 2026 before a new Argentina charter in 2027. That makes Hilli the near-term bridge between current cash flow and the next contract phase.
2027 charter reset
floating LNG production
Gimi FLNG
$150M–$160M expected 2026 operating income
Gimi began full operations in June 2025 and is expected to generate $150M–$160M in annual operating income in 2026. In plain English: this is the asset that needs to carry the story while Hilli is in transit.
2026 earnings driver
vessel conversion project
MKII FLNG conversion
delivery targeted for end 2027
Capital expenditures are rising, but this unit is not expected to contribute revenue until 2028. You are funding tomorrow's cash flow with today's patience.
capex now, revenue later
Key numbers
45.8x
trailing p/e
You are paying a growth-stock multiple for a company with $260M in trailing revenue and a 5.5% return on capital.
$1.4B
long-term debt
Debt is real here. It equals 25% of capital, so execution matters more than the story.
23.9%
operating margin
Operations are profitable. Plain English: the ships can throw off cash before financing and overhead show up.
2.5%
dividend yield
You are getting paid a little while you wait, but this is still mostly an execution bet, not an income stock.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 35 / 100
- long-term debt $1.4B (25% of capital)
- net profit margin 40.2% — keeps 40 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
C++ — net profit margin looks solid but balance sheet grade needs watching.
Total return vs. market
You invested $10,000 in GLNG 3 years ago → it's now worth $19,540.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Revenue hit $261M, but EPS still came in at $0.30 versus the $0.37 estimate.
Revenue rose 89% vs. prior year on the latest quarterly figure from EDGAR, which is the loud part. The quiet part is the stock still missed on earnings, with a 15.38% EPS shortfall versus consensus.
$65M
revenue
$0.30
eps
89%
vs. last year growth
the number that mattered
The real number was $261M of quarterly revenue, because one quarter nearly matched the company's $260M trailing annual revenue base.
-
golar lng likely closed out 2025 on a high note. (the company was scheduled to release year-end results on february 25th.) recent results have been encouraging, thanks to higher production from the gimi floating liquefied natural gas (flng) vessel (began full commercial operations in june 2025) and higher utilization across the hilli flng, despite lower commodity-driven revenue.we believe that market fundamentals continue to favor the company, as golar lng stands as the only independent provider of flng as a service, that create lng at the source rather than rely on fixed export terminals.
-
this is considered a relatively new and expanding market that is less than 10 years old.
-
global lng fundamentals appear constructive, with demand supported by an aging lng fleet.moreover, china and india’s industrial activity restart, and europe’s restocking away from russian pipeline, should support demand for golar’s flng contracts.
-
in all, 2025 share earnings probably almost doubled to $0.90, on a more-than-45% revenue surge.
-
we anticipate flattish results in 2026, with modest growth expected in 2027.the gimi flng’s contribution in 2026 is expected to range between $150 million and $160 million in annual operating income. this will largely be offset by the planned relocation and downtime of the hilli flng in july 2026, ahead of its 2027 argentina charter. at the same time, capital expenditures will likely rise due to the mkii flng conversion, which is scheduled for delivery at the end of 2027 and will not contribute to revenue until operations commence in 2028. eventually, all three flng units ought to carry 20-year contracts, providing a $17 billion ebitda backlog that will gradually flow to the bottom line. a potential fourth flng project is being discussed, with a focus on chartering opportunities in other markets (west africa and southeast asia).
source: company earnings report, 2026
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What could go wrong
The main near-term risk is Hilli downtime colliding with rising MKII spend. GLNG needs a smooth handoff between vessels. Right now, the handoff is the story.
med
Hilli downtime and relocation execution
Hilli FLNG is scheduled for relocation downtime starting in July 2026 before the Argentina charter begins in 2027.
If that move slips, the earnings gap lasts longer than the market expects.
med
MKII capex before MKII revenue
Capital expenditures are rising for the MKII FLNG conversion, but the unit is not expected to contribute revenue until 2028.
You are absorbing more spend now for cash flow that arrives later. A C++ balance sheet makes that less comfortable.
med
Commodity-linked revenue still matters
The latest quarter missed because lower commodity-driven revenue offset better production from Gimi.
That means the business still has more moving parts than a simple long-term contract story suggests.
med
Securities fraud investigation overhang
A law firm is investigating potential securities fraud claims on behalf of shareholders dating back to 2020.
Even if it does not alter operations, legal expense and headline risk add one more variable to a stock that already has enough.
A 23% cut to the 2026 EPS estimate, July 2026 Hilli downtime, and no MKII revenue until 2028 leave little room for schedule mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gimi's first full-year earnings contribution
Management expects $150M–$160M in 2026 operating income from Gimi. If that number comes in light, the backlog story loses some of its shine.
calendar
q1 2026 earnings report
Estimated report date is May 26, 2026, with consensus EPS at $0.31. You want to see whether the post-miss reset was enough.
risk
hilli relocation schedule
Downtime begins in July 2026 ahead of the 2027 Argentina charter. This is the operational checkpoint that matters most.
trend
estimate revisions
The 2026 EPS forecast already fell from $0.91 to $0.70. One more reset would tell you the schedule risk is still moving the wrong way.
Analyst rankings
short-term outlook
below average
outlook rank 4 — in human-speak, analysts think the next 6–12 months carry more disappointment risk than upside surprise.
risk profile
below average
risk rank 4 — more volatile than most stocks, which fits an asset-heavy business with milestone risk.
chart momentum
average
momentum rank 3 — no strong technical message. The chart is waiting for the next operating update.
earnings predictability
10 / 100
The number is low because quarterly results do not arrive in a smooth line. Project timing and commodity exposure keep breaking the rhythm.
source: institutional data
Institutional activity
131 buyers vs. 141 sellers in 3q2025. total institutional holdings: 87.5M shares.
source: institutional data
Price targets
3-5 year target range
$35
$94
$41
current price
$65
target midpoint · +58% from current · 3-5yr high: $60 (+45% · 12% ann'l return)
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