Logo

FLNG

FLEX LNG Ltd.

FLNG

FLEX LNG Ltd. • NYSE
$25.37 ▼ -0.59% (-0.15)
Market Cap $1.37 B
52w High $27.67
52w Low $19.46
Dividend Yield 3.00%
P/E 13.94
Volume 465.51K
Outstanding Shares 54.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $85.68M ▼ $1.825M ▼ $16.818M ▼ 19.629% ▼ $0.31 ▼ $36.275M ▼
Q2-2025 $85.983M ▼ $1.924M ▼ $17.719M ▼ 20.608% ▼ $0.33 ▼ $61.025M ▲
Q1-2025 $88.437M ▼ $2.53M ▼ $18.728M ▼ 21.177% ▼ $0.35 ▼ $59.445M ▼
Q4-2024 $90.934M ▲ $2.651M ▲ $45.217M ▲ 49.725% ▲ $0.84 ▲ $89.76M ▲
Q3-2024 $90.483M $1.876M $17.408M 19.239% $0.32 $62.754M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $478.726M ▲ $2.679B ▲ $1.941B ▲ $738.276M ▼
Q2-2025 $412.681M ▲ $2.628B ▼ $1.866B ▲ $762.024M ▼
Q1-2025 $409.618M ▼ $2.628B ▼ $1.843B ▼ $784.848M ▼
Q4-2024 $437.154M ▲ $2.669B ▲ $1.862B ▲ $806.633M ▲
Q3-2024 $289.519M $2.53B $1.728B $801.928M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $16.818M ▼ $37.238M ▲ $0 $28.84M ▲ $66.065M ▲ $37.238M ▲
Q2-2025 $17.719M ▼ $26.89M ▼ $0 $-24.369M ▲ $2.685M ▲ $26.89M ▼
Q1-2025 $18.728M ▼ $40.179M ▼ $0 $-67.664M ▼ $-27.151M ▼ $40.179M ▼
Q4-2024 $45.217M ▲ $52.283M ▲ $0 ▲ $95.833M ▲ $147.63M ▲ $52.283M ▲
Q3-2024 $17.408M $48.166M $-4K $-129M $-80.682M $48.162M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady in recent years, reflecting a mostly contracted fleet with limited growth but good utilization. Profitability at the operating level looks strong, with healthy margins that are high for a shipping business. Net income and earnings per share, however, have eased from their peak, suggesting that higher financing costs, depreciation, or one‑off items have weighed on the bottom line even as the core business remains solid. Overall, the income statement shows a mature, profitable operation rather than a fast‑growing one, with results that will remain sensitive to charter rates and interest costs.

Balance Sheet

Balance Sheet The balance sheet is typical for a modern shipping company: asset‑heavy with substantial debt used to finance the LNG carriers. Total assets have grown as the fleet has been built out, and equity has inched up over time, indicating retained profitability. Debt levels are high relative to equity, which means leverage is meaningful and magnifies both upside and downside. On the positive side, cash on hand has improved, giving the company more financial flexibility. The key risk is that a downturn in charter rates or a sustained period of higher interest rates could put pressure on this leveraged capital structure.

Cash Flow

Cash Flow Cash flow from operations has been consistently healthy, showing that the fleet generates solid, repeatable cash earnings. In earlier years, heavy investment in vessels led to negative free cash flow, which is normal during a fleet build‑out. More recently, with growth capex largely behind them, free cash flow has turned steadily positive, helped by low ongoing investment needs. This shift from investment mode to cash‑harvest mode is important: it gives the company more room to service debt, maintain the fleet, and consider shareholder returns. The flip side is that cash generation still depends heavily on keeping ships employed at attractive charter rates.

Competitive Edge

Competitive Edge FLEX LNG’s main edge comes from a young, technologically advanced fleet that is more fuel‑efficient and cleaner than many older LNG carriers. This makes its ships attractive to major energy companies that care about both cost and emissions. Long‑term contracts with strong counterparties, combined with a thoughtful mix of fixed and spot exposure, support earnings visibility while preserving some upside to market strength. Experienced management and backing from a well‑known shipping investor add credibility. The company is still a mid‑sized player in a cyclical, competitive market, so it faces ongoing pressure from new vessels entering the market and from any slowdown in LNG trade growth.

Innovation and R&D

Innovation and R&D Innovation is focused on practical advances in ship efficiency and emissions reduction rather than on speculative, high‑risk projects. The fleet already uses modern propulsion systems with better fuel economy and lower emissions, and the company is actively exploring further steps such as assisted propulsion technologies and a “decarbonisation toolbox” of operational tweaks. FLEX LNG is also watching the development of alternative fuels like ammonia and methanol and appears ready to adapt as infrastructure and technology mature. Much of the innovation strategy seems partnership‑driven and incremental, which lowers technological risk but also means the timing and impact of future gains are uncertain and tied to broader industry progress.

Summary

FLEX LNG looks like a focused LNG shipping company that has moved from a heavy investment phase into a period of stable, cash‑generating operations. Its income statement shows strong underlying profitability, the balance sheet reflects a leveraged but asset‑rich business, and cash flows have become solidly positive as capex has eased. The company’s modern fleet and strong customer relationships give it a clear competitive edge, while its attention to efficiency and decarbonisation should help it navigate tightening environmental rules. The main sensitivities are typical for this sector: leverage, interest costs, charter market cycles, and the pace and direction of the energy transition.

NEWS

November 12, 2025 · 1:22 AM UTC

Flex LNG - Third Quarter 2025 Earnings Release

Read more

November 12, 2025 · 1:16 AM UTC

Flex LNG - Third Quarter 2025 Presentation

Read more

October 23, 2025 · 2:57 AM UTC

Satisfaction of Conditions Precedent for 20-year charter of MK II FLNG to Southern Energy in Argentina, confirming $8 billion EBITDA backlog before commodity exposure and inflationary adjustments

Read more

October 14, 2025 · 9:12 AM UTC

Flex LNG - Invitation to the 2025 Third Quarter Presentation

Read more

October 14, 2025 · 7:57 AM UTC

Flex LNG - Invitation to the 2025 Third Quarter Presentation

Read more