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GLNG

Golar LNG Limited

GLNG

Golar LNG Limited • NASDAQ
$36.95 ▲ 0.33% (+0.12)
Market Cap $3.78 B
52w High $45.98
52w Low $29.56
Dividend Yield 1.00%
P/E 67.18
Volume 406.27K
Outstanding Shares 102.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $122.535M ▲ $15.399M ▲ $31.482M ▲ 25.692% ▲ $0.307 ▲ $68.995M ▲
Q2-2025 $75.673M ▲ $12.241M ▼ $15.639M ▲ 20.667% ▲ $0.15 ▲ $43.346M ▲
Q1-2025 $62.502M ▼ $12.906M ▲ $8.197M ▲ 13.115% ▲ $0.078 ▲ $16.36M ▼
Q4-2024 $65.917M ▲ $12.365M ▲ $3.349M ▲ 5.081% ▲ $0.032 ▲ $33.543M ▲
Q3-2024 $64.807M $10.216M $-34.782M -53.67% $-0.333 $-21.185M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $649.797M ▼ $4.675B ▼ $2.364B ▼ $1.897B ▲
Q2-2025 $893.251M ▲ $4.771B ▲ $2.485B ▲ $1.886B ▼
Q1-2025 $521.434M ▼ $4.376B ▲ $1.998B ▲ $1.994B ▼
Q4-2024 $566.384M ▼ $4.368B ▲ $1.998B ▲ $2.014B ▼
Q3-2024 $732.062M $4.333B $1.716B $2.03B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $31.482M ▲ $149.003M ▲ $-319.547M ▼ $-59.17M ▼ $-229.714M ▼ $-159.57M ▲
Q2-2025 $15.639M ▲ $87.27M ▼ $-292.85M ▼ $425.654M ▲ $212.807M ▲ $-200.92M ▼
Q1-2025 $8.197M ▲ $100.577M ▼ $-61.965M ▲ $-60.881M ▼ $38.481M ▲ $-51.981M ▼
Q4-2024 $3.349M ▲ $163.433M ▲ $-211.535M ▼ $-59.403M ▼ $-107.505M ▼ $-42.986M ▼
Q3-2024 $-35.969M $62.599M $-79.917M $219.884M $202.566M $-17.318M

Revenue by Products

Product Q3-2022Q4-2022Q2-2023Q4-2023
Liquefaction Services
Liquefaction Services
 $50.00M ▲$160.00M ▲$0 ▼$240.00M ▲
Base tolling fee Liquefaction Services
Base tolling fee Liquefaction Services
 $0 ▲$0 ▲$100.00M ▲$0 ▼
Vessel Management Fees And Other Revenues
Vessel Management Fees And Other Revenues
 $0 ▲$30.00M ▲$0 ▼$0 ▲
Time and Voyage Charter
Time and Voyage Charter
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady in recent years, but well below the levels seen earlier in the decade, which suggests a business that is more about a few large projects than broad, rapid growth. Profitability has been quite volatile: a very strong year earlier in the period appears to have been boosted by one‑off items, while the company swung between losses and modest profits in the surrounding years. More recently, Golar is back to earning a solid, positive profit with healthy operating margins, but the history shows that results can move sharply from year to year depending on contract timing, asset sales, and project milestones. Overall, the income statement reflects a capital‑intensive, project‑driven business with improving current profitability but a choppy track record.

Balance Sheet

Balance Sheet The balance sheet looks much stronger than it did a few years ago. Debt has been brought down significantly from earlier levels, while shareholders’ equity has risen and then held fairly steady, implying a more conservative capital structure. Cash on hand is materially higher than it was at the start of the period, even after some recent drawdown, which provides a reasonable buffer for project execution and market swings. Total assets have been broadly stable, suggesting a fairly mature asset base rather than aggressive expansion at any cost. In simple terms, the company appears financially sturdier and less leveraged than in the past, which reduces balance‑sheet risk but still leaves it exposed to the usual large‑project and contract risks of the LNG sector.

Cash Flow

Cash Flow Golar consistently generates positive cash flow from its core operations, which is encouraging and fits with its long‑term, contract‑based business model. However, free cash flow has often been negative because the company continues to spend heavily on new vessels and upgrades. This pattern—solid operating inflows, but substantial reinvestment—signals a business that is in an investment phase, using today’s cash to build tomorrow’s earning assets. The key sensitivity is whether these large capital projects continue to come in on time, on budget, and with long‑term contracts attached, because that is what will eventually turn investment outflows into more stable, surplus cash generation.

Competitive Edge

Competitive Edge Golar occupies a specialized niche in the LNG value chain as a leader in floating liquefaction and regasification. Its early move into converting LNG carriers into floating plants has given it both technical know‑how and a reputation for execution that are hard for newcomers to match. The “FLNG as a service” model, built around long‑term tolling contracts, provides visibility on future earnings and partially shields it from commodity price swings, unlike many traditional energy players. Long‑dated contract backlog and strong relationships with gas producers reinforce its position. The flip side is concentration risk in a relatively small number of large projects and counterparties, and dependence on continued global appetite for LNG as a transition fuel. Overall, the company appears to enjoy a meaningful moat in a narrow but growing segment of the midstream gas market.

Innovation and R&D

Innovation and R&D Innovation is at the core of Golar’s strategy. The company is iterating from its first successful floating LNG design to more advanced Mark II and potential Mark III units, aiming for higher capacity, better efficiency, and lower emissions per unit of gas processed. Its focus on modular, redeployable floating assets is a differentiated approach versus traditional onshore plants, offering customers faster, more flexible solutions for stranded or remote gas fields. Golar also experiments with commercial structures, such as taking equity stakes alongside service contracts, to add upside exposure to gas prices. These activities are not “R&D” in the tech sense, but they show an ongoing engineering and business‑model innovation effort that could deepen its moat—while also increasing execution and development risk if new designs or commercial structures do not perform as expected.

Summary

Golar LNG is a specialized, capital‑intensive LNG infrastructure company with a stronger balance sheet than in the past, steady but modest revenue, and a history of highly variable profits driven by project timing and one‑off items. Its operating cash generation is solid, but much of that cash is being reinvested into new floating LNG units, which depresses free cash flow today in pursuit of higher contracted earnings tomorrow. Competitively, Golar enjoys a clear first‑mover advantage and deep expertise in floating LNG solutions, backed by long‑term service contracts that provide visibility, yet its fortunes remain closely tied to a small number of large projects and to the long‑term role of LNG in the global energy mix. The company’s continuous innovation in vessel design, efficiency, and commercial structures is a key strength, but also a source of execution risk that investors and stakeholders should monitor over time.

NEWS

November 25, 2025 · 8:08 AM UTC

Golar LNG announces successful completion of $1.2BN FLNG Gimi bank facility

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November 5, 2025 · 6:49 AM UTC

Golar LNG Limited Interim results for the period ended September 30, 2025

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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

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October 15, 2025 · 7:21 AM UTC

Golar LNG Limited – Q3 2025 results presentation

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September 25, 2025 · 2:36 PM UTC

Golar LNG Announces Pricing of $500 Million Offering of Senior Notes due 2030

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