Flex LNG Ltd. (FLNG)

FLEX LNG Ltd., together with its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. As of December 31, 2025, its fleet consists of 13 LNG carriers in operation. The company was incorporated in 2006 and is based in Hamilton, Bermuda.

Ticker: FLNG
Exchange: NYSE
Sector: Energy
Industry: Oil & Gas Midstream
Market cap: $1.41B
52-week range: $24.14 - $33.40

Valuation

Share price: $26.06 (close of Nov 6, 2026)
P/E (TTM): 13.72x
Price to book: 2.01x
Price to free cash flow: 10.02x
Enterprise value: $2.81B
Book value per share: $12.99

Price performance

Period	Change
1 day	+0.46%
5 days	-8.14%
1 month	-16.29%
3 months	-15.99%
6 months	-18.41%
Year to date	+4.45%
1 year	-1.44%
3 years	-16.55%
5 years	+28.88%
All time	+132.47%

Short interest

As of: Oct 15, 2026
Short % of float: 15.30%
Shares short: 4.73M
Days to cover: 13.49
Change since prior report: +9.55%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 10.40%
Return on invested capital: 6.84%
Return on assets: 2.85%
Return on capital employed: 7.15%
Gross margin: 78.46%
Net margin: 21.52%
EBITDA margin: 72.61%
Revenue growth: -2.44%
Net income growth: -36.43%
Free cash flow growth: -23.01%

Cash flow and balance sheet

Free cash flow yield (TTM): 9.98%
Current ratio: 2.69x
Net debt to EBITDA: 5.23x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $347.64M
Cost of revenue: $74.88M
Gross profit: $272.76M
EBITDA: $252.42M
Net income: $74.81M
Earnings per share: $1.38
Interest expense: $92.63M
Shares outstanding: 54.09M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$347.64M	$272.76M	$74.81M	$1.38
2024-12-31	$356.35M	$286.43M	$117.68M	$2.19
2023-12-31	$371.02M	$302.67M	$120.04M	$2.24
2022-12-31	$347.92M	$284.50M	$188.04M	$3.53
2021-12-31	$343.45M	$282.21M	$162.21M	$3.04
2020-12-31	$164.46M	$127.47M	$8.11M	$0.15
2019-12-31	$119.97M	$97.54M	$16.97M	$0.31
2018-12-31	$77.21M	$56.23M	$11.78M	$0.29
2017-12-31	$27.33M	-$2.54M	-$10.41M	-$0.34

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	78.46%	21.52%	10.40%	6.84%
2024-12-31	80.38%	33.02%	14.59%	7.55%
2023-12-31	81.58%	32.35%	14.16%	8.16%
2022-12-31	81.77%	54.05%	20.73%	7.65%
2021-12-31	82.17%	47.23%	18.24%	7.96%
2020-12-31	77.50%	4.93%	0.97%	3.37%
2019-12-31	81.31%	14.14%	2.02%	3.38%
2018-12-31	72.82%	15.26%	1.42%	2.26%
2017-12-31	-9.31%	-38.08%	-2.00%	-1.85%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$447.63M	$1.74B
2024-12-31	$437.15M	$1.70B
2023-12-31	$410.43M	$1.71B
2022-12-31	$332.33M	$1.62B
2021-12-31	$200.65M	$1.55B
2020-12-31	$128.88M	$1.34B
2019-12-31	$129.10M	$744.28M
2018-12-31	$55.10M	$431.60M
2017-12-31	$9.96M	-
2016-12-31	$1.44M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$140.74M	$76.00K
2024-12-31	$182.80M	$1.06M
2023-12-31	$175.03M	$1.75M
2022-12-31	$219.88M	$331.00K
2021-12-31	$214.84M	-$1.27M
2020-12-31	$89.30M	$284.00K
2019-12-31	$51.53M	$324.00K
2018-12-31	$35.71M	$202.00K
2017-12-31	-$17.75M	$115.00K

Dividend history

Most recent payment: Sep 3, 2026
Paid in the last twelve months: $3.00

Payment date	Dividend per share
2026-09-03	$0.75
2026-05-29	$0.75
2026-02-27	$0.75
2025-11-28	$0.75
2025-09-05	$0.75
2025-06-06	$0.75
2025-06-05	$0.75
2025-02-19	$0.75

Investor relations

Next earnings report

Next confirmed report: Nov 11, 2026

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-19	Jun 2026	-
2026-05-13	Mar 2026	-
2026-02-11	Dec 2025	-
2025-11-12	Sep 2025	-
2025-08-20	Jun 2025	$0.45
2025-05-21	Mar 2025	-
2025-02-04	Dec 2024	$0.51
2024-11-12	Sep 2024	$0.54

Filings and sources

Company website: flexlng.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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