FLNGFlex LNG Ltd.
Water Transportation
- Revenue
- $348M
- 2.4% YoY
- Operating margin
- 50.6%
- 8.9% YoY
- EBITDA
- $252M
- 7.6% YoY
- Market cap
- $1.5B
- Employees
- —
- Net debt / EBITDA
- 5.6×
- $1.4B net debt
- AI in 10-K
- —
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo188% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes115% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo5.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $343M | $348M | $371M | $356M | $348M | 2.4% |
| Operating income | $201M | $201M | $217M | $198M | $176M | 11% |
| Net income | $162M | $188M | $120M | $118M | $75M | 36% |
| Operating cash flow | $215M | $220M | $175M | $183M | $141M | 23% |
| Stock-based comp | −$1M | $331K | $2M | $1M | $76K | 93% |
| Buybacks | $8M | $0 | $0 | — | — | |
| Dividends | $99M | $186M | $181M | $162M | $162M | 0.4% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 5, 2026 | GREENWICH HOLDINGS LTD. | SCHEDULE 13D | 42.7% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.