GLNGGOLAR LNG LTD
Water Transportation
- Revenue
- $394M
- 51% YoY
- Operating margin
- 25.3%
- 6.1% YoY
- EBITDA
- $148M
- 28% YoY
- Market cap
- $4.7B
- Employees
- —
- Net debt / EBITDA
- 11.8×
- $1.7B net debt
- AI in 10-K
- —
Takeover score 2 of 13
Fixable underperformance 0 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 cashNo387% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo10% 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 cashNo11.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-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 | $260M | $268M | $298M | $260M | $394M | 51% |
| Operating income | $307M | $524M | $16M | $62M | $100M | 60% |
| Net income | $414M | $788M | −$47M | $51M | $66M | 29% |
| Operating cash flow | $254M | — | — | — | — | |
| Stock-based comp | $1M | $2M | $3M | $4M | $7M | 79% |
| Buybacks | $24M | — | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 15, 2025 | Naria Inc. | SCHEDULE 13D | 19.6% | Active |
| Feb 18, 2021 | Luxor Capital Group, LP | SC 13D/A | 4.6% | Passive |
| Jan 26, 2021 | BW Group Ltd | SC 13D/A | 4.7% | Passive |
| Jan 20, 2021 | Luxor Capital Group, LP | SC 13D/A | 1.7% | Passive |
| Dec 9, 2020 | Luxor Capital Group, LP | SC 13D/A | 8.0% | Passive |
| Oct 15, 2020 | Luxor Capital Group, LP | SC 13D/A | 10.5% | Passive |
| Oct 1, 2020 | BW Group Ltd | SC 13D/A | 5.8% | Passive |
| Sep 25, 2020 | Luxor Capital Group, LP | SC 13D/A | 3.5% | Passive |
| Jun 10, 2020 | BW Group Ltd | SC 13D/A | 5.3% | Passive |
| Mar 23, 2020 | BW Group Ltd | SC 13D | 6.9% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.