Flex LNG Ltd. (FLNG) stock analysis

FLNGNYSEWater TransportationFiscal year ends December 31

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 27, 2026Score 3/30

$25.31+0.00 (0.00%)

Close on Nov 11, 2026Market cap $1.37BP/E 18.3Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak3 of 30 checks passed

Flex LNG passes 3 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 0/6
Past performance: 2/6
Financial health: 1/6
Dividend: 0/6

What stands out

Earnings grew over 5 years
Net income grew 56.0% a year on average over the last five fiscal years.
Net margin above the industry
Flex LNG's net margin of 21.5% is above the Water Transportation median of 11.4%.
Short-term assets cover short-term debts
Current assets are 2.69 times current liabilities.

What to watch

Return on equity under 15%
Return on equity was 10.2% over the last twelve months and averaged 15.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 8.3%, below the 10% that usually covers the cost of capital.
High debt
Debt is 256% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew -0.0% a year over the last three fiscal years, short of the 10% we look for.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.

Growth0/6

Revenue growing under 10% a year
Revenue grew -0.0% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -26.7% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -36.4% over the last twelve months, against a 5-year average of 56.0% a year.
Growing slower than the industry
Revenue grew -2.4% over the last twelve months; the Water Transportation median is 4.9%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance2/6

Return on equity under 15%
Return on equity was 10.2% over the last twelve months and averaged 15.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 8.3%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Flex LNG's return on equity of 10.2% is below the Water Transportation median of 13.0%.
Earnings grew over 5 years
Net income grew 56.0% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 21.5% over the last twelve months, against a 5-year average of 37.6%.
Net margin above the industry
Flex LNG's net margin of 21.5% is above the Water Transportation median of 11.4%.

Financial health1/6

High debt
Debt is 256% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 168% five years ago to 256%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 7.8% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense 1.9 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 2.69 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.

Dividend0/6

No dividend
Flex LNG has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Flex LNG. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $13.19M
Value traded per 1% price move: $11.17M

Downside

Low risk

Typical loss in a bad month: 14.3%
Volatility (annualized): 28%
Sharpe ratio, 1 year: -0.37
Beta to the S&P 500 (5Y): 0.66

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2016 to 2025

Operating margin

50.6%+4.6 pts over 5 years

Net margin

21.5%+16.6 pts over 5 years

Growth rates

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	-2.4%	-0.0%	+16.1%	–
Operating income	-11.1%	-4.3%	+18.4%	–
Net income	-36.4%	-26.5%	+56.0%	–
EPS, diluted	-36.7%	-26.7%	+55.9%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	–	1.0%	9.8%
Return on assets	–	0.4%	2.8%
Current ratio	–	1.20	3.03
Debt to equity	–	1.68	2.57
Interest coverage	–	1.8×	1.9×
Diluted shares	–	54M	54M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin21.5%

Asset turnover0.13×

Equity multiplier3.47×

Return on equity, FY20259.8%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	21.5%	0.13×	3.47×	9.8%
FY2024	33.0%	0.13×	3.25×	14.2%
FY2023	32.4%	0.14×	3.07×	13.7%
FY2022	54.0%	0.13×	2.92×	20.9%
FY2021	47.2%	0.14×	2.83×	18.8%
FY2020	4.9%	0.08×	2.36×	1.0%
FY2019	14.1%	0.08×	1.76×	2.0%