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Owner and operator of a modern fleet of LNG carriers transporting liquefied natural gas on long-term charters.
Owner and operator of a modern fleet of LNG carriers transporting liquefied natural gas on long-term charters.
Rents out ships by the day under time charters, where the customer pays daily hire and buys the fuel, on terms from one year to several, with a share on short-term deals priced to the spot market, so earnings follow charter rates. John Fredriksen's interests control the company, which pays out most of its cash flow as dividends.
In one line: A modern LNG-carrier shipping company.
Moat: narrow (scale, cost advantage). Young, fuel-efficient LNG carrier fleet lowers operating costs versus older global LNG fleet.
Headquarters: Hamilton, Bermuda · Founded: 2017 · Employees: 9
Size FLEX LNG (FLNG) is a United States Energy company (Marine Shipping) with a market value of $1.38B, the 2048th largest of 3,117 United States companies the cockpit tracks. Shares closed at $26.06 on 6 Nov 2026.
Performance Over six months the shares fell 20.4%, against +6.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 18 in its peer set.
Growth Revenue grew 1.3% over the last twelve months (peer median +23.2%); the operating margin is 49.5% (peer median 38.3%).
Valuation It trades at 11.5× forward earnings against a peer median of 4.9× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points above its cost of capital (5.8% WACC).
Short interest Short interest is 8.7% of the free float (15 Oct 2026).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $360M | $348M | $356M | $371M | $348M |
| Revenue growth | — | -2% | -4% | +7% | — |
| Gross profit | $186M | $184M | $208M | $228M | $210M |
| EBITDA | $256M | $252M | $273M | $291M | $273M |
| Net income | $103M | $74.8M | $118M | $120M | $188M |
| Free cash flow | $159M | $141M | $183M | $175M | $209M |
| Capital expenditure | $0 | $0 | $4,000 | $2,000 | $5,000 |
| Total debt | $1.79B | $1.85B | $1.81B | $1.81B | $1.71B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| FLEX LNG FLNG | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% |
| Golar LNG GLNG | $4.40B | -23% | +95% | 46% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FLNG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.4% | -17.7% | 9th highest of 18 |
| 6-month return | -20.4% | +6.5% | lowest of 18 |
| Distance from 52-week high | -22.0% | -21.5% | 8th lowest of 18 |
| Revenue growth (TTM) | +1.3% | +23.2% | 4th lowest of 18 |
| Operating margin | 49.5% | 38.3% | 5th highest of 18 |
| Forward P/E | 11.5× | 4.9× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | -6.9% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +16.1% | +10.6% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -16.6 pp | -21.2 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | +0.9 pp | +6.3 pp | 4th lowest of 18 |
| EV / EBITDA | 10.8× | 6.2× | most expensive of 17 |
| Net debt / EBITDA | 5.5× | 0.8× | most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |
| Navigator NVGS | United States | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% | +12.0% |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Teekay TK | United States | $1.11B | -10% | +16% | 48% | n/a | n/a | n/a |
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| Ardmore Shipping ASC | United States | $712M | -11% | +21% | 29% | 4.1× | -14.9% | +7.1% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |