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Developing the Rio Grande LNG export terminal in Texas to liquefy and export US natural gas.
Developing the Rio Grande LNG export terminal in Texas to liquefy and export US natural gas.
Customers sign 20-year agreements to buy LNG, paying a fixed fee per unit for liquefaction whether or not they take it, and these fees repay the debt and equity funding the plant. NextDecade earns from distributions of the project companies only once plants run, so cash comes after construction.
Moat: narrow (scale, regulatory licence). Federally permitted, large-scale LNG export project with long-term offtake contracts, but construction-stage risk.
Headquarters: Houston, Texas, United States · Founded: 2010 · Employees: 360
Size NextDecade (NEXT) is a United States Energy company (Oil & Gas Production) with a market value of $1.56B, the 1968th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.80 on 6 Nov 2026.
Performance Over six months the shares fell 23.3%, against -16.3% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 20 in its peer set.
Valuation It trades at 13.63× book value against a peer median of 1.52× (most expensive of 21).
Price implies The share price implies a return on equity of about 124.8%; NextDecade delivers -70.4%, so the price asks more than the business earns today.
Next results Next results expected around 8 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | -$34.6M | -$12.1M | -$6.68M | -$3.15M | -$1.27M |
| EBITDA | -$177M | -$214M | -$164M | -$120M | -$53.2M |
| Net income | -$93.7M | -$306M | -$61.8M | -$162M | -$60.1M |
| Free cash flow | -$5.37B | -$5.02B | -$2.66B | -$1.81B | -$73.8M |
| Capital expenditure | $5.37B | $4.85B | $2.57B | $1.75B | $40.9M |
| Total debt | $12.2B | $8.66B | $4.07B | $1.97B | $1.56M |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| NextDecade NEXT | $1.56B | -23% | n/a | -70% | 13.63× | 124.8% |
| Cheniere Energy LNG | $56.8B | +16% | +28% | 46% | 8.70× | 32.2% |
| Venture Global VG | $28.8B | +1% | +101% | 48% | 3.36× | 14.3% |
| Sempra SRE | $51.1B | -14% | +1% | 7% | 1.56× | 10.3% |
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 | NEXT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.1% | -9.9% | 5th lowest of 21 |
| 6-month return | -23.3% | -16.3% | 5th lowest of 20 |
| Return on equity | -70.4% | 6.7% | lowest of 20 |
| Price / book | 13.63× | 1.52× | most expensive of 21 |
| ROE the price implies | 124.8% | 10.6% | most demanding of 20 |
| ROE delivered | -70.4% | 6.7% | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| NextDecade NEXT | United States | $1.56B | -23% | n/a | -70% | 13.63× | 124.8% | -70.4% |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 35% | 1.02× | 6.7% | 34.8% |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | -19% | 1.05× | 7.6% | -18.5% |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 25% | 2.94× | n/a | 25.2% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 10% | 3.10× | 16.0% | 10.3% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 9% | 0.63× | 5.2% | 8.7% |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | -49% | 7.45× | 55.3% | -48.5% |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 7% | 2.02× | 14.9% | 6.7% |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 27% | 0.57× | 5.2% | 26.8% |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 7% | 2.08× | 14.7% | 7.2% |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | 0.65× | 12.4% | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 8% | 0.97× | 6.4% | 8.1% |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 0% | 1.90× | 14.2% | -0.4% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | -7% | 0.82× | 5.8% | -7.3% |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 3% | 1.96× | 16.1% | 3.5% |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 31% | 3.92× | 27.2% | 31.5% |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 11% | 1.76× | 6.8% | 10.8% |
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | -22% | 1.22× | 10.6% | -22.1% |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | -18% | 1.27× | 8.3% | -18.1% |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | 3% | 2.11× | 21.2% | 3.5% |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | -12% | 1.29× | 6.4% | -12.0% |