Flex Lng (FLNG)
NYSE:FLNG
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FLEX LNG
(NYSE:FLNG)
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Rating:57Neutral
Price Target:
$33.00
â–²(30.59% Upside)
Action:DowngradedDate:02/14/26
The score is held back primarily by leveraged financials and a weakening 2025 earnings/cash-flow trend, plus currently soft technical momentum. Offsetting factors include a very high dividend yield and an earnings call that reinforced strong liquidity and backlog, albeit with cautious guidance due to spot-market volatility and potential oversupply.
Positive Factors
Contract backlog & coverage
A multi-decade equivalent firm backlog and ~78% fixed days for 2026 give durable revenue visibility and limit near-term spot exposure. This structural coverage supports predictable cash flows, underwriting of dividends and capital planning despite cyclical LNG shipping markets.
Negative Factors
High financial leverage
Elevated leverage reduces financial flexibility in a capital-intensive, cyclical shipping sector. Even with cash on hand, higher debt levels increase vulnerability to prolonged rate weakness or operational disruptions, constraining ability to refinance, invest or absorb prolonged earnings declines.
Read all positive and negative factors
Positive Factors
Negative Factors
Contract backlog & coverage
A multi-decade equivalent firm backlog and ~78% fixed days for 2026 give durable revenue visibility and limit near-term spot exposure. This structural coverage supports predictable cash flows, underwriting of dividends and capital planning despite cyclical LNG shipping markets.
Read all positive factors
FLEX LNG (FLNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.72B
Dividend Yield12.31%
Average Volume (3M)637.65K
Price to Earnings (P/E)15.7
Beta (1Y)0.39
Revenue Growth-2.44%
EPS Growth-36.70%
CountryUS
Employees9
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.43
Shares Outstanding54,092,377
10 Day Avg. Volume510,012
30 Day Avg. Volume637,652
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)1.88
Price to Sales (P/S)3.88
P/FCF Ratio10.01
Enterprise Value/Market Cap1.82
Enterprise Value/Revenue9.00
Enterprise Value/Gross Profit17.02
Enterprise Value/Ebitda12.81
Forecast
1Y Price Target
$28.50Price Target Upside12.78% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.74
Revenue Forecast (FY)$337.49M
FLEX LNG Business Overview & Revenue Model
Company Description
Flex LNG Ltd., through its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. As of February 16, 2022, it owned and operated nine M-type electronically controlled gas injection LNG carriers; and four ves...
How the Company Makes Money
FLEX LNG makes money primarily by chartering its LNG carriers to customers under time-charter contracts, where the charterer pays a contracted daily hire rate for use of the vessel over a specified period. Under these arrangements, revenue is larg...
FLEX LNG Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 29, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive financial and operational performance for 2025 — adjusted EBITDA ($251M), adjusted net income ($101M), strong cash balance ($448M), high TCEs (~$72k/day), near‑100% fleet uptime, and a continued robust dividend policy (yield ~11.5%). At the same time management emphasized significant near‑term risks: volatile spot markets, modest expected earnings from spot exposure, slightly higher OpEx, and a large near‑term delivery pipeline that could weigh on rates. Overall the company met guidance and maintains strong liquidity and backlog, while flagging cautious expectations for spot earnings and uncertainty around charter options and growing supply in 2026–27.Positive Updates
Strong Adjusted Profitability in 2025
Adjusted EBITDA of $251 million and adjusted net income of $101 million for full year 2025, in line with prior guidance.
Negative Updates
Revenue Impact from Softer Spot Exposure
Full year sell-in revenues were $340 million; a $15 million reduction year-on-year primarily attributed to higher market exposure with Flex Constellation and Flex Artemis trading in a softer spot market.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Adjusted Profitability in 2025
Adjusted EBITDA of $251 million and adjusted net income of $101 million for full year 2025, in line with prior guidance.
Read all positive updates
Company Guidance
Flex LNG guided 2026 full‑year revenues of $310–$340 million, a fleet average TCE of about $65,000–$75,000 per day and adjusted EBITDA of $225–$255 million; management expects three vessels (Flex Volunteer, Flex Aurora and Flex Artemis) to be spot‑exposed while ~78% of available days are fixed and 10 vessels remain on time charters, with a minimum firm backlog of 50 years (up to 75 years if options are exercised). They budget OpEx at ~$16,000/day, plan three dry‑dockings in 2026 (average cost ~$5.9 million and ~20 days off per docking), report a year‑end cash balance of $448 million, no debt maturing before 2029, an interest‑rate swap portfolio valued at ~$17.5 million with an average fixed rate of 2.5% and ~70% hedge ratio into mid‑2027, and the Board declared a $0.75/share quarterly dividend (LTM $3.00/share, ~11.5% yield).FLEX LNG Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
45
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 347.64M | 356.35M | 371.02M | 347.92M | 343.45M |
| Gross Profit | 183.77M | 207.58M | 227.62M | 209.76M | 209.04M |
| EBITDA | 244.14M | 298.89M | 302.20M | 336.96M | 288.36M |
| Net Income | 74.81M | 117.68M | 120.04M | 188.04M | 162.21M |
Balance Sheet | |||||
| Total Assets | 2.62B | 2.67B | 2.71B | 2.68B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 447.70M | 437.15M | 410.43M | 332.33M | 200.65M |
| Total Debt | 1.85B | 1.81B | 1.81B | 1.71B | 1.64B |
| Total Liabilities | 1.90B | 1.86B | 1.86B | 1.77B | 1.68B |
| Stockholders Equity | 719.26M | 806.63M | 847.65M | 907.09M | 889.39M |
Cash Flow | |||||
| Free Cash Flow | 134.85M | 182.79M | 175.03M | 208.86M | -51.09M |
| Operating Cash Flow | 134.85M | 182.80M | 175.03M | 208.87M | 214.84M |
| Investing Cash Flow | 0.00 | -4.00K | -2.00K | -5.00K | -265.93M |
| Financing Cash Flow | -124.96M | -155.61M | -96.54M | -77.75M | 123.10M |
FLEX LNG Technical Analysis
Positive
25.27
Price Trends
28.68
Positive
26.85
Positive
25.15
Positive
Market Momentum
0.49
Negative
58.51
Neutral
83.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNG, the sentiment is Positive. The current price of 25.27 is below the 20-day moving average (MA) of 30.20, below the 50-day MA of 28.68, and above the 200-day MA of 25.15, indicating a bullish trend. The MACD of 0.49 indicates Negative momentum. The RSI at 58.51 is Neutral, neither overbought nor oversold. The STOCH value of 83.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLNG.
FLEX LNG Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $141.53M | 2.24 | 13.16% | 5.08% | 0.14% | 24.81% | |
74 Outperform | $1.65B | 5.49 | 11.41% | 13.08% | -3.51% | -27.79% | |
72 Outperform | $55.87B | 21.51 | 68.22% | 2.03% | 3.38% | 47.83% | |
68 Neutral | $1.42B | 11.65 | 8.19% | 1.27% | 3.58% | 23.88% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $5.59B | 57.40 | 3.45% | 2.68% | 51.14% | 33.78% | |
57 Neutral | $1.72B | 15.66 | 9.96% | 12.31% | -2.44% | -36.70% |
* Energy Sector Average
FLNG
FLEX LNG
32.32
11.05
51.98%
GLNG
Golar LNG
55.70
16.80
43.18%
TRGP
Targa Resources
254.28
99.57
64.36%
NVGS
Navigator Holdings
21.88
9.11
71.41%
DLNG
Dynagas LNG Partners
3.91
0.54
16.20%
LPG
Dorian LPG
39.18
19.11
95.23%
FLEX LNG Corporate Events
Flex LNG Boosts Backlog With New Flex Aurora Charter Through 2028, Options to 2034
Mar 25, 2026
Flex LNG Ltd., the Bermuda-based LNG shipping specialist, has secured a new time charter agreement for its 2020-built LNG carrier Flex Aurora with a major energy company, announced on March 25, 2026. The contract has a firm duration of two years w...
Flex LNG Posts Solid Q4 2025 Results, Maintains $0.75 Dividend and Names New CEO
Feb 11, 2026
Flex LNG Ltd. reported unaudited fourth-quarter 2025 results on February 11, 2026, posting vessel operating revenues of $87.5 million, net income of $21.6 million and basic earnings per share of $0.40, with a Time Charter Equivalent rate of $70,11...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.