Flex Lng (FLNG)
NYSE:FLNG
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FLEX LNG
(NYSE:FLNG)
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Rating:71Outperform
Price Target:
$36.00
â–²(42.46% Upside)
Action:Upgraded
Date:05/19/26
Overall score is driven primarily by upgraded guidance and strong contract coverage/backlog from the latest earnings call, supported by an ongoing uptrend in the stock and a high dividend yield. The main constraint is financial risk from elevated leverage and a softening trajectory in revenue/margins and cash-flow coverage versus prior peaks.
Positive Factors
Contract coverage & backlog
Very high contract coverage and multi-decade backlog materially reduce earnings volatility and increase revenue predictability over the next several years. This durable charter profile supports stable cash flow, planning for drydock capex, and continued distributions despite spot market swings.
Negative Factors
Elevated leverage
High debt-to-equity reduces financial flexibility and magnifies earnings volatility in shipping cycles. Even with hedges, elevated leverage raises interest and refinancing risk, constrains capital allocation flexibility, and increases the potential need to cut distributions if cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Contract coverage & backlog
Very high contract coverage and multi-decade backlog materially reduce earnings volatility and increase revenue predictability over the next several years. This durable charter profile supports stable cash flow, planning for drydock capex, and continued distributions despite spot market swings.
Read all positive factors
FLEX LNG (FLNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.72B
Dividend Yield12.31%
Average Volume (3M)463.02K
Price to Earnings (P/E)20.6
Beta (1Y)0.37
Revenue Growth-4.20%
EPS Growth-26.95%
CountryUS
Employees9
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.40
Shares Outstanding54,092,377
10 Day Avg. Volume503,076
30 Day Avg. Volume463,019
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 Cap1.84
Enterprise Value/Revenue9.31
Enterprise Value/Gross Profit18.51
Enterprise Value/Ebitda13.27
Forecast
1Y Price Target
$25.00Price Target Upside-1.07% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)1.7
Revenue Forecast (FY)$348.48M
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 28, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive outlook driven by upgraded full-year guidance (revenues +10%, TCE +8%, adjusted EBITDA +11%), strong contract coverage (91% of 2026 available days fixed), a continued dividend program, and a solid balance sheet with $389M cash and hedges supporting rate visibility. Offsetting factors include seasonal softness in Q1, drydock-related off-hire and costs, a negative working capital timing impact, and elevated geopolitical risk from the Iran/Qatar situation creating short-term uncertainty. On balance, operational progress, tangible contract wins, and upgraded guidance outweigh the short-term headwinds.Positive Updates
Revenue and Earnings
Reported revenues of $80.5M (or $78M excluding EUAs). Net income of $19.5M (EPS $0.36). Adjusted net income $16.9M (adjusted EPS $0.31).
Negative Updates
Seasonal Softness and Drydock-Related Off-Hire
Quarter somewhat softer QoQ due to fewer available days and scheduled drydock off-hires (two ships), plus weaker spot earnings early in the quarter for Flex Volunteer and Flex Artemis.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Earnings
Reported revenues of $80.5M (or $78M excluding EUAs). Net income of $19.5M (EPS $0.36). Adjusted net income $16.9M (adjusted EPS $0.31).
Read all positive updates
Company Guidance
The company upgraded full‑year 2026 guidance, now expecting revenues of $345–$370 million (≈+10% vs prior), fleet average TCE of $73,000–$78,000/day (≈+8%), and adjusted EBITDA of $255–$280 million (≈+11%); OpEx is maintained at ~$16,000/day and the average cost of the three 2026 drydockings is ~ $6 million. At quarter end cash was $389 million, book equity ~27%, Q1 cash from operations was $37 million, debt repayments totaled $28 million, dividends distributed $41 million (cash down $59 million in Q1), and the Board declared another $0.75/share dividend (19th consecutive; $3 last 12 months, ~9.2% yield). Contract cover and risk metrics underpinning the guidance include 91% of remaining 2026 available days fixed, 54 years of minimum backlog (up to 81 years if options exercised), a 13‑vessel fleet, an interest‑rate hedge portfolio notional $775 million (avg fixed rate 2.46%, portfolio value $20 million) and a targeted hedge ratio of ~70% net of RCF into mid‑2027.FLEX LNG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 339.66M | 347.64M | 356.35M | 371.02M | 347.92M | 343.45M |
| Gross Profit | 170.74M | 183.77M | 207.58M | 227.62M | 209.76M | 209.04M |
| EBITDA | 238.18M | 244.14M | 298.89M | 302.20M | 336.96M | 288.36M |
| Net Income | 75.60M | 74.81M | 117.68M | 120.04M | 188.04M | 162.21M |
Balance Sheet | ||||||
| Total Assets | 2.58B | 2.62B | 2.67B | 2.71B | 2.68B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 389.07M | 447.70M | 437.15M | 410.43M | 332.33M | 200.65M |
| Total Debt | 1.82B | 1.85B | 1.81B | 1.81B | 1.71B | 1.64B |
| Total Liabilities | 1.89B | 1.90B | 1.86B | 1.86B | 1.77B | 1.68B |
| Stockholders Equity | 698.20M | 719.26M | 806.63M | 847.65M | 907.09M | 889.39M |
Cash Flow | ||||||
| Free Cash Flow | 102.85M | 134.85M | 182.79M | 175.03M | 208.86M | -51.09M |
| Operating Cash Flow | 102.85M | 134.85M | 182.80M | 175.03M | 208.87M | 214.84M |
| Investing Cash Flow | 0.00 | 0.00 | -4.00K | -2.00K | -5.00K | -265.93M |
| Financing Cash Flow | -125.14M | -124.96M | -155.61M | -96.54M | -77.75M | 123.10M |
FLEX LNG Technical Analysis
Neutral
25.27
Price Trends
31.08
Positive
28.71
Positive
26.45
Positive
Market Momentum
0.39
Positive
51.25
Neutral
72.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNG, the sentiment is Neutral. The current price of 25.27 is below the 20-day moving average (MA) of 32.28, below the 50-day MA of 31.08, and below the 200-day MA of 26.45, indicating a neutral trend. The MACD of 0.39 indicates Positive momentum. The RSI at 51.25 is Neutral, neither overbought nor oversold. The STOCH value of 72.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $1.53B | 8.85 | 8.94% | 1.27% | -1.33% | 28.23% | |
75 Outperform | $143.35M | 2.18 | 13.16% | 5.08% | 0.14% | 24.81% | |
74 Outperform | $58.01B | 28.10 | 73.92% | 2.03% | -1.23% | 80.28% | |
74 Outperform | $1.96B | 7.52 | 17.91% | 13.08% | 36.27% | 110.33% | |
71 Outperform | $1.72B | 20.59 | 10.36% | 12.31% | -4.20% | -26.95% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $5.31B | 16.48 | 8.36% | 2.68% | 81.68% | 5160.46% |
* Energy Sector Average
FLNG
FLEX LNG
31.96
11.54
56.52%
GLNG
Golar LNG
52.36
15.51
42.08%
TRGP
Targa Resources
276.75
119.88
76.42%
NVGS
Navigator Holdings
23.13
9.38
68.22%
DLNG
Dynagas LNG Partners
3.85
0.39
11.24%
LPG
Dorian LPG
46.46
26.79
136.19%
FLEX LNG Corporate Events
Flex LNG Lifts 2026 Guidance After Q1 Results and New Charter Deals
May 13, 2026
On May 13, 2026, Flex LNG reported unaudited results for the quarter ended March 31, 2026, with vessel operating revenues of $80.5 million and net income of $19.5 million, down from the previous quarter due to drydockings and weaker early-quarter ...
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...
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.