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Golar Lng Limited (GLNG)
NASDAQ:GLNG
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Golar LNG
(NASDAQ:GLNG)
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Rating:62Neutral
Price Target:
$46.00
▲(3.46% Upside)
Action:ReiteratedDate:02/26/26
The score is anchored by mixed financials: earnings have improved, but rising leverage and deeply negative free cash flow weigh heavily. Technicals are supportive with price trending above key moving averages and positive momentum. Valuation is a key headwind due to a high P/E, partly offset by a moderate dividend. The earnings call adds upside on long-term contracted backlog and projected cash flow ramp, but near-term cash-flow timing and execution/commodity risks remain important.
Positive Factors
Long-term contracted backlog
A ~$17B adjusted EBITDA backlog anchored by two 20-year Argentina contracts provides durable revenue visibility once fleet is deployed. This long-duration contracted cash flow underpins financing capacity, supports project paybacks and materially de-risks long-term earnings compared with spot exposure.
Operational reliability
Consistently strong FLNG operations (Hilli 100% uptime; Gimi above contracted volumes) demonstrate execution capability and asset reliability. Durable uptime reduces outage risk, secures long-term charter performance, and strengthens customer trust for future multi-decade contracts and redeployments.
Conversion progress & liquidity
Mark II conversion being ~50% complete and on-budget, combined with successful financings and year-end cash (~$1.2B), shows tangible de-risking of growth capital. Steady progress and available liquidity reduce execution uncertainty and improve odds of the projected EBITDA ramp when assets enter long-term charters.
Negative Factors
Rising leverage
Material increase in gross debt and a debt-to-equity near 1.0 constrain financial flexibility and elevate refinancing risk. Elevated leverage raises interest expense sensitivity, reduces headroom for capex overruns or timing slips, and limits the company's buffer against commodity or execution shocks.
Negative free cash flow
Deeply negative free cash flow reflects heavy investment and weak cash conversion despite positive operating inflows. Persistent negative FCF limits capacity to delever, fund conversions internally, or sustain distributions until the fleet generates contracted cashflows, increasing reliance on external financing.
Execution & timing risk
Timely delivery of Mark II and Hilli redeployment is critical to realize Argentina cashflows. Delays or cost overruns would push out the EBITDA and free-cash-flow inflection, raise incremental financing needs, and could compound leverage and FCF pressures, undermining the company’s multi-year profitability plan.
Golar LNG (GLNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.65B
Dividend Yield2.68%
Average Volume (3M)1.18M
Price to Earnings (P/E)68.6
Beta (1Y)1.37
Revenue Growth19.15%
EPS Growth329.74%
CountryUS
Employees474
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.12
Shares Outstanding104,622,475
10 Day Avg. Volume1,240,852
30 Day Avg. Volume1,178,363
Financial Highlights & Ratios
PEG Ratio1.76
Price to Book (P/B)2.05
Price to Sales (P/S)9.58
P/FCF Ratio-8.88
Enterprise Value/Market Cap1.32
Enterprise Value/Revenue15.59
Enterprise Value/Gross Profit33.27
Enterprise Value/Ebitda32.36
Forecast
1Y Price Target
$54.00Price Target Upside21.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.67
Revenue Forecast (FY)$408.52M
Golar LNG Business Overview & Revenue Model
Company DescriptionGolar LNG Limited designs, builds, owns, and operates marine infrastructure for the liquefaction and regasification of LNG. It operates through Shipping and FLNG segments. The company engages in the operation and chartering of LNG carriers, Floating Liquefaction Natural Gas Vessel (FLNG), and floating storage regasification units (FSRUs), as well as operates external vessels. As of December 31, 2021, it operated nine LNG carriers, one FSRU, and three FLNGs. The company was founded in 1946 and is headquartered in Hamilton, Bermuda.
How the Company Makes MoneyGolar LNG generates revenue through various streams, primarily from the long-term chartering of its LNG carriers and FSRUs to customers, including major oil and gas companies and utilities. The company also earns income from short-term charters and spot market transactions, capitalizing on fluctuating LNG prices. Additionally, Golar LNG is involved in joint ventures and partnerships that enhance its project development capabilities, particularly in LNG-to-power initiatives, which can provide lucrative returns from power generation in regions with high energy demand. The company's strategic focus on long-term contracts helps ensure stable cash flows, while its flexibility to engage in short-term contracts allows it to adapt to market conditions and maximize earnings potential.
Golar LNG Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 02, 2026
Earnings Call Sentiment Positive
The earnings call emphasized a strong operational and commercial quarter with record execution: material backlog wins, clear path to significantly higher long-term EBITDA (~$800 million) and improved liquidity through financings. Key operational strengths include 100% Hilli uptime, Gimi producing above contracted volumes, progress on Mark II conversion, and confirmed yard pricing for growth designs. Management also highlighted active shareholder returns and multiple financing levers. Primary concerns discussed were near-term cash-flow timing before full Argentina operations, cost inflation for top-side equipment (and Mark III), execution risk on redeployment/conversion caps, debt levels and financing costs, and commodity-price exposure which can materially swing earnings. Overall, the positives (backlog, operational outperformance, financings, growth visibility and shareholder returns) substantially outweigh the manageable short-term risks and execution/market-valuation uncertainties.Q4-2025 Updates
Positive Updates
Record Year of Execution & Backlog
Secured ~$14 billion in EBITDA backlog across two 20-year Argentina contracts during 2025; group adjusted EBITDA backlog stands at $17 billion before commodity and inflation adjustments. Management projects long-term adjusted EBITDA of ~ $800 million per year once fleet is fully delivered and under long-term contracts.
Strong Financial Performance — Revenue and Earnings Growth
Total operating revenues reached $133 million in Q4 and $394 million for FY2025, an increase of over 52% versus 2024. Reported net income was $23 million in Q4 and $113 million for the year, up ~40% versus 2024. Q4 adjusted EBITDA was $91 million and FY adjusted EBITDA totaled $265 million.
Robust Balance Sheet and Liquidity Actions
Year-end cash balance approximately $1.2 billion; gross debt $2.7 billion and net debt $1.5 billion. Completed financings totaling $1.7 billion in the quarter (a $1.2 billion bank refinancing and a $500 million U.S. unsecured bond at 7.5% coupon), and released ~ $400 million in net liquidity from the refinancing.
Operational Excellence — Hilli & Gimi
Hilli maintained 100% economic uptime and produced its 10 millionth tonne of LNG since 2018; recognized $2.5 million of excess earnings over contracted volumes. Gimi reached commercial operations in June 2025, is producing above contracted volumes, and invoiced Q4 day rate ~3% above contractual rate.
Progress on Mark II Conversion
Mark II conversion ~50% complete with ~$1.1 billion of the ~$2.2 billion conversion scope spent (all equity funded to date). Construction on budget and on schedule for delivery by year-end 2027; surpassed 6 million man-hours without lost time injuries.
Shareholder Returns and Capital Allocation
Returned ~$250 million to shareholders in 2025 (dividends $103 million and buybacks $144 million). Repurchased and canceled 3.6 million shares during 2025; Q4 buyback of 1.1 million shares at an average price of $37.76. Declared a $0.25 per share dividend (record March 9, payment March 18).
Commercial & Infrastructure Developments
Signed LOI for an 8-year offtake for first 2 million tonnes in Argentina with SEFE (1 mt linked to Brent, 1 mt linked to Henry Hub + premium). SESA has awarded ~ $500 million in investments for pipeline, support vessels and land-based infrastructure; pipeline contracts for compressors and line pipe awarded in December 2025.
Yard Availability & Growth Design Pricing Confirmed
Confirmed yard availability and pricing in Q4 for three growth designs (2–5 mtpa range). Conversions (Mark I/II) retain attractive CapEx per tonne and ~3-year conversion timeline; Mark III has longer delivery timeline but remains an assessed option.
Negative Updates
Near-Term Cash-Flow Timing & Project Phasing
Management expects limited meaningful cash flow in 2026–2027 as Hilli exits its Cameroon contract for upgrades and Mark II is not yet operational; Board intends to delay speculative spend on new units (unit #4/#5) to align capex with expected strong cash flows from 2028.
Cost Inflation — Topside Long-Lead Equipment
Notable cost inflation observed for top-side long-lead equipment driven by competition (e.g., gas turbines) from other sectors (AI data centers), causing longer lead times and higher prices. Mark III and certain yard/supply-chain items show the largest inflationary pressure.
Execution & Timing Risk for Mark II and Hilli Redeployment
Mark II is still under construction and must be delivered on schedule (year-end 2027) to realize projected EBITDA. Hilli redeployment budget estimated at ~$350 million (all-in) — any overruns or delays in disconnecting, yard work, or commissioning could impact near-term cash flow and timing.
Debt and Financing Costs
Outstanding gross debt of $2.7 billion and net debt of $1.5 billion; recent unsecured bond priced at a 7.5% coupon, indicating elevated financing costs. Outstanding convertible bond of $575 million and other unsecured notes increase financial leverage until asset-level financings are completed.
Commodity Price Exposure
Earnings have material commodity exposure: management estimates ~ $100 million incremental upside for every $1/mmbtu the offtake price is above $8 (Argentina) and ~ $28 million downside for every $1/mmbtu below SESA cash breakeven, creating potential earnings volatility tied to LNG price movements.
Market Valuation & Strategic Review
Board cites perceived market undervaluation of the company and has initiated a strategic process (including external advisors) to explore options. The process signals shareholder-return focus but also reflects governance/managing-market-perception risks until outcomes are clarified.
Company Guidance
Management guided that once the fleet is fully delivered and on long‑term charters Golar expects adjusted EBITDA to grow to about $800 million and free cash flow to reach roughly $500 million/year (≈$5/share) before commodity upside, with an EBITDA backlog of ~$17 billion (and ~$14 billion secured in 2025 for the two Argentina 20‑year contracts); near‑term cadence: Hilli’s Cameroon charter ends July 2026, yard work in Singapore and redeployment to start its Argentina charter in 2H‑2027 (expected to contribute $285 million/year, $5.7 billion over 20 years), Mark II is ~50% complete with $1.1 billion spent of a $2.2 billion conversion scope (equity‑funded), on budget and due for delivery YE‑2027/start of Argentina contract in 1H‑2028 (expected $400 million/year), and Gimi (70% ownership) is producing above contract and yields ~$150 million/year; other key metrics: Q4 adjusted EBITDA $91 million and FY adjusted EBITDA ~$265 million, cash ~$1.2 billion, gross debt ~$2.7 billion, net debt ~$1.5 billion (net debt/EBITDA ~3.4x when fully delivered), market cap ~$4.5 billion, ~101 million shares outstanding, 3.6 million shares repurchased in 2025 (Q4 buyback 1.1 million at $37.76 avg), remaining buyback capacity ~$190 million, recent financings include a $1.2 billion bank facility and a $500 million 7.5% bond, SESA investments ≈$500 million-to-date, and commodity exposure that adds ≈$100 million of EBITDA for every $1/MMBtu above $8 FOB Argentina (≈$28 million downside per $1 below SESA breakeven), with illustrative upside of ~$2.7 billion/year at 2022 price levels or ~+$200 million/year at current prices.Golar LNG Financial Statement Overview
Summary
Profitability and revenue have rebounded (TTM net income $65.7M; ~42.8% gross margin, ~18.0% net margin), but results have been volatile across years. Leverage has risen materially (debt ~ $2.76B; debt-to-equity ~1.01), and despite improving operating cash flow, free cash flow is deeply negative in TTM (~-$429.8M), indicating weak cash conversion during a heavy investment phase.Income Statement
Profitability has improved meaningfully versus the loss years (2020–2021 and 2023), with TTM (Trailing-Twelve-Months) returning to solid positive earnings ($65.7M) on strong revenue growth (+20.5%). Operating profitability is currently healthy (TTM gross margin ~42.8% and net margin ~18.0%). However, results have been volatile across years (notably outsized 2022 profitability versus more normal margins afterward), which reduces confidence in the durability of the earnings profile.74
Positive
Balance Sheet
Leverage has moved higher recently: total debt rose to ~$2.76B in TTM (Trailing-Twelve-Months) from ~$1.46B in 2024, pushing debt-to-equity to ~1.01 (up from ~0.72). Equity remains sizable (~$1.84B TTM) and the asset base is large (~$5.33B TTM), but returns on equity are currently modest (~3.0% TTM) and well below the elevated 2022 level. Overall, the balance sheet is workable but increasingly levered, leaving less room for execution missteps or weaker market conditions.56
Neutral
Cash Flow
Operating cash flow is positive and improving (TTM ~$436.0M vs. $318.2M in 2024), but free cash flow is deeply negative in TTM (Trailing-Twelve-Months) at about -$429.8M, implying heavy investment or cash outlays that exceed operating inflows. Free cash flow has also deteriorated versus 2024 (when it was -$120.3M), and free cash flow is negative relative to net income in TTM—highlighting weaker cash conversion despite reported profitability.44
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 393.52M | 260.37M | 298.43M | 267.74M | 260.27M |
| Gross Profit | 184.37M | 85.26M | 154.80M | 140.78M | 139.88M |
| EBITDA | 184.80M | 146.96M | 53.21M | 1.08B | 29.54M |
| Net Income | 65.68M | 50.84M | -46.82M | 674.60M | -161.09M |
Balance Sheet | |||||
| Total Assets | 5.33B | 4.37B | 4.08B | 4.28B | 4.95B |
| Cash, Cash Equivalents and Short-Term Investments | 1.18B | 566.38M | 679.23M | 1.10B | 716.10M |
| Total Debt | 2.76B | 1.46B | 1.22B | 1.19B | 1.63B |
| Total Liabilities | 3.26B | 2.00B | 1.48B | 1.38B | 2.77B |
| Stockholders Equity | 1.84B | 2.01B | 2.07B | 2.50B | 1.73B |
Cash Flow | |||||
| Free Cash Flow | -424.70M | -120.31M | -189.96M | 31.46M | 24.85M |
| Operating Cash Flow | 428.67M | 318.24M | 135.25M | 298.88M | 238.33M |
| Investing Cash Flow | -813.20M | -416.98M | -131.71M | 1.07B | -74.35M |
| Financing Cash Flow | 883.36M | 43.85M | -244.95M | -691.64M | -51.61M |
Golar LNG Technical Analysis
Positive
44.46
Price Trends
40.50
Positive
39.43
Positive
40.18
Positive
Market Momentum
1.13
Positive
60.33
Neutral
42.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLNG, the sentiment is Positive. The current price of 44.46 is above the 20-day moving average (MA) of 43.29, above the 50-day MA of 40.50, and above the 200-day MA of 40.18, indicating a bullish trend. The MACD of 1.13 indicates Positive momentum. The RSI at 60.33 is Neutral, neither overbought nor oversold. The STOCH value of 42.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GLNG.
Golar LNG Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.70B | 7.75 | 18.48% | 3.72% | -20.11% | -26.44% | |
79 Outperform | $1.38B | 14.00 | 8.57% | 1.27% | 2.46% | 33.89% | |
71 Outperform | $142.47M | 2.52 | 12.11% | 5.08% | 4.34% | 18.88% | |
70 Outperform | $2.87B | 17.40 | ― | 9.78% | -1.78% | 9.32% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $4.65B | 68.58 | 3.41% | 2.68% | 19.15% | 329.74% | |
57 Neutral | $1.45B | 19.75 | 9.81% | 12.31% | -3.20% | 6.76% |
* Energy Sector Average
GLNG
Golar LNG
44.46
6.87
18.27%
TNK
Teekay Tankers
78.27
42.13
116.60%
DKL
Delek Logistics
51.93
13.01
33.43%
NVGS
Navigator Holdings
21.02
6.05
40.44%
DLNG
Dynagas LNG Partners
3.90
0.11
2.85%
FLNG
FLEX LNG
27.32
7.72
39.39%
Golar LNG Corporate Events
Golar LNG Declares $0.25 Dividend Following Q4 2025 Results
Feb 25, 2026
On February 25, 2026, Golar LNG declared a cash dividend of $0.25 per share following its fourth-quarter 2025 report, underscoring ongoing capital returns to shareholders. The dividend will be paid in U.S. dollars on or around March 18, 2026, with a record date of March 9, 2026, and reflects management’s confidence in the company’s earnings and cash flow profile.
For the small number of Golar shares registered in Norway’s VPS, the dividend will be distributed in Norwegian kroner, with payment expected around March 20, 2026 due to Central Securities Depository Regulation implementation. The timetable, including a last day including right of March 6, 2026 and an ex-date of March 9, 2026, provides clarity for investors on trading and entitlement to the announced payout.
The most recent analyst rating on (GLNG) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Golar LNG stock, see the GLNG Stock Forecast page.
Golar LNG Posts Record 2025 on FLNG Outperformance and Locks In 20-Year Argentina Deal
Feb 25, 2026
Golar LNG reported preliminary results for the fourth quarter and full year 2025 on February 25, 2026, highlighting a sharp acceleration in growth. Net income attributable to Golar rose to $10 million in Q4 2025 and $66 million for 2025, with total operating revenues doubling year-on-year in the quarter and adjusted EBITDA climbing to $91 million in Q4 and $265 million for the year.
Operationally, FLNG Hilli exceeded its 2025 production target, while FLNG Gimi outperformed contractual volumes and often ran above nameplate capacity, underscoring the company’s operational reliability. Golar advanced its growth pipeline with on-time, on-budget MKII construction, satisfaction of all conditions for a 20-year MKII FLNG contract with Argentina’s Southern Energy S.A., and preparations to order a fourth FLNG unit once long-term commercial terms are secured.
The company also executed major balance sheet actions in 2025, closing and drawing a $1.2 billion secured facility for FLNG Gimi, issuing $500 million of five-year senior unsecured notes in the U.S. bond market, and repaying $190 million of 2021 unsecured bonds at maturity. Golar returned capital via the repurchase and cancellation of 1.1 million shares in Q4 under its buyback program and declared a quarterly dividend of $0.25 per share, reinforcing its confidence in cash generation and long-term FLNG backlog, which management quantified at about $14 billion in adjusted EBITDA over coming decades.
The most recent analyst rating on (GLNG) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Golar LNG stock, see the GLNG Stock Forecast page.
Golar LNG Sets February 25 Date for Q4 2025 Results and Investor Webcast
Jan 27, 2026
On January 27, 2026, Golar LNG Limited announced that it will publish its fourth-quarter 2025 financial results before U.S. market open on Wednesday, February 25, 2026, and will host a webcast and conference call at 08:00 a.m. Eastern Time (1:00 p.m. London time) the same day. The company is directing most investors to a listen-only webcast via its website, while providing a separate registration-based dial-in option for sell-side analysts who wish to participate in the Q&A, with access details and replay information available through Golar’s Investor Relations Results Centre, signaling a structured approach to investor communications around its year-end performance.
The most recent analyst rating on (GLNG) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Golar LNG stock, see the GLNG Stock Forecast page.
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.