FLEX LNG Ltd. FLNG

EnergyOil & Gas Related Equipment and ServicesBermuda

Last close 28.37 USD on Nov 1, 2026, +22.6% year to date

Quant rating

Quant rating D Rank 80 of 113 in Energy

Growth D 97 of 113
Valuation C 71 of 113
Quality B 43 of 113
Revisions C 57 of 113
Momentum D 90 of 113

Wall Street consensus Sell (3.71)Average target 27.38 USD −3.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.5B
Enterprise value: 2.9B
52-week range: 24.19 – 33.40
3-year range: 20.21 – 33.40
Dividend yield: 10.57%
Beta (5 years): 0.19
Shares outstanding: 54.1M
Next earnings: Nov 12, 2026

About the company

FLEX LNG Ltd. is an owner and commercial operator of fuel efficient, fifth generation liquefied natural gas (LNG) carriers. The Company’s business is focused on the operation of its long-term charters for its fleet. It owns and operates about nine M-type, Electronically Controlled, Gas Injection (MEGI) LNG carriers, of which four have partial re-liquefaction systems installed and three have full re-liquefaction systems installed, and four Generation X Dual Fuel (X-DF) LNG carriers. The Company’s operating vessels include Flex Endeavour, Flex Enterprise, Flex Ranger, Flex Rainbow, Flex Constellation, Flex Courageous, Flex Aurora, Flex Amber, Flex Artemis, Flex Resolute, Flex Freedom, Flex Volunteer, and Flex Vigilant. Its subsidiaries include Flex LNG Chartering Limited, Flex LNG Management AS, Flex LNG Bermuda Management Limited, Flex LNG Management Limited, Flex LNG Fleet Limited, Flex LNG Endeavour Limited, Flex LNG Enterprise Limited, Flex Vigilant Limited, and others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	348	356	371	348	343	–
Revenue growth	−2.4%	−4.0%	6.6%	1.3%	108.8%	16.1%
EPS (basic, normalized)	1.87	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	78.5%	80.4%	81.6%	81.8%	82.2%	80.9%
Net margin	21.5%	33.0%	32.4%	54.0%	47.2%	37.6%
ROE	9.8%	14.2%	13.7%	20.9%	18.8%	15.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	397
Current ratio	2.69x
Long-term debt (mil)	1,683
Net debt (mil)	1,396
Total equity (mil)	702
Net debt / equity	1.99x
Net debt / EBITDA	5.56x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	348	−2.4%	8.4x	251	–	11.7x	1.87	–	15.2x
2026	364	+4.7%	8.1x	274	+9.3%	10.7x	2.32	+23.9%	12.2x
2027	354	−2.7%	8.3x	265	−3.5%	11.1x	2.12	−8.4%	13.4x
2028	361	+2.0%	8.1x	276	+4.2%	10.6x	2.37	+11.6%	12.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	364	−0.2%	+2.2%	+7.8%	2.32	−0.7%	+6.2%	+33.9%
2027	354	0.0%	0.0%	+3.1%	2.12	+0.1%	−1.4%	+12.1%
2028	361	0.0%	+0.7%	+1.5%	2.37	0.0%	+1.3%	+7.5%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	85.7	87.5	80.5	107
Sales mean (mil)	–	–	–	–	–	–	85.2	85.5	79.8	93.1
Surprise	–	–	–	–	–	–	+0.6%	+2.4%	+0.8%	+14.8%
EPS reported	–	–	–	–	–	–	–	0.43	0.31	0.79
EPS mean	–	–	–	–	–	–	0.46	0.46	0.34	0.61
Surprise	–	–	–	–	–	–	–	−6.0%	−10.1%	+28.9%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FLNG FLEX LNG Ltd.	1.5B	5.56x	21.5%	2.18x	12.2x	13.4x	10.7x	11.1x
FRO Frontline PLC	12.7B	–	–	4.01x	5.8x	9.6x	5.3x	7.7x
HAFNI Hafnia Limited	5.8B	0.95x	14.9%	2.05x	6.8x	8.9x	6.7x	7.8x
INSW International Seaways, Inc.	5.7B	0.50x	36.7%	2.45x	6.6x	9.8x	4.8x	7.0x
GLNG Golar LNG Limited	4.7B	7.76x	16.7%	2.43x	43.7x	102.9x	22.5x	22.8x
STNG Scorpio Tankers Inc.	4.7B	−2.68x	36.7%	1.23x	7.1x	12.0x	3.5x	5.3x
Mean		2.42x	25.3%	2.39x	13.7x	26.1x	8.9x	10.3x
Median		0.95x	21.5%	2.31x	6.9x	10.9x	6.0x	7.8x

Technical analysis

1M−7.9%
3M−6.0%
1Y+22.5%
3Y+31.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FLEX LNG Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	348	356	371	348	343	164
Cost of revenue	74.9	69.9	68.4	63.4	61.2	37.0
Gross profit	273	286	303	285	282	127
Selling, general & administrative expenses	8.0	9.8	10.5	9.1	7.9	6.3
Research & development	–	–	–	–	–	–
Depreciation/amortization	76.6	75.5	73.4	72.2	69.8	41.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.1	0.6	10.2	16.1	1.2	0
Other operating expenses	12.4	3.4	1.7	2.5	3.3	3.7
Operating income	172	197	207	185	200	75.6
Net interest income (expense)	−96.0	−78.3	−85.6	5.1	−37.8	−66.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.9	−1.1	−1.2	−1.5	0.1	−0.8
Net income before taxes	74.9	118	120	188	162	8.2
Provision for taxes	0.1	0.1	0.1	0.1	0.1	0.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	74.8	118	120	188	162	8.1
Extraordinary items	–	–	–	–	–	–
Net income	74.8	118	120	188	162	8.1
EBIT, normalized	176	198	217	201	201	75.6
EBITDA, normalized	252	273	291	273	271	117
Basic EPS, normalized	1.87	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, FLEX LNG Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	448	437	410	332	201	129
Receivables	40.6	25.6	19.9	8.5	14.8	13.9
Total inventory	9.0	4.8	5.1	5.3	6.5	3.7
Prepaid expenses	5.9	6.7	7.5	7.9	2.5	11.3
Other current assets	0.1	0	0.1	0.1	0.5	0.1
Total current assets	503	474	443	354	225	158
Property, plant & equipment	2,102	2,154	2,217	2,270	2,342	1,856
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	18.1	40.1	48.8	55.5	5.9	290
Total assets	2,624	2,669	2,709	2,680	2,573	2,304
Liabilities
Accounts payable	11.2	2.5	3.9	2.1	2.4	3.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	19.3	12.2	12.6	20.7	12.6	14.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	110	107	104	95.5	81.5	64.5
Other current liabilities	25.7	37.3	32.9	34.9	35.1	49.7
Total current liabilities	166	159	153	153	132	132
Long-term debt	1,739	1,704	1,708	1,619	1,552	1,337
Minority interest	–	–	–	–	–	–
Other liabilities	0.2	0	0	0	0	0
Total liabilities	1,905	1,862	1,862	1,772	1,684	1,469
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.5	0.5	5.5	5.5	5.4	5.4
Additional paid-in capital	704	904	1,205	1,203	1,189	1,190
Retained earnings (accumulated deficit)	−203	−277	−355	−294	−296	−359
Treasury stock	−4.2	−4.2	−7.6	−8.1	−9.4	−1.7
Other equity	221	184	0	0	0	0
Total equity	719	807	848	907	889	835
Total liabilities & shareholders' equity	2,624	2,669	2,709	2,680	2,573	2,304

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FLEX LNG Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	74.8	118	120	188	162	8.1
Depreciation, depletion & amortization	76.6	75.5	73.4	72.2	69.8	41.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	4.0	−9.7	0.8	−54.8	−24.0	30.5
Changes in working capital	−14.7	−0.7	−19.2	14.4	6.8	8.8
Cash from operations	141	183	175	220	215	89.3
Investing activities
Capital expenditures	0	0	0	0	−266	−691
Other investing cash flows	0	0	0	0	0	0
Cash from investing	0	0	0	0	−266	−691
Financing activities
Financing cash flow items	−5.7	7.4	−9.1	1.7	−3.3	−17.5
Cash dividends paid	−162	−162	−181	−186	−98.9	−10.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	37.3	−1.3	93.8	95.7	225	632
Cash from financing	−131	−156	−96.5	−88.8	123	603
Foreign exchange effects	0.4	−0.5	−0.3	0.1	0.2	−1.4
Net change in cash	10.5	26.7	78.1	131	72.2	−0.1
Free cash flow	141	183	175	220	−51.1	−602

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.