NextDecade Corporation NEXT

EnergyConstruction & EngineeringUnited States of America

Last close 7.26 USD on Nov 1, 2026, +40.0% year to date

Quant rating

Quant rating D Rank 131 of 167 in Energy

Growth D 139 of 167
Valuation D 152 of 167
Quality C 114 of 167
Revisions D 130 of 167
Momentum C 74 of 167

Wall Street consensus Buy (2.40)Average target 8.70 USD +19.8%

Historical valuation

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

Key data

Market cap: 2.0B
Enterprise value: 17.5B
52-week range: 4.75 – 9.23
3-year range: 4.17 – 12.00
Dividend yield: –
Beta (5 years): 1.42
Shares outstanding: 269M
Next earnings: Mar 1, 2027

About the company

NextDecade Corporation is an energy company. The Company is engaged in construction and development activities related to the liquefaction of natural gas and sale of liquefied natural gas (LNG) and the capture and storage of carbon dioxide (CO2) emissions. The Company is constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley in Brownsville, Texas (the Rio Grande LNG Facility), which has five liquefaction trains and related infrastructure under construction. The Company is constructing and developing the Rio Grande LNG Facility on the north shore of the Brownsville Ship Channel in south Texas. The site is located on 1,000 acres of land which has been leased long-term and includes 15 thousand feet of frontage on the Brownsville Ship Channel. It is also developing a planned carbon capture and storage (CCS) project at the Rio Grande LNG Facility.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	0	0	0	0	0	–
Revenue growth	–	–	–	–	–	–
EPS (basic, normalized)	−1.17	−0.24	−0.89	−0.65	−0.32	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	–	–	–	–	–	–
ROE	−129.6%	−18.6%	−59.6%	−27.0%	−12.2%	−49.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	130
Current ratio	–
Long-term debt (mil)	11,990
Net debt (mil)	15,566
Total equity (mil)	112
Net debt / equity	139.17x
Net debt / EBITDA	−69.45x

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	0	–	–	−224	−58.9%	−78.3x	−1.17	−387.5%	−6.2x
2026	0	–	–	−196	+12.7%	−89.6x	−2.33	−99.5%	−3.1x
2027	2,360	–	7.4x	748	+482.3%	23.5x	−1.19	+49.1%	−6.1x
2028	4,273	+81.1%	4.1x	1,479	+97.6%	11.9x	−0.68	+42.7%	−10.7x

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	0	–	–	–	−2.33	−0.1%	−6.5%	−8.2%
2027	2,360	+11.7%	+28.1%	+47.9%	−1.19	−46.4%	−116.3%	−1,798.6%
2028	4,273	−0.6%	+7.0%	+115.9%	−0.68	−23.6%	−0.7%	+0.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0	0	0	0	0	0	0	0	0	0
Sales mean (mil)	0	0	0	0	0	0	0	0	0	0
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.11	−0.13	−0.47	0.25	−0.34	−0.23	−0.42	−0.18	−0.51	−0.25
EPS mean	−0.17	−0.11	−0.21	−0.15	−0.25	−0.23	−0.42	−0.48	−0.66	−0.63
Surprise	−166.0%	−13.4%	−118.6%	−266.7%	−36.0%	−1.8%	−0.2%	+62.4%	+22.6%	+60.4%

Peer comparison Construction & Engineering

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
NEXT NextDecade Corporation	2.0B	−69.45x	–	17.71x	−3.1x	−6.1x	−89.6x	23.5x
ARE Aecon Group Inc.	2.4B	1.49x	0.3%	3.39x	30.5x	21.9x	10.7x	9.0x
IMPJY Webuild SpA	2.3B	–	2.0%	1.16x	13.6x	12.0x	2.5x	2.5x
CTRI Centuri Holdings Inc	2.2B	2.80x	0.8%	2.50x	31.9x	21.6x	10.0x	8.6x
MOPHY Monadelphous Group Limited	2.1B	–	4.6%	5.17x	21.3x	20.1x	11.7x	11.1x
BDGI Badger Infrastructure Solutions Ltd	2.0B	1.69x	7.1%	6.44x	26.3x	21.3x	9.6x	8.3x
Mean		−15.87x	2.9%	6.06x	20.1x	15.1x	−7.5x	10.5x
Median		1.59x	2.0%	4.28x	23.8x	20.7x	9.8x	8.8x

Technical analysis

1M+12.5%
3M+20.2%
1Y+22.0%
3Y+69.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NextDecade Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	0	0	0	0	0	0
Cost of revenue	–	–	–	–	–	–
Gross profit	0	0	0	0	0	0
Selling, general & administrative expenses	202	161	118	50.2	17.7	21.8
Research & development	8.0	8.3	4.9	4.1	1.6	–
Depreciation/amortization	12.1	1.9	0.2	0.2	0.2	0.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	30.1	49.3	9.5	–	–	0
Other operating expenses	3.5	0	0	0	0	0
Operating income	−256	−220	−132	−54.5	−19.5	−22.0
Net interest income (expense)	−181	499	−95.1	–	0	−0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	7.4	−1.2	5.6	−5.6	−2.5	7.9
Net income before taxes	−430	277	−222	−60.1	−22.0	−14.3
Provision for taxes	–	–	–	–	–	–
Minority interest	123	−339	59.4	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−306	−61.8	−162	−60.1	−22.0	−14.3
Extraordinary items	–	–	–	–	–	–
Net income	−306	−61.8	−162	−60.1	−22.0	−14.3
EBIT, normalized	−226	−171	−123	−54.5	−19.5	−22.0
EBITDA, normalized	−214	−169	−122	−54.3	−19.3	−21.8
Basic EPS, normalized	−1.17	−0.24	−0.89	−0.65	−0.32	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NextDecade Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	144	148	38.2	62.8	25.6	22.6
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	11.0	2.9	2.1	0.6	0.3	0.4
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	10,731	5,186	2,609	220	174	162
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	0
Note receivable	–	–	–	–	–	–
Other long-term assets	1,695	1,218	715	92.3	47.7	39.6
Total assets	12,426	6,404	3,324	312	222	202
Liabilities
Accounts payable	444	245	243	1.1	0.3	0.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,034	495	448	24.3	6.4	1.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	8,511	3,920	1,816	0	0	0
Minority interest	2,206	1,367	453	–	–	–
Other liabilities	1,614	739	767	55.6	33.8	28.9
Total liabilities	12,330	6,026	3,036	55.6	33.8	28.9
Shareholders' equity
Preferred stock	0	0	0	202	168	112
Common stock	0	0	0	0	0	0
Additional paid-in capital	893	852	694	289	191	209
Retained earnings (accumulated deficit)	−760	−454	−392	−230	−170	−148
Treasury stock	−37.9	−20.9	−14.2	−4.6	−1.3	−1.0
Other equity	0	0	0	0	0	0
Total equity	95.3	378	288	257	188	173
Total liabilities & shareholders' equity	12,426	6,404	3,324	312	222	202

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NextDecade Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−430	277	−222	−60.1	−22.0	−14.3
Depreciation, depletion & amortization	1.8	1.9	0.2	0.2	0.2	0.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	222	−395	152	14.3	0.2	−5.2
Changes in working capital	36.8	20.1	−4.1	5.5	3.7	−6.9
Cash from operations	−169	−95.6	−73.6	−40.1	−18.0	−26.3
Investing activities
Capital expenditures	−4,853	−2,574	−1,753	−40.9	−18.5	−43.3
Other investing cash flows	0	0	0	0	0	61.8
Cash from investing	−4,853	−2,574	−1,753	−40.9	−18.5	18.5
Financing activities
Financing cash flow items	653	590	−494	−4.0	−0.3	15.0
Cash dividends paid	–	0	−0.1	−0.1	−0.1	−0.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4,684	2,178	2,552	122	39.8	−0.3
Cash from financing	5,337	2,768	2,058	118	39.4	14.6
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	314	98.3	232	37.2	2.9	6.9
Free cash flow	−5,022	−2,670	−1,826	−81.0	−36.5	−69.5

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.