GOLAR LNG LTD
GLNG · Water Transportation · EDGAR filings ↗
Grade
B72Niche FLNG-as-a-service leader with top-percentile revenue growth and a multi-billion contract backlog, but currently low returns and high leverage.
Strengths
- Only proven FLNG-as-a-service provider, with ~$3.0B+ Gimi and $5.7B/$8.0B SESA Adjusted EBITDA backlogs locking in 20-year revenue
- Revenue growth 100th pct, operating margin 72nd pct, strong liquidity (current ratio 2.5, 83rd pct; $1.15B cash)
Risks
- ROE 3.6% (33rd pct), ROA 1.2% and ROIC 1.7% are weak as conversion capex outpaces earnings
- High customer concentration plus a 2026 Hilli contract gap and large MKII/refurbishment execution risk; D/E 1.5 (73rd pct)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
25.3%
Net margin
16.7%
Return on equity
3.6%
Return on assets
1.2%
ROIC
1.7%
Revenue growth (QoQ)
8.4%
Net-income growth
29.2%
Debt / equity
1.5×
Net debt / EBITDA
10.9×
Current ratio
2.5×
EBITDA
$148M
Tangible book value
$1.8B
Cash & investments
$1.2B
Stock comp / revenue
1.7%
Supply chain
Customers (2)
- LNG Hrvatska
- SESA
Suppliers (2)
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-26 | 2025-12-31 | 0001628280-26-021198 ↗ |
| 20-F | 2025-03-27 | 2024-12-31 | 0001207179-25-000005 ↗ |
| 20-F | 2024-03-28 | 2023-12-31 | 0001207179-24-000006 ↗ |
| 20-F | 2023-03-31 | 2022-12-31 | 0001207179-23-000006 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001207179-22-000009 ↗ |
| 20-F | 2021-04-22 | 2020-12-31 | 0001207179-21-000005 ↗ |
| 20-F | 2020-04-30 | 2019-12-31 | 0001207179-20-000008 ↗ |
| 20-F | 2019-03-29 | 2018-12-31 | 0001207179-19-000008 ↗ |
| 20-F | 2018-04-16 | 2017-12-31 | 0001207179-18-000006 ↗ |
| 20-F | 2017-05-01 | 2016-12-31 | 0001207179-17-000008 ↗ |
| 20-F | 2016-05-02 | 2015-12-31 | 0001207179-16-000034 ↗ |
| 20-F | 2015-04-30 | 2014-12-31 | 0001207179-15-000006 ↗ |