Cheniere Energy Partners, L.P.

Contracted LNG-export franchise (Sabine Pass) with top-decile net margin, ROA and free cash flow generation.

Strengths

• Top-decile (100th pct) net margin 27.8%, ROA 17.1% and ~$2.6B free cash flow — best-in-class profitability and cash conversion
• Solid double-digit revenue (+24%) and earnings (+19%) growth underpinned by long-term take-or-pay contracts

Risks

• MLP structure with high distributions, current ratio 0.78 and quick ratio below median (38th pct)
• Single-asset/commodity-linked LNG concentration and capital intensity

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Weak liquidityCurrent ratio 0.78 (<1)
• Chronic dilutionShare count +57%/yr over 4y (dilution)
• Strong balance sheetStrong balance sheet — $182M cash & investments