NextDecade Corp
NEXT · Natural Gas Transmisison & Distribution · 265.0M shares · +13%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$17M (gross $10M, SBC $27M)
Reference price $7.07 · est. market cap ~$1.9B — last insider purchase, 2026-03-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F40Pre-operational LNG developer in heavy build-out with extreme leverage and negative returns.
Strengths
- ~$144M cash on hand and a large-scale Rio Grande LNG project under construction
- Project-financed structure typical of pre-revenue infrastructure developers
Risks
- Debt/equity ~89 (100th pct), ROE -4.5 (3rd pct), FCF -$5B, interest coverage negative
- Cash runway ~0.1 quarter (4th pct); no operating earnings yet
Notable findings
- No interest coverageInterest coverage -1.33 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 89.27)
- Cash burnNegative free cash flow (-5016.2M)
- Weak liquidityCurrent ratio 0.54 (<1)
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$505,505, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-450.6%
Return on assets
-3.5%
ROIC
-2.1%
Net-income growth
-254.9%
Debt / equity
89.3×
Interest coverage
-1.3×
Current ratio
0.5×
Free cash flow
-$5.0B
EBITDA
-$214M
Tangible book value
$95M
Cash & investments
$144M
Cash runway
0q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | STOVER DAVID L | Grant | 21K | — |
| 2026-06-15 | Brown Charles Q. Jr. | Grant | 12K | — |
| 2026-05-13 | Boylston Luke | Tax withheld | 1.3K | $8.54 |
| 2026-03-23 | Beall Pamela K.M. | Buy | 72K | $7.07 |
| 2026-01-30 | Wells Louis Spencer | Grant | 30K | — |
| 2026-01-30 | Sands Diana L | Grant | 41K | — |
| 2026-01-30 | Beall Pamela K.M. | Grant | 30K | — |
| 2026-01-30 | Belke Brian | Grant | 49K | — |
| 2026-01-30 | Chapman Frank | Grant | 30K | — |
| 2026-01-30 | Scoggins Edward Andrew Jr. | Grant | 30K | — |
| 2026-01-30 | Vrattos William C | Grant | 52K | — |
| 2025-12-12 | Hanwha Aerospace Co., Ltd. | Buy | 800K | $5.54 |
| 2025-12-11 | Hanwha Aerospace Co., Ltd. | Buy | 852K | $5.83 |
| 2025-12-10 | Hanwha Aerospace Co., Ltd. | Buy | 600K | $6.05 |
| 2025-12-09 | Hanwha Aerospace Co., Ltd. | Buy | 293K | $6.36 |
| 2025-12-08 | Hanwha Aerospace Co., Ltd. | Buy | 39K | $6.26 |
| 2025-12-05 | Hanwha Aerospace Co., Ltd. | Buy | 151K | $6.21 |
| 2025-12-04 | Hanwha Aerospace Co., Ltd. | Buy | 244K | $6.19 |
| 2025-12-03 | Hanwha Aerospace Co., Ltd. | Buy | 242K | $6.04 |
| 2025-12-02 | Hanwha Aerospace Co., Ltd. | Buy | 311K | $5.93 |
| 2025-12-01 | Hanwha Aerospace Co., Ltd. | Buy | 205K | $6.05 |
| 2025-11-28 | Hanwha Aerospace Co., Ltd. | Buy | 111K | $6.12 |
| 2025-11-26 | Hanwha Aerospace Co., Ltd. | Buy | 175K | $5.95 |
| 2025-11-25 | Hanwha Aerospace Co., Ltd. | Buy | 286K | $5.73 |
| 2025-11-24 | Hanwha Aerospace Co., Ltd. | Buy | 445K | $5.59 |
| 2025-11-21 | Hanwha Aerospace Co., Ltd. | Buy | 419K | $5.73 |
| 2025-11-20 | Hanwha Aerospace Co., Ltd. | Buy | 348K | $6.02 |
| 2025-11-19 | Hanwha Aerospace Co., Ltd. | Buy | 306K | $6.04 |
| 2025-11-18 | Hanwha Aerospace Co., Ltd. | Buy | 463K | $5.92 |
| 2025-11-17 | Hanwha Aerospace Co., Ltd. | Buy | 296K | $5.87 |
| 2025-11-14 | Hanwha Aerospace Co., Ltd. | Buy | 244K | $6.09 |
| 2025-11-13 | Hanwha Aerospace Co., Ltd. | Buy | 460K | $6.08 |
| 2025-11-11 | Hanwha Aerospace Co., Ltd. | Buy | 592K | $6.07 |
| 2025-10-16 | Wahl Brent | Grant | 75K | — |
| 2025-10-16 | Wahl Brent | Tax withheld | 38K | $6.11 |
| 2025-10-16 | Wahl Brent | Grant | 75K | — |
| 2025-10-16 | Schatzman Matthew K | Grant | 224K | — |
| 2025-10-16 | Schatzman Matthew K | Tax withheld | 88K | $6.11 |
| 2025-10-16 | Schatzman Matthew K | Grant | 224K | — |
| 2025-10-16 | Mott Michael | Grant | 21K | — |
| 2025-10-16 | Mott Michael | Grant | 21K | — |
| 2025-10-16 | Skeik Tarik | Grant | 50K | — |
| 2025-10-16 | Skeik Tarik | Tax withheld | 17K | $6.11 |
| 2025-10-16 | Skeik Tarik | Grant | 50K | — |
| 2025-10-16 | de Gyarfas Vera | Grant | 50K | — |
| 2025-10-16 | de Gyarfas Vera | Tax withheld | 20K | $6.11 |
| 2025-10-16 | de Gyarfas Vera | Grant | 50K | — |
| 2025-10-14 | Boylston Luke | Grant | 150K | — |
| 2025-09-24 | Hanwha Aerospace Co., Ltd. | Buy | 450K | $7.02 |
| 2025-09-23 | Hanwha Aerospace Co., Ltd. | Buy | 552K | $6.99 |
| 2025-09-18 | Scoggins Edward Andrew Jr. | Buy | 15K | $6.46 |
| 2025-09-17 | Vrattos William C | Buy | 100K | $6.86 |
| 2025-09-16 | Bardin Hill Investment Partners LP | Buy | 357K | $6.98 |
| 2025-09-12 | Vrattos William C | Buy | 500K | $7.31 |
| 2025-09-12 | Schatzman Matthew K | Buy | 282K | $7.14 |
| 2025-09-09 | Wahl Brent | Grant | 118K | — |
| 2025-09-09 | Wahl Brent | Tax withheld | 60K | $9.94 |
| 2025-09-09 | Wahl Brent | Grant | 118K | — |
| 2025-09-09 | Schatzman Matthew K | Grant | 354K | — |
| 2025-09-09 | Schatzman Matthew K | Tax withheld | 139K | $9.94 |
| 2025-09-09 | Schatzman Matthew K | Grant | 354K | — |
| 2025-09-09 | Skeik Tarik | Grant | 39K | — |
| 2025-09-09 | Skeik Tarik | Tax withheld | 9.6K | $9.94 |
| 2025-09-09 | Skeik Tarik | Grant | 39K | — |
| 2025-09-09 | de Gyarfas Vera | Grant | 79K | — |
| 2025-09-09 | de Gyarfas Vera | Tax withheld | 31K | $9.94 |
| 2025-09-09 | de Gyarfas Vera | Grant | 79K | — |
| 2025-09-04 | Schatzman Matthew K | Grant | 50K | — |
| 2025-09-04 | de Gyarfas Vera | Grant | 11K | — |
| 2025-09-04 | de Gyarfas Vera | Tax withheld | 4.4K | $10.46 |
| 2025-09-04 | Wahl Brent | Grant | 17K | — |
| 2025-09-04 | Wahl Brent | Tax withheld | 8.5K | $10.46 |
| 2025-09-04 | Schatzman Matthew K | Tax withheld | 20K | $10.46 |
| 2025-08-29 | Skeik Tarik | Grant | 47K | — |
| 2025-08-29 | Skeik Tarik | Tax withheld | 7.4K | $10.72 |
| 2025-08-29 | de Gyarfas Vera | Grant | 58K | — |
| 2025-08-29 | de Gyarfas Vera | Tax withheld | 32K | $10.72 |
| 2025-08-29 | Wahl Brent | Grant | 82K | — |
| 2025-08-29 | Wahl Brent | Tax withheld | 62K | $10.72 |
| 2025-08-29 | Schatzman Matthew K | Grant | 257K | — |
| 2025-08-29 | Schatzman Matthew K | Tax withheld | 142K | $10.72 |
| 2025-08-29 | Boylston Luke | Grant | 10.0K | — |
| 2025-08-29 | Boylston Luke | Tax withheld | 3.2K | $10.72 |
| 2025-08-05 | Beall Pamela K.M. | Grant | 6.8K | — |
| 2025-08-05 | Sands Diana L | Grant | 6.8K | — |
| 2025-07-11 | de Gyarfas Vera | Tax withheld | 44K | $10.77 |
| 2025-07-11 | Wahl Brent | Tax withheld | 93K | $10.77 |
| 2025-07-11 | Schatzman Matthew K | Tax withheld | 267K | $10.77 |
| 2025-05-13 | Boylston Luke | Grant | 10K | — |
| 2025-01-31 | Vrattos William C | Grant | 27K | — |
| 2025-01-31 | Wells Louis Spencer | Grant | 15K | — |
| 2025-01-31 | Scoggins Edward Andrew Jr. | Grant | 27K | — |
| 2025-01-31 | Chapman Frank | Grant | 15K | — |
| 2025-01-31 | Belke Brian | Grant | 27K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Material agreementDebt obligation | filing ↗ |
| 2026-06-03 | Exec/director change | filing ↗ |
| 2026-04-15 | Exec/director change | filing ↗ |
| 2025-11-18 | Material agreementDebt obligation3.02 | filing ↗ |
| 2025-10-16 | Material agreementDebt obligationExec/director changeReg FDOtherExhibits | filing ↗ |
| 2025-10-08 | Exec/director change | filing ↗ |
| 2025-09-10 | Material agreementDebt obligationReg FDOtherExhibits | filing ↗ |
| 2025-08-11 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-17 | 0001612720-26-000039 ↗ |
| 8-K | 2026-06-03 | 2026-06-03 | 0001612720-26-000036 ↗ |
| 10-Q | 2026-05-01 | 2026-03-31 | 0001612720-26-000026 ↗ |
| 8-K | 2026-04-15 | 2026-04-15 | 0001612720-26-000013 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001612720-26-000009 ↗ |
| 8-K | 2025-11-18 | 2025-11-17 | 0001612720-25-000034 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001612720-25-000030 ↗ |
| 8-K | 2025-10-16 | 2025-10-13 | 0001612720-25-000021 ↗ |
| 8-K | 2025-10-08 | 2025-10-06 | 0001612720-25-000014 ↗ |
| 8-K | 2025-09-10 | 2025-09-09 | 0001628280-25-041869 ↗ |
| 8-K | 2025-08-11 | 2025-08-07 | 0001628280-25-039408 ↗ |
| 10-Q | 2025-08-01 | 2025-06-30 | 0001612720-25-000009 ↗ |