Flex LNG Ltd.
FLNG · Water Transportation · EDGAR filings ↗
Grade
B71LNG shipping franchise with top-decile operating margins and strong liquidity, but high leverage and only mid-pack returns.
Strengths
- Operating margin 94th pct and net margin 80th pct; current/quick ratios ~3x (91st pct)
- Long-dated time-charter coverage on most vessels provides cash-flow visibility
Risks
- Debt-to-equity 2.57 (93rd pct) in a cyclical, charter-rate-sensitive industry
- ROE ~10% (44th pct) and ROA 2.9% (53rd) are unremarkable; net income fell 36% and several vessels are rolling into the spot market
Notable findings
- High leverageHigh leverage (debt/equity 2.57)
- Customer concentration~98% of revenue from one customer/distributor — For the year ended December 31, 2025, we had four customers accountable for more than 98
Key metrics
Operating margin
50.6%
Net margin
21.5%
Return on equity
10.4%
Return on assets
2.9%
ROIC
5.4%
Revenue growth (QoQ)
-2.4%
Net-income growth
-36.4%
Debt / equity
2.6×
Current ratio
3.0×
Tangible book value
$719M
Cash & investments
$448M
Stock comp / revenue
0.0%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-27 | 2025-12-31 | 0001628280-26-012574 ↗ |
| 20-F | 2025-02-28 | 2024-12-31 | 0001772253-25-000011 ↗ |
| 20-F | 2024-03-05 | 2023-12-31 | 0001772253-24-000008 ↗ |
| 20-F | 2023-03-10 | 2022-12-31 | 0001772253-23-000006 ↗ |
| 20-F | 2022-03-17 | 2021-12-31 | 0001772253-22-000005 ↗ |
| 20-F | 2021-03-17 | 2020-12-31 | 0001772253-21-000004 ↗ |
| 20-F | 2020-04-17 | 2019-12-31 | 0001772253-20-000004 ↗ |