A Business at a Glance
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ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company FLEX LNG Ltd. is an exempted company incorporated under the Bermuda Companies Act of 1981 (Company No. EC-34296). We are a growth-oriented owner and commercial operator of fuel efficient, fifth generation LNG carriers. As of February 27, 2026, we own and operate (i) nine M-type, Electronically Controlled, Gas Injection, or MEGI, LNG carriers, of which four have partial re-liquefaction systems installed and three have full re-liquefaction systems installed, which reduce active boil off rates achieved, and (ii) four Generation X Dual Fuel, or X-DF, LNG carriers, which we collectively refer to as our "Operating Vessels" or our "Fleet". Our business is currently focused on the operation of our long-term charters for our Fleet, which is described in the table below, or exploring accretive opportunities to further grow the Company.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 348M | 348M | 356M | 371M | 348M | 343M |
| Net Income | 75M | 75M | 118M | 120M | 188M | 162M |
| EPS | $1.38 | $1.38 | $2.18 | $2.22 | $3.51 | $3.04 |
| Free Cash Flow | 141M | 141M | 183M | 175M | 220M | 215M |
| ROIC | 7.9% | 9.7% | 10.7% | 11.2% | 9.8% | 9.1% |
| Gross Margin | 78.5% | 78.5% | 80.4% | 81.6% | 81.8% | 82.2% |
| Debt/Equity | 2.72 | 2.72 | 2.38 | 2.26 | 2.00 | 1.93 |
| Dividends/Share | $2.99 | $2.99 | $2.99 | $3.35 | $3.47 | $1.85 |
| Operating Income | 176M | 176M | 198M | 217M | 201M | 201M |
| Operating Margin | 50.6% | 50.6% | 55.5% | 58.5% | 57.7% | 58.6% |
| ROE | 10.4% | 9.8% | 14.6% | 14.2% | 20.7% | 18.2% |
| Shares Outstanding | 54M | 54M | 54M | 54M | 54M | 53M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 77M | 120M | 164M | 343M | 348M | 371M | 356M | 348M | 348M |
| Gross Margin | 72.8% | 78.0% | 77.5% | 82.2% | 81.8% | 81.6% | 80.4% | 78.5% | 78.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.6M | 7.5M | 6.3M | 7.9M | 9.1M | 10M | 9.8M | 8.0M | 8.0M |
| EBIT | 29M | 55M | 76M | 201M | 201M | 217M | 198M | 176M | 176M |
| Op. Margin | 37.6% | 45.9% | 46.0% | 58.6% | 57.7% | 58.5% | 55.5% | 50.6% | 50.6% |
| Net Income | 12M | 17M | 8.1M | 162M | 188M | 120M | 118M | 75M | 75M |
| Net Margin | 15.3% | 14.1% | 4.9% | 47.2% | 54.0% | 32.4% | 33.0% | 21.5% | 21.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | 2.4% | 3.9% | 3.7% | 9.1% | 9.8% | 11.2% | 10.7% | 9.7% | 7.9% |
| ROE | 1.4% | 2.0% | 1.0% | 18.2% | 20.7% | 14.2% | 14.6% | 9.8% | 10.4% |
| ROA | 0.9% | 1.0% | 0.4% | 6.3% | 7.0% | 4.4% | 4.4% | 2.8% | 2.9% |
| Cash Flow | |||||||||
| Op. Cash Flow | 36M | 52M | 89M | 215M | 220M | 175M | 183M | 141M | 141M |
| Free Cash Flow | -197M | 52M | 89M | 215M | 220M | 175M | 183M | 141M | 141M |
| Owner Earnings | 18M | 22M | 47M | 144M | 147M | 100M | 106M | 64M | 64M |
| CapEx | 232M | 0 | 3K | 4K | 5K | 2K | 4K | 0 | 0 |
| Maint. CapEx | 17M | 29M | 42M | 70M | 72M | 73M | 75M | 77M | 77M |
| Growth CapEx | 215M | N/A | 0 | 0 | 0 | 0 | 0 | N/A | 0 |
| D&A | 17M | 29M | 42M | 70M | 72M | 73M | 75M | 77M | 77M |
| CapEx/OCF | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | N/A | 0.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 5.4M | 11M | 99M | 186M | 181M | 162M | 162M | 162M |
| Dividend Yield | N/A | 1.8% | 6.1% | 22.8% | 19.0% | 15.1% | 14.5% | 13.6% | 9.7% |
| Share Buybacks | 0 | 0 | 1.7M | 7.8M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.7% | 1.1% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 202K | 324K | 284K | 1.3M | 331K | 1.7M | 1.1M | 76K | 76K |
| Debt Repayment | 286M | 29M | 36M | 72M | 85M | 111M | 102M | 105M | 105M |
| Balance Sheet | |||||||||
| Net Debt | 368M | 555M | 1.2B | 1.3B | 1.1B | 1.1B | 1.0B | 1.1B | 1.5B |
| Cash & Equiv. | 55M | 129M | 129M | 201M | 332M | 410M | 437M | 448M | 448M |
| Long-Term Debt | 432M | 744M | 1.3B | 1.6B | 1.6B | 1.7B | 1.7B | 1.7B | 1.7B |
| Debt/Equity | 0.58 | 0.97 | 1.76 | 1.93 | 2.00 | 2.26 | 2.38 | 2.72 | 2.72 |
| Interest Coverage | 1.6 | 1.6 | 1.8 | 3.6 | 2.6 | 2.0 | 1.9 | 1.9 | 1.9 |
| Equity | 827M | 839M | 835M | 889M | 907M | 848M | 807M | 719M | 719M |
| Total Assets | 1.3B | 1.6B | 2.3B | 2.6B | 2.7B | 2.7B | 2.7B | 2.6B | 2.6B |
| Total Liabilities | 467M | 802M | 1.5B | 1.7B | 1.8B | 1.9B | 1.9B | 1.9B | 1.9B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -368M | 356M | -359M | -296M | -294M | -355M | -277M | -203M | -203M |
| Working Capital | N/A | 86M | 26M | 93M | 201M | 290M | 316M | 337M | 337M |
| Current Assets | N/A | 144M | 158M | 225M | 354M | 443M | 474M | 503M | 503M |
| Current Liabilities | 35M | 58M | 132M | 132M | 153M | 153M | 159M | 166M | 166M |
| Per Share Data | |||||||||
| EPS | 0.29 | 0.31 | 0.15 | 3.04 | 3.51 | 2.22 | 2.18 | 1.38 | 1.38 |
| Owner EPS | 0.45 | 0.41 | 0.87 | 2.69 | 2.75 | 1.85 | 1.97 | 1.18 | 1.18 |
| Book Value | 20.37 | 15.33 | 15.46 | 16.67 | 16.93 | 15.68 | 14.94 | 13.27 | 13.27 |
| Cash Flow/Share | 0.88 | 0.94 | 1.65 | 4.03 | 4.10 | 3.24 | 3.39 | 2.60 | 2.79 |
| Dividends/Share | 0.00 | 0.10 | 0.20 | 1.85 | 3.47 | 3.35 | 2.99 | 2.99 | 2.99 |
| Shares Out. | 40.6M | 54.7M | 54.0M | 53.4M | 53.6M | 54.1M | 54.0M | 54.2M | 54.2M |
| Valuation | |||||||||
| P/E Ratio | N/A | 18.2 | 30.7 | 4.4 | 6.4 | 9.8 | 8.4 | 17.3 | 22.4 |
| P/FCF | N/A | 6.0 | 2.8 | 3.3 | 5.4 | 6.7 | 5.4 | 9.2 | 11.9 |
| EV/EBIT | N/A | 15.7 | 19.3 | 10.1 | 11.7 | 10.5 | 10.3 | 13.4 | 18.1 |
| Price/Book | N/A | 0.4 | 0.3 | 0.8 | 1.3 | 1.4 | 1.2 | 1.8 | 2.3 |
| Price/Sales | N/A | 2.5 | 1.1 | 1.3 | 2.8 | 3.2 | 3.1 | 3.4 | 4.8 |
| FCF Yield | N/A | 16.7% | 35.9% | 30.2% | 18.4% | 14.8% | 18.6% | 10.9% | 8.4% |
| Market Cap | N/A | 308M | 249M | 710M | 1.2B | 1.2B | 985M | 1.3B | 1.7B |
| Avg. Price | N/A | 5.40 | 3.31 | 8.11 | 18.32 | 22.19 | 20.71 | 22.04 | 30.88 |
| Year-End Price | N/A | 5.63 | 4.60 | 13.31 | 22.29 | 21.84 | 18.25 | 23.85 | 30.88 |
Flex LNG Ltd. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Flex LNG Ltd. trades at 22.4x trailing earnings, compared to its 15-year median P/E of 9.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.9x vs a median of 5.4x. The company's 5-year average ROIC is 10.1% with a gross margin of 80.9%. Total shareholder yield (dividends) is 9.7%. At current prices, the estimated annualized return to fair value is +20.4%.
Flex LNG Ltd. (FLNG) has a current P/E ratio of 22.4, compared to its historical median P/E of 9.8. The stock is currently considered Expensive based on its historical valuation range.
Flex LNG Ltd. (FLNG) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
Flex LNG Ltd. (FLNG) has a market capitalization of $1.7B. It is classified as a small-cap stock.
Yes, Flex LNG Ltd. (FLNG) pays a dividend with a trailing twelve-month yield of 9.69%.
Based on historical P/E analysis, Flex LNG Ltd. (FLNG) appears expensive. The current P/E of 22.4 is 127% above its historical median of 9.8. The estimated fair value CAGR (P/E method) is 48.7%.
Flex LNG Ltd. (FLNG) operates in the Water Transportation industry, within the Industrials sector.
Flex LNG Ltd. (FLNG) reported annual revenue of $348 million in its most recent fiscal year, based on SEC EDGAR filings.
Flex LNG Ltd. (FLNG) has a net profit margin of 21.5%. This is a strong margin indicating high profitability.
Flex LNG Ltd. (FLNG) generated $141 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Flex LNG Ltd. (FLNG) has a debt-to-equity ratio of 2.72. This indicates higher leverage, which may increase financial risk.
Flex LNG Ltd. (FLNG) reported earnings per share (EPS) of $1.38 in its most recent fiscal year.
Flex LNG Ltd. (FLNG) has a return on equity (ROE) of 9.8%. This indicates moderate shareholder returns.
Flex LNG Ltd. (FLNG) has a 5-year average gross margin of 80.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for Flex LNG Ltd. (FLNG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Flex LNG Ltd. (FLNG) has a book value per share of $13.27, based on its most recent annual SEC filing.
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