Flex Lng Financials

FLNG

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 62/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Flex Lng has an operating margin of 55.5%, meaning the company retains $56 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 58.5% the prior year.

Growth

Flex Lng's revenue declined 4% year-over-year, from $371.0M to $356.3M. This contraction results in a growth score of 17/100.

Leverage

Flex Lng has a moderate D/E ratio of 2.11. This balance of debt and equity financing earns a leverage score of 33/100.

Liquidity

100

With a current ratio of 2.99, Flex Lng holds $2.99 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Flex Lng's ROE of 14.6% shows moderate profitability relative to equity, earning a score of 58/100. This is up from 14.2% the prior year.

Altman Z-Score Distress

0.83

Flex Lng scores 0.83, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.4B) relative to total liabilities ($1.9B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

4/9

Flex Lng passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.55x

For every $1 of reported earnings, Flex Lng generates $1.55 in operating cash flow ($182.8M OCF vs $117.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.9x

Flex Lng earns $1.9 in operating income for every $1 of interest expense ($197.8M vs $105.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Flex Lng (FLNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$356.3M

YoY-4.0%

5Y CAGR+24.3%

Flex Lng generated $356.3M in revenue in fiscal year 2024. This represents a decrease of 4.0% from the prior year.

EBITDA

$273.3M

YoY-5.9%

5Y CAGR+26.7%

Flex Lng's EBITDA was $273.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.9% from the prior year.

Free Cash Flow

N/A

Net Income

$117.7M

YoY-2.0%

5Y CAGR+47.3%

Flex Lng reported $117.7M in net income in fiscal year 2024. This represents a decrease of 2.0% from the prior year.

EPS (Diluted)

$2.18

YoY-1.8%

5Y CAGR+47.7%

Flex Lng earned $2.18 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1.8% from the prior year.

Cash & Debt

$437.2M

YoY+6.5%

5Y CAGR+27.6%

Flex Lng held $437.2M in cash against $1.7B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

54M

YoY+0.7%

5Y CAGR-0.0%

Flex Lng had 54M shares outstanding in fiscal year 2024. This represents an increase of 0.7% from the prior year.

Gross Margin

N/A

Operating Margin

55.5%

YoY-3.0pp

5Y CAGR+9.7pp

Flex Lng's operating margin was 55.5% in fiscal year 2024, reflecting core business profitability. This is down 3.0 percentage points from the prior year.

Net Margin

33.0%

YoY+0.7pp

5Y CAGR+18.9pp

Flex Lng's net profit margin was 33.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.7 percentage points from the prior year.

Return on Equity

14.6%

YoY+0.4pp

5Y CAGR+12.6pp

Flex Lng's ROE was 14.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.4 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FLNG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$356.3M-4.0%	$371.0M+6.6%	$347.9M+1.3%	$343.4M+108.8%	$164.5M+37.1%	$120.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$9.8M-6.5%	$10.5M+14.4%	$9.1M+16.0%	$7.9M+25.2%	$6.3M-16.0%	$7.5M
Operating Income	$197.8M-8.9%	$217.2M+8.2%	$200.6M-0.3%	$201.2M+166.0%	$75.6M+37.5%	$55.0M
Interest Expense	$105.6M-2.9%	$108.7M+41.9%	$76.6M+36.2%	$56.2M+34.5%	$41.8M+23.4%	$33.9M
Income Tax	$132K+69.2%	$78K-20.4%	$98K-1.0%	$99K+17.9%	$84K-53.8%	$182K
Net Income	$117.7M-2.0%	$120.0M-36.2%	$188.0M+15.9%	$162.2M+1901.3%	$8.1M-52.2%	$17.0M
EPS (Diluted)	$2.18-1.8%	$2.22-36.8%	$3.51+15.5%	$3.04+1926.7%	$0.15-51.6%	$0.31

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FLNG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.7B-1.5%	$2.7B+1.1%	$2.7B+4.1%	$2.6B+11.7%	$2.3B+40.4%	$1.6B
Current Assets	$474.4M+7.1%	$443.1M+25.1%	$354.0M+57.4%	$224.9M+42.5%	$157.8M+9.7%	$143.9M
Cash & Equivalents	$437.2M+6.5%	$410.4M+23.5%	$332.3M+65.6%	$200.7M+55.7%	$128.9M-0.1%	$129.0M
Inventory	$4.8M-5.2%	$5.1M-3.2%	$5.3M-18.5%	$6.5M+76.5%	$3.7M+36.1%	$2.7M
Accounts Receivable	$1.4M+214.1%	$447K-90.8%	$4.9M-7.8%	$5.3M+30.1%	$4.0M-25.3%	$5.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B0.0%	$1.9B+5.0%	$1.8B+5.3%	$1.7B+14.6%	$1.5B+83.1%	$802.0M
Current Liabilities	$158.8M+3.6%	$153.3M0.0%	$153.2M+16.4%	$131.6M-0.2%	$131.8M+128.4%	$57.7M
Long-Term Debt	$1.7B-0.3%	$1.7B+5.5%	$1.6B+4.3%	$1.6B+16.1%	$1.3B+79.6%	$744.3M
Total Equity	$806.6M-4.8%	$847.7M-6.6%	$907.1M+2.0%	$889.4M+6.5%	$835.2M-0.5%	$839.3M
Retained Earnings	-$277.5M+21.8%	-$354.9M-20.8%	-$293.7M+0.7%	-$295.6M+17.6%	-$358.9M-200.8%	$356.2M

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Total Assets	$2.6B-1.6%	$2.7B-1.5%	$2.7B-3.1%	$2.8B+4.3%	$2.7B+0.5%	$2.7B+3.6%	$2.6B+1.3%	$2.5B
Current Assets	$470.0M-0.9%	$474.4M+7.1%	$443.1M-8.2%	$482.5M+36.3%	$354.0M+14.4%	$309.4M+37.6%	$224.9M+42.6%	$157.7M
Cash & Equivalents	$412.7M-5.6%	$437.2M+6.5%	$410.4M-8.8%	$449.8M+35.4%	$332.3M+17.2%	$283.7M+41.4%	$200.7M+39.2%	$144.2M
Inventory	$4.8M-0.4%	$4.8M-5.2%	$5.1M-8.8%	$5.6M+6.2%	$5.3M+6.8%	$4.9M-23.7%	$6.5M+58.4%	$4.1M
Accounts Receivable	$5.2M+269.2%	$1.4M+214.1%	$447K-91.7%	$5.4M+11.3%	$4.9M-21.1%	$6.2M+16.9%	$5.3M	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B+0.2%	$1.9B0.0%	$1.9B-3.4%	$1.9B+8.7%	$1.8B+1.0%	$1.8B+4.3%	$1.7B-0.2%	$1.7B
Current Liabilities	$165.8M+4.4%	$158.8M+3.6%	$153.3M-7.5%	$165.7M+8.2%	$153.2M+25.6%	$122.0M-7.3%	$131.6M-0.5%	$132.3M
Long-Term Debt	$1.7B-0.4%	$1.7B-0.3%	$1.7B-3.0%	$1.8B+8.7%	$1.6B-0.9%	$1.6B+5.3%	$1.6B-0.2%	$1.6B
Total Equity	$762.0M-5.5%	$806.6M-4.8%	$847.7M-2.5%	$869.7M-4.1%	$907.1M-0.3%	$909.9M+2.3%	$889.4M+4.4%	$852.0M
Retained Earnings	-$241.0M+13.1%	-$277.5M+21.8%	-$354.9M-6.9%	-$332.1M-13.1%	-$293.7M-6.7%	-$275.3M+6.9%	-$295.6M+12.1%	-$336.3M

FLNG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$182.8M+4.4%	$175.0M-20.4%	$219.9M+2.3%	$214.8M+140.6%	$89.3M+73.3%	$51.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$4K-100.0%	-$2K+60.0%	-$5K+100.0%	-$265.9M+61.5%	-$691.4M-137.2%	-$291.5M
Financing Cash Flow	-$155.6M-61.2%	-$96.5M-8.8%	-$88.8M-172.1%	$123.1M-79.6%	$603.3M+92.1%	$314.0M
Dividends Paid	$161.7M-10.8%	$181.2M-2.6%	$186.1M+88.1%	$98.9M+814.5%	$10.8M+99.9%	$5.4M
Share Buybacks	N/A	$0	$0-100.0%	$7.8M+368.9%	$1.7M	$0

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FLNG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	55.5%-3.0pp	58.5%+0.9pp	57.7%-0.9pp	58.6%+12.6pp	46.0%+0.1pp	45.9%
Net Margin	33.0%+0.7pp	32.4%-21.7pp	54.0%+6.8pp	47.2%+42.3pp	4.9%-9.2pp	14.1%
Return on Equity	14.6%+0.4pp	14.2%-6.6pp	20.7%+2.5pp	18.2%+17.3pp	1.0%-1.0pp	2.0%
Return on Assets	4.4%-0.0pp	4.4%-2.6pp	7.0%+0.7pp	6.3%+5.9pp	0.4%-0.7pp	1.0%
Current Ratio	2.99+0.1	2.89+0.6	2.31+0.6	1.71+0.5	1.20-1.3	2.49
Debt-to-Equity	2.11+0.1	2.02+0.2	1.79+0.0	1.75+0.1	1.60+0.7	0.89
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.84-0.2	2.99+0.1	2.89-0.0	2.91+0.6	2.31-0.2	2.54+0.8	1.71+0.5	1.19
Debt-to-Equity	2.23+0.1	2.11+0.1	2.020.0	2.02+0.2	1.79-0.0	1.80+0.1	1.75-0.1	1.83
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Flex Lng's annual revenue?

Flex Lng (FLNG) reported $356.3M in total revenue for fiscal year 2024. This represents a -4.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Flex Lng's revenue growing?

Flex Lng (FLNG) revenue declined by 4% year-over-year, from $371.0M to $356.3M in fiscal year 2024.

Is Flex Lng profitable?

Yes, Flex Lng (FLNG) reported a net income of $117.7M in fiscal year 2024, with a net profit margin of 33.0%.

What is Flex Lng's earnings per share (EPS)?

Flex Lng (FLNG) reported diluted earnings per share of $2.18 for fiscal year 2024. This represents a -1.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Flex Lng's EBITDA?

Flex Lng (FLNG) had EBITDA of $273.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Flex Lng have?

As of fiscal year 2024, Flex Lng (FLNG) had $437.2M in cash and equivalents against $1.7B in long-term debt.

What is Flex Lng's operating margin?

Flex Lng (FLNG) had an operating margin of 55.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Flex Lng's net profit margin?

Flex Lng (FLNG) had a net profit margin of 33.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Flex Lng's return on equity (ROE)?

Flex Lng (FLNG) has a return on equity of 14.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Flex Lng's operating cash flow?

Flex Lng (FLNG) generated $182.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Flex Lng's total assets?

Flex Lng (FLNG) had $2.7B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Flex Lng have outstanding?

Flex Lng (FLNG) had 54M shares outstanding as of fiscal year 2024.

What is Flex Lng's current ratio?

Flex Lng (FLNG) had a current ratio of 2.99 as of fiscal year 2024, which is generally considered healthy.

What is Flex Lng's debt-to-equity ratio?

Flex Lng (FLNG) had a debt-to-equity ratio of 2.11 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Flex Lng's return on assets (ROA)?

Flex Lng (FLNG) had a return on assets of 4.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Flex Lng's Altman Z-Score?

Flex Lng (FLNG) has an Altman Z-Score of 0.83, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Flex Lng's Piotroski F-Score?

Flex Lng (FLNG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Flex Lng's earnings high quality?

Flex Lng (FLNG) has an earnings quality ratio of 1.55x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Flex Lng cover its interest payments?

Flex Lng (FLNG) has an interest coverage ratio of 1.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Flex Lng?

Flex Lng (FLNG) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.