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

Flex Lng (FLNG) reported diluted earnings per share of $1.38 for fiscal year 2025. This represents a -36.7% 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.

Flex Lng Financials

FLNG

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Flex Lng (FLNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

Rhea AI FLNG FY2025 2026-04-22

Heavy debt financing leaves a high-margin operating engine with shrinking equity capture, even as near-term liquidity stays comfortable.

From FY2022 to FY2025, operating margin eased from 57.7% to 50.6%. Net margin fell much harder, from 54.1% to 21.5%, showing that the core assets stayed fairly productive while below-operating claims took a much larger share of each revenue dollar.

Short-term liquidity looks comfortable: cash reached $447.6M and the current ratio improved to 3.0x in FY2025. Yet debt-to-equity climbed to 2.4x as equity shrank to $719.3M, leaving a much thinner cushion beneath the asset base.

The payout policy is leaning on the balance sheet more than current earnings: FY2025 dividends paid were $162.3M versus operating cash flow of $140.7M. Because revenue stayed near $350M while operating cash generation weakened across the last three fiscal years, cash returns now reflect earlier liquidity buildup more than the latest year's cash production.

Financial Health Signals

Financial Health Score 48/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Flex Lng's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Returns

Altman Z-Score Distress

0.92

Flex Lng scores 0.92, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.6B) relative to total liabilities ($1.9B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Flex Lng passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.88x

For every $1 of reported earnings, Flex Lng generates $1.88 in operating cash flow ($140.7M OCF vs $74.8M 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 ($175.8M vs $92.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$347.6M

YoY-2.4%

5Y CAGR+16.1%

Flex Lng generated $347.6M in revenue in fiscal year 2025. This represents a decrease of 2.4% from the prior year.

EBITDA

$252.4M

YoY-7.6%

5Y CAGR+16.5%

Flex Lng's EBITDA was $252.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 7.6% from the prior year.

Net Income

$74.8M

YoY-36.4%

5Y CAGR+56.0%

Flex Lng reported $74.8M in net income in fiscal year 2025. This represents a decrease of 36.4% from the prior year.

EPS (Diluted)

$1.38

YoY-36.7%

5Y CAGR+55.9%

Flex Lng earned $1.38 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 36.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$447.6M

YoY+2.4%

5Y CAGR+28.3%

Flex Lng held $447.6M in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

54M

YoY+0.0%

5Y CAGR+0.1%

Flex Lng had 54M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

50.6%

YoY-4.9pp

5Y CAGR+4.6pp

Flex Lng's operating margin was 50.6% in fiscal year 2025, reflecting core business profitability. This is down 4.9 percentage points from the prior year.

Net Margin

21.5%

YoY-11.5pp

5Y CAGR+16.6pp

Flex Lng's net profit margin was 21.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.5 percentage points from the prior year.

Return on Equity

10.4%

YoY-4.2pp

5Y CAGR+9.4pp

Flex Lng's ROE was 10.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FLNG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$347.6M-2.4%	$356.3M-4.0%	$371.0M+6.6%	$347.9M+1.3%	$343.4M+108.8%	$164.5M
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	$8.0M-18.6%	$9.8M-6.5%	$10.5M+14.4%	$9.1M+16.0%	$7.9M+25.2%	$6.3M
Operating Income	$175.8M-11.1%	$197.8M-8.9%	$217.2M+8.2%	$200.6M-0.3%	$201.2M+166.0%	$75.6M
Interest Expense	$92.6M-12.3%	$105.6M-2.9%	$108.7M+41.9%	$76.6M+36.2%	$56.2M+34.5%	$41.8M
Income Tax	$82K-37.9%	$132K+69.2%	$78K-20.4%	$98K-1.0%	$99K+17.9%	$84K
Net Income	$74.8M-36.4%	$117.7M-2.0%	$120.0M-36.2%	$188.0M+15.9%	$162.2M+1901.3%	$8.1M
EPS (Diluted)	$1.38-36.7%	$2.18-1.8%	$2.22-36.8%	$3.51+15.5%	$3.04+1926.7%	$0.15

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.6B-1.7%	$2.7B-1.5%	$2.7B+1.1%	$2.7B+4.1%	$2.6B+11.7%	$2.3B
Current Assets	$503.3M+6.1%	$474.4M+7.1%	$443.1M+25.1%	$354.0M+57.4%	$224.9M+42.5%	$157.8M
Cash & Equivalents	$447.6M+2.4%	$437.2M+6.5%	$410.4M+23.5%	$332.3M+65.6%	$200.7M+55.7%	$128.9M
Inventory	$9.0M+86.7%	$4.8M-5.2%	$5.1M-3.2%	$5.3M-18.5%	$6.5M+76.5%	$3.7M
Accounts Receivable	$392K-72.1%	$1.4M+214.1%	$447K-90.8%	$4.9M-7.8%	$5.3M+30.1%	$4.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B+2.3%	$1.9B0.0%	$1.9B+5.0%	$1.8B+5.3%	$1.7B+14.6%	$1.5B
Current Liabilities	$165.8M+4.4%	$158.8M+3.6%	$153.3M0.0%	$153.2M+16.4%	$131.6M-0.2%	$131.8M
Long-Term Debt	$1.7B+2.1%	$1.7B-0.3%	$1.7B+5.5%	$1.6B+4.3%	$1.6B+16.1%	$1.3B
Total Equity	$719.3M-10.8%	$806.6M-4.8%	$847.7M-6.6%	$907.1M+2.0%	$889.4M+6.5%	$835.2M
Retained Earnings	-$202.7M+27.0%	-$277.5M+21.8%	-$354.9M-20.8%	-$293.7M+0.7%	-$295.6M+17.6%	-$358.9M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$2.6B-0.1%	$2.6B-1.6%	$2.7B+1.0%	$2.6B-2.5%	$2.7B-3.1%	$2.8B+4.3%	$2.7B+0.5%	$2.7B
Current Assets	$503.3M+7.1%	$470.0M-0.9%	$474.4M+14.2%	$415.2M-6.3%	$443.1M-8.2%	$482.5M+36.3%	$354.0M+14.4%	$309.4M
Cash & Equivalents	$447.6M+8.5%	$412.7M-5.6%	$437.2M+18.1%	$370.2M-9.8%	$410.4M-8.8%	$449.8M+35.4%	$332.3M+17.2%	$283.7M
Inventory	$9.0M+87.4%	$4.8M-0.4%	$4.8M-2.6%	$5.0M-2.7%	$5.1M-8.8%	$5.6M+6.2%	$5.3M+6.8%	$4.9M
Accounts Receivable	$392K-92.4%	$5.2M+269.2%	$1.4M-77.5%	$6.2M+1293.1%	$447K-91.7%	$5.4M+11.3%	$4.9M-21.1%	$6.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B+2.1%	$1.9B+0.2%	$1.9B+2.4%	$1.8B-2.3%	$1.9B-3.4%	$1.9B+8.7%	$1.8B+1.0%	$1.8B
Current Liabilities	$165.8M0.0%	$165.8M+4.4%	$158.8M-1.7%	$161.6M+5.4%	$153.3M-7.5%	$165.7M+8.2%	$153.2M+25.6%	$122.0M
Long-Term Debt	$1.7B+2.5%	$1.7B-0.4%	$1.7B+2.9%	$1.7B-3.0%	$1.7B-3.0%	$1.8B+8.7%	$1.6B-0.9%	$1.6B
Total Equity	$719.3M-5.6%	$762.0M-5.5%	$806.6M-2.1%	$823.6M-2.8%	$847.7M-2.5%	$869.7M-4.1%	$907.1M-0.3%	$909.9M
Retained Earnings	-$202.7M+15.9%	-$241.0M+13.1%	-$277.5M+18.4%	-$340.1M+4.2%	-$354.9M-6.9%	-$332.1M-13.1%	-$293.7M-6.7%	-$275.3M

FLNG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$140.7M-23.0%	$182.8M+4.4%	$175.0M-20.4%	$219.9M+2.3%	$214.8M+140.6%	$89.3M
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	$0+100.0%	-$4K-100.0%	-$2K+60.0%	-$5K+100.0%	-$265.9M+61.5%	-$691.4M
Financing Cash Flow	-$130.7M+16.0%	-$155.6M-61.2%	-$96.5M-8.8%	-$88.8M-172.1%	$123.1M-79.6%	$603.3M
Dividends Paid	$162.3M+0.4%	$161.7M-10.8%	$181.2M-2.6%	$186.1M+88.1%	$98.9M+814.5%	$10.8M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$7.8M+368.9%	$1.7M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	50.6%-4.9pp	55.5%-3.0pp	58.5%+0.9pp	57.7%-0.9pp	58.6%+12.6pp	46.0%
Net Margin	21.5%-11.5pp	33.0%+0.7pp	32.4%-21.7pp	54.0%+6.8pp	47.2%+42.3pp	4.9%
Return on Equity	10.4%-4.2pp	14.6%+0.4pp	14.2%-6.6pp	20.7%+2.5pp	18.2%+17.3pp	1.0%
Return on Assets	2.9%-1.6pp	4.4%-0.0pp	4.4%-2.6pp	7.0%+0.7pp	6.3%+5.9pp	0.4%
Current Ratio	3.04+0.0	2.99+0.1	2.89+0.6	2.31+0.6	1.71+0.5	1.20
Debt-to-Equity	2.42+0.3	2.11+0.1	2.02+0.2	1.79+0.0	1.75+0.1	1.60
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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	3.04+0.2	2.84-0.2	2.99+0.4	2.57-0.3	2.89-0.0	2.91+0.6	2.31-0.2	2.54
Debt-to-Equity	2.42+0.2	2.23+0.1	2.11+0.1	2.010.0	2.020.0	2.02+0.2	1.79-0.0	1.80
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 $347.6M in total revenue for fiscal year 2025. This represents a -2.4% 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 2.4% year-over-year, from $356.3M to $347.6M in fiscal year 2025.

Is Flex Lng profitable?

Yes, Flex Lng (FLNG) reported a net income of $74.8M in fiscal year 2025, with a net profit margin of 21.5%.

What is Flex Lng's EBITDA?

Flex Lng (FLNG) had EBITDA of $252.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Flex Lng have?

As of fiscal year 2025, Flex Lng (FLNG) had $447.6M 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 50.6% in fiscal year 2025, 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 21.5% in fiscal year 2025, 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 10.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Flex Lng's operating cash flow?

Flex Lng (FLNG) generated $140.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Flex Lng's total assets?

Flex Lng (FLNG) had $2.6B in total assets as of fiscal year 2025, 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 2025.

What is Flex Lng's current ratio?

Flex Lng (FLNG) had a current ratio of 3.04 as of fiscal year 2025, which is generally considered healthy.

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

Flex Lng (FLNG) had a debt-to-equity ratio of 2.42 as of fiscal year 2025, 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 2.9% for fiscal year 2025, 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 0.92, 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.88x, 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 48 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.