What is Nextdecade's earnings per share (EPS)?

Nextdecade (NEXT) reported diluted earnings per share of -$1.17 for fiscal year 2025. This represents a -387.5% 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.

Nextdecade (NEXT) Financials

FY2025 annual

Revenue $0 YoY not available

Net Income -$306.4M -396.2% YoY

EPS (Diluted) -$1.17 -387.5% YoY

Free Cash Flow -$5.0B -88.3% YoY

Market Cap $2.0B as of Sep 10, 2026

Price / Sales n/m revenue is not positive, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NEXT SEC filings page.

Nextdecade (NEXT) reported $0 in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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 NEXT FY2025 2026-08-29

Heavy investment is being funded externally while rising interest expense and shrinking equity reshape the company’s financial mechanics.

The cash-flow pattern is more capital-intensive than the operating loss alone suggests: free cash flow fell from -$1.8B in FY2023 to -$5.0B in FY2025, as investment spending rather than day-to-day operations drove the deterioration. In FY2025, financing inflows of $5.3B nearly matched $4.9B of investing outflows, showing that expansion has been funded primarily through new capital rather than internally generated cash.

Leverage is being amplified by the denominator: debt-to-equity rose from 6.3x in FY2023 to 89.3x in FY2025, while short-term liabilities exceeded current assets in both periods. Equity also fell from $287.9M to $95.3M, leaving borrowing supported by a much thinner accounting cushion.

FY2025 net loss of $306M coincided with $170M of interest expense, making financing cost a major component of reported losses. Operating cash flow was -$169M, while the reported liquidity measure equaled 10.2 months of annual outflow; this separates near-term funding capacity from the fact that operations were not self-funding.

Financial Health Signals

Financial health score not available

Nextdecade does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-0.09

Nextdecade scores -0.09, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.0B) relative to total liabilities ($10.1B). 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

1/8

Nextdecade passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Nextdecade reported a net loss of $306.4M while operations used $169.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Nextdecade reported an operating loss of $225.9M against $170.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

Nextdecade generated $0 in revenue in Q2 2026.

EBITDA

-$46.7M

YoY+16.5%

QoQ+10.4%

Nextdecade's EBITDA was -$46.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.5% from the same quarter a year earlier. Against the prior quarter it is up 10.4%.

Net Income

-$60.2M

YoY+14.8%

QoQ+69.1%

Nextdecade reported -$60.2M in net income in Q2 2026. This represents an increase of 14.8% from the same quarter a year earlier. Against the prior quarter it is up 69.1%.

EPS (Diluted)

-$0.25

YoY-8.7%

Nextdecade earned -$0.25 per diluted share (EPS) in Q2 2026. This represents a decrease of 8.7% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow

-$997.9M

YoY-35.7%

QoQ+22.5%

Nextdecade recorded an outflow of $997.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 35.7% from the same quarter a year earlier. Against the prior quarter it is up 22.5%.

Cash & Debt

$83.7M

YoY-47.2%

QoQ-41.5%

5Y CAGR+15.6%

10Y CAGR+93.5%

Nextdecade held $83.7M in cash against $10.4B in long-term debt as of Q2 2026.

Shares Outstanding

266M

YoY+1.6%

5Y CAGR+16.8%

10Y CAGR+33.2%

Nextdecade had 266M shares outstanding in Q2 2026. This represents an increase of 1.6% from the same quarter a year earlier.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

None of these metrics is reported for Q2 2026.

Capital Allocation

R&D Spending

$2.9M

YoY+128.4%

QoQ+33.0%

Nextdecade invested $2.9M in research and development in Q2 2026. This represents an increase of 128.4% from the same quarter a year earlier. Against the prior quarter it is up 33.0%.

Share Buybacks

YoY-100.0%

QoQ-100.0%

Nextdecade repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

Capital Expenditures

$980.7M

YoY+34.0%

QoQ-16.7%

5Y CAGR+216.3%

Nextdecade invested $980.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 34.0% from the same quarter a year earlier. Against the prior quarter it is down 16.7%.

NEXT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NEXT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
R&D Expenses	N/A	$8.0M-3.1%	$8.3M+68.9%	$4.9M+19.3%	$4.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$202.3M+34.8%	$150.1M+34.7%	$111.5M+127.1%	$49.1M	N/A	N/A	N/A	$35.2M+1.8%	$34.6M+373.3%	$7.3M+2.7%	$7.1M
Operating Income	N/A	-$225.9M-32.1%	-$171.1M-39.5%	-$122.7M-125.2%	-$54.5M-179.3%	-$19.5M+11.4%	-$22.0M+37.1%	-$35.0M+18.6%	-$43.0M-20.7%	-$35.6M-319.2%	-$8.5M-9.4%	-$7.8M
EBITDA	N/A	-$213.8M-35.0%	-$158.4M-36.1%	-$116.4M-114.2%	-$54.3M-181.1%	-$19.3M+11.4%	-$21.8M+37.2%	-$34.8M+18.9%	-$42.8M-20.6%	-$35.5M-322.9%	-$8.4M-9.2%	-$7.7M
Interest Expense	N/A	$170.0M+94.2%	$87.5M+74.1%	$50.3M	$0	N/A	N/A	N/A	N/A	N/A	$255K+238.3%	$75K
Income Tax	N/A	$0	N/A	N/A	$0	$0	$0	$0	$0	N/A	N/A	N/A
Net Income	N/A	-$306.4M-396.2%	-$61.8M+66.2%	-$182.7M-116.6%	-$84.4M-108.8%	-$40.4M-181.9%	-$14.3M+60.1%	-$35.9M+14.5%	-$42.0M-18.8%	-$35.3M-8026.6%	-$435K-65.2%	-$263K
EPS (Basic)	N/A	-$1.17-387.5%	-$0.24+74.5%	-$0.94-44.6%	-$0.65-91.2%	-$0.34	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$1.36	-$1.17-387.5%	-$0.24+74.5%	-$0.94-44.6%	-$0.65	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	262M+1.4%	259M+32.9%	195M+49.5%	130M+9.2%	119M+1.4%	118M+7.8%	109M+2.3%	107M+5.6%	101M	96M+73.3%	55M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$0	$0	N/A	$0	$0	$0	N/A	$0
R&D Expenses	$2.9M+128.4%	$2.1M+598.0%	N/A	$2.9M+20.7%	$1.2M-48.2%	$307K-87.8%	N/A	$2.4M+120.3%
SG&A Expenses	$30.3M-17.8%	$49.9M+11.1%	N/A	$66.1M+51.6%	$36.9M+8.8%	$44.9M+38.3%	N/A	$43.6M+35.7%
Operating Income	-$54.6M+3.0%	-$55.1M-6.2%	N/A	-$72.0M-46.4%	-$56.3M-42.3%	-$51.9M-36.2%	N/A	-$49.2M-37.2%
EBITDA	-$46.7M+16.5%	-$52.1M-6.8%	N/A	-$69.0M-50.0%	-$55.9M-53.9%	-$48.8M-39.3%	N/A	-$46.0M-28.5%
Interest Expense	$90.8M+187.0%	$79.2M+191.3%	N/A	$40.3M+153.2%	$31.6M+21.5%	$27.2M+6.8%	N/A	$15.9M-51.1%
Income Tax	$0	$0	N/A	N/A	$0	$0	N/A	$0
Net Income	-$60.2M+14.8%	-$195.0M+20.5%	N/A	-$184.8M+53.0%	-$70.6M-3165.6%	-$245.2M-231.3%	N/A	-$393.1M-316.2%
EPS (Basic)	-$0.25-8.7%	-$0.51-50.0%	-$0.18-172.0%	-$0.42+10.6%	-$0.23-76.9%	-$0.34-409.1%	$0.25+139.7%	-$0.47-197.9%
EPS (Diluted)	-$0.25-8.7%	-$0.51	-$0.18-172.0%	-$0.42	-$0.23-76.9%	-$0.34	$0.25+139.7%	-$0.47
Diluted Shares (Avg)	265M+1.7%	265M	N/A	263M	261M+1.2%	260M	N/A	259M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

NEXT Balance Sheet

NEXT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$12.4B+94.0%	$6.4B+92.7%	$3.3B+963.9%	$312.4M+40.7%	$222.1M+10.1%	$201.7M-8.8%	$221.2M+30.9%	$169.0M+45.6%	$116.1M+53.2%	$75.8M-35.7%	$117.8M
Current Assets	$718.0M+74.0%	$412.6M+31.2%	$314.5M+391.9%	$63.9M+142.3%	$26.4M+13.4%	$23.3M-70.5%	$78.8M+2.4%	$76.9M+79.5%	$42.9M+123.3%	$19.2M+5064.4%	$372K
Cash & Equivalents	$143.8M-2.9%	$148.1M+287.4%	$38.2M-39.1%	$62.8M+145.7%	$25.6M+13.0%	$22.6M+43.7%	$15.7M+396.6%	$3.2M-91.1%	$35.7M+185.1%	$12.5M-53.8%	$27.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0-100.0%	$62.2M-14.1%	$72.5M+1331.0%	$5.1M+1.3%	$5.0M	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$10.1B+68.0%	$6.0B+133.3%	$2.6B+901.1%	$258.1M+27.6%	$202.2M+43.2%	$141.2M+7.4%	$131.5M+53.3%	$85.8M+559.9%	$13.0M+69.3%	$7.7M-81.4%	$41.2M
Current Liabilities	$1.3B+124.5%	$595.1M+7.7%	$552.4M+2078.1%	$25.4M+208.3%	$8.2M+59.9%	$5.1M-76.1%	$21.5M+78.2%	$12.1M+44.0%	$8.4M+70.2%	$4.9M+28488.0%	$17K
Non-Current Liabilities	$8.8B+61.8%	$5.4B+167.4%	$2.0B+772.8%	$232.7M+20.0%	$194.0M+42.5%	$136.1M+23.8%	$109.9M+49.2%	$73.7M+1501.3%	$4.6M+67.7%	$2.7M-93.3%	$41.2M
Long-Term Debt	$8.5B+117.1%	$3.9B+115.8%	$1.8B	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$95.3M-74.8%	$377.6M+31.2%	$287.9M+429.6%	$54.4M+173.3%	$19.9M-67.1%	$60.4M-32.6%	$89.7M+7.8%	$83.2M-19.3%	$103.1M+51.4%	$68.1M-11.1%	$76.6M
Retained Earnings	-$760.0M-67.6%	-$453.5M-15.8%	-$391.8M-70.2%	-$230.1M-35.3%	-$170.1M-14.9%	-$148.0M-10.7%	-$133.7M-37.0%	-$97.6M-75.5%	-$55.6M-174.1%	-$20.3M-7571.2%	-$265K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$15.2B+93.3%	$13.2B+91.9%	$12.4B+94.0%	$10.0B+95.3%	$7.9B+65.3%	$6.9B+65.1%	$6.4B+92.7%	$5.1B+76.8%
Current Assets	$631.9M+32.5%	$487.5M+20.4%	$718.0M+74.0%	$764.8M+181.8%	$476.8M+112.8%	$404.8M+42.6%	$412.6M+31.2%	$271.4M-42.2%
Cash & Equivalents	$83.7M-47.2%	$143.1M+9.3%	$143.8M-2.9%	$209.4M+447.7%	$158.5M+315.6%	$130.9M+186.2%	$148.1M+287.4%	$38.2M-24.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$12.4B+62.9%	$10.9B+64.9%	$10.1B+68.0%	$8.0B+97.0%	$7.6B+118.6%	$6.6B+116.5%	$6.0B+133.3%	$4.1B+96.0%
Current Liabilities	$1.7B+147.5%	$1.2B+155.3%	$1.3B+124.5%	$1.2B+113.9%	$683.9M+36.9%	$475.7M-5.9%	$595.1M+7.7%	$558.3M+1.4%
Non-Current Liabilities	$10.7B+54.6%	$9.7B+57.9%	$8.8B+61.8%	$6.8B+94.3%	$6.9B+132.3%	$6.1B+140.8%	$5.4B+167.4%	$3.5B+130.0%
Long-Term Debt	$10.4B+101.5%	$9.4B+105.6%	$8.5B+117.1%	$6.6B+99.4%	$5.2B+82.5%	$4.5B+90.0%	$3.9B+115.8%	$3.3B+139.9%
Total Equity	-$57.3M-122.0%	-$30.7M-110.2%	$95.3M-74.8%	$154.5M-76.9%	$260.5M-33.9%	$302.5M-27.4%	$377.6M+31.2%	$669.8M+40.4%
Retained Earnings	-$961.8M-59.4%	-$896.4M-65.3%	-$760.0M-67.6%	-$712.7M-37.3%	-$603.2M-52.3%	-$542.3M-49.2%	-$453.5M-15.8%	-$519.2M-97.8%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

NEXT Cash Flow Statement

NEXT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Operating Cash Flow	-$224.7M	-$169.4M-77.2%	-$95.6M-29.8%	-$73.6M-83.7%	-$40.1M-123.1%	-$18.0M+31.6%	-$26.3M+35.5%	-$40.7M-74.8%	-$23.3M-81.5%	-$12.8M-78.4%	-$7.2M-15.5%	-$6.2M
Depreciation & Amortization	N/A	$12.1M-4.6%	$12.7M+101.4%	$6.3M+3794.4%	$162K-12.0%	$184K-6.1%	$196K-21.9%	$251K+46.8%	$171K+61.3%	$106K+6.0%	$100K+25.0%	$80K
Stock-Based Compensation	N/A	$39.2M+97.0%	$19.9M-25.0%	$26.6M+255.4%	$7.5M+273.2%	-$4.3M-1164.8%	-$341K+96.5%	-$9.6M-157.3%	$16.8M-25.8%	$22.7M	N/A	N/A
Capital Expenditures	$5.5B	$4.8B+88.8%	$2.6B+47.8%	$1.7B+5048.1%	$33.8M+178.8%	$12.1M-62.6%	$32.4M+59.3%	$20.3M+8.8%	$18.7M+25.8%	$14.8M-23.5%	$19.4M-41.6%	$33.2M
Free Cash Flow	-$5.7B	-$5.0B-88.3%	-$2.7B-47.0%	-$1.8B-2353.3%	-$73.8M-145.6%	-$30.1M+48.7%	-$58.6M+3.9%	-$61.0M-45.4%	-$41.9M-51.6%	-$27.7M-4.1%	-$26.6M+32.6%	-$39.4M
Investing Cash Flow	-$5.5B	-$4.9B-88.5%	-$2.6B-46.9%	-$1.8B-4186.8%	-$40.9M-120.6%	-$18.5M-200.1%	$18.5M+211.0%	-$16.7M+80.6%	-$86.2M-826.4%	$11.9M+148.6%	-$24.4M+26.5%	-$33.2M
Financing Cash Flow	$5.8B	$5.3B+92.8%	$2.8B+34.5%	$2.1B+1641.2%	$118.2M+199.7%	$39.4M+170.0%	$14.6M-79.1%	$70.0M-9.0%	$76.9M+218.5%	$24.1M+40145.0%	$60K-99.9%	$83.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.0M
Share Buybacks	$16.9M	$16.9M+152.8%	$6.7M-30.4%	$9.6M+194.2%	$3.3M+1052.1%	$284K-17.9%	$346K-46.8%	$650K+1757.1%	$35K	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$17.2M-341.0%	-$110.8M-61.0%	-$20.7M-132.0%	-$76.0M-19.1%	-$3.9M-165.1%	-$68.8M-138.8%	-$8.9M+57.6%	-$63.8M-458.9%
Depreciation & Amortization	$7.9M+1909.4%	$3.0M-3.7%	$3.0M-5.7%	$3.0M-6.1%	$393K-87.8%	$3.1M+1.5%	$3.2M	$3.2M+7452.4%
Stock-Based Compensation	N/A	$5.4M-17.5%	N/A	$13.1M+162.0%	$7.2M+63.6%	$6.6M+48.7%	N/A	$5.0M-48.5%
Capital Expenditures	$980.7M+34.0%	$1.2B+52.8%	$2.0B+186.1%	$1.4B+168.7%	$731.6M+23.3%	$770.0M-0.6%	$694.6M-6.3%	$505.3M-46.4%
Free Cash Flow	-$997.9M-35.7%	-$1.3B-53.5%	-$2.0B-185.4%	-$1.4B-151.9%	-$735.5M-25.2%	-$838.8M-4.4%	-$703.5M+7.7%	-$569.2M+40.4%
Investing Cash Flow	-$1.0B-36.5%	-$1.2B-51.0%	-$2.0B-184.0%	-$1.3B-166.9%	-$751.9M-26.7%	-$779.4M+0.2%	-$694.6M+6.4%	-$505.3M+47.0%
Financing Cash Flow	$1.1B+30.4%	$1.0B+24.2%	$2.0B+135.5%	$1.7B+171.0%	$826.7M+53.3%	$841.6M+9.8%	$830.5M+35.7%	$631.9M-53.9%
Share Buybacks	$0-100.0%	$18K-63.3%	$1.4M+1007.2%	$15.5M+140.8%	$42K-28.8%	$49K-47.9%	$125K+525.0%	$6.4M-32.6%

Not reported in any period shown, so not listed: Dividends Paid.

NEXT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NEXT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Return on Equity	-321.4%-305.1pp	-16.4%+47.1pp	-63.5%+91.7pp	-155.1%+47.9pp	-203.1%-179.4pp	-23.7%+16.3pp	-40.0%+10.4pp	-50.4%-16.1pp	-34.3%-33.6pp	-0.6%-0.3pp	-0.3%
Return on Assets	-2.5%-1.5pp	-1.0%+4.5pp	-5.5%+21.5pp	-27.0%-8.8pp	-18.2%-11.1pp	-7.1%+9.1pp	-16.2%+8.6pp	-24.8%+5.6pp	-30.4%-29.9pp	-0.6%-0.4pp	-0.2%
Current Ratio	0.54-0.2x	0.69+0.1x	0.57-2.0x	2.52-0.7x	3.21-1.3x	4.53+0.9x	3.66-2.7x	6.36+1.3x	5.10+1.2x	3.89-17.6x	21.54
Debt-to-Equity	89.27+78.9x	10.38+4.1x	6.31+6.3x	0.00-10.2x	10.17+7.8x	2.34+0.9x	1.47+0.4x	1.03+0.9x	0.130.0x	0.11-0.4x	0.54
Asset Turnover	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	N/A	N/A	N/A	-119.6%-60.9pp	-27.1%-27.7pp	-81.1%-125.9pp	N/A	-58.7%-96.8pp
Return on Assets	-0.4%+0.5pp	-1.5%+2.1pp	N/A	-1.8%+5.8pp	-0.9%-0.9pp	-3.6%-8.0pp	N/A	-7.7%-13.9pp
Current Ratio	0.37-0.3x	0.40-0.4x	0.54-0.2x	0.64+0.2x	0.70+0.2x	0.85+0.3x	0.69+0.1x	0.49-0.4x
Debt-to-Equity	N/A	N/A	89.27+78.9x	42.78+37.8x	19.85+12.7x	15.04+9.3x	10.38+4.1x	4.95+2.1x
Asset Turnover	0.000.0x	0.000.0x	N/A	0.000.0x	0.000.0x	0.000.0x	N/A	0.000.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

Note: The current ratio is below 1.0 (0.54), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Nextdecade NEXT	FY2025	$0	-$306.4M	N/A	$2.0B	—
Solaris Energy Infrastructure Inc SEI	FY2025	$622.2M	$30.2M	4.9%	$4.2B	66/100
Oceaneering Intl OII	FY2025	$2.8B	$353.8M	12.7%	$5.0B	69/100
Kodiak Gas Services Inc KGS	FY2025	$1.3B	$80.5M	6.2%	$6.5B	58/100
Usa Compression Partners Lp USAC	FY2025	$998.1M	$111.3M	11.2%	$4.0B	63/100
Cactus WHD	FY2025	$1.1B	$166.0M	15.4%	$4.8B	66/100

Where Nextdecade Ranks

Frequently Asked Questions

What is Nextdecade's annual revenue?

Nextdecade (NEXT) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Nextdecade profitable?

No, Nextdecade (NEXT) reported a net income of -$306.4M in fiscal year 2025.

What is Nextdecade's EBITDA?

Nextdecade (NEXT) had EBITDA of -$213.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Nextdecade have?

As of fiscal year 2025, Nextdecade (NEXT) had $143.8M in cash and equivalents against $8.5B in long-term debt.

What is Nextdecade's return on equity (ROE)?

Nextdecade (NEXT) has a return on equity of -321.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nextdecade's free cash flow?

Nextdecade (NEXT) recorded an outflow of $5.0B in free cash flow during fiscal year 2025. This represents a -88.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Nextdecade's operating cash flow?

Nextdecade (NEXT) recorded an outflow of $169.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Nextdecade's total assets?

Nextdecade (NEXT) had $12.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nextdecade's capital expenditures?

Nextdecade (NEXT) invested $4.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Nextdecade spend on research and development?

Nextdecade (NEXT) invested $8.0M in research and development during fiscal year 2025.

Does Nextdecade buy back shares?

Yes, Nextdecade (NEXT) spent $16.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Nextdecade have outstanding?

Nextdecade (NEXT) had 265M shares outstanding as of fiscal year 2025.

What is Nextdecade's current ratio?

Nextdecade (NEXT) had a current ratio of 0.54 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Nextdecade's debt-to-equity ratio?

Nextdecade (NEXT) had a debt-to-equity ratio of 89.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nextdecade's return on assets (ROA)?

Nextdecade (NEXT) had a return on assets of -2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nextdecade's P/E ratio?

Nextdecade (NEXT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $2.0B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Nextdecade's price-to-sales ratio?

Nextdecade (NEXT) has no price-to-sales ratio at the moment: revenue is not positive (FY2025). The market capitalization is $2.0B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Nextdecade's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Nextdecade (NEXT) held $143.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $169.4M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Nextdecade's Altman Z-Score?

Nextdecade (NEXT) has an Altman Z-Score of -0.09, 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 Nextdecade's Piotroski F-Score?

Nextdecade (NEXT) has a Piotroski F-Score of 1 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 Nextdecade's earnings high quality?

Nextdecade (NEXT) reported a net loss of $306.4M while operations used $169.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Nextdecade cover its interest payments?

Nextdecade (NEXT) reported an operating loss of $225.9M against $170.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.