New Fortress Energy Financials
This page shows New Fortress Energy (NFE) 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).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
New Fortress Energy has an operating margin of 22.8%, meaning the company retains $23 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 39.1% the prior year.
New Fortress Energy's revenue declined 2% year-over-year, from $2.4B to $2.4B. This contraction results in a growth score of 23/100.
New Fortress Energy has elevated debt relative to equity (D/E of 4.45), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
New Fortress Energy's current ratio of 0.94 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.
While New Fortress Energy generated $586.7M in operating cash flow, capex of $2.6B consumed most of it, leaving -$2.0B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
New Fortress Energy scores 0.35, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
New Fortress Energy passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, New Fortress Energy generates $-2.42 in operating cash flow ($586.7M OCF vs -$242.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
New Fortress Energy earns $1.6 in operating income for every $1 of interest expense ($538.6M vs $328.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
New Fortress Energy generated $2.4B in revenue in fiscal year 2024. This represents a decrease of 2.0% from the prior year.
New Fortress Energy's EBITDA was $701.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 37.9% from the prior year.
New Fortress Energy generated -$2.0B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 7.7% from the prior year.
New Fortress Energy reported -$242.4M in net income in fiscal year 2024. This represents a decrease of 144.2% from the prior year.
New Fortress Energy earned $-1.25 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 147.2% from the prior year.
New Fortress Energy held $492.9M in cash against $8.4B in long-term debt as of fiscal year 2024.
New Fortress Energy had 267M shares outstanding in fiscal year 2024. This represents an increase of 30.0% from the prior year.
New Fortress Energy's gross margin was 55.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 8.7 percentage points from the prior year.
New Fortress Energy's operating margin was 22.8% in fiscal year 2024, reflecting core business profitability. This is down 16.3 percentage points from the prior year.
New Fortress Energy's net profit margin was -10.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 33.0 percentage points from the prior year.
New Fortress Energy invested $2.6B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 13.5% from the prior year.
NFE Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $327.4M+8.5% | $301.7M-35.9% | $470.5M-30.7% | $679.0M+58.6% | $428.0M-38.0% | $690.3M-9.0% | $758.4M+47.4% | $514.5M |
| Cost of Revenue | $196.9M-5.7% | $208.9M-30.9% | $302.4M+4.8% | $288.4M+30.0% | $221.9M-3.2% | $229.1M-16.6% | $274.8M+43.2% | $191.9M |
| Gross Profit | $130.5M+40.5% | $92.8M-44.8% | $168.2M-56.9% | $390.6M+89.5% | $206.1M-55.3% | $461.2M-4.6% | $483.5M+49.9% | $322.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $86.0M+50.3% | $57.3M-3.4% | $59.3M-4.1% | $61.8M-12.4% | $70.6M-0.2% | $70.8M+47.2% | $48.1M-2.1% | $49.1M |
| Operating Income | -$103.6M+73.3% | -$387.3M-1996.0% | -$18.5M-108.0% | $230.3M+419.5% | $44.3M-76.0% | $184.5M-44.9% | $334.9M+123.9% | $149.6M |
| Interest Expense | $210.6M+2.0% | $206.4M-3.4% | $213.7M+114.7% | $99.5M+23.8% | $80.4M+3.9% | $77.3M+0.5% | $77.0M+18.7% | $64.8M |
| Income Tax | $8.2M+952.8% | -$967K-103.4% | $28.7M-30.9% | $41.5M+1108.1% | $3.4M-84.1% | $21.6M-53.0% | $46.0M+82.7% | $25.2M |
| Net Income | -$293.4M+47.3% | -$556.8M-182.1% | -$197.4M+9.0% | -$216.9M-144.1% | -$88.9M-264.3% | $54.1M-75.1% | $217.2M+254.8% | $61.2M |
| EPS (Diluted) | $-1.07+47.0% | $-2.02-176.7% | $-0.73+33.6% | $-1.10-150.0% | $-0.44-269.2% | $0.26-75.5% | $1.06+253.3% | $0.30 |
NFE Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.9B-0.4% | $12.0B-8.2% | $13.0B+1.2% | $12.9B+12.8% | $11.4B+4.9% | $10.9B+3.6% | $10.5B+7.2% | $9.8B |
| Current Assets | $1.3B-10.0% | $1.5B+0.6% | $1.5B-8.5% | $1.6B+43.2% | $1.1B+8.2% | $1.0B+6.0% | $980.0M+13.1% | $866.2M |
| Cash & Equivalents | $145.2M-73.6% | $551.1M+23.1% | $447.9M-9.1% | $492.9M+270.7% | $133.0M-7.3% | $143.5M-7.7% | $155.4M-9.3% | $171.3M |
| Inventory | $109.3M+47.7% | $74.0M+11.0% | $66.7M-35.4% | $103.2M-27.2% | $141.7M-24.0% | $186.6M+64.1% | $113.7M+10.0% | $103.3M |
| Accounts Receivable | $419.8M+55.8% | $269.4M-1.4% | $273.1M-18.7% | $335.8M-17.4% | $406.8M+21.3% | $335.3M-2.1% | $342.4M-5.1% | $360.8M |
| Goodwill | $15.9M0.0% | $15.9M-97.3% | $594.3M-22.5% | $766.4M-1.3% | $776.8M0.0% | $776.8M0.0% | $776.8M0.0% | $776.8M |
| Total Liabilities | $10.8B+2.1% | $10.6B-5.0% | $11.1B+3.1% | $10.8B+12.0% | $9.6B+7.1% | $9.0B+3.0% | $8.7B+6.2% | $8.2B |
| Current Liabilities | $8.0B+261.3% | $2.2B+49.4% | $1.5B-13.7% | $1.7B+9.1% | $1.6B-0.1% | $1.6B-8.2% | $1.7B-10.7% | $1.9B |
| Long-Term Debt | $2.3B-70.1% | $7.8B-12.6% | $8.9B+6.9% | $8.4B+13.0% | $7.4B+9.8% | $6.7B+3.4% | $6.5B+10.4% | $5.9B |
| Total Equity | $995.4M-19.1% | $1.2B-29.7% | $1.7B-6.8% | $1.9B+20.3% | $1.6B-6.7% | $1.7B+1.9% | $1.6B+14.2% | $1.4B |
| Retained Earnings | -$858.1M-53.7% | -$558.4M-14727.3% | -$3.8M-101.9% | $196.4M-56.4% | $450.9M-19.7% | $561.4M+6.3% | $528.0M+59.4% | $331.3M |
NFE Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$191.0M+45.8% | -$352.5M-1011.7% | -$31.7M-107.2% | $440.5M+374.1% | $92.9M+32.6% | $70.0M-75.6% | $287.6M+763.4% | $33.3M |
| Capital Expenditures | $105.7M-66.2% | $312.3M-8.3% | $340.5M-59.5% | $840.0M+26.7% | $662.9M-3.0% | $683.4M-18.5% | $838.2M+15.5% | $726.0M |
| Free Cash Flow | -$296.7M+55.4% | -$664.8M-78.6% | -$372.2M+6.8% | -$399.4M+29.9% | -$570.0M+7.1% | -$613.4M-11.4% | -$550.7M+20.5% | -$692.7M |
| Investing Cash Flow | -$105.8M-116.6% | $637.4M+289.7% | -$335.9M+56.2% | -$766.1M-15.6% | -$662.9M-201.6% | -$219.8M+73.8% | -$838.6M-20.1% | -$698.5M |
| Financing Cash Flow | -$143.8M+54.3% | -$314.9M-254.0% | $204.5M-81.8% | $1.1B+94.4% | $578.1M+266.8% | $157.6M-73.9% | $604.9M-13.8% | $701.5M |
| Dividends Paid | $5K+101.1% | -$446K-112.9% | $3.5M-13.2% | $4.0M-82.9% | $23.4M-27.7% | $32.3M+37.4% | $23.5M0.0% | $23.5M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NFE Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.9%+9.1pp | 30.8%-5.0pp | 35.7%-21.8pp | 57.5%+9.4pp | 48.2%-18.7pp | 66.8%+3.1pp | 63.8%+1.1pp | 62.7% |
| Operating Margin | -31.6%+96.8pp | -128.4%-124.5pp | -3.9%-37.8pp | 33.9%+23.6pp | 10.4%-16.4pp | 26.7%-17.4pp | 44.2%+15.1pp | 29.1% |
| Net Margin | -89.6%+95.0pp | -184.6%-142.6pp | -41.9%-10.0pp | -31.9%-11.2pp | -20.8%-28.6pp | 7.8%-20.8pp | 28.6%+16.7pp | 11.9% |
| Return on Equity | N/A | N/A | N/A | 0.6% | N/A | 3.2%-10.0pp | 13.2%+9.0pp | 4.3% |
| Return on Assets | -2.5%+2.2pp | -4.7%-3.1pp | -1.5%+0.2pp | -1.7%-0.9pp | -0.8%-1.3pp | 0.5%-1.6pp | 2.1%+1.4pp | 0.6% |
| Current Ratio | 0.17-0.5 | 0.67-0.3 | 1.00+0.1 | 0.94+0.2 | 0.72+0.1 | 0.66+0.1 | 0.57+0.1 | 0.45 |
| Debt-to-Equity | 2.35-4.0 | 6.35+1.2 | 5.11+0.7 | 4.45-0.3 | 4.74+0.7 | 4.03+0.1 | 3.97-0.1 | 4.11 |
| FCF Margin | -90.6%+129.7pp | -220.3%-141.3pp | -79.1%-20.3pp | -58.8%+74.4pp | -133.2%-44.3pp | -88.9%-16.2pp | -72.6%+62.0pp | -134.6% |
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is New Fortress Energy's annual revenue?
New Fortress Energy (NFE) reported $2.4B in total revenue for fiscal year 2024. This represents a -2.0% 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 New Fortress Energy's revenue growing?
New Fortress Energy (NFE) revenue declined by 2% year-over-year, from $2.4B to $2.4B in fiscal year 2024.
Is New Fortress Energy profitable?
No, New Fortress Energy (NFE) reported a net income of -$242.4M in fiscal year 2024, with a net profit margin of -10.3%.
What is New Fortress Energy's earnings per share (EPS)?
New Fortress Energy (NFE) reported diluted earnings per share of $-1.25 for fiscal year 2024. This represents a -147.2% 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 New Fortress Energy's EBITDA?
New Fortress Energy (NFE) had EBITDA of $701.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does New Fortress Energy have?
As of fiscal year 2024, New Fortress Energy (NFE) had $492.9M in cash and equivalents against $8.4B in long-term debt.
What is New Fortress Energy's gross margin?
New Fortress Energy (NFE) had a gross margin of 55.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is New Fortress Energy's operating margin?
New Fortress Energy (NFE) had an operating margin of 22.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is New Fortress Energy's net profit margin?
New Fortress Energy (NFE) had a net profit margin of -10.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is New Fortress Energy's free cash flow?
New Fortress Energy (NFE) generated -$2.0B in free cash flow during fiscal year 2024. This represents a 7.7% 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 New Fortress Energy's operating cash flow?
New Fortress Energy (NFE) generated $586.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are New Fortress Energy's total assets?
New Fortress Energy (NFE) had $12.9B in total assets as of fiscal year 2024, including both current and long-term assets.
What are New Fortress Energy's capital expenditures?
New Fortress Energy (NFE) invested $2.6B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does New Fortress Energy have outstanding?
New Fortress Energy (NFE) had 267M shares outstanding as of fiscal year 2024.
What is New Fortress Energy's current ratio?
New Fortress Energy (NFE) had a current ratio of 0.94 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is New Fortress Energy's debt-to-equity ratio?
New Fortress Energy (NFE) had a debt-to-equity ratio of 4.45 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is New Fortress Energy's return on assets (ROA)?
New Fortress Energy (NFE) had a return on assets of -1.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is New Fortress Energy's Altman Z-Score?
New Fortress Energy (NFE) has an Altman Z-Score of 0.35, 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 New Fortress Energy's Piotroski F-Score?
New Fortress Energy (NFE) has a Piotroski F-Score of 3 out of 9, indicating weak 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 New Fortress Energy's earnings high quality?
New Fortress Energy (NFE) has an earnings quality ratio of -2.42x, considered mixed 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 New Fortress Energy cover its interest payments?
New Fortress Energy (NFE) has an interest coverage ratio of 1.6x, 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 New Fortress Energy?
New Fortress Energy (NFE) scores 28 out of 100 on our Financial Profile, indicating weak 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.