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FLEX LNG Ltd.

FLEX LNG Ltd.

NYSE•FLNG
CEO: Mr. Oystein M. Kalleklev
Sector: Energy
Industry: Oil & Gas Midstream
Listing Date: 2019-06-17
FLEX LNG Ltd., together with its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. The company owns and operates vessels with M-type electronically controlled gas injection LNG carriers; and vessels with generation X dual fuel propulsion systems. FLEX LNG Ltd. was incorporated in 2006 and is based in Hamilton, Bermuda.
Contact Information
Par-La-Ville Place, 14 Par-La-Ville Road, Hamilton, HM08, Bermuda
441-295-6935
www.flexlng.com
Market Cap
$1.43B
P/E (TTM)
14.5
19.7
Dividend Yield
11.4%
52W High
$27.67
52W Low
$19.46
52W Range
85%
Rank47Top 61.9%
3.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$85.68M-5.31%
4-Quarter Trend

EPS

$0.31-3.13%
4-Quarter Trend

FCF

$37.24M-22.68%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Net Income Slight Dip Net income reached $117.7M USD in 2024, a minor decrease from $120.0M USD in 2023, despite lower drydocking costs.
Cash Position Strengthens Cash, equivalents, and restricted cash increased by $26.7M USD, ending at $437.2M USD on December 31, 2024, showing strong liquidity.
Lower Drydock Expenditure Drydock expenditure decreased significantly to $12.6M USD in 2024 compared to $20.7M USD spent in 2023 across the fleet operations.
TCE Rate Decline Noted Time Charter Equivalent rate fell to $74,927 USD per day in 2024 from $79,461 USD per day in 2023, reflecting market softness.

Risk Factors

Charter Rate Volatility Risk LNG shipping market is cyclical; charter rates declined, impacting revenue and potentially causing asset value impairment charges.
High Leverage Exposure Total debt stands at $1.82B USD, increasing default risk if covenants like minimum equity ratio or liquidity are breached.
Regulatory Compliance Costs New EU ETS and climate regulations may increase compliance costs and operational expenses significantly for the entire fleet.
Geopolitical Shipping Disruptions Ongoing global conflicts create risks for shipping routes, potentially increasing costs, causing delays, and affecting customer relationships.

Outlook

NYSE Single Listing Focus Board initiated voluntary delisting application from Oslo Stock Exchange to streamline operations and lower regulatory compliance costs.
Fleet Growth Strategy Long-term plan involves fleet renewal and growth through selective acquisitions, contingent on favorable financing availability and covenant compliance.
Long-Term Charter Secured *Flex Constellation* secured new 15-year time charter commencing Q1/Q2 2026, ensuring future revenue visibility beyond 2041.
Liquidity Sufficiency Expected Cash flow projections suggest sufficiency to meet existing liquidity requirements for at least the next 12 months from the report date.

Peer Comparison

Revenue (TTM)

World Kinect CorporationWKC
$37.63B
-15.3%
DNOW Inc.DNOW
$2.43B
+3.2%
Enerflex Ltd.EFXT
$2.17B
-1.7%

Gross Margin (Latest Quarter)

Dorian LPG Ltd.LPG
70.6%
+28.3pp
Navigator Holdings Ltd.NVGS
54.7%
+24.1pp
FLEX LNG Ltd.FLNG
51.2%
-7.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
EFXT$2.02B18.512.4%25.3%
XPRO$1.84B26.74.6%8.2%
INVX$1.74B17.110.2%6.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-2.0%
Flat Growth
4Q Net Income CAGR
-28.1%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 3, 2026
|
EPS:-
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 28, 2025|
    Revenue: $356.35M-4.0%
    |
    EPS: $2.19-2.2%
    Meet

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 5, 2024|
    Revenue: $371.02M+6.6%
    |
    EPS: $2.24-36.5%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Mar 10, 2023|
    Revenue: $347.92M+1.3%
    |
    EPS: $3.53+16.1%
    Beat

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Mar 17, 2022|
    Revenue: $343.45M+108.8%
    |
    EPS: $3.04+1926.7%
    Beat

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Mar 17, 2021|
    Revenue: $164.46M+37.1%
    |
    EPS: $0.15-51.6%
    Miss