Latest Ratios: P/E Ratio 21.7x · EV/EBITDA 12.0x · ROE 9.8%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.3B | $1.2B | $1.6B | $1.7B | $1.3B | $475M | $591M | $601M | — | — |
| Enterprise Value | $3.0B | $2.8B | $2.6B | $3.0B | $3.1B | $2.7B | $1.8B | $1.2B | $1.0B | — | — |
| P/E Ratio → | 21.67 | 18.08 | 10.52 | 13.09 | 9.31 | 7.73 | 58.33 | 35.16 | 51.03 | — | — |
| P/S Ratio | 4.65 | 3.88 | 3.48 | 4.23 | 5.03 | 3.65 | 2.89 | 4.93 | 7.78 | — | — |
| P/B Ratio | 2.25 | 1.88 | 1.54 | 1.85 | 1.93 | 1.41 | 0.57 | 0.70 | 0.73 | — | — |
| P/FCF | 12.00 | 10.01 | 6.78 | 8.96 | 8.38 | — | — | — | — | — | — |
| P/OCF | 12.00 | 10.01 | 6.78 | 8.96 | 8.38 | 5.83 | 5.32 | 11.48 | 16.82 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.91 | 7.33 | 8.01 | 9.00 | 7.83 | 10.77 | 10.37 | 12.96 | — | — |
| EV / EBITDA | 11.96 | 10.89 | 9.56 | 10.22 | 11.48 | 9.93 | 15.08 | 14.85 | 21.56 | — | — |
| EV / EBIT | 17.17 | 16.42 | 11.69 | 12.98 | 11.83 | 12.31 | 35.42 | 24.37 | 33.87 | — | — |
| EV / FCF | — | 20.39 | 14.29 | 16.97 | 15.00 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.9% | 52.9% | 58.3% | 61.4% | 60.3% | 60.9% | 49.8% | 52.1% | 43.6% | -37.5% | — |
| Operating Margin | 50.6% | 50.6% | 55.5% | 58.5% | 57.7% | 58.6% | 46.0% | 45.9% | 37.6% | -46.2% | — |
| Net Profit Margin | 21.5% | 21.5% | 33.0% | 32.4% | 54.0% | 47.2% | 4.9% | 14.1% | 15.3% | -38.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | 14.2% | 13.7% | 20.9% | 18.8% | 1.0% | 2.0% | 1.7% | -2.9% | -0.9% |
| ROA | 2.8% | 2.8% | 4.4% | 4.5% | 7.2% | 6.7% | 0.4% | 1.2% | 1.2% | -2.3% | -0.8% |
| ROIC | 6.1% | 6.1% | 6.7% | 7.2% | 6.5% | 6.8% | 3.1% | 3.0% | 2.3% | -2.1% | -0.5% |
| ROCE | 7.1% | 7.1% | 7.8% | 8.5% | 8.1% | 8.7% | 4.0% | 3.9% | 3.0% | -2.8% | -0.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.57 | 2.57 | 2.24 | 2.14 | 1.89 | 1.84 | 1.71 | 0.93 | 0.55 | 0.31 | 0.03 |
| Debt / EBITDA | 7.32 | 7.32 | 6.62 | 6.24 | 6.28 | 6.05 | 12.13 | 9.33 | 9.80 | — | — |
| Net Debt / Equity | — | 1.95 | 1.70 | 1.65 | 1.52 | 1.62 | 1.55 | 0.78 | 0.48 | 0.29 | 0.03 |
| Net Debt / EBITDA | 5.55 | 5.55 | 5.02 | 4.82 | 5.07 | 5.30 | 11.03 | 7.79 | 8.62 | — | — |
| Debt / FCF | — | 10.39 | 7.51 | 8.01 | 6.62 | — | — | — | — | — | — |
| Interest Coverage | 1.81 | 1.81 | 2.12 | 2.10 | 3.46 | 3.89 | 1.20 | 1.51 | 1.66 | -43.41 | -4.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.03 | 3.03 | 2.99 | 2.89 | 2.31 | 1.71 | 1.20 | 2.49 | 1.70 | 3.99 | 1.39 |
| Quick Ratio | 2.98 | 2.98 | 2.96 | 2.86 | 2.28 | 1.66 | 1.17 | 2.45 | 1.68 | 3.75 | 1.39 |
| Cash Ratio | 2.70 | 2.70 | 2.75 | 2.68 | 2.17 | 1.52 | 0.98 | 2.23 | 1.55 | 2.26 | 1.21 |
| Asset Turnover | — | 0.13 | 0.13 | 0.14 | 0.13 | 0.13 | 0.07 | 0.07 | 0.06 | 0.04 | — |
| Inventory Turnover | 18.20 | 18.20 | 30.84 | 28.17 | 26.27 | 20.83 | 22.58 | 21.39 | 47.62 | 35.10 | — |
| Days Sales Outstanding | — | 0.36 | 1.44 | 19.60 | 5.10 | 5.60 | 8.99 | 16.51 | 18.41 | 6.49 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.0% | 12.0% | 13.0% | 9.2% | 10.6% | 7.9% | 2.3% | 0.9% | — | — | — |
| Payout Ratio | 216.9% | 216.9% | 137.4% | 120.8% | 99.0% | 61.0% | 133.5% | 31.9% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 5.5% | 9.5% | 7.6% | 10.7% | 12.9% | 1.7% | 2.8% | 2.0% | — | — |
| FCF Yield | 8.3% | 10.0% | 14.7% | 11.2% | 11.9% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% | 0.3% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 10.0% | 12.0% | 13.0% | 9.2% | 10.6% | 8.5% | 2.6% | 0.9% | 0.0% | — | — |
| Shares Outstanding | — | $54M | $54M | $54M | $54M | $53M | $54M | $54M | $41M | $31M | $13M |
Dividend Coverage Sustainability Risk
According to current market data, FLNG trades at a P/E of 21.36, which appears elevated relative to its contracting top-line performance and suggests that investors are pricing in a recovery that is not yet supported by the most recent quarterly financial results.
The forward P/E of 13.36 implies an expectation of earnings stabilization, yet this valuation remains difficult to justify given the persistent revenue contraction observed over the last several quarters. Investors should monitor whether this premium reflects a mispricing of the company's infrastructure-like qualities or an overestimation of its ability to maintain historical margins in a softening charter market.
As reported in financial statements, the company's gross margin has eroded from 61.5% in 2023Q4 to 45.7% in 2026Q1, indicating that rising vessel operating costs are significantly outpacing the revenue generated by the fleet's modern 2-stroke propulsion assets.
The narrowing gap between gross and operating margins suggests that the company's lean corporate structure is being tested by inflationary pressures in crewing and maintenance. This trend warrants further investigation into whether these cost increases are structural or merely a temporary byproduct of the current charter transition cycle.
Based on reported figures, ROIC has trended downward to 1.2% in 2026Q1 from 1.9% in 2023Q4, signaling that the company is struggling to generate adequate returns on its high-value maritime asset base amidst a period of stagnant asset growth.
The decline in ROIC suggests that the capital-intensive nature of the fleet is becoming a drag on performance as revenue growth stalls. This decay in efficiency implies that the company may need to re-evaluate its capital allocation strategy if it intends to sustain its current dividend profile without further eroding its equity base.
According to recent SEC filings, the debt-to-equity ratio has climbed to 2.61 in 2026Q1, a notable increase from 2.14 in 2023Q4, which suggests that the firm is increasingly reliant on debt financing to support its ongoing operations and capital distribution requirements.
The rising leverage, combined with an interest coverage ratio that has fallen to 1.70, indicates that debt service is becoming less comfortable for the company. Investors should monitor this trend closely, as the current trajectory of debt accumulation appears inconsistent with the company's historical financial stability.
The 10.2% dividend yield is frequently misapplied as a measure of safety, when in reality, the company's reliance on cash reserves to fund payouts—given the recent shortfall in operating cash flow—suggests that the current distribution level may be unsustainable.
Investors often focus on the headline yield without adjusting for the divergence between net income and operating cash flow, which obscures the underlying risk to capital preservation. A more appropriate metric for this business model would be the dividend payout ratio relative to free cash flow, which currently highlights a significant and growing sustainability risk.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying FLNG stock.
FLEX LNG Ltd.'s current P/E ratio is 21.7x. The historical average is 25.4x. This places it at the 63th percentile of its historical range.
FLEX LNG Ltd.'s current EV/EBITDA is 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
FLEX LNG Ltd.'s return on equity (ROE) is 9.8%. The historical average is 1.0%.
Based on historical data, FLEX LNG Ltd. is trading at a P/E of 21.7x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FLEX LNG Ltd.'s current dividend yield is 10.03% with a payout ratio of 216.9%.
FLEX LNG Ltd. has 52.9% gross margin and 50.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
FLEX LNG Ltd.'s Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.