Latest Ratios: P/E Ratio 77.7x · EV/EBITDA 36.4x · ROE 3.0%. (2000–2025 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 | $5.1B | $3.8B | $4.5B | $2.5B | $2.5B | $1.4B | $935M | $1.4B | $2.2B | $3.0B | $2.2B |
| Enterprise Value | $6.7B | $5.4B | $5.3B | $3.0B | $2.8B | $2.8B | $3.2B | $3.8B | $4.5B | $5.2B | $3.7B |
| P/E Ratio → | 77.68 | 57.25 | 88.17 | — | 3.67 | — | — | — | — | — | — |
| P/S Ratio | 13.06 | 9.58 | 17.11 | 8.21 | 9.24 | 5.22 | 2.13 | 3.19 | 5.09 | 20.89 | 26.85 |
| P/B Ratio | 2.47 | 1.82 | 1.88 | 0.94 | 0.85 | 0.62 | 0.57 | 0.82 | 1.20 | 1.67 | 1.14 |
| P/FCF | — | — | — | — | 78.63 | 54.68 | — | — | — | — | — |
| P/OCF | 11.99 | 8.79 | 14.00 | 18.12 | 8.28 | 5.70 | 6.34 | 13.43 | 18.78 | 63.62 | — |
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 | — | 13.60 | 20.54 | 10.04 | 10.42 | 10.61 | 7.24 | 8.37 | 10.54 | 36.19 | 46.50 |
| EV / EBITDA | 36.37 | 28.96 | 54.05 | 22.61 | 19.05 | 17.54 | 11.63 | 16.22 | 29.34 | — | — |
| EV / EBIT | 49.59 | 39.48 | 57.23 | 1028.15 | 2.72 | — | 37.27 | 136.19 | 49.64 | — | — |
| EV / FCF | — | — | — | — | 88.65 | 111.12 | — | — | — | — | — |
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 | 46.9% | 46.9% | 32.7% | 51.9% | 52.6% | 53.7% | 47.7% | 39.1% | 31.2% | -35.0% | -116.4% |
| Operating Margin | 34.4% | 34.4% | 17.4% | 27.5% | 35.4% | 39.2% | 37.6% | 26.4% | 14.2% | -70.1% | -173.7% |
| Net Profit Margin | 16.7% | 16.7% | 19.5% | -15.7% | 252.0% | -61.9% | -62.4% | -47.2% | -53.7% | -125.2% | -232.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.0% | 3.0% | 2.0% | -1.7% | 26.6% | -8.5% | -16.2% | -11.9% | -12.8% | -9.8% | -9.9% |
| ROA | 1.4% | 1.4% | 1.2% | -1.1% | 14.6% | -3.5% | -6.1% | -4.5% | -4.8% | -4.0% | -4.3% |
| ROIC | 2.9% | 2.9% | 1.1% | 1.9% | 2.1% | 2.1% | 3.1% | 2.2% | 1.1% | -2.0% | -2.9% |
| ROCE | 3.3% | 3.3% | 1.3% | 2.2% | 2.5% | 3.0% | 5.2% | 3.4% | 1.8% | -3.1% | -4.2% |
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 | 1.33 | 1.33 | 0.62 | 0.47 | 0.41 | 0.75 | 1.45 | 1.45 | 1.41 | 1.34 | 0.96 |
| Debt / EBITDA | 14.92 | 14.92 | 14.75 | 9.24 | 8.16 | 10.38 | 8.67 | 11.00 | 16.58 | — | — |
| Net Debt / Equity | — | 0.77 | 0.38 | 0.21 | 0.11 | 0.64 | 1.37 | 1.33 | 1.29 | 1.22 | 0.84 |
| Net Debt / EBITDA | 8.56 | 8.56 | 9.02 | 4.11 | 2.15 | 8.91 | 8.20 | 10.04 | 15.18 | — | — |
| Debt / FCF | — | — | — | — | 10.03 | 56.44 | — | — | — | — | — |
| Interest Coverage | 4.12 | 4.12 | 18.12 | 1.47 | 34.88 | -0.67 | 1.13 | 0.30 | 0.90 | -0.92 | -2.52 |
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 | 2.55 | 2.55 | 0.88 | 1.49 | 3.04 | 0.71 | 0.46 | 0.26 | 0.65 | 0.29 | 0.72 |
| Quick Ratio | 2.55 | 2.55 | 0.88 | 1.49 | 3.04 | 0.71 | 0.45 | 0.26 | 0.64 | 0.29 | 0.72 |
| Cash Ratio | 2.12 | 2.12 | 0.67 | 1.24 | 2.66 | 0.55 | 0.11 | 0.15 | 0.22 | 0.13 | 0.22 |
| Asset Turnover | — | 0.07 | 0.06 | 0.07 | 0.06 | 0.05 | 0.10 | 0.10 | 0.09 | 0.03 | 0.02 |
| Inventory Turnover | — | — | 84.31 | 72.17 | 183.47 | 224.62 | 149.70 | 222.45 | 42.30 | 26.16 | 23.94 |
| Days Sales Outstanding | — | 190.68 | 129.62 | 77.26 | 76.51 | 49.02 | 31.66 | 26.40 | 63.02 | 65.81 | 36.82 |
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 | 6.0% | 8.1% | 2.3% | 3.2% | 2.2% | 2.4% | 2.8% | 4.5% | 2.0% | 0.7% | 2.5% |
| Payout Ratio | 465.7% | 465.7% | 204.8% | — | 8.2% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.7% | 1.1% | — | 27.3% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 1.3% | 1.8% | — | — | — | — | — |
| Buyback Yield | 2.8% | 3.8% | 0.3% | 2.5% | 1.0% | 1.8% | 1.8% | 1.3% | 0.0% | 0.0% | 0.4% |
| Total Shareholder Yield | 8.8% | 11.9% | 2.7% | 5.8% | 3.3% | 4.2% | 4.6% | 5.8% | 2.0% | 0.7% | 2.9% |
| Shares Outstanding | — | $101M | $105M | $107M | $109M | $110M | $97M | $101M | $101M | $101M | $94M |
Project execution and concentration
Based on current market data, GLNG trades at a trailing P/E of 76.55 and an EV/EBITDA of 35.97, suggesting that investors are pricing the company as a high-growth infrastructure utility rather than a traditional maritime shipping entity, despite the inherent volatility in its project-based earnings profile.
The elevated valuation multiples relative to pure-play shipping peers like Flex LNG indicate that the market is assigning a premium to the company's proprietary FLNG conversion technology. This pricing appears to reflect an expectation of long-term, stable tolling cash flows, though investors should monitor whether the current growth trajectory justifies such a significant departure from historical maritime valuation norms.
As reported in recent financial statements, GLNG's ROIC has remained modest at 1.3% in 2026Q1, reflecting the heavy capital intensity of the ongoing GoFLNG conversion program which temporarily suppresses returns on invested capital compared to the company's long-term potential once assets reach full operational maturity.
The low ROIC is a direct consequence of the massive upfront capital expenditure required to transform standard LNG carriers into specialized liquefaction vessels. While this efficiency appears weak in the short term, it may improve significantly as these assets transition from the construction phase to generating consistent, high-margin tolling revenue.
According to quarterly filings, GLNG's asset turnover remains low at 0.03, which is characteristic of a capital-intensive infrastructure model where the primary value driver is the long-term utilization of specialized marine assets rather than the rapid rotation of working capital or inventory-heavy operations.
The company's DSO of 142 days suggests a reliance on long-term, project-based payment cycles typical of large-scale energy infrastructure contracts. This extended cycle warrants further investigation into the credit quality of counterparties, as any disruption in these payment streams could impact the company's ability to fund ongoing vessel conversions.
Based on reported figures, GLNG maintains a debt-to-equity ratio of 1.27 as of 2026Q1, which appears manageable given the company's substantial cash reserves and the transition toward long-term, predictable tolling agreements that provide a more stable foundation for servicing debt than historical spot-market shipping revenues.
The increase in debt levels is clearly tied to the strategic funding of the FLNG conversion pipeline, which is a necessary trade-off for long-term growth. Investors should monitor the interest coverage ratio, which has shown volatility, to ensure that the company maintains sufficient headroom to navigate potential project delays or commodity price fluctuations.
The most commonly misapplied metric for GLNG is the P/E ratio, which fails to account for the significant non-cash charges and equity earnings from unconsolidated joint ventures that distort the company's reported bottom-line profitability and obscure the underlying cash-generating capacity of its FLNG infrastructure assets.
Analysts should prioritize cash-flow-based metrics or EV/EBITDA over P/E to better capture the true economic performance of the business. Relying on earnings-based multiples in this context may lead to an inaccurate assessment of the company's value, as it ignores the lumpy nature of project-based revenue recognition and the impact of complex corporate structures.
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Quick answers to the most common questions about buying GLNG stock.
Golar LNG Limited's current P/E ratio is 77.7x. The historical average is 32.6x. This places it at the 92th percentile of its historical range.
Golar LNG Limited's current EV/EBITDA is 36.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.6x.
Golar LNG Limited's return on equity (ROE) is 3.0%. The historical average is 6.3%.
Based on historical data, Golar LNG Limited is trading at a P/E of 77.7x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Golar LNG Limited's current dividend yield is 5.98% with a payout ratio of 465.7%.
Golar LNG Limited has 46.9% gross margin and 34.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Golar LNG Limited's Debt/EBITDA ratio is 14.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.