Latest Ratios: P/E Ratio -6.7x · EV/EBITDA N/A · ROE -15.1%. (2014–2025 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 | $2.1B | $1.4B | $2.0B | $928M | $643M | $340M | $246M | $670M | $575M | $840M | $46M |
| Enterprise Value | $10.6B | $9.9B | $5.9B | $2.9B | $582M | $315M | $223M | $655M | $572M | $804M | $46M |
| P/E Ratio → | -6.68 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.89 | 0.60 | 1.14 | 1.25 | 2.50 | 1.80 | 1.42 | 3.57 | 3.85 | 8.15 | 0.40 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 19.73 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -15.1% | -15.1% | -5.0% | -32.5% | -27.0% | -12.2% | -8.0% | -21.3% | -33.2% | -32.7% | -0.4% |
| ROA | -3.3% | -3.3% | -1.3% | -8.9% | -22.5% | -10.4% | -6.8% | -18.4% | -29.4% | -30.2% | -0.4% |
| ROIC | -2.1% | -2.1% | -3.1% | -6.4% | -22.8% | -9.3% | -10.2% | -16.5% | -30.2% | -29.6% | -0.5% |
| ROCE | -2.7% | -2.7% | -4.0% | -8.0% | -21.7% | -9.5% | -11.1% | -19.6% | -32.5% | -31.7% | -0.6% |
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 | 3.76 | 3.76 | 2.33 | 2.65 | 0.01 | 0.00 | 0.00 | 0.00 | — | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 3.70 | 2.25 | 2.60 | -0.24 | -0.13 | -0.13 | -0.08 | -0.02 | -0.35 | 0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.00 | -2.00 | 3.42 | -2.51 | -10.45 | — | — | — | — | — | — |
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 | 0.54 | 0.54 | 0.69 | 0.57 | 2.52 | 3.21 | 4.53 | 3.66 | 6.36 | 5.10 | 0.34 |
| Quick Ratio | 0.54 | 0.54 | 0.69 | 0.57 | 2.52 | 3.21 | 4.53 | 3.66 | 6.36 | 5.10 | 0.34 |
| Cash Ratio | 0.11 | 0.11 | 0.25 | 0.07 | 2.48 | 3.11 | 4.40 | 3.62 | 6.25 | 4.85 | 0.18 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.8% | 1.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.8% | 1.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $262M | $259M | $195M | $130M | $119M | $118M | $109M | $107M | $101M | $4M |
Construction and financing execution
As reported in recent financial statements, NEXT's ROIC has remained consistently negative, bottoming at -1.0% in 2023Q4 and hovering near -0.4% in 2026Q1, illustrating the inherent difficulty of generating returns on capital while the company's primary assets remain in the early stages of construction.
The persistent negative ROIC is a structural byproduct of the company's pre-revenue status, where massive capital outlays for the Rio Grande LNG facility are not yet matched by operational cash flows. Investors should monitor whether the eventual commissioning of liquefaction trains can pivot these returns into positive territory, as the current trend suggests a significant period of capital dilution before value creation can be realized.
Based on the company's reported figures, the debt-to-equity ratio has climbed to 4.01 as of 2026Q1, indicating a heavy reliance on external financing to fund the multi-billion dollar infrastructure buildout compared to historical levels that were significantly lower in previous fiscal periods.
This elevated leverage profile suggests that the company is highly sensitive to interest rate fluctuations and the availability of credit markets to sustain its construction timeline. The lack of operational cash flow to service this debt burden implies that the firm may face significant refinancing risks if project milestones are delayed or if the cost of capital remains persistently high.
According to the 2026Q1 data, the current ratio has compressed to 0.40, reflecting a significant liquidity mismatch where current liabilities far exceed available cash reserves, leaving the company with a limited buffer against unexpected operational shocks or construction cost overruns compared to more stable industry peers.
The decline in the current ratio from 0.85 in 2025Q1 to 0.40 in 2026Q1 highlights the aggressive depletion of liquid assets to meet EPC payment obligations. This trend warrants further investigation into the company's contingency funding plans, as the current liquidity position appears insufficient to absorb prolonged delays in the project's critical path.
Market participants often misapply P/E and EV/EBITDA multiples to NEXT, which obscures the reality that the company is currently a pre-revenue development entity rather than an operational energy producer, according to standard fundamental analysis of its current financial statements and lack of recurring income.
Using traditional valuation metrics for a company in the construction phase is misleading because it ignores the massive, non-cash depreciation and interest capitalization that distort earnings. Analysts should instead focus on project-level NPV and the progress of EPC milestones, as these are the true drivers of value for a firm that has yet to generate a single dollar of operational revenue.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying NEXT stock.
NextDecade Corporation's current P/E ratio is -6.7x. This places it at the 50th percentile of its historical range.
NextDecade Corporation's return on equity (ROE) is -15.1%. The historical average is -17.1%.
Based on historical data, NextDecade Corporation is trading at a P/E of -6.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.