FLNG

MKT CAP:$2B

FLEX LNG Ltd.

Market Cap

$2B

Energy·Oil & Gas Midstream·🇧🇲 Bermuda·NYSE

Energy·Oil & Gas Midstream·🇧🇲·NYSE

Stock Price

$30.85+$6.18 (+25.05%)

Apr 17, 2026

Company Details

Flex LNG Ltd., through its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. As of February 16, 2022, it owned and operated nine M-type electronically controlled gas injection LNG carriers; and f...

CEO

Knut Traaholt

IPO Date

Jun 17, 2019

Website

www.flexlng.com

Key Metrics TTM

Revenue

$348M

-2.4% YoY

Net Income

$75M

EPS (Diluted)

$1.39

Free Cash Flow

$133M

Revenue / Share

$6.43

Gross Margin

52.9%

Operating Margin

50.6%

Net Margin

21.5%

FCF Margin

38.4%

P/S

4.8x

P/E

22.4x

Earnings Reports

FY 2025

Feb 27, 2026

$348M-2.4%EPS $1.38

Q4 2025

Feb 27, 2026

$88M-3.7%EPS $0.40

Q3 2025

Nov 12, 2025

$86M-5.3%EPS $0.31

Q2 2025

Aug 20, 2025

$86M+1.5%EPS $0.33

Q1 2025

May 21, 2025

$88M-2.0%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$75M	$41M	$38M
Q2 22	$84M	$50M	$48M
Q3 22	$91M	$55M	$53M
Q4 22	$98M	$63M	$61M
Q1 23	$92M	$59M	$55M
Q2 23	$87M	$50M	$48M
Q3 23	$95M	$58M	$56M
Q4 23	$97M	$60M	$58M
Q1 24	$90M	$54M	$52M
Q2 24	$85M	$47M	$44M
Q3 24	$90M	$53M	$51M
Q4 24	$91M	$53M	$50M
Q1 25	$88M	$50M	$47M
Q2 25	$86M	$46M	$44M
Q3 25	$86M	$44M	$42M
Q4 25	$88M	$44M	$43M

Valuation

Quarter	P/S	P/E
Q1 22	5.0x	9.8x
Q2 22	4.7x	8.3x
Q3 22	4.6x	7.7x
Q4 22	4.8x	8.9x
Q1 23	4.6x	11.2x
Q2 23	4.5x	11.7x
Q3 23	4.5x	11.8x
Q4 23	4.5x	13.9x
Q1 24	4.5x	12.2x
Q2 24	4.6x	14.0x
Q3 24	4.6x	18.2x
Q4 24	4.7x	14.2x
Q1 25	4.7x	16.2x
Q2 25	4.7x	16.9x
Q3 25	4.8x	17.0x
Q4 25	4.8x	22.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$42M	$42M
Q2 22	$52M	$52M
Q3 22	$72M	$72M
Q4 22	$53M	$53M
Q1 23	$31M	$26M
Q2 23	$41M	$41M
Q3 23	$46M	$46M
Q4 23	$54M	$54M
Q1 24	$35M	$35M
Q2 24	$47M	$47M
Q3 24	$48M	$48M
Q4 24	$52M	$52M
Q1 25	$40M	$40M
Q2 25	$27M	$27M
Q3 25	$37M	$37M
Q4 25	$29M	$29M

Capital Expenditures

Quarter	CapEx
Q1 22	$1.0K
Q2 22	$3.0K
Q3 22	$1.0K
Q4 22	$0
Q1 23	$5M
Q2 23	$2.0K
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$4.0K
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$4

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-8.2%	+8.1%
Q2 22	+27.8%	-1.1%
Q3 22	+11.6%	+8.7%
Q4 22	-14.5%	-1.0%
Q1 23	+24.0%	+3.5%
Q2 23	+3.1%	+7.8%
Q3 23	+3.6%	-0.2%
Q4 23	-0.7%	+7.0%
Q1 24	-2.4%	+2.2%
Q2 24	-2.3%	+4.4%
Q3 24	-4.3%	+1.6%
Q4 24	-6.5%	+3.9%
Q1 25	-2.0%	+7.5%
Q2 25	+1.5%	+4.6%
Q3 25	-5.3%	+12.0%
Q4 25	-3.7%	+9.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$94.0K	0.1%
Q2 22	$76.0K	0.1%
Q3 22	$89.0K	0.1%
Q4 22	$72.0K	0.1%
Q1 23	$0	0.0%
Q2 23	$341.0K	0.4%
Q3 23	$353.0K	0.4%
Q4 23	$363.0K	0.4%
Q1 24	$358.0K	0.4%
Q2 24	$363.0K	0.4%
Q3 24	$288.0K	0.3%
Q4 24	$54.0K	0.1%
Q1 25	$53.0K	0.1%
Q2 25	$23.0K	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	$3M	—
Q2 22	$2M	—
Q3 22	$2M	—
Q4 22	$2M	—
Q1 23	$4M	—
Q2 23	$2M	—
Q3 23	$2M	—
Q4 23	$2M	—
Q1 24	$3M	—
Q2 24	$3M	—
Q3 24	$2M	—
Q4 24	$3M	—
Q1 25	$3M	—
Q2 25	$2M	—
Q3 25	$2M	—
Q4 25	—	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$174M	$0	$174M
Q2 22	$284M	$0	$284M
Q3 22	$271M	$0	$271M
Q4 22	$332M	$0	$332M
Q1 23	$475M	$0	$475M
Q2 23	$450M	$0	$450M
Q3 23	$429M	$0	$429M
Q4 23	$410M	$0	$410M
Q1 24	$383M	$0	$383M
Q2 24	$370M	$0	$370M
Q3 24	$290M	$0	$290M
Q4 24	$437M	$0	$437M
Q1 25	$410M	$0	$410M
Q2 25	$413M	$0	$413M
Q3 25	$479M	$0	$479M
Q4 25	$448M	$0	$448M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	53M	+0.1%	-0.9%
Q2 22	53M	+0.2%	-0.0%
Q3 22	54M	+0.1%	+0.5%
Q4 22	53M	-0.2%	+0.1%
Q1 23	54M	+1.0%	+1.1%
Q2 23	54M	+0.0%	+0.9%
Q3 23	54M	+0.0%	+0.8%
Q4 23	54M	+0.0%	+1.1%
Q1 24	54M	+0.0%	+0.1%
Q2 24	54M	+0.1%	+0.2%
Q3 24	54M	+0.0%	+0.1%
Q4 24	54M	-0.0%	+0.1%
Q1 25	54M	+0.1%	+0.2%
Q2 25	54M	+0.0%	+0.1%
Q3 25	54M	-0.0%	+0.1%
Q4 25	54M	-0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$9M	8
Q2 22	$11M	8
Q3 22	$11M	8
Q4 22	$11M	9
Q1 23	$10M	9
Q2 23	$10M	9
Q3 23	$11M	9
Q4 23	$10M	10
Q1 24	$9M	10
Q2 24	$8M	10
Q3 24	$9M	10
Q4 24	$10M	9
Q1 25	$10M	9
Q2 25	$10M	9
Q3 25	$10M	9
Q4 25	$249.4K	351

Revenue / Employee