Flex LNG Ltd. (FLNG)

Price$31.51Cached quoteAs of 2026-09-05 07:24 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because a high dividend balances large debts and uneven cash support.

The company’s stock-market value is about $1.71 billion. That equals roughly 23 times 2025 earnings and 14 times annualized first-half 2026 adjusted earnings. Adding net debt gives a total business value near $3.12 billion, about 11–12 times management’s 2026 cash-profit guidance before interest and vessel depreciation. The annualized dividend yields about 9.5%, but first-half dividends of $81.1 million only narrowly trailed $86.5 million of operating cash. The attractive income is balanced by leverage and inconsistent coverage, supporting a fair-priced verdict.

Big pictureLong charters steady most revenue, but two ships without long contracts make profits swing.

Revenue declined from $371.0 million in 2023 to $347.6 million in 2025, while operating cash—money generated by routine business—fell from $175.0 million to $140.7 million. Second-quarter 2026 revenue then rebounded to $106.8 million from $80.5 million sequentially, and adjusted profit rose to $42.5 million from $16.9 million. Firm contracts covered 89% of remaining 2026 days and represented 51 vessel-years of backlog. However, two ships return to short-term markets after the third quarter, preserving meaningful exposure to volatile shipping rates.

Business strengthCash and near-term bills look manageable, though total debt leaves little room for mistakes.

Flex LNG held $397.4 million of cash against $1.81 billion of debt, leaving $1.41 billion of net debt. Current assets of $455.5 million were 2.7 times current liabilities, and no debt matures before 2029. However, reported cash includes fully drawn revolving credit lines, so it is not entirely accumulated surplus. The company repaid $55.5 million of debt during the first half. Shares outstanding rose less than 1% since 2022, limiting dilution, but heavy dividends helped reduce equity from $907.1 million in 2022 to $702.5 million.

What could change the storyLonger charters could lock in upside, while weak open-vessel rates would threaten the dividend.

The strongest bull case is profitable multiyear employment for Flex Volunteer and Flex Artemis after the third quarter, adding stability to the existing backlog. The bear case is that heavy ship supply—55 deliveries through July and another 40–45 expected during 2026—pushes short-term rates lower. Useful tests are whether revenue reaches management’s $345–$370 million range, cash profit reaches $255–$280 million, and operating cash consistently exceeds roughly $162 million of annual dividends. Refinancing terms before the 2029 maturities will also determine how much cash remains for shareholders.

AI: News

Second-quarter reboundA strong second quarter restored earnings momentum and kept management’s improved yearly outlook intact.

On August 19, Flex LNG reported second-quarter revenue of $106.8 million and adjusted profit of $42.5 million, up from $80.5 million and $16.9 million in the first quarter. Average daily charter earnings rose 31% as two short-term ships benefited from stronger rates and two new charters contributed fully. Management retained its $345–$370 million revenue forecast and declared another $0.75 dividend. Shares closed 4.4% higher that day, although timing alone cannot prove the results caused the entire move.

Yearly forecast raisedManagement raised its yearly forecast after shipping rates surged, improving expected support for the dividend.

On May 13, management increased expected 2026 revenue by roughly 10% and cash profit before interest and vessel depreciation by about 11%, despite weak first-quarter results. Disrupted Middle Eastern energy flows had lifted short-term shipping rates above $250,000 per day, and Flex LNG secured work for its exposed vessels through the third quarter. Contract coverage reached 91% of remaining 2026 days. The forecast improvement mattered because 2025 operating cash had not fully covered dividends.

Long charters securedSeveral long charters reduced future revenue risk and improved visibility well into the next decade.

On March 18, charterers extended Flex Resolute and Flex Courageous through at least early 2032, while Flex Constellation began a 15-year charter running to 2041. On March 25, Flex Aurora secured a two-year charter with options that could extend employment through 2034. Flex LNG then reported a minimum backlog of 55 vessel-years, potentially rising to 82 with options. These agreements reduce exposure to weak short-term rates, although extension options remain controlled by customers rather than Flex LNG.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$347.6M	$356.3M	$371.0M	$347.9M	$343.4M	$164.5M	$120.0M	$77.2M	$27.3M
Operating expenses	$8.0M	$9.8M	$10.5M	$9.1M	—	—	—	—	—
Operating income	$175.8M	$197.8M	$217.2M	$200.6M	$201.2M	$75.6M	$55.0M	$29.0M	−$12.6M
Operating margin	50.57%	55.51%	58.53%	57.66%	58.57%	45.98%	45.85%	37.56%	−46.16%
EBITDA	$252.4M	$273.3M	$290.5M	$272.8M	$271.0M	$117.5M	$83.8M	$46.4M	−$12.6M
EBITDA margin	72.61%	76.69%	78.30%	78.42%	78.90%	71.42%	69.81%	60.11%	−46.15%
Net income	$74.8M	$117.7M	$120.0M	$188.0M	$162.2M	$8.1M	$17.0M	$11.8M	−$10.4M
Net profit margin	21.52%	33.02%	32.35%	54.05%	47.23%	4.93%	14.14%	15.26%	−38.08%
Basic EPSper basic share	$1.38	$2.19	$2.24	$3.53	$3.04	$0.15	$0.31	$0.29	-$0.34
Diluted EPSper diluted share	$1.38	$2.18	$2.22	$3.51	$3.04	$0.15	$0.31	$0.29	-$0.34

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of FLNG
Holder	Shares held
BlackRock, Inc.	2.08M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	1.38M
RENAISSANCE TECHNOLOGIES LLC	875.4K
TWO SIGMA INVESTMENTS, LP	631.55K
STATE STREET CORP	550.16K
SG Americas Securities, LLC	542.75K
MORGAN STANLEY	456.18K
UBS Group AG	435.47K
GEODE CAPITAL MANAGEMENT, LLC	433.19K
Gilman Hill Asset Management, LLC	375.99K
GOLDMAN SACHS GROUP INC	358.42K
BNP PARIBAS FINANCIAL MARKETS	354.2K
VANGUARD PORTFOLIO MANAGEMENT LLC	351.81K
JPMORGAN CHASE & CO	338.05K
CITADEL ADVISORS LLC	320.89K
DIMENSIONAL FUND ADVISORS LP	313.93K
RAYMOND JAMES FINANCIAL INC	299.5K
LPL Financial LLC	266.39K
Point72 Asset Management, L.P.	263.03K
BESSEMER GROUP INC	255.52K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Flex LNG Ltd. (FLNG)

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