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Golar LNG
(NASDAQ:GLNG)
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Rating:67Neutral
Price Target:
$49.00
â–¼(-5.84% Downside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak cash-flow quality (negative free cash flow) and elevated leverage, despite strong technical momentum. The latest earnings call was a clear positive on backlog, capacity growth and liquidity, but high CapEx and execution/funding risks remain. Valuation is also a headwind given the high P/E and only modest dividend yield.
Positive Factors
Contracted Backlog
The substantial EBITDA backlog provides multi-year visibility into future cash earnings and reduces reliance on continuously winning new projects. This contracted base supports financing, protects the business from some market volatility, and creates a durable foundation for growth as additional FLNG capacity becomes operational.
Negative Factors
Elevated Leverage
Elevated leverage reduces financial flexibility while Golar is pursuing capital-intensive FLNG expansion. Debt service and refinancing needs can constrain distributions or new investment, and a weaker operating period could make it harder to fund projects without additional asset-level or corporate financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Backlog
The substantial EBITDA backlog provides multi-year visibility into future cash earnings and reduces reliance on continuously winning new projects. This contracted base supports financing, protects the business from some market volatility, and creates a durable foundation for growth as additional FLNG capacity becomes operational.
Read all positive factors
Golar LNG (GLNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.66B
Dividend Yield2.19%
Average Volume (3M)1.58M
Price to Earnings (P/E)28.5
Beta (1Y)1.02
Revenue Growth94.64%
EPS GrowthN/A
CountryUS
Employees500
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.60
Shares Outstanding102,100,000
10 Day Avg. Volume1,744,988
30 Day Avg. Volume1,583,223
Financial Highlights & Ratios
PEG Ratio1.75
Price to Book (P/B)2.05
Price to Sales (P/S)9.58
P/FCF Ratio-8.88
Enterprise Value/Market Cap1.53
Enterprise Value/Revenue13.65
Enterprise Value/Gross Profit24.77
Enterprise Value/Ebitda20.31
Forecast
1Y Price Target
$70.67Price Target Upside35.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.19
Revenue Forecast (FY)$417.93M
Golar LNG Business Overview & Revenue Model
Company Description
Golar LNG Limited specializes in providing marine-based infrastructure for the liquefaction and regasification of liquefied natural gas (LNG). The company's core business encompasses the design, construction, ownership, and operation of these spec...
How the Company Makes Money
Golar LNG makes money mainly by providing LNG liquefaction capacity and related services through long-term commercial agreements tied to its FLNG assets. Key revenue streams typically include: (1) FLNG-based liquefaction and service revenues: Gola...
Golar LNG Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and strategic outlook: Golar announced a fourth FLNG order that materially increases controlled capacity (+41%), reported solid Q2 financials (EBITDA +20% QoQ), and highlighted significant commodity upside and a $17 billion contracted EBITDA backlog. Key execution highlights include Hilli's 100% economic uptime, Gimi producing ~15% above contract, and Esperanza 74% complete and on track. Risks include elevated CapEx (≈+10% vs prior unit) and pronounced long-lead equipment and shipyard constraints (some long-lead cost inflation 40%–60%), multi-year delivery timelines (~38–40 months), and ongoing funding/timing dependencies tied to asset-level financing and charter awards. Overall, positives (growth orders, backlog, robust operations, liquidity measures and commodity upside) outweigh the challenges (inflation, supply-chain and timing uncertainties).Positive Updates
Fourth FLNG Order — Material Capacity Expansion
Signed firm order for a fourth Mark II FLNG to be delivered in 2029; increases Golar-controlled liquefaction capacity by 41% (from 8.6 to >12.0 Mtpa) and is positioned as the world's earliest available liquefaction capacity (1–2 years ahead of alternatives). Order includes an option for an incremental Mark II and an LOI with Seatrium for further growth.
Negative Updates
CapEx Inflation and Higher Unit Cost
CapEx for FLNG #4 budgeted at ~$2.45 billion versus ~$2.2 billion for Esperanza — an approximate 10% increase driven by inflationary pressure, steel/currency movements and higher prices for long-lead equipment.
Read all updates
Q2-2026 Updates
Positive
Negative
Fourth FLNG Order — Material Capacity Expansion
Signed firm order for a fourth Mark II FLNG to be delivered in 2029; increases Golar-controlled liquefaction capacity by 41% (from 8.6 to >12.0 Mtpa) and is positioned as the world's earliest available liquefaction capacity (1–2 years ahead of alternatives). Order includes an option for an incremental Mark II and an LOI with Seatrium for further growth.
Read all positive updates
Company Guidance
Management guided that Golar enters this growth phase with a $17.0 billion EBITDA backlog (pre‑commodity and inflation), liquidity of ~ $1.5 billion including a $600 million undrawn RCF (cash ≈ $900m, net interest‑bearing debt ≈ $1.8bn), Q2 revenue $130m and EBITDA $127m (up ~20% QoQ) with net income $56m (YTD $158m) and a $0.25/share quarterly dividend; operationally Esperanza is ~74% complete (sail‑away YE‑2027, ops H2‑2028) with $1.3bn of $2.2bn spent, the firm‑ordered #4 has a CapEx budget ≈ $2.45bn and delivery within 2029, which raises controlled liquefaction capacity ~41% from 8.6 to ~12.1 Mtpa and, if chartered on Esperanza‑like terms, could boost contracted annual EBITDA from an expected run‑rate of ~ $800m by 2028 to > $1.2bn by 2030 (≈+50%); commodity exposure is significant (Hilli Q2 commodity earnings $37m vs $10m in Q1; Hilli generated > $650m commodity earnings over 8 years; Golar receives 25% of FOB above $8/MMBtu and every $1/MMBtu above $8 can add ~ $100m p.a.), implying EBITDA sensitivities of ≈ $1.2bn at $8/MMBtu, $1.4bn at $10, $1.9bn at $15 and up toward ~$4bn at 2022 prices; other relevant metrics: Gimi produced ~15% above contract (41 cargoes), Hilli delivered 156 cargoes with 100% economic uptime, Hilli Argentina contract expected to generate ~$285m annual EBITDA, Hilli redeploy/refurb CapEx ≈ $350m, and optimizing asset financing could free ≈ $2.3bn incremental liquidity to fund further FLNG growth.Golar LNG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 523.38M | 393.52M | 260.37M | 298.43M | 267.74M | 260.27M |
| Gross Profit | 288.36M | 184.37M | 85.26M | 154.80M | 140.78M | 139.88M |
| EBITDA | 351.70M | 199.06M | 146.96M | 53.21M | 1.08B | 29.54M |
| Net Income | 163.68M | 65.68M | 50.84M | -46.82M | 674.60M | -161.09M |
Balance Sheet | ||||||
| Total Assets | 5.34B | 5.33B | 4.37B | 4.08B | 4.28B | 4.95B |
| Cash, Cash Equivalents and Short-Term Investments | 870.51M | 1.18B | 566.38M | 679.23M | 1.10B | 716.10M |
| Total Debt | 2.68B | 2.76B | 1.46B | 1.22B | 1.19B | 1.63B |
| Total Liabilities | 3.15B | 3.26B | 2.00B | 1.48B | 1.38B | 2.77B |
| Stockholders Equity | 1.94B | 1.84B | 2.01B | 2.07B | 2.50B | 1.73B |
Cash Flow | ||||||
| Free Cash Flow | -272.80M | -424.70M | -120.31M | -189.96M | 31.46M | 24.85M |
| Operating Cash Flow | 393.95M | 428.67M | 318.24M | 135.25M | 298.88M | 238.33M |
| Investing Cash Flow | -779.26M | -813.20M | -416.98M | -131.71M | 1.07B | -74.35M |
| Financing Cash Flow | 397.86M | 883.36M | 43.85M | -244.95M | -691.64M | -51.61M |
Golar LNG Technical Analysis
Negative
52.04
Price Trends
49.78
Negative
49.85
Negative
48.94
Negative
Market Momentum
-1.47
Positive
39.12
Neutral
19.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLNG, the sentiment is Negative. The current price of 52.04 is above the 20-day moving average (MA) of 47.20, above the 50-day MA of 49.78, and above the 200-day MA of 48.94, indicating a bearish trend. The MACD of -1.47 indicates Positive momentum. The RSI at 39.12 is Neutral, neither overbought nor oversold. The STOCH value of 19.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GLNG.
Golar LNG Risk Analysis
Golar LNG disclosed 50 risk factors in its most recent earnings report. Golar LNG reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We are subject to the risks related to Macaw Energies' business which may not achieve anticipated profitability as expected or at all. Q4, 2023
2.
Our ability to secure funding for our Mark II project. Q4, 2023
3.
Our ability to convert Mark II commercial leads into a long-term profitable contract. Q4, 2023
Golar LNG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.52B | 15.04 | 14.38% | 10.50% | 1.30% | 3.49% | |
69 Neutral | $32.02B | 11.06 | 103.64% | 4.94% | 15.43% | 34.31% | |
68 Neutral | $61.69B | 22.12 | 47.41% | 0.74% | 21.65% | -21.45% | |
67 Neutral | $4.66B | 28.51 | 8.62% | 2.19% | 94.64% | ― | |
61 Neutral | $3.67B | 21.74 | 6.94% | 1.02% | 48.97% | 3.43% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
41 Neutral | $56.80M | -0.01 | -1737.94% | 3.40% | -37.46% | -77.39% |
* General Sector Average
GLNG
Golar LNG
45.61
4.97
12.24%
LNG
Cheniere Energy
298.67
81.01
37.22%
CQP
Cheniere Energy Partners
66.15
15.62
30.91%
NFE
New Fortress Energy
3.48
-75.02
-95.57%
FLNG
FLEX LNG
28.57
6.00
26.56%
EE
Excelerate Energy, Inc. Class A
32.40
7.41
29.63%
Golar LNG Corporate Events
Golar LNG Publishes 2025 ESG Report Highlighting FLNG Growth and Lower Carbon Intensity
Oct 23, 2026
Golar LNG Limited has published its 2025 Environmental, Social and Governance report, detailing operational and sustainability performance across its FLNG operations. The report, released on October 23, 2026, highlights the company’s progres...
Golar LNG Sets November 18 Date for Q3 2026 Results and Investor Webcast
Oct 19, 2026
On October 19, 2026, Golar LNG filed a Form 6-K in the U.S. reporting that it will release its third-quarter 2026 financial results before the market opens on Wednesday, November 18, 2026. In conjunction with the release, the company will host a r...
Golar LNG Buys Grace Dahlia Carrier to Develop Fourth FLNG Unit
Oct 7, 2026
On October 7, 2026, Golar LNG announced it has agreed to acquire the 2013-built LNG carrier Grace Dahlia from NYK Line, a vessel noted for high operational standards. The ship is earmarked for conversion into the company’s fourth FLNG unit, ...
Golar LNG Prices $500 Million Senior Notes Due 2031 in Private Offering
Sep 24, 2026
On September 24, 2026, Golar LNG Limited announced it had priced a private offering of $500 million in senior unsecured notes due December 15, 2031, carrying an annual interest rate of 7.5% and issued at 99% of par. The transaction, aimed at quali...
Golar LNG Plans Fixed Income Investor Roadshow for Potential Benchmark Note Issue
Sep 21, 2026
On September 21, 2026, Golar LNG announced it has mandated a syndicate of banks to arrange fixed income investor meetings starting that day. The initiative is aimed at gauging demand among qualified institutional and professional investors for a p...
Golar LNG Files Interim 6-Month Results and Flags Key FLNG Project Risks
Aug 19, 2026
Golar LNG Limited, headquartered in Bermuda, operates in the liquefied natural gas infrastructure space with a focus on floating LNG (FLNG) vessels, including conversion, refurbishment and deployment of units such as FLNG Gimi, FLNG Hilli and FLNG...
Golar LNG Greenlights Fourth FLNG as Q2 2026 Earnings Surge
Aug 13, 2026
Golar LNG reported strong interim results for the quarter ended June 30, 2026, with net income attributable to the company rising to $38 million from $15.6 million a year earlier and total operating revenues up 72% to $130.5 million. Adjusted EBIT...
Golar LNG Sets $0.25 Dividend and Adjusts Norway VPS Payment Dates
Aug 13, 2026
On August 13, 2026, Golar LNG Limited declared a cash dividend of $0.25 per share, tied to its second-quarter 2026 results, with shareholders of record on August 24 eligible for payment on September 2. The ex-date aligns with the record date under...
Golar LNG Orders $2.45 Billion Fourth FLNG Unit for 2029 Delivery
Aug 13, 2026
On August 13, 2026, Golar LNG announced it has signed an Engineering, Procurement and Construction agreement with Yantai CIMC Raffles Offshore for its fourth FLNG unit and second MKII design vessel, with 3.5 million tons per annum liquefaction cap...
Golar LNG Secures $600 Million Revolving Credit Facility Backed by MKII FLNG
Aug 3, 2026
On August 3, 2026, Golar LNG Limited announced the closing of a new $600 million senior secured revolving credit facility, bolstering its liquidity and financial flexibility. The facility is secured by Golar’s investment in the MKII FLNG uni...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.