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FLEX LNG
(NYSE:FLNG)
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Rating:74Outperform
Price Target:
$36.00
▲(12.75% Upside)
Action:Upgraded
Date:08/20/26
The score is driven primarily by strong profitability and improving free cash flow tempered by meaningful leverage and earnings/revenue variability. Technicals are supportive with the stock above major moving averages and neutral-to-positive momentum. Valuation is helped by a high dividend yield but restrained by a mid-range P/E, while the latest earnings call was constructive on guidance and contract coverage despite notable spot-rate and geopolitical risks.
Positive Factors
Strong contract backlog and revenue visibility
Extensive firm backlog reduces reliance on volatile spot markets and supports predictable vessel utilization, revenue and cash flow. High near-term coverage also gives management visibility while the broader LNG fleet expands.
Negative Factors
High leverage limits financial flexibility
A debt-heavy capital structure increases fixed financial obligations and reduces flexibility if charter rates or vessel values weaken. Although liquidity is currently solid, lower equity leaves the company more exposed to prolonged industry downturns or refinancing stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong contract backlog and revenue visibility
Extensive firm backlog reduces reliance on volatile spot markets and supports predictable vessel utilization, revenue and cash flow. High near-term coverage also gives management visibility while the broader LNG fleet expands.
Read all positive factors
FLEX LNG (FLNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.70B
Dividend Yield9.86%
Average Volume (3M)382.28K
Price to Earnings (P/E)16.0
Beta (1Y)0.30
Revenue Growth1.30%
EPS Growth3.49%
CountryUS
Employees9
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)1.90
Shares Outstanding54,092,377
10 Day Avg. Volume291,847
30 Day Avg. Volume382,277
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)1.88
Price to Sales (P/S)3.88
P/FCF Ratio10.01
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.31
Revenue Forecast (FY)$358.57M
FLEX LNG Business Overview & Revenue Model
Company Description
Flex LNG Ltd. is a shipping company focused on the transportation of liquefied natural gas (LNG). Its fleet is comprised of thirteen modern LNG carriers featuring state-of-the-art, two-stroke propulsion systems (MEGI and X-DF). These vessels offer...
How the Company Makes Money
FLEX LNG makes money by chartering out its LNG carriers to customers that need LNG transportation capacity. Its primary revenue stream is vessel charter income earned under time charter contracts, where the customer hires a ship for a specified pe...
FLEX LNG Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 27, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial picture: a very strong Q2 with improved revenues, higher TCEs, robust cash generation, solid liquidity and continued dividend payments. Management maintained full-year guidance and highlighted long-term supportive demand fundamentals driven by U.S. export growth and healthy contracting pipelines. Key risks include elevated geopolitical disruption in the Middle East (impacting routing, insurance and OpEx), recent softening of the spot market due to increased vessel availability and a large newbuilding orderbook, and some near-term exposure from two vessels returning to the spot market. On balance, the positive results, balance-sheet strength, and backlog/contract coverage outweigh the headwinds discussed.Positive Updates
Strong second-quarter financial results
Revenues of $106.8M ($102.7M excl. EUAs); fleet average TCE of $86,100/day; net income of $44.9M (EPS $0.83); adjusted net income $42.5M (adj EPS $0.79). Management noted adjusted net income was more than double the first quarter.
Negative Updates
Elevated geopolitical risk and regional disruptions
Ongoing Iran conflict and related disruptions expected to keep Strait of Hormuz effectively closed through 2026 per management; combined Qatar and UAE exports down ~63% vs normal levels and Qatar exports down ~29M tonnes, creating market uncertainty and routing complications.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong second-quarter financial results
Revenues of $106.8M ($102.7M excl. EUAs); fleet average TCE of $86,100/day; net income of $44.9M (EPS $0.83); adjusted net income $42.5M (adj EPS $0.79). Management noted adjusted net income was more than double the first quarter.
Read all positive updates
Company Guidance
Flex LNG reiterated full-year guidance of $345–$370 million in revenues, a fleet TCE of $73,000–$78,000/day and adjusted EBITDA of $255–$280 million, while keeping OpEx guidance at about $16,000/day. Supporting Q2 metrics include revenues of $106.8M ($102.7M excl. EUAs), fleet average TCE of $86,100/day, net income of $44.9M ($0.83/share) and adjusted net income of $42.5M ($0.79/share), operating cash flow of $63M, ending cash of $397M and net cash flow of $8M after $28M of debt repayments and $41M of dividends paid. The company cited strong contract coverage — 51 years of minimum firm backlog (up to 78 years if options exercised) and ~89% coverage of remaining 2026 days — a healthy balance sheet (book equity ratio 27.4%), an interest‑rate hedge notional of $775M (portfolio value $22M, avg fixed rate 2.46%, ~70% hedge ratio into mid‑next year), first debt maturity in Q1 2029, and continuation of the $0.75/share quarterly dividend (LTM $3.00/share, ~9.7% yield).FLEX LNG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 360.47M | 347.64M | 356.35M | 371.02M | 347.92M | 343.45M |
| Gross Profit | 186.26M | 183.77M | 207.58M | 227.62M | 209.76M | 209.04M |
| EBITDA | 261.84M | 244.14M | 298.89M | 302.20M | 336.96M | 288.36M |
| Net Income | 102.73M | 74.81M | 117.68M | 120.04M | 188.04M | 162.21M |
Balance Sheet | ||||||
| Total Assets | 2.56B | 2.62B | 2.67B | 2.71B | 2.68B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 397.38M | 447.70M | 437.15M | 410.43M | 332.33M | 200.65M |
| Total Debt | 1.79B | 1.85B | 1.81B | 1.81B | 1.71B | 1.64B |
| Total Liabilities | 1.86B | 1.90B | 1.86B | 1.86B | 1.77B | 1.68B |
| Stockholders Equity | 702.48M | 719.26M | 806.63M | 847.65M | 907.09M | 889.39M |
Cash Flow | ||||||
| Free Cash Flow | 152.56M | 134.85M | 182.79M | 175.03M | 208.86M | -51.09M |
| Operating Cash Flow | 152.56M | 134.85M | 182.80M | 175.03M | 208.87M | 214.84M |
| Investing Cash Flow | 0.00 | 0.00 | -4.00K | -2.00K | -5.00K | -265.93M |
| Financing Cash Flow | -168.88M | -124.96M | -155.61M | -96.54M | -77.75M | 123.10M |
FLEX LNG Technical Analysis
Positive
31.93
Price Trends
30.53
Positive
30.55
Positive
28.09
Positive
Market Momentum
0.38
Negative
58.49
Neutral
68.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNG, the sentiment is Positive. The current price of 31.93 is above the 20-day moving average (MA) of 30.97, above the 50-day MA of 30.53, and above the 200-day MA of 28.09, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 58.49 is Neutral, neither overbought nor oversold. The STOCH value of 68.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLNG.
FLEX LNG Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $1.17B | 4.47 | 30.67% | ― | 15.98% | 130.59% | |
81 Outperform | $2.17B | 6.34 | 28.44% | 8.72% | 81.06% | 556.47% | |
74 Outperform | $1.70B | 16.01 | 14.38% | 9.72% | 1.30% | 3.49% | |
67 Neutral | $5.29B | 31.99 | 8.62% | 2.06% | 94.64% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $4.50B | 26.31 | 6.94% | 0.85% | 48.97% | 3.43% | |
40 Underperform | $81.92M | -0.04 | -1737.94% | ― | -37.46% | -77.39% |
* Energy Sector Average
FLNG
FLEX LNG
30.42
6.07
24.91%
GLNG
Golar LNG
51.19
7.41
16.93%
TK
Teekay
12.25
4.15
51.23%
LPG
Dorian LPG
47.90
18.61
63.56%
NFE
New Fortress Energy
0.29
-2.31
-88.88%
EE
Excelerate Energy, Inc. Class A
39.20
15.00
61.98%
FLEX LNG Corporate Events
Flex LNG Boosts Q2 2026 Earnings and Confirms Guidance as Board Extends $0.75 Dividend
Aug 19, 2026
Flex LNG Ltd., a Bermuda-based LNG carrier owner focused on global gas transport for energy majors and traders, reported a strong rebound in second-quarter 2026 trading. The group operates a modern fleet on both term and spot charters, using its b...
FLEX LNG Files Interim H1 2026 Results and Updates Risk Outlook
Aug 19, 2026
FLEX LNG Ltd. has filed a Form 6-K for August 2026, furnishing unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the six months ended June 30, 2026. The filing, which is incorporated b...
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.