Flex LNG Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Flex LNG Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	27.3	77.2	120	164	343	348	371	356	348
General and administrative	3.41	4.64	7.51	6.3	7.89	9.15	10.5	9.79	7.97
Operating income	-12.6	29	55	75.6	201	201	217	198	176
Interest expense	0.23	17.8	33.9	41.8	56.2	76.6	109	106	92.6
Interest income	0.12	0.61	1.07	0.33	0.04	2.01	4.87	4.47	4.09
Other non-operating income	2.33	-0.05	-0.11	-0.77	0.14	-1.46	-1.23	-1.06	-0.85
Pre-tax income	-10.4	11.8	17.1	8.19	162	188	120	118	74.9
Income tax	0.02	-0.01	0.18	0.08	0.1	0.1	0.08	0.13	0.08
Net income	-10.4	11.8	17	8.11	162	188	120	118	74.8
EBITDA	-12.6	46.4	83.8	117	271	273	291	273	252
EPS, basic	-0.34	0.29	0.31	0.15	3.04	3.53	2.24	2.19	1.38
EPS, diluted	-0.34	0.29	0.31	0.15	3.04	3.51	2.22	2.18	1.38
Shares, diluted (weighted)	30.8	40.6	54.2	54.3	53.3	53.5	54	54	54.1
Dividend per share		0.00	0.10	0.20	1.85

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.96	54.9	129	129	201	332	410	437	448
Receivables		0	5.43	4.05	5.27	4.86	0.45	1.4	0.39
Inventory		0.92	2.69	3.66	6.45	5.26	5.09	4.82	9
Other current assets		2.69	11.8	25.1	17	16.3	26.6	31.7	46.2
Total current assets		60.4	144	158	225	354	443	474	503
Property, plant and equipment		812	1,147	1,856	2,342	2,270	2,217	2,154	2,102
Other non-current assets		0.01	0.01	0.01	0	0	0	0.01	0
Total assets		1,294	1,641	2,304	2,573	2,680	2,709	2,669	2,624
Accounts payable		0.59	0.58	3.37	2.02	1.79	3.51	2	10.5
Accrued liabilities		6.44	6.93	14	12.6	20.7	12.6	10.8	11.5
Deferred revenue		2.56	12.6	25.3	26.9	33	32.4	37.1	25
Short-term debt		23.6	36.3	68.3	85.9	99.7	106	109	112
Total current liabilities		35.5	57.7	132	132	153	153	159	166
Long-term debt		432	744	1,337	1,552	1,619	1,708	1,704	1,739
Other non-current liabilities		0	0	0				0	0.16
Total liabilities		467	802	1,469	1,684	1,772	1,862	1,862	1,905
Total debt		455	786	1,419	1,652	1,733	1,827	1,823	1,861
Paid-in capital		1,190	1,190	1,190	1,189	1,203	1,205	904	704
Retained earnings		-368	356	-359	-296	-294	-355	-277	-203
Treasury stock			0	-1.66	-9.45	-8.08	-7.56	-4.22	-4.18
Shareholders' equity	520	827	839	835	889	907	848	807	719
Total equity	520	827	839	835	889	907	848	807	719
Total liabilities and equity		1,294	1,641	2,304	2,573	2,680	2,709	2,669	2,624
Shares outstanding		54.1	54.1

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-10.4	11.8	17	8.11	162	188	120	118	74.8
Depreciation and amortization	0	17.4	28.7	41.8	69.8	72.2	73.4	75.5	76.6
Stock-based compensation	0.12	0.2	0.32	0.28	-1.27	0.33	1.75	1.06	0.08
Deferred income tax	0	-0.01	0.06	-0.01	0.03	-0	-0	-0.01	0
Change in receivables	0	0	-5.43	1.38	-1.22
Change in inventory	-1.04	0.13	-1.77	-0.97	-2.8	1.19	0.17	0.27	-4.18
Cash from operations	-17.8	35.7	51.5	89.3	215	220	175	183	141
Capital expenditures	-3.79	-232	0	0
Cash from investing	-77.7	-584	-292	-691	-266	-0.01	-0	-0	0
Debt issued	0	585	698	670	383	745	650	430	530
Debt repaid	-117	-286	-29.5	-35.6	-72.2	-85.3	-111	-102	-105
Stock issued	221	295	0	0	0	14.5	0	0
Share buybacks		0	0	-1.66	-7.79	0	0
Dividends paid	0	0	-5.41	-10.8	-98.9	-186	-181	-162	-162
Cash from financing	104	594	314	603	123	-88.8	-96.5	-156	-131
Exchange rate effect	0	0	0.02	-1.37	0.2	0.12	-0.35	-0.53	0.44
Net change in cash	8.52	45.1	74	-0.14	72.2	131	78.1	26.7	10.5
Free cash flow	-21.5	-197	51.5	89.3
Interest paid	0.06	13	36	37.1	49	63.5	113	105	92.8
Income taxes paid	0.01	0	0.06	0.18	0.15	0.1	0.06	0.13	0.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $30.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	50.6%	Operating income / revenue.
EBITDA margin	72.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.5%	Pre-tax income / revenue.
Net margin	21.5%	Net income / revenue.
Operating cash flow margin	40.5%	Cash from operations / revenue.
Effective tax rate	0.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	8.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	22.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-11.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-36.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-26.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	56.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-36.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-26.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	55.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-23.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.03x	Current assets / current liabilities.
Quick ratio	2.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.70x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	70.9%	Total debt / total assets.
Liabilities / assets	72.6%	Total liabilities / total assets.
Net debt	$1.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.60x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.90x	Operating income / interest expense.
Working capital	$337.4M	Current assets - current liabilities.
Tangible book value	$719.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	0.16x	Revenue / average property, plant and equipment.
Receivables turnover	387x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.38	Net income per basic share, as reported (split-adjusted).
Revenue per share	$6.43	Revenue / diluted weighted shares.
Operating cash flow per share	$2.60	Cash from operations / diluted weighted shares.
Book value per share	$13.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.30	Tangible book value / shares outstanding.
Cash per share	$8.28	(Cash + short-term investments) / shares outstanding.
Payout ratio	216.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.67B	Share price x shares outstanding.
Enterprise value	$3.08B	Market cap + total debt - cash - short-term investments.
P/E	22.3x	Market cap / net income. Only when net income is positive.
P/S	4.80x	Market cap / revenue.
P/B	2.32x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.32x	Market cap / tangible book value, when positive.
P/OCF	11.9x	Market cap / cash from operations, when positive.
EV/Sales	8.87x	Enterprise value / revenue.
EV/EBIT	17.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.2x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	9.7%	Dividends paid over the period / market cap.
Shareholder yield	9.7%	(Dividends paid + share buybacks) / market cap.

What was Flex LNG Ltd.'s revenue in fiscal 2025?

Flex LNG Ltd. reported revenue of $347.6M for fiscal 2025, 2.4% lower than the year before.

Was Flex LNG Ltd. profitable in fiscal 2025?

Yes. Net income was $74.8M, a net margin of 21.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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