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FLEX LNG

FLNG
57
Oil & Gas Midstream · Energy
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Exceptional
Stability
Mixed
Valuation
Good
Dividends
Good

Winston Score History

The full picture

Flex LNG is a shipping company that transports liquefied natural gas (LNG) across the ocean. LNG is natural gas that has been cooled to a liquid so it can be loaded onto special ships and moved from one country to another. The company owns a fleet of modern LNG carrier vessels and earns money by renting those ships to energy companies, utilities, and gas producers who need to move large volumes of gas between continents.

Flex LNG makes most of its money through long-term charter contracts, where customers pay a fixed daily rate to use a ship for several years at a time. The company operates globally, with routes connecting major LNG export hubs like the United States, Qatar, and Australia to buyers in Europe and Asia. Its modern fleet of vessels is a competitive advantage, as newer ships are more fuel-efficient and attractive to charterers. The main risk is that when existing contracts expire, the company must renew them in a market where rates can fall sharply if LNG demand weakens.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+151.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

42.9%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$420M cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

FLEX LNG is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
57.5%
Premium pricing power — 57.5% gross margin
Profit after running costs
Operating Margin
55.7%
Excellent — 55.7% operating margin
Return on the money invested
ROCE
7.1%
Weak — 7.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+1.3%
Nearly flat sales (+1.3% YoY)
Profit growth
EPS YoY
+3.3%
Modest earnings growth (+3.3% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
149%
Turns 149% of profit into real cash
Spare cash per sale
FCF Margin
42.3%
Converts sales into free cash efficiently (42.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
2.55
Heavy debt load (2.55)
Covers its interest
Interest Cover
2.08x
Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.9x
no trend
Fair value — P/E 16.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.5
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
9.73%
no trend
Healthy income — 9.73% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
no trend
Dividend flat

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