FLNG Flex LNG Ltd.

Overview and Growth

Flex LNG Ltd. generated $347.64M of revenue in fiscal 2025, with net income of $74.81M and an operating cash inflow of $140.74M. At $347.64M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 2.4% below fiscal 2024 revenue of $356.35M, marking a top-line contraction. The company reported diluted EPS of $1.38, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 36.7% decrease from fiscal 2024 diluted EPS of $2.18. The company employed $2.62B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.13x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The reported operating result was $175.80M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 50.6%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $74.81M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 21.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $74.90M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 21.5%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $82.00K, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 0.1%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 10.4% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 2.9% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $117.68M to $74.81M, with the current outcome ending below that comparison.

Liquidity and Capital Structure

At period end, the $2.62B asset base was financed through $1.90B of liabilities and $719.26M of equity. Current assets were $503.27M against $165.83M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 3.03x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $447.63M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 269.9%, excluding receivables and other current assets. Borrowings totaled $1.85B, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 2.57x, showing how much debt the company carried for each unit of book equity. Debt represented 70.5% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 72.6%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 17.1%, comparing reported cash and equivalents with the full positive asset balance. Compared with $2.67B in fiscal 2024, the current asset base moved 1.7% and finished lower. Against $806.63M of equity in fiscal 2024, the current book-equity balance moved 10.8% and ended lower. Cash and equivalents were 2.4% higher than fiscal 2024 cash of $437.15M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $140.74M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.88x of net income, showing how strongly accounting earnings converted into cash from operations.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.