Flex LNG
FLNG on NYSE. Water transportation. Market value $1.7bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 17.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 63 of 100. Price score: 64 of 100. Our list needs 70 on quality and 60 on price.
$31.13 a share, 30% above its 1-year low
Over the past year the price has ranged from $24.00 to $33.40.
Dividend: 9.6% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $343m | $348m | $371m | $356m | $348m |
| Operating margin | |||||
| Operating margin | 58.6% | 57.7% | 58.5% | 55.5% | 50.6% |
| Debt to equity | |||||
| Debt to equity | 1.86 | 1.91 | 2.15 | 2.26 | 2.59 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.59× equity
- Revenue growth, five yearsStrong, 16.2% a year
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 204 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $408,020
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $408,020 | <0.1% |
Largest holders overall
- BlackRock$58mAdded
- Mirae Asset Global Etfs Holdings$39mAdded
- Mediolanum International Funds$37mAdded
- Renaissance Technologies$25mCut
- TWO Sigma Investments, LP$18mCut
- Mn Services Vermogensbeheer B.V.$17mNew
- State Street$15mAdded
- SG Americas Securities$15mAdded
- Morgan Stanley$13mCut
- UBS Group AG$12mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Geveran Trading Co. Limitedat least 42.7%(filed with 2 related holders)Since 8 May 2025
What they said
On May 8, 2025, Mr. Mikkel Storm Weum, employed as an investment director of Seatankers Management AS ("Seatankers"), an entity that is related to the Reporting Persons, was appointed as a director of the Issuer (the "Director"). A copy of the Issuer's press release is attached…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Geveran Trading Co. Limited | at least 42.7% (filed with 2 related holders) | 8 May 2025 | What they saidOn May 8, 2025, Mr. Mikkel Storm Weum, employed as an investment director of Seatankers Management AS ("Seatankers"), an entity that is related to the Reporting Persons, was appointed as a director of the Issuer (the "Director"). A copy of the Issuer's press release is attached… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Flex LNG doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.6× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.