Flex LNG Ltd. key statistics and ratios

In fiscal 2025, Flex LNG Ltd. had return on equity of 9.8%, an operating margin of 50.6%, debt equal to 258.7% of equity and a current ratio of 3.04. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Flex LNG Ltd.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	−46.2%	37.6%	45.9%	46.0%	58.6%	57.7%	58.5%	55.5%	50.6%
Net margin	−38.1%	15.3%	14.1%	4.9%	47.2%	54.0%	32.4%	33.0%	21.5%
Free-cash-flow margin	−65.0%	46.3%	−200.1%	−289.6%	−14.9%	63.2%	47.2%	51.3%	40.5%
Return on equity	−2.0%	1.7%	2.0%	1.0%	18.8%	20.9%	13.7%	14.2%	9.8%
Return on assets	—	0.9%	1.2%	0.4%	6.7%	7.2%	4.5%	4.4%	2.8%
Asset turnover	—	0.06	0.08	0.08	0.14	0.13	0.14	0.13	0.13
Current ratio	—	1.70	2.49	1.20	1.71	2.31	2.89	2.99	3.04
Debt to equity	0.0%	55.6%	93.6%	169.9%	185.8%	191.0%	215.5%	226.0%	258.7%
Interest cover (operating income ÷ interest)	n/m	1.6x	1.6x	1.8x	3.6x	2.6x	2.0x	1.9x	1.9x
Effective tax rate	—	−0.1%	1.1%	1.0%	0.1%	0.1%	0.1%	0.1%	0.1%
Capital spending as % of revenue	0.0%	0.0%	243.0%	343.9%	77.4%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	303.2%	<−999%	<−999%	−31.5%	116.9%	145.8%	155.3%	188.1%
Dividends ÷ net income	—	0.0%	31.9%	133.5%	61.0%	99.0%	151.0%	137.4%	216.9%
Dividends and buybacks ÷ free cash flow	—	0.0%	—	—	—	84.6%	103.5%	88.4%	115.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 7 checks passed · December 31, 2025

What it owns · $2.6bn

Short-term assets $503mLonger-term assets $2.1bn

What it owes, and who funded it · $2.6bn

Short-term liabilities $166mLonger-term liabilities $1.7bnShareholders' equity $719m

Short-term assets cover short-term liabilities $503m of assets due within a year against $166m of liabilities due within a year.
Short-term assets cover long-term liabilities $503m short-term assets against $1.7bn of longer-dated liabilities.
More cash than debt $448m of cash against $1.9bn of debt.
Debt below 40% of shareholders' equity Debt is 257% of equity.
Debt burden no higher than five years ago Debt to equity moved from 160% to 257% over five years.
A year's operating cash flow covers at least 20% of debt $141m of operating cash flow against $1.9bn of debt.
Operating profit covers interest at least five times over Operating income of $176m against $93m of interest.

From Flex LNG Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Flex LNG Ltd.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Flex LNG Ltd.