New Fortress Energy Inc. key statistics and ratios

In fiscal 2025, New Fortress Energy Inc. had return on equity of -179.1%, an operating margin of -74.5%, debt equal to 4560.5% of equity and a current ratio of 0.15. 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.

New Fortress Energy Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	19.1%	14.7%	3.0%	38.3%	53.4%	57.3%	63.2%	54.8%	38.9%	35.5%
Operating margin	−25.7%	−52.1%	−99.0%	−34.4%	18.1%	31.1%	39.1%	22.4%	−74.5%	−86.3%
Net margin	−32.6%	−69.5%	−17.9%	−40.3%	7.3%	8.2%	22.9%	−11.5%	−122.7%	−149.4%
Free-cash-flow margin	−86.0%	−244.3%	−323.2%	−62.6%	−44.2%	−34.6%	−87.9%	−64.8%	−82.1%	−59.8%
Return on equity	−11.4%	−27.8%	−18.4%	−80.6%	9.0%	12.6%	37.4%	−15.5%	−179.1%	—
Return on assets	—	−11.2%	−3.7%	−12.0%	2.2%	2.7%	6.0%	−2.3%	−15.7%	−17.8%
Asset turnover	—	0.16	0.21	0.30	0.30	0.32	0.26	0.20	0.13	0.12
Current ratio	—	0.38	2.06	3.99	1.04	0.98	0.58	0.92	0.15	0.16
Debt to equity	0.0%	96.3%	730.0%	337.8%	217.5%	355.3%	425.9%	483.5%	>999%	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	1.5x	3.1x	3.4x	1.7x	n/m	n/m
Effective tax rate	—	—	—	—	11.8%	—	15.8%	—	—	—
SG&A as % of revenue	34.3%	55.3%	80.9%	26.6%	15.1%	10.0%	8.5%	12.4%	20.4%	26.2%
Capital spending as % of revenue	29.5%	161.3%	199.4%	34.8%	50.6%	49.6%	122.1%	90.3%	43.3%	18.4%
Free cash flow ÷ net income	—	—	—	—	−602.0%	−421.1%	−383.5%	—	—	—
Dividends ÷ net income	—	—	—	—	91.4%	50.9%	132.1%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

New Fortress Energy Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	42.8%	57.3%	36.0%	31.5%	40.7%	46.8%	12.0%	32.7%
Operating margin	14.0%	33.7%	−2.7%	−127.7%	−27.1%	−159.1%	−99.3%	−47.6%
Net margin	1.6%	−36.4%	−37.7%	−179.1%	−81.2%	−215.4%	−176.2%	−118.9%
Free-cash-flow margin	−64.6%	−31.0%	−55.5%	−189.3%	−78.8%	−34.1%	−71.6%	−63.9%
Current ratio	0.38	0.92	0.99	0.67	0.17	0.15	0.13	0.16
Debt to equity	513.1%	473.9%	519.1%	714.0%	845.2%	>999%	—	—
SG&A as % of revenue	14.3%	10.4%	11.0%	18.6%	26.1%	28.5%	20.9%	27.3%

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

0 of 5 checks passed · June 30, 2026

What it owns · $10.7bn

Short-term assets $1.4bnLonger-term assets $9.3bn

What it owes, and who funded it · $11.2bn

Short-term liabilities $8.7bnLonger-term liabilities $2.5bnShareholders' equity $-554m

Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $8.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.4bn short-term assets against $2.5bn of longer-dated liabilities.
More cash than debt $161m of cash against $8.9bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$525m of operating cash flow against $8.9bn of debt.
Operating profit covers interest at least five times over Operating income of −$1.1bn against $805m of interest.

From New Fortress Energy Inc.'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

33 /100

Weak moat

How hard New Fortress Energy's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 6 / 20

Cash operating profit has been a median 5.6% of total assets over 7 years.
Pricing power 8 / 20

Gross margin has been a median 46.2%, moving by 20.3 percentage points (standard deviation) across 8 years.
Durability 10 / 20

Operating margin has been a median -2.7%; its worst year was -104.4%.
Cash conversion 0 / 20

Free cash flow was positive in 0 of 8 years, at a median -69.8% of revenue.
Discipline 10 / 20

The diluted share count rose 770.7% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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 New Fortress Energy Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to New Fortress Energy Inc.