The company has expanded its asset base to $5.3 billion while managing a $2.7 billion debt load, resulting in a debt-to-equity ratio of 1.27 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Total Current Assets | 1.32B | 1.41B | 739.87M | 815.56M | 1.26B | 925.6M | 537.79M | 371.39M | 649.94M | 473.46M | 725.56M | 670.07M | 575.78M | 178.78M | 537.13M | 105.97M | 204.33M | 182.13M | 144.77M | 270.32M | 132.33M | 129.59M | 116.2M | 184.57M | 71.02M | 77.43M | 38.54M |
| Cash & Short-Term Investments | 1.02B | 1.18B | 566.38M | 679.23M | 1.1B | 716.1M | 127.69M | 222.12M | 217.84M | 214.86M | 224.19M | 105.23M | 191.41M | 125.35M | 491.04M | 94.92M | 186.53M | 162.88M | 116.47M | 226.68M | 56.62M | 62.23M | 51.6M | 131.69M | 52.74M | 57.57M | 19.97M |
| Cash Only | 1.02B | 1.18B | 566.38M | 679.23M | 878.84M | 231.85M | 127.69M | 222.12M | 217.84M | 214.86M | 224.19M | 105.23M | 191.41M | 125.35M | 491.04M | 66.91M | 164.72M | 122.23M | 56.11M | 185.74M | 56.62M | 62.23M | 51.6M | 117.88M | 52.74M | 57.57M | 5.74M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 224.79M | 484.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.01M | 21.82M | 40.65M | 60.35M | 40.94M | 0 | 0 | 0 | 13.81M | 0 | 0 | 14.23M |
| Accounts Receivable | 229.55M | 205.57M | 92.47M | 63.17M | 56.12M | 34.95M | 38.05M | 32.46M | 74.34M | 25.88M | 8.1M | 25.65M | 48.77M | 19.73M | 10.29M | 4.24M | 8.99M | 9.29M | 22.52M | 13.07M | 9.19M | 4.96M | 2.73M | 1.67M | 281K | 449K | 111K |
| Days Sales Outstanding | 179.57 | 190.68 | 129.62 | 77.26 | 76.51 | 49.02 | 31.66 | 26.4 | 63.02 | 65.81 | 36.82 | 91.17 | 167.67 | 72.14 | 9.15 | 5.16 | 13.45 | 15.67 | 35.93 | 21.23 | 13.99 | 10.58 | 6.11 | 4.59 | 0.79 | 1.43 | 0.36 |
| Inventory | 0 | 0 | 2.08M | 1.99M | 692K | 536K | 1.53M | 1.23M | 7.01M | 7.41M | 7.26M | 8.65M | 8.32M | 11.95M | 2.05M | 3.21M | 5.66M | 6.88M | 4.75M | 4.13M | 3.39M | 4.97M | 3.56M | 3.2M | 2.48M | 2.65M | 2.06M |
| Days Inventory Outstanding | - | - | 4.33 | 5.06 | 1.99 | 1.63 | 2.44 | 1.64 | 8.63 | 13.96 | 15.25 | 15.86 | 23.96 | 45.98 | 4.11 | 8.42 | 13.76 | 15.35 | 11.04 | 12.17 | 11.16 | 19.56 | 16.47 | 36.15 | 32.28 | 39.42 | 35.83 |
| Other Current Assets | 65.5M | 32.01M | 76M | 68.89M | 95.31M | 171.31M | 368.13M | 111.55M | 350.75M | 222.26M | 183.69M | 495.24M | 487.02M | 23.43M | 0 | 373K | 306K | 1.54M | 0 | 11.43M | 9.58M | 7.14M | 7.36M | 34.19M | 14.89M | 16.77M | 16.39M |
| Total Non-Current Assets | 4.03B | 3.91B | 3.63B | 3.27B | 3.02B | 4.02B | 3.78B | 4.26B | 4.16B | 4.29B | 3.54B | 3.67B | 3.26B | 2.48B | 2.44B | 2.13B | 1.87B | 2.31B | 2.21B | 2.3B | 2.43B | 2.1B | 1.99B | 1.6B | 916.91M | 778.56M | 779.45M |
| Property, Plant & Equipment | 2.24B | 2.16B | 3.35B | 2.65B | 2.29B | 2.15B | 3.66B | 3.6B | 3.29B | 3.25B | 2.62B | 2.85B | 2.34B | 1.58B | 2.2B | 1.9B | 1.62B | 1.65B | 1.56B | 1.45B | 1.52B | 1.32B | 1.22B | 972.28M | 909.25M | 774.23M | 765.56M |
| Fixed Asset Turnover | 0.23x | 0.18x | 0.08x | 0.11x | 0.12x | 0.12x | 0.12x | 0.12x | 0.13x | 0.04x | 0.03x | 0.04x | 0.05x | 0.06x | 0.19x | 0.16x | 0.15x | 0.13x | 0.15x | 0.16x | 0.16x | 0.13x | 0.13x | 0.14x | 0.14x | 0.15x | 0.15x |
| Goodwill | 0 | 2.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.44M |
| Intangible Assets | 2.12M | 0 | 2.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 6.73B | 1.69B | 43.66M | 53.98M | 104.11M | 52.22M | 44.38M | 508.81M | 571.78M | 710.57M | 648.82M | 542.72M | 814.85M | 822.44M | 5.59M | 22.53M | 20.28M | 21.24M | 30.92M | 14.02M | 97.25M | 65.95M | 48.87M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 90.96M | 63.05M | 240.86M | 566.55M | 622.21M | 1.82B | 76.09M | 147.31M | 293.5M | 325.71M | 273.64M | 273.37M | 98.78M | 81.84M | 229.18M | 209.13M | 234.36M | 643.01M | 622.72M | 840.53M | 820.94M | 714.55M | 721.64M | 628.76M | 7.66M | 4.33M | 4.46M |
| Total Assets | 5.35B | 5.33B | 4.37B | 4.08B | 4.28B | 4.95B | 4.31B | 4.63B | 4.81B | 4.76B | 4.26B | 4.34B | 3.83B | 2.66B | 2.97B | 2.23B | 2.08B | 2.49B | 2.36B | 2.57B | 2.57B | 2.23B | 2.11B | 1.79B | 987.93M | 855.99M | 817.99M |
| Asset Turnover | 0.09x | 0.07x | 0.06x | 0.07x | 0.06x | 0.05x | 0.10x | 0.10x | 0.09x | 0.03x | 0.02x | 0.02x | 0.03x | 0.04x | 0.14x | 0.13x | 0.12x | 0.09x | 0.10x | 0.09x | 0.09x | 0.08x | 0.08x | 0.07x | 0.13x | 0.13x | 0.14x |
| Asset Growth % | 67.81% | 21.93% | 6.95% | -4.57% | -13.51% | 14.7% | -6.86% | -3.63% | 0.89% | 11.76% | -1.7% | 13.16% | 43.95% | -10.48% | 33.21% | 7.45% | -16.64% | 5.62% | -8.31% | 0.29% | 15.04% | 5.7% | 18.19% | 80.74% | 15.41% | 4.65% | - |
| Total Current Liabilities | 512.92M | 555.34M | 841.52M | 545.78M | 414.41M | 1.31B | 1.18B | 1.44B | 1B | 1.63B | 1B | 981.23M | 175.31M | 84.17M | 251.81M | 256.14M | 246.03M | 205.76M | 267.03M | 146.21M | 128.36M | 123.99M | 115.89M | 122.12M | 126.55M | 155.95M | 33.65M |
| Accounts Payable | 41.33M | 123.61M | 198.91M | 7.45M | 8.98M | 4.93M | 10.58M | 13.93M | 9.7M | 70.43M | 24.56M | 53.28M | 10.81M | 12.73M | 10.2M | 23.12M | 16.31M | 23.53M | 21.45M | 6.08M | 7.21M | 1.17M | 2.94M | 5.11M | 3M | 2M | 1.8M |
| Days Payables Outstanding | 120.93 | 215.71 | 414.6 | 18.94 | 25.83 | 14.94 | 16.83 | 18.61 | 11.95 | 132.67 | 51.61 | 97.67 | 31.14 | 48.96 | 20.46 | 60.63 | 39.6 | 52.48 | 49.88 | 17.91 | 23.73 | 4.58 | 13.61 | 57.62 | 39.04 | 29.68 | 31.31 |
| Short-Term Debt | 286.29M | 301.2M | 521.28M | 342.57M | 344.78M | 703.17M | 982.85M | 1.24B | 730.26M | 1.38B | 451.45M | 491.4M | 116.43M | 30.78M | 14.4M | 64.31M | 105.63M | 74.5M | 71.39M | 80.04M | 72.59M | 67.56M | 66.46M | 61.33M | 81.14M | 126.33M | 22.17M |
| Deferred Revenue (Current) | 0 | 0 | 41.98M | 17M | 23.04M | 43.83M | 22.28M | 30.67M | 18.16M | 8.51M | 1.04M | 1.33M | 9.51M | 7.72M | 8.04M | -1.95M | -15.87M | -23.23M | 25.93M | 29.16M | 29.53M | 21.49M | 17.43M | 20.64M | 10.93M | 8.73M | 7.28M |
| Other Current Liabilities | 39.86M | 130.53M | 11.69M | 0 | 373K | 446.39M | 58.13M | 61.83M | 230.52M | 48.74M | 72.9M | 307.5M | 7.43M | 16.19M | 30.97M | 104.26M | 105.45M | 76.75M | 142.1M | 25.43M | 13.76M | 31.31M | 26.41M | 35.05M | 31.48M | 18.89M | 2.4M |
| Current Ratio | 2.57x | 2.55x | 0.88x | 1.49x | 3.04x | 0.71x | 0.46x | 0.26x | 0.65x | 0.29x | 0.72x | 0.68x | 3.28x | 2.12x | 2.13x | 0.41x | 0.83x | 0.89x | 0.54x | 1.85x | 1.03x | 1.05x | 1.00x | 1.51x | 0.56x | 0.50x | 1.15x |
| Quick Ratio | 2.57x | 2.55x | 0.88x | 1.49x | 3.04x | 0.71x | 0.45x | 0.26x | 0.64x | 0.29x | 0.72x | 0.67x | 3.24x | 1.98x | 2.12x | 0.40x | 0.81x | 0.85x | 0.52x | 1.82x | 1.00x | 1.01x | 0.97x | 1.49x | 0.54x | 0.48x | 1.08x |
| Cash Conversion Cycle | 58.64 | - | -280.65 | 63.37 | 52.67 | 35.7 | 17.28 | 9.43 | 59.7 | -52.91 | 0.46 | 9.36 | 160.49 | 69.15 | -7.19 | -47.06 | -12.4 | -21.46 | -2.91 | 15.5 | 1.42 | 25.57 | 8.96 | -16.89 | -5.97 | 11.18 | 4.88 |
| Total Non-Current Liabilities | 2.69B | 2.7B | 1.16B | 935.76M | 964.97M | 1.46B | 1.5B | 1.44B | 1.98B | 1.34B | 1.37B | 1.46B | 1.37B | 774M | 1.64B | 1.22B | 1.23B | 1.63B | 1.6B | 1.84B | 1.9B | 1.64B | 1.57B | 1.3B | 651.9M | 499.83M | 501.29M |
| Long-Term Debt | 2.44B | 2.46B | 930.97M | 874.16M | 844.55M | 920.13M | 1.37B | 1.29B | 1.84B | 1.03B | 1.53B | 1.34B | 1.26B | 686.24M | 490.51M | 707.24M | 691.55M | 707.72M | 737.23M | 735.63M | 803.77M | 758.18M | 636.5M | 593.9M | 629.17M | 483.28M | 491.73M |
| Capital Lease Obligations | 3.33M | 0 | 5.12M | 5.88M | 3.59M | 7.14M | 10.63M | 6.48M | 0 | -105.11M | 0 | 0 | 32.6M | 0 | 0 | 399.93M | 406.11M | 844.36M | 784.42M | 1.02B | 1.01B | 801.5M | 842.85M | 616.21M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90.91M | 105.11M | 0 | -15.14M | 1.72M | 5.2M | 9.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 244.73M | 245.88M | 211.9M | 30.26M | 66.91M | 487.15M | 62.24M | 59.43M | 54.65M | 132.55M | 52.21M | 54.08M | 60.32M | 62.4M | 63.49M | 94.34M | 85.79M | 32.72M | 29.56M | 26.55M | 84.82M | 84.88M | 22.51M | 94.23M | 22.73M | 16.55M | 9.56M |
| Total Liabilities | 3.2B | 3.26B | 2B | 1.48B | 1.38B | 2.77B | 2.68B | 2.88B | 2.98B | 2.97B | 2.38B | 2.44B | 1.55B | 858.17M | 1.9B | 1.48B | 1.48B | 1.83B | 1.87B | 1.98B | 2.03B | 1.77B | 1.68B | 1.43B | 778.45M | 655.77M | 534.95M |
| Total Debt | 2.73B | 2.76B | 1.46B | 1.22B | 1.19B | 1.63B | 2.37B | 2.55B | 2.57B | 2.41B | 1.8B | 1.91B | 1.38B | 717.03M | 1.62B | 1.18B | 1.21B | 1.64B | 1.6B | 1.85B | 1.89B | 1.63B | 1.55B | 1.27B | 710.31M | 609.61M | 513.9M |
| Net Debt | 1.7B | 1.58B | 892.58M | 544.85M | 315.4M | 1.4B | 2.24B | 2.32B | 2.35B | 2.2B | 1.58B | 1.8B | 1.19B | 591.68M | 1.13B | 1.11B | 1.04B | 1.51B | 1.54B | 1.66B | 1.83B | 1.57B | 1.5B | 1.15B | 657.57M | 552.04M | 508.16M |
| Debt / Equity | 1.27x | 1.33x | 0.62x | 0.47x | 0.41x | 0.75x | 1.45x | 1.45x | 1.41x | 1.34x | 0.96x | 1.01x | 0.60x | 0.40x | 1.51x | 1.56x | 2.02x | 2.48x | 3.24x | 3.13x | 3.51x | 3.53x | 3.61x | 3.54x | 3.39x | 3.04x | 1.82x |
| Debt / EBITDA | 11.03x | 14.92x | 14.75x | 9.24x | 8.16x | 10.38x | 8.67x | 11.00x | 16.58x | - | - | - | 138.38x | 38.00x | 5.58x | 5.97x | 8.89x | 16.97x | 13.79x | 12.97x | 11.00x | 13.93x | 13.28x | 13.40x | 7.29x | 7.46x | 6.00x |
| Net Debt / EBITDA | 6.89x | 8.56x | 9.02x | 4.11x | 2.15x | 8.91x | 8.20x | 10.04x | 15.18x | - | - | - | 119.20x | 31.36x | 3.89x | 5.63x | 7.68x | 15.70x | 13.30x | 11.66x | 10.67x | 13.40x | 12.84x | 12.16x | 6.75x | 6.75x | 5.93x |
| Interest Coverage | 3.56x | 4.12x | 18.12x | 1.47x | 34.88x | -0.67x | 1.13x | 0.30x | 0.90x | -0.92x | -2.52x | -1.44x | -1.21x | 7.70x | 31.09x | 3.71x | 0.61x | 1.51x | 0.55x | 1.77x | - | - | - | - | - | - | - |
| Total Equity | 2.15B | 2.07B | 2.37B | 2.6B | 2.9B | 2.18B | 1.63B | 1.75B | 1.83B | 1.8B | 1.89B | 1.89B | 2.28B | 1.8B | 1.08B | 755.82M | 599.32M | 658.18M | 493.83M | 589.51M | 539.48M | 462.14M | 429.05M | 359.14M | 209.49M | 200.22M | 283.05M |
| Equity Growth % | -48.22% | -12.74% | -8.95% | -10.27% | 33.16% | 33.56% | -6.86% | -4.11% | 1.64% | -4.76% | -0.44% | -17.07% | 26.61% | 67.44% | 42.56% | 26.11% | -8.94% | 33.28% | -16.23% | 9.27% | 16.73% | 7.71% | 19.47% | 71.44% | 4.63% | -29.26% | - |
| Book Value per Share | 17.33 | 20.41 | 22.51 | 24.41 | 26.72 | 19.86 | 16.81 | 17.39 | 18.13 | 17.86 | 20.08 | 20.29 | 26.25 | 21.11 | 12.79 | 10.07 | 8.89 | 8.55 | 6.43 | 7.85 | 7.18 | 6.15 | 5.71 | 6.17 | 3.71 | 3.67 | 5.62 |
| Total Shareholders' Equity | 1.91B | 1.84B | 2.01B | 2.07B | 2.5B | 1.73B | 1.29B | 1.5B | 1.75B | 1.72B | 1.84B | 1.87B | 2.28B | 1.8B | 896.76M | 677.76M | 410.59M | 495.51M | 452.14M | 552.53M | 507.04M | 434.55M | 402.77M | 340.44M | 196.14M | 174.4M | 257.03M |
| Common Stock | 101.8M | 101.32M | 104.53M | 104.58M | 107.23M | 108.22M | 109.94M | 101.3M | 101.3M | 101.12M | 101.08M | 93.55M | 93.42M | 80.58M | 80.5M | 80.24M | 67.81M | 67.58M | 67.58M | 67.58M | 65.56M | 65.56M | 65.61M | 65.61M | 56.01M | 0 | 0 |
| Retained Earnings | -115.93M | -173.46M | 10.27M | 77.03M | 262.06M | -539.6M | -930.95M | -605.14M | -364.38M | -95.74M | 81.35M | 315.7M | 672.06M | 874.3M | -4.65M | 34.09M | 78.09M | 157.08M | 134.09M | 211.39M | 235.95M | 164.28M | 130.12M | 74.28M | 34.71M | 0 | 0 |
| Treasury Stock | 0 | -684K | 0 | 0 | 0 | 0 | 0 | -39.1M | -20.48M | -20.48M | -20.48M | -12.27M | 0 | 0 | 0 | 0 | -2.28M | -6.84M | -6.83M | -8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.34M | -1.94M | -5.74M | -5.07M | -5.81M | -10.83M | -56.07M | -34.87M | -28.51M | -7.77M | -9.54M | -41.25M | 5.17M | -6.76M | -33.14M | -34.95M | -33.31M | -18.82M | -34.64M | -6.9M | -8.48M | -5.95M | -3.74M | -89.05M | -60.36M | 0 | 0 |
| Minority Interest | 238.15M | 224.58M | 355.25M | 534.77M | 399.95M | 447.27M | 338.12M | 252.56M | 80.67M | 80.99M | 45.04M | 20.81M | 1.66M | 0 | 180.72M | 78.06M | 188.73M | 162.67M | 41.69M | 36.98M | 32.44M | 27.59M | 26.28M | 18.71M | 13.35M | 25.82M | 26.01M |
Project execution and concentration
According to recent financial filings, Golar LNG has grown its total assets from $4.1 billion in 2023Q4 to $5.3 billion by 2026Q1, reflecting a strategic shift toward capital-intensive FLNG infrastructure that appears to be driving the company's long-term value creation trajectory.
The consistent growth in total assets, coupled with the successful transition of the fleet, suggests that the company is effectively deploying capital into higher-margin infrastructure projects. Investors should monitor whether this asset expansion continues to translate into proportional growth in long-term tolling revenue as these new units reach full operational status.
As reported in quarterly statements, Golar LNG's total debt increased to $2.7 billion in 2026Q1 from $1.2 billion in 2023Q4, indicating that the company is utilizing debt financing to fund its proprietary FLNG conversion strategy while maintaining a manageable debt-to-equity ratio of 1.27.
While the absolute debt load has risen, the strategic nature of this borrowing suggests it is tied to specific, long-term infrastructure contracts that provide predictable cash flows. The current leverage profile appears sustainable, provided that the underlying FLNG projects maintain high uptime and meet their contractual throughput guarantees.
Based on Golar LNG's reported figures, the company has bolstered its liquidity position significantly, holding $1.0 billion in cash as of 2026Q1, which provides a substantial buffer against potential project delays or the capital requirements of future MKII FLNG vessel conversions.
The current ratio of 2.57 indicates a strong ability to meet short-term obligations, which is a marked improvement from the tighter liquidity conditions observed in early 2025. This cash-rich position appears to grant management the flexibility to pursue growth opportunities without immediate reliance on dilutive equity financing.
As indicated by the company's financial statements, the persistent negative retained earnings of $115.9 million in 2026Q1 suggest that historical accounting adjustments and complex joint venture structures may obscure the true underlying equity quality and long-term profitability of the core business.
The reliance on equity in net earnings from affiliates warrants further investigation, as it may mask the volatility inherent in project-level performance. Investors should be cautious that headline equity figures may not fully reflect the potential for future impairments or the impact of non-cash derivative hedging activities on the balance sheet.
Quick answers to the most common questions about buying GLNG stock.
As of 2025, Golar LNG Limited (GLNG) had total assets of $5.33B including $1.41B in current assets.
Golar LNG Limited (GLNG) carries total debt of $2.76B, offset by $1.18B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Golar LNG Limited (GLNG) has total shareholders' equity (book value) of $1.84B ($20.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Golar LNG Limited (GLNG) reported a current ratio of 2.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.