Latest Ratios: P/E Ratio 76.8x · EV/EBITDA 36.1x · ROE 3.0%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $3.8B | $4.5B | $2.5B | $2.5B | $1.4B | $935M | $1.4B | $2.2B | $3.0B | $2.2B |
| Enterprise Value | $6.7B | $5.4B | $5.3B | $3.0B | $2.8B | $2.8B | $3.2B | $3.8B | $4.5B | $5.2B | $3.7B |
| P/E Ratio → | 76.83 | 57.25 | 88.17 | — | 3.67 | — | — | — | — | — | — |
| P/S Ratio | 12.92 | 9.58 | 17.11 | 8.21 | 9.24 | 5.22 | 2.13 | 3.19 | 5.09 | 20.89 | 26.85 |
| P/B Ratio | 2.45 | 1.82 | 1.88 | 0.94 | 0.85 | 0.62 | 0.57 | 0.82 | 1.20 | 1.67 | 1.14 |
| P/FCF | — | — | — | — | 78.63 | 54.68 | — | — | — | — | — |
| P/OCF | 11.86 | 8.79 | 14.00 | 18.12 | 8.28 | 5.70 | 6.34 | 13.43 | 18.78 | 63.62 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.60 | 20.54 | 10.04 | 10.42 | 10.61 | 7.24 | 8.37 | 10.54 | 36.19 | 46.50 |
| EV / EBITDA | 36.07 | 28.96 | 54.05 | 22.61 | 19.05 | 17.54 | 11.63 | 16.22 | 29.34 | — | — |
| EV / EBIT | 49.17 | 35.72 | 57.23 | 1028.15 | 2.72 | — | 37.27 | 136.19 | 49.64 | — | — |
| EV / FCF | — | — | — | — | 88.65 | 111.12 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.9% | 46.9% | 32.7% | 51.9% | 52.6% | 53.7% | 47.7% | 39.1% | 31.2% | -35.0% | -116.4% |
| Operating Margin | 34.4% | 34.4% | 17.4% | 27.5% | 35.4% | 39.2% | 37.6% | 26.4% | 14.2% | -70.1% | -173.7% |
| Net Profit Margin | 16.7% | 16.7% | 19.5% | -15.7% | 252.0% | -61.9% | -62.4% | -47.2% | -53.7% | -125.2% | -232.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.0% | 3.0% | 2.0% | -1.7% | 26.6% | -8.5% | -16.2% | -11.9% | -12.8% | -9.8% | -9.9% |
| ROA | 1.4% | 1.4% | 1.2% | -1.1% | 14.6% | -3.5% | -6.1% | -4.5% | -4.8% | -4.0% | -4.3% |
| ROIC | 2.9% | 2.9% | 1.1% | 1.9% | 2.1% | 2.1% | 3.1% | 2.2% | 1.1% | -2.0% | -2.9% |
| ROCE | 3.3% | 3.3% | 1.3% | 2.2% | 2.5% | 3.0% | 5.2% | 3.4% | 1.8% | -3.1% | -4.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 0.62 | 0.47 | 0.41 | 0.75 | 1.45 | 1.45 | 1.41 | 1.34 | 0.96 |
| Debt / EBITDA | 14.92 | 14.92 | 14.75 | 9.24 | 8.16 | 10.38 | 8.67 | 11.00 | 16.58 | — | — |
| Net Debt / Equity | — | 0.77 | 0.38 | 0.21 | 0.11 | 0.64 | 1.37 | 1.33 | 1.29 | 1.22 | 0.84 |
| Net Debt / EBITDA | 8.56 | 8.56 | 9.02 | 4.11 | 2.15 | 8.91 | 8.20 | 10.04 | 15.18 | — | — |
| Debt / FCF | — | — | — | — | 10.03 | 56.44 | — | — | — | — | — |
| Interest Coverage | 4.55 | 4.55 | 18.12 | 1.47 | 34.88 | -0.67 | 1.13 | 0.30 | 0.90 | -0.92 | -2.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.55 | 2.55 | 0.88 | 1.49 | 3.04 | 0.71 | 0.46 | 0.26 | 0.65 | 0.29 | 0.72 |
| Quick Ratio | 2.54 | 2.54 | 0.88 | 1.49 | 3.04 | 0.71 | 0.45 | 0.26 | 0.64 | 0.29 | 0.72 |
| Cash Ratio | 2.12 | 2.12 | 0.67 | 1.24 | 2.66 | 0.55 | 0.11 | 0.15 | 0.22 | 0.13 | 0.22 |
| Asset Turnover | — | 0.07 | 0.06 | 0.07 | 0.06 | 0.05 | 0.10 | 0.10 | 0.09 | 0.03 | 0.02 |
| Inventory Turnover | 264.08 | 264.08 | 84.31 | 72.17 | 183.47 | 224.62 | 149.70 | 222.45 | 42.30 | 26.16 | 23.94 |
| Days Sales Outstanding | — | 194.03 | 129.62 | 77.26 | 76.51 | 49.02 | 31.66 | 26.40 | 63.02 | 65.81 | 36.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.0% | 8.1% | 2.3% | 3.2% | 2.2% | 2.4% | 2.8% | 4.5% | 2.0% | 0.7% | 2.5% |
| Payout Ratio | 465.7% | 465.7% | 204.8% | — | 8.2% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.7% | 1.1% | — | 27.3% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 1.3% | 1.8% | — | — | — | — | — |
| Buyback Yield | 2.8% | 3.8% | 0.3% | 2.5% | 1.0% | 1.8% | 1.8% | 1.3% | 0.0% | 0.0% | 0.4% |
| Total Shareholder Yield | 8.9% | 11.9% | 2.7% | 5.8% | 3.3% | 4.2% | 4.6% | 5.8% | 2.0% | 0.7% | 2.9% |
| Shares Outstanding | — | $101M | $105M | $107M | $109M | $110M | $97M | $101M | $101M | $101M | $94M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying GLNG stock.
Golar LNG Limited's current P/E ratio is 76.8x. The historical average is 32.6x. This places it at the 92th percentile of its historical range.
Golar LNG Limited's current EV/EBITDA is 36.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.6x.
Golar LNG Limited's return on equity (ROE) is 3.0%. The historical average is 6.3%.
Based on historical data, Golar LNG Limited is trading at a P/E of 76.8x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Golar LNG Limited's current dividend yield is 6.05% with a payout ratio of 465.7%.
Golar LNG Limited has 46.9% gross margin and 34.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Golar LNG Limited's Debt/EBITDA ratio is 14.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage constrains growth capital
Premium Pricing Reflects FLNG Inflection
GLNG's forward EV/EBITDA of 25.11x and P/E of 46.54x represent a significant premium to pure-play shipping peers like Flex LNG, suggesting the market is pricing in the higher-margin, contracted cash flows from its FLNG infrastructure pivot.
The valuation multiples appear to be pricing a structural shift away from cyclical shipping toward a midstream utility model. The forward P/E of 46.54x, while high, is supported by the accelerating revenue growth and margin expansion from the *Gimi* FLNG. However, the premium over peers like Flex LNG (12.33x EV/EBITDA) indicates the market is assigning a higher multiple to GLNG's contracted, infrastructure-like earnings stream, which warrants monitoring for any operational missteps that could erode this premium.
FLNG Drives Structural Margin Expansion
Gross margins have expanded dramatically from 27.7% in 2024Q2 to 56.8% in 2026Q2, a structural shift driven by the high-margin FLNG tolling contracts now dominating the revenue mix.
The margin trajectory indicates a fundamental change in the business model, where the high fixed-cost base of FLNG assets is now generating substantial operating leverage. The operating margin of 48.2% in 2026Q2 is particularly strong, but the significant gap to the net margin of 29.3% suggests that non-operating items, likely related to financing costs or minority interests in project JVs, are diluting the final earnings. Investors should focus on the operating margin as the best indicator of the core FLNG business's earning power.
Returns Lagging Asset Growth
Despite surging profitability, ROIC of 1.2% and ROE of 1.8% in 2026Q2 remain depressed, indicating that the massive capital deployed for FLNG conversions has not yet generated commensurate returns on invested capital.
The low returns on capital are a direct consequence of the company's aggressive growth phase, where the asset base has expanded faster than the earnings it generates. The ROIC trend has improved from 0.2% in 2024Q1 but remains well below the cost of capital, suggesting the company is still in the investment phase of its FLNG strategy. The key question is whether the contracted cash flows from the *Gimi* and future projects will drive a meaningful inflection in ROIC over the next 12-18 months.
Elevated Leverage Amidst Growth Push
The Debt/Equity ratio has surged to 1.22 in 2026Q2 from 0.45 in 2024Q1, indicating the company is heavily utilizing debt to fund its FLNG conversion program, which may constrain future capital allocation.
The leverage profile has deteriorated significantly as total debt has more than doubled to $2.7B. While the interest coverage ratio of 2.84x in 2026Q2 is adequate, it is a sharp decline from 5.26x in 2026Q1, suggesting that debt service is becoming less comfortable as the company borrows to fund growth. This elevated leverage, combined with the negative free cash flow, means the company's ability to self-fund the next phase of its MKII FLNG project may be limited without additional capital raises or asset sales.
Strong Cash Buffer for Lumpy Cycles
A current ratio of 2.34 and a substantial cash position of $870.5M provide a robust liquidity buffer to manage the lumpy capital expenditure cycles inherent in the FLNG conversion program.
The liquidity position appears strong on the surface, with the current ratio well above 1.0. However, the negative free cash flow trend indicates that this cash is being consumed by growth investments. The company's ability to maintain this buffer will depend on the timing of cash inflows from its contracted FLNG projects and its access to capital markets. The strong liquidity is a necessary feature for a business with such high capital intensity and long project timelines.
The Misleading Debt/Equity Ratio
The reported Debt/Equity ratio of 1.22 is likely the most misapplied metric for GLNG, as it may understate true leverage by excluding proportional debt held within unconsolidated project-level joint ventures.
For a company like GLNG, which operates key assets like the *Hilli Episeyo* through joint ventures, the consolidated Debt/Equity ratio can be misleadingly low. The true economic leverage includes the company's share of debt within these JVs, which is not captured on the balance sheet. Analysts should instead focus on the Debt/EBITDA ratio (34.66x in 2026Q2) and the total enterprise value relative to cash flow from operations to assess the true debt burden and refinancing risk.