Latest Ratios: P/E Ratio 18.9x · EV/EBITDA 7.4x · ROE 46.1%. (1996–2025 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 | $58.2B | $42.8B | $49.2B | $41.4B | $38.0B | $25.7B | $15.2B | $15.8B | $14.7B | $12.6B | $9.5B |
| Enterprise Value | $85.3B | $69.8B | $72.2B | $63.7B | $64.6B | $56.2B | $45.2B | $44.5B | $42.2B | $37.2B | $30.5B |
| P/E Ratio → | 18.93 | 8.06 | 15.13 | 4.19 | 26.59 | — | — | 24.33 | 31.15 | — | — |
| P/S Ratio | 2.43 | 2.18 | 3.12 | 2.04 | 1.13 | 1.46 | 1.61 | 1.69 | 1.84 | 2.22 | 7.37 |
| P/B Ratio | 4.68 | 3.27 | 4.89 | 4.59 | — | — | 6.83 | 6.47 | 7.61 | 10.12 | 11.30 |
| P/FCF | 10.21 | 17.40 | 15.60 | 6.58 | 4.37 | 17.10 | — | — | — | — | — |
| P/OCF | 10.52 | 7.73 | 9.13 | 4.92 | 3.61 | 10.41 | 11.98 | 8.60 | 7.38 | 10.20 | — |
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 | — | 3.56 | 4.58 | 3.14 | 1.91 | 3.19 | 4.81 | 4.79 | 5.27 | 6.58 | 23.73 |
| EV / EBITDA | 7.37 | 9.63 | 11.89 | 7.20 | 5.29 | 8.92 | 12.74 | 16.37 | 16.21 | 19.82 | 171.80 |
| EV / EBIT | 16.08 | 7.57 | 11.43 | 4.05 | 14.35 | — | 21.84 | 20.75 | 20.06 | 28.30 | — |
| EV / FCF | — | 28.38 | 22.87 | 10.11 | 7.43 | 37.42 | — | — | — | — | — |
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 | 29.0% | 29.0% | 33.5% | 40.0% | 34.2% | 31.9% | 31.1% | 24.1% | 30.6% | 31.6% | 21.1% |
| Operating Margin | 27.0% | 27.0% | 30.7% | 37.7% | 32.9% | 30.0% | 27.9% | 20.7% | 26.9% | 26.9% | 0.3% |
| Net Profit Margin | 27.1% | 27.1% | 20.6% | 48.7% | 4.2% | -13.3% | -0.9% | 7.0% | 5.9% | -7.0% | -47.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 46.1% | 46.1% | 34.1% | 223.3% | — | -214.5% | -3.7% | 29.7% | 29.7% | -37.8% | -50.8% |
| ROA | 11.5% | 11.5% | 7.5% | 23.4% | 3.5% | -6.3% | -0.2% | 1.9% | 1.6% | -1.5% | -2.9% |
| ROIC | 10.9% | 10.9% | 11.3% | 19.9% | 29.2% | 12.6% | 6.2% | 4.8% | 5.8% | 4.8% | 0.0% |
| ROCE | 12.5% | 12.5% | 12.3% | 20.8% | 32.1% | 15.5% | 7.8% | 6.0% | 7.6% | 6.2% | 0.0% |
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 | 2.19 | 2.19 | 2.54 | 2.92 | — | — | 14.27 | 12.84 | 14.76 | 20.43 | 26.14 |
| Debt / EBITDA | 3.94 | 3.94 | 4.22 | 2.98 | 2.29 | 5.07 | 8.93 | 11.49 | 10.94 | 13.51 | 123.41 |
| Net Debt / Equity | — | 2.07 | 2.28 | 2.47 | — | — | 13.54 | 11.82 | 14.25 | 19.85 | 25.10 |
| Net Debt / EBITDA | 3.72 | 3.72 | 3.78 | 2.52 | 2.18 | 4.85 | 8.47 | 10.58 | 10.57 | 13.13 | 118.48 |
| Debt / FCF | — | 10.98 | 7.27 | 3.53 | 3.06 | 20.32 | — | — | — | — | — |
| Interest Coverage | 9.74 | 9.74 | 6.25 | 13.78 | 3.20 | -0.58 | 1.36 | 1.50 | 2.40 | 1.76 | -0.36 |
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 | 0.94 | 0.94 | 1.08 | 1.63 | 0.83 | 1.08 | 1.44 | 2.25 | 2.43 | 2.69 | 2.08 |
| Quick Ratio | 0.81 | 0.81 | 0.97 | 1.51 | 0.70 | 0.93 | 1.31 | 2.08 | 2.25 | 2.50 | 1.93 |
| Cash Ratio | 0.40 | 0.40 | 0.59 | 1.05 | 0.20 | 0.30 | 0.74 | 1.32 | 0.56 | 0.58 | 0.81 |
| Asset Turnover | — | 0.40 | 0.36 | 0.47 | 0.82 | 0.45 | 0.26 | 0.26 | 0.25 | 0.20 | 0.05 |
| Inventory Turnover | 26.61 | 26.61 | 20.93 | 27.34 | 26.91 | 17.02 | 22.14 | 22.61 | 17.55 | 15.89 | 6.34 |
| Days Sales Outstanding | — | 25.66 | 16.82 | 19.90 | 21.02 | 31.16 | 25.16 | 19.27 | 26.71 | 23.98 | 59.29 |
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 | 0.7% | 1.1% | 0.8% | 0.9% | 0.9% | 0.3% | — | — | — | — | — |
| Payout Ratio | 8.5% | 8.5% | 12.7% | 4.0% | 24.4% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 12.4% | 6.6% | 23.9% | 3.8% | — | — | 4.1% | 3.2% | — | — |
| FCF Yield | 9.8% | 5.7% | 6.4% | 15.2% | 22.9% | 5.8% | — | — | — | — | — |
| Buyback Yield | 4.7% | 6.4% | 4.6% | 3.6% | 3.6% | 0.0% | 1.0% | 1.6% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.4% | 7.4% | 5.4% | 4.5% | 4.5% | 0.4% | 1.0% | 1.6% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $220M | $229M | $243M | $253M | $253M | $252M | $258M | $248M | $233M | $229M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LNG stock.
Cheniere Energy, Inc.'s current P/E ratio is 18.9x. The historical average is 18.2x. This places it at the 50th percentile of its historical range.
Cheniere Energy, Inc.'s current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.0x.
Cheniere Energy, Inc.'s return on equity (ROE) is 46.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -22.9%.
Based on historical data, Cheniere Energy, Inc. is trading at a P/E of 18.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cheniere Energy, Inc.'s current dividend yield is 0.74% with a payout ratio of 8.5%.
Cheniere Energy, Inc. has 29.0% gross margin and 27.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cheniere Energy, Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage amid concurrent expansion
Metrics are mathematically derived from official filings.
Trailing Multiples Mask Forward Compression
Based on reported figures, LNG trades at 11.59x trailing earnings but 24.00x forward earnings, a gap that suggests the market expects reported trailing profit to be unrepresentative of normalized earnings power.
The sharp divergence between trailing P/E of 11.59 and forward P/E of 24.00 implies consensus expects earnings to step down materially, which is consistent with the derivative-driven volatility visible in the quarterly net income series. The forward EV/EBITDA of 8.73 versus trailing 11.80 points the same direction, suggesting EBITDA-based valuation may be more stable than earnings-based multiples. Investors should monitor whether the implied earnings decline reflects spread compression rather than operational deterioration.
Margins Driven by Marketing Volatility
As reported in quarterly statements, LNG's operating margin ranged from 22.9% to 74.8% over ten quarters, with Q3 2026 at 31.0%, suggesting headline profitability depends heavily on marketing spreads rather than steady fee income.
The gap between the Q2 2026 operating margin of 74.8% and the more typical range near 30% suggests that spike reflects an unusually favorable marketing or COGS period rather than a durable structural step-up. Net margin swings from -52.7% in Q1 2026 to 53.5% in Q2 2026 further indicate derivative accounting is dominating reported net income. The Q3 2026 operating margin of 31.0% appears closer to underlying earning power, though it should be treated as a provisional baseline pending further normalization.
ROIC Stable but ROE Inflated by Leverage
Based on reported ten-quarter data, ROIC has stayed in a narrow 2.2% to 9.2% band while ROE peaked at 30.4% in Q2 2026, a divergence that suggests leverage and derivative gains rather than operating efficiency drive headline equity returns.
ROIC has remained in low single digits for most of the period, which appears modest for an asset base this large and implies capital is compounding slowly at the enterprise level. The elevated ROE relative to ROIC suggests the equity multiple is being amplified by a debt-to-equity ratio above 2.0. Investors should monitor whether ROIC rises as new trains enter service, since current returns may not adequately compensate for the leverage embedded in the capital structure.
Leverage Easing but Remains Elevated
As reported in financial statements, LNG's debt-to-equity ratio declined from 3.11 in Q2 2024 to 2.20 in Q3 2026, while interest coverage remained above 5x in recent quarters, suggesting debt service is becoming more comfortable even as absolute leverage stays high.
The decline in debt-to-equity appears driven largely by equity rebuilding rather than debt paydown, meaning the improvement depends on sustained earnings recognition. Interest coverage in the 5.7x to 15.5x range provides a reasonable cushion, though the swing to negative coverage in Q1 2026 indicates sensitivity to derivative-driven operating results. Refinancing exposure tied to concurrent expansion projects warrants further investigation given the scale of outstanding obligations.
Thin Current Ratio Limits Shock Buffer
Based on LNG's reported figures, the current ratio stood at 0.90 and the quick ratio at 0.76 in Q3 2026, with both ranging roughly between 0.5 and 1.2 over the period, suggesting short-term obligations consistently exceed liquid assets.
A current ratio below 1.0 is not unusual for infrastructure-heavy midstream operators with contracted cash flows, but it leaves limited buffer if receivables slow or derivative settlements turn adverse. The quick ratio tracking closely behind the current ratio implies inventory is not the main issue, so liquidity depends on operating cash generation and access to committed facilities. Investors should monitor whether current liabilities continue to grow faster than cash balances.
Normalized Margins May Overstate Earning Power
The strongest challenge to the bullish reading is that the 27.1% net margin and 46.1% ROE may rely on non-recurring derivative gains and favorable spreads that could compress as new global supply arrives, based on reported figures.
If the elevated quarterly margins reflect mark-to-market gains rather than contracted fee income, the normalized earnings base could be materially lower than trailing figures suggest, consistent with the forward P/E of 24.00. Re-contracting of early liquefaction volumes at lower rates would further reduce the durable return profile, a risk that the current ratio set does not capture. Investors should weigh these possibilities against the reported deleveraging trend before drawing firm conclusions.