Latest Ratios: P/E Ratio 11.4x · EV/EBITDA 11.7x · 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 | $57.9B | $42.8B | $49.2B | $41.4B | $38.0B | $25.7B | $15.2B | $15.8B | $14.7B | $12.6B | $9.5B |
| Enterprise Value | $84.9B | $69.8B | $72.2B | $63.7B | $64.6B | $56.2B | $45.2B | $44.5B | $42.2B | $37.2B | $30.5B |
| P/E Ratio → | 11.45 | 8.06 | 15.13 | 4.19 | 26.59 | — | — | 24.33 | 31.15 | — | — |
| P/S Ratio | 2.95 | 2.18 | 3.12 | 2.04 | 1.13 | 1.46 | 1.61 | 1.69 | 1.84 | 2.22 | 7.37 |
| P/B Ratio | 4.65 | 3.27 | 4.89 | 4.59 | — | — | 6.83 | 6.47 | 7.61 | 10.12 | 11.30 |
| P/FCF | 23.52 | 17.40 | 15.60 | 6.58 | 4.37 | 17.10 | — | — | — | — | — |
| P/OCF | 10.45 | 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 | 11.70 | 9.63 | 10.71 | 6.73 | 5.04 | 8.40 | 11.77 | 14.51 | 16.21 | 19.82 | 171.76 |
| EV / EBIT | 16.01 | 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 | 3.80 | 2.78 | 2.18 | 4.77 | 8.25 | 10.18 | 10.94 | 13.51 | 123.38 |
| 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 | 3.41 | 2.35 | 2.07 | 4.56 | 7.82 | 9.37 | 10.57 | 13.13 | 118.45 |
| 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 | 8.7% | 12.4% | 6.6% | 23.9% | 3.8% | — | — | 4.1% | 3.2% | — | — |
| FCF Yield | 4.3% | 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 11.4x. The historical average is 18.2x. This places it at the 33th percentile of its historical range.
Cheniere Energy, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.6x.
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 11.4x. This is at the 33th 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
Qatari supply glut overhang
Metrics are mathematically derived from official filings.
Derivative Swings Mask Core Margin Strength
Reported gross margin swung from 31.7% to 92.3% in Q2 2026, but normalized liquefaction margins likely hover near 30%, per SEC filings, indicating stable fee-based earnings.
The extreme quarterly margin volatility is driven by ASC 815 derivative accounting, not operational deterioration. Excluding these non-cash swings, the underlying take-or-pay liquefaction fees provide a stable gross margin, while the marketing segment's contribution fluctuates with global price spreads. Investors should focus on adjusted EBITDA and distributable cash flow to gauge true earning power.
ROIC Recovery Signals Efficient Capital Deployment
ROIC improved from 2.2% in 2024Q2 to 9.2% in 2026Q2, as reported in financial statements, reflecting higher utilization and disciplined project execution, though still below cost of capital.
The steady climb in ROIC from sub-3% levels to near double digits indicates that the massive capital invested in liquefaction trains is beginning to generate adequate returns. This improvement is driven by both margin expansion and asset turnover, though the latter remains low at 0.12x, typical for capital-intensive infrastructure. The sustainability of this trend depends on maintaining high utilization and avoiding cost overruns on new expansions.
Working Capital Cycle Lengthens on Inventory Build
Cash conversion cycle extended to 110 days in Q2 2026 from 23 days a year earlier, driven by DIO surging to 145 days, per balance sheet data, signaling potential inventory overhang.
The dramatic increase in days inventory outstanding suggests a deliberate build-up of LNG inventory, possibly to capitalize on favorable winter spreads or due to logistical delays. While this ties up cash, the strong FCF margin of 40.4% indicates the company can fund this without strain. However, if inventory is not sold at expected margins, it could pressure future cash flows.
Leverage Eases but Remains Elevated
Debt-to-equity fell to 2.31 in Q2 2026 from 3.42 in 2024Q1, per SEC filings, yet total debt of $26.6B and D/EBITDA of 5.69 still indicate a highly levered balance sheet.
The deleveraging trend is positive, but the absolute leverage remains high, reflecting the capital-intensive nature of LNG infrastructure. Interest coverage improved to 14.97x, providing ample cushion for debt service. However, the reliance on project debt and potential off-balance-sheet obligations warrants monitoring, especially if global LNG prices weaken.
Liquidity Buffer Thins as Cash Declines
Current ratio fell to 0.87 in Q2 2026 from 1.19 in 2025Q1, with cash down to $1.5B, as reported in balance sheet, indicating a tighter short-term liquidity position.
The sub-1.0 current ratio suggests that current liabilities exceed current assets, a common trait in capital-intensive firms with access to credit lines. The company's robust operating cash flow and undrawn revolver likely mitigate this risk, but the declining cash balance and rising inventory could strain liquidity if markets tighten. Investors should monitor the availability of credit facilities.
Misapplied P/E Distorts True Value
The P/E of 11.26 is misleading due to derivative-driven earnings swings; EV/EBITDA of 11.57 and P/FCF of 23.13 provide a clearer valuation picture, per current multiples.
Reported net income is heavily distorted by fair value changes in derivatives, making P/E unreliable for Cheniere. Analysts should instead use EV/EBITDA, which normalizes for these non-cash items, or P/FCF, which reflects actual cash generation. The forward EV/EBITDA of 8.68 suggests the market is pricing in continued EBITDA growth, but this hinges on stable global spreads and successful project execution.