Latest Ratios: P/E Ratio -5.7x · EV/EBITDA N/A · ROE -15.1%. (2014–2025 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 | $1.8B | $1.4B | $2.0B | $928M | $643M | $340M | $246M | $670M | $575M | $840M | $46M |
| Enterprise Value | $10.3B | $9.9B | $5.9B | $2.9B | $582M | $315M | $223M | $655M | $572M | $804M | $46M |
| P/E Ratio → | -5.71 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.76 | 0.60 | 1.14 | 1.25 | 2.50 | 1.80 | 1.42 | 3.57 | 3.85 | 8.15 | 0.40 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 19.73 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -15.1% | -15.1% | -5.0% | -32.5% | -27.0% | -12.2% | -8.0% | -21.3% | -33.2% | -32.7% | -0.4% |
| ROA | -3.3% | -3.3% | -1.3% | -8.9% | -22.5% | -10.4% | -6.8% | -18.4% | -29.4% | -30.2% | -0.4% |
| ROIC | -2.1% | -2.1% | -3.1% | -6.4% | -22.8% | -9.3% | -10.2% | -16.5% | -30.2% | -29.6% | -0.5% |
| ROCE | -2.7% | -2.7% | -4.0% | -8.0% | -21.7% | -9.5% | -11.1% | -19.6% | -32.5% | -31.7% | -0.6% |
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 | 3.76 | 3.76 | 2.33 | 2.65 | 0.01 | 0.00 | 0.00 | 0.00 | — | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 3.70 | 2.25 | 2.60 | -0.24 | -0.13 | -0.13 | -0.08 | -0.02 | -0.35 | 0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.00 | -2.00 | 3.42 | -2.51 | -10.45 | — | — | — | — | — | — |
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 | 0.54 | 0.54 | 0.69 | 0.57 | 2.52 | 3.21 | 4.53 | 3.66 | 6.36 | 5.10 | 0.34 |
| Quick Ratio | 0.54 | 0.54 | 0.69 | 0.57 | 2.52 | 3.21 | 4.53 | 3.66 | 6.36 | 5.10 | 0.34 |
| Cash Ratio | 0.11 | 0.11 | 0.25 | 0.07 | 2.48 | 3.11 | 4.40 | 3.62 | 6.25 | 4.85 | 0.18 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.0% | 1.2% | 0.3% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 1.2% | 0.3% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $262M | $259M | $195M | $130M | $119M | $118M | $109M | $107M | $101M | $4M |
Includes 30+ ratios · 12 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NEXT stock.
Nextdecade Corp's current P/E ratio is -5.7x. This places it at the 50th percentile of its historical range.
Nextdecade Corp's return on equity (ROE) is -15.1%. The historical average is -17.1%.
Based on historical data, Nextdecade Corp is trading at a P/E of -5.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Leverage and cash burn
Metrics are mathematically derived from official filings.
Liquidity Buffer Thin and Deteriorating
Current ratio fell from 0.56 in 2024Q1 to 0.37 in 2026Q2, with cash at $83.7M, per financial statements, indicating a tight liquidity position.
The current ratio has consistently declined over the ten quarters, from 0.56 in 2024Q1 to 0.37 in 2026Q2, and the quick ratio mirrors this exactly, suggesting no inventory cushion. With cash at only $83.7M against a $10.5B debt load, the company appears to have minimal buffer to absorb operational shocks. This thin liquidity, combined with negative operating cash flow, suggests that the company may need to secure additional financing or draw on credit facilities to meet near-term obligations.
Leverage Escalates with Construction
Debt-to-equity climbed from 2.25 in 2024Q1 to 3.74 in 2026Q2, while interest coverage turned negative in most quarters, per balance sheet data, signaling aggressive debt-funded expansion.
Total debt surged from $2.5B to $10.5B over the period, lifting D/E from 2.25 to 3.74, while shareholders' equity turned negative at -$57.3M in 2026Q2. Interest coverage was negative in six of the ten quarters, with the latest at -1.54, indicating that operating income is insufficient to cover interest expense. This suggests that the company is relying heavily on debt to fund its construction phase, and any delay in project completion or cost overrun could strain its ability to service debt.
Returns Decay Amid Heavy Capital Spend
ROIC has remained negative, hovering around -0.3% to -0.9% over the past ten quarters, per reported figures, reflecting a pre-revenue construction phase with massive capital outlays.
ROIC has been consistently negative, ranging from -0.3% in 2026Q2 to -0.9% in 2024Q1, and ROE has been volatile, swinging from -10.6% to +4.7% due to non-operating items. The negative returns are expected during a construction phase, but the magnitude of capital invested (PPE at $13.7B) means that even modest returns on project completion will be diluted. The company is not yet generating returns on its invested capital, and investors should monitor whether the eventual LNG project yields returns above its cost of capital.
Working Capital Efficiency Obscured by Project Timing
Days payable outstanding spiked to 35,137 in 2024Q4 and 13,272 in 2025Q4, per balance sheet data, reflecting timing effects from construction payables rather than operational efficiency.
DPO figures are extremely volatile, ranging from 4,337 days in 2024Q2 to 35,137 days in 2024Q4, which likely reflects the timing of large construction-related payables rather than a sustainable working capital policy. DSO and DIO are not reported, and the current ratio is below 1, indicating that current liabilities exceed current assets. This suggests that the company is relying on supplier financing and project payables to manage its cash position, but the lack of revenue makes traditional efficiency metrics less meaningful.
Peer Comparison Highlights Pre-Revenue Gap
NEXT's negative ROE and ROIC contrast with Golar LNG's positive returns, while its D/E of 3.74 is far above peers, per peer data, reflecting its construction-stage profile.
Compared to peers, NEXT's ROE of -2.5% and ROIC of -0.3% are less negative than New Fortress Energy's -8.2% and -1.3%, but Golar LNG shows positive returns of 6.4% and 2.9%, respectively. NEXT's D/E of 3.74 is significantly higher than Golar's 1.33 and Clean Energy Fuels' 0.18, indicating a more aggressive leverage profile. This gap is likely structural, as NEXT is in a capital-intensive construction phase, but it also implies higher financial risk relative to peers that are already generating revenue.
Misapplied Metric: P/B in a Negative Equity Context
P/B of 0.80 is misleading given negative shareholders' equity of -$57.3M in 2026Q2, per balance sheet data, as book value is not a meaningful anchor for a pre-revenue construction company.
The price-to-book ratio of 0.80 appears low, but with negative equity, book value is not a reliable valuation metric. The company's asset base is dominated by PPE under construction, which may not reflect market value, and the negative equity suggests that liabilities exceed assets. A more appropriate metric would be EV/EBITDA or EV/construction backlog, but EBITDA is also negative, so investors should focus on project NPV or replacement cost of the LNG facility. The P/B ratio obscures the fact that the company is not yet generating returns on its invested capital.