Latest Ratios: P/E Ratio -17.4x · 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 | $1.5B | $1.4B | $2.0B | $928M | $643M | $340M | $246M | $670M | $575M | $840M | $46M |
| Enterprise Value | $10.1B | $9.9B | $5.9B | $2.9B | $582M | $315M | $223M | $655M | $572M | $804M | $46M |
| P/E Ratio → | -17.39 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.66 | 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 | 1.1% | 1.2% | 0.3% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.1% | 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 -17.4x. 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 -17.4x. 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 rising with thin liquidity
Metrics are mathematically derived from official filings.
Book Value Pricing Amid Negative Earnings
NEXT trades at a P/B of 0.66 and a P/E of -4.96 on reported TTM figures, so the market values the equity below book while earnings remain negative, suggesting investors discount the carrying value of its capital-intensive asset base.
A P/B below 1.0 alongside a negative P/E indicates the market is pricing NEXT on asset backing rather than earnings power, since the company has no reported revenue and earnings are not meaningful for ratio comparison. The discount to book may reflect skepticism that the roughly $15.6B of net PP&E will generate economic returns, a point that depends on project economics not visible in the supplied data. Investors should treat the P/B as a claim on future project execution rather than evidence of undervaluation.
Debt Build-Out Outpacing Equity Base
Based on EDBL's reported figures, NEXT's debt-to-equity ratio sits near 3.24 in 2026Q3 and has stayed above 2.3 across the ten quarters, indicating borrowed capital funds nearly all of the asset expansion.
Interest coverage cannot be computed because operating income is negative and interest expense is not reported in the supplied ratio set, so debt service comfort cannot be directly assessed. The D/EBITDA ratio of roughly 2.3 to 4.0 is elevated and offers no evident improvement trend, which may indicate that refinancing or covenant pressure rises if project timelines slip. Investors should monitor whether the leverage profile tightens once the asset base begins generating cash flow.
Thin Current Ratio Against Heavy Obligations
As reported in financial statements, NEXT's current ratio of 0.36 and quick ratio of 0.36 in 2026Q3 are identical, indicating essentially no inventory dependence but a current asset base far smaller than current liabilities.
A current ratio well below 1.0 means short-term obligations exceed liquid resources, and with cash near $130M against roughly $14.1B of total liabilities, the buffer under severe stress appears limited. The ratio has improved modestly from 0.85 in 2025Q1 but remains weak, which may suggest reliance on long-dated financing rather than operating liquidity. Investors should assess how the company would meet near-term obligations if financing conditions tightened.
Returns Hovering Near Zero Across Cycles
Based on reported quarterly figures, NEXT's ROIC has remained between -0.3% and -0.8% over ten quarters while ROE swung from -10.6% to +4.7%, suggesting no sustained compounding of invested capital.
The ROE swings are driven by volatile non-operating items rather than improving operating economics, since ROIC stays negative throughout and the 2026Q3 positive ROE of 4.7% coincides with an ROIC of -0.4%. The persistent negative ROIC indicates capital deployed into the asset base is not yet earning returns above its cost. Investors should view the sign change in ROE as an accounting artifact warranting further investigation rather than evidence of a durable turn.
Peer Multiples Obscure Asset-Stage Risk
Peer comparison shows NEXT's P/B of 0.66 sits near NFE's 0.08 and CLNE's 0.75, but these low multiples across the group reflect distressed or pre-revenue balance sheets rather than a shared valuation floor.
Comparing NEXT to GLNG, the only peer with positive ROE of 7.5% and a P/B of 2.11, highlights that the sector discount reflects the market treating NEXT as an early-stage asset developer rather than an operating business. A low P/B is commonly read as cheap, yet here it may signal that book value overstates recoverable economic value if the PP&E generates no revenue. Investors should weigh book-value multiples against project milestones rather than treating the discount as a margin of safety.