Golar LNG Limited
- Open
- 52.95
- Day high
- 53.59
- Day low
- 52.09
- Prev close
- 52.24
- Volume
- 1.5M
- Mkt cap
- $5.3B
- P/E (TTM)
- 32.6
- EPS (TTM)
- $1.60
- P/B
- 2.7
- P/S
- 10.2
- Yield
- 0.96%
- Per share
- $0.50
Golar LNG Limited (GLNG) is a Energy company listed on NASDAQ. The stock is up 23% over the past year. Drillr has 1 published research article covering GLNG.
Golar LNG Limited (GLNG) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GLNG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $0.55 | $0.54 | -1.3% | $130M | -0.6% |
| May 20, 2026 | $0.31 | $0.49 | +58.1% | $138M | +5.9% |
| Feb 25, 2026 | $0.38 | $0.30 | -21.1% | $133M | +2.5% |
| Nov 5, 2025 | $0.46 | $0.43 | -6.5% | $123M | -0.6% |
| Aug 14, 2025 | $0.29 | $0.26 | -10.3% | $76M | -29.9% |
| May 27, 2025 | $0.19 | $0.38 | +98.5% | $63M | -4.9% |
| Feb 27, 2025 | $0.48 | $0.30 | -37.5% | $66M | -9.4% |
| Aug 15, 2024 | $0.44 | $0.42 | -4.5% | $65M | -16.5% |
| May 28, 2024 | $0.39 | $0.45 | +15.4% | $65M | -9.6% |
| Feb 29, 2024 | $0.50 | $0.90 | +80.0% | $80M | +0.6% |
| Nov 21, 2023 | $0.50 | $0.55 | +10.0% | $67M | -13.7% |
| Aug 11, 2023 | $0.51 | $0.62 | +21.6% | $78M | -3.2% |
Golar LNG Limited company profile
Overview
Golar LNG Limited (NASDAQ:GLNG) is a Bermuda-based marine infrastructure company founded in 1946 that has evolved into the world's largest owner and operator of Floating Liquefied Natural Gas (FLNG) vessels. Originally established as a traditional LNG shipping company, Golar has strategically transformed itself over the past decade into a pure-play FLNG specialist, divesting its conventional shipping assets to focus exclusively on floating liquefaction infrastructure. The company currently operates a fleet that includes the operational Hilli FLNG vessel, the recently commissioned Gimi FLNG, and has a third Mark II FLNG unit under construction for 2027 delivery.
Business
Golar LNG operates in the liquefied natural gas midstream sector, specifically focusing on floating liquefaction infrastructure. The company's core business revolves around Floating Liquefied Natural Gas (FLNG) vessels, which are essentially floating factories that convert natural gas directly at offshore production sites into liquefied natural gas for export. To understand FLNG technology, it's important to know that natural gas must be cooled to approximately -162°C (-260°F) to transform it into LNG, reducing its volume by about 600 times for efficient transportation. Traditional LNG projects require massive onshore processing facilities costing billions of dollars and taking many years to construct. FLNG vessels eliminate this need by performing the liquefaction process offshore, directly above or near gas fields. Golar's FLNG vessels serve as tolling facilities, where gas producers provide the natural gas feedstock, and Golar charges tolling fees to convert it into LNG. The company currently operates with 8.6 million tons per annum of liquefaction capacity across its fleet: 1. Hilli FLNG - The company's flagship vessel with 2.4 million tons per annum capacity, currently operating offshore Equatorial Guinea under contract with Perenco through July 2026, generating approximately $277 million in EBITDA for 2024. 2. Gimi FLNG - A 2.5 million ton per annum vessel that commenced operations in early 2025 offshore Senegal and Mauritania under a 20-year contract with BP, expected to generate around $150 million in annual EBITDA. 3. Mark II FLNG - A 3.5 million ton per annum vessel currently under construction with targeted delivery in 2027, representing a 70% increase to Golar's liquefaction capacity. The company has also developed Macaw Energies, a subsidiary focused on small-scale flare gas monetization technology, though this represents a minimal portion of overall revenues.
Revenue model
Golar LNG generates revenue primarily through long-term tolling contracts with major oil and gas companies. Under these arrangements, customers provide natural gas feedstock, and Golar charges fees to convert it into LNG using their floating facilities. The company's revenue model consists of several components: 1. Base tolling fees - Fixed daily rates that provide stable cash flow regardless of production volumes, typically covering debt service and operational costs. 2. Variable commodity-linked fees - Additional revenues tied to energy prices such as Brent crude oil and European gas benchmarks (TTF), providing significant upside during periods of high energy prices. 3. Volume-based fees - Charges based on actual LNG production volumes, incentivizing operational efficiency. The company's customers are primarily major international oil companies and national oil companies including BP, Perenco, and Pan American Energy. These customers typically sign contracts ranging from 12 to 20 years, providing long-term revenue visibility with Golar's current EBITDA backlog totaling approximately $11 billion. Several factors influence Golar's profitability margins. Positive margin drivers include rising global energy prices (particularly Brent crude and European gas prices), increasing global LNG demand driven by energy security concerns, the company's market-leading operational efficiency, and the strategic advantage of monetizing stranded gas reserves that would otherwise be flared or remain undeveloped. Negative margin pressures can arise from extended maintenance periods, technical operational issues, declining energy commodity prices, increased competition from new FLNG operators, and potential delays in securing redeployment contracts for existing vessels. The company's operational leverage means that high utilization rates significantly impact profitability, while any extended downtime can materially affect earnings.
Competitive moat
Golar LNG possesses a moderate but defensible competitive moat built on several key advantages. The company benefits from significant barriers to entry in the FLNG sector, as these vessels require specialized engineering expertise, substantial capital investment (typically $2+ billion per unit), and multi-year construction timelines. Golar's position as the world's largest FLNG owner-operator provides operational scale advantages and accumulated technical expertise from delivering over 128 LNG cargoes since 2018. The company's first-mover advantage in commercializing FLNG technology has established strong relationships with major oil companies and created a track record that competitors lack. Golar's vessels target stranded gas reserves - gas fields that are too remote or small for traditional onshore LNG development - creating a specialized market niche with limited competition. However, the moat faces potential challenges. Large integrated oil companies like Shell and Petronas are developing their own FLNG capabilities, potentially reducing demand for Golar's services. Traditional onshore LNG projects continue to benefit from economies of scale and may become more cost-competitive. Additionally, technological disruption from alternative gas monetization methods or more efficient FLNG designs could erode Golar's competitive position. The company's moat is strengthened by long-term contracts that provide revenue stability and customer switching costs, as well as the specialized nature of offshore gas field development that limits the addressable market to companies with specific technical and operational capabilities. While not impregnable, Golar's moat appears sustainable in the medium term, particularly given the growing global focus on energy security and the monetization of previously stranded gas resources.
Risks & safety
Golar LNG presents a moderate margin of safety with mixed financial health indicators requiring careful evaluation. **Cash and Liquidity Position:** - Strong cash position of $566 million as of Q4 2024 - Current ratio of 0.88 indicates potential short-term liquidity pressure - Positive operating cash flow of $318 million for full year 2024 - Negative free cash flow of -$119 million due to ongoing Mark II construction capex **Debt and Solvency:** - Net debt position of approximately $800 million - Debt-to-equity ratio of 0.72 is manageable but elevated - Total EBITDA backlog of $11 billion provides long-term cash flow visibility - Interest coverage appears adequate given EBITDA generation **Valuation Metrics:** - EV/EBITDA of 38.2x appears elevated, though distorted by current construction phase - Price-to-book ratio of 2.19x suggests premium valuation - Forward metrics likely more attractive as Gimi reaches full operation and Mark II comes online **Other Considerations:** - Concentrated customer base creates counterparty risk - Long-term contracted revenues provide stability - Capital-intensive business model requires ongoing investment - Commodity price exposure through variable fee structures
Recent development
Over the past few years, Golar LNG has executed a strategic transformation from a diversified LNG company into a pure-play FLNG specialist. The company divested its traditional shipping assets, including the sale of Avenir LNG and Golar Arctic, to focus exclusively on floating liquefaction infrastructure. Key strategic developments include the successful commissioning of Gimi FLNG in early 2025, which commenced operations offshore Senegal and Mauritania under a 20-year contract with BP. This vessel is expected to generate approximately $150 million in annual EBITDA once fully operational. The company also secured Hilli FLNG's redeployment to Argentina under a 20-year contract with Pan American Energy, ensuring continued operations beyond the current Equatorial Guinea contract ending in July 2026. Golar has embarked on an ambitious capacity expansion program, ordering the Mark II FLNG with 3.5 million tons per annum capacity for 2027 delivery. This represents a 70% increase to the company's liquefaction capacity and positions Golar to potentially double its FLNG earnings. The company has invested approximately $600 million in the Mark II project to date, with total capex expected around $2.2 billion. The company has also developed Macaw Energies, a subsidiary focused on small-scale flare gas monetization technology. Macaw successfully produced and sold its first ISO containers from flare gas in Texas, demonstrating proof-of-concept for this complementary technology. Management is exploring strategic alternatives for Macaw, potentially including licensing arrangements that could generate additional revenue streams without compromising the core FLNG growth strategy. Looking forward, Golar is actively pursuing additional FLNG opportunities across multiple regions including West Africa, South America, Middle East, and Southeast Asia, with the potential to add a fourth FLNG unit to its fleet. The company is also exploring the possibility of multiple units in single projects, particularly in Argentina where the Vaca Muerta shale formation offers substantial gas reserves.
GLNG company profile · for informational purposes only — not investment advice.
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