Golar LNG (GLNG)
Market Price (9/29/2026): $48.79 | Market Cap: $5.0 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Golar LNG (GLNG)
Market Price (9/29/2026): $48.79Market Cap: $5.0 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.6%, Dividend Yield is 6.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.7% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 81% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include US Energy Independence, and Global Energy Security. Themes include US LNG, and LNG Infrastructure & Supply Chain. | Expensive valuation multiplesP/SPrice/Sales ratio is 9.5x Weak revenue growthRev Chg QQuarterly Revenue Change % is -5.1% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -47% Key risksGLNG key risks include [1] high concentration in a limited number of FLNG assets, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.6%, Dividend Yield is 6.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.7% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 81% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Global Energy Security. Themes include US LNG, and LNG Infrastructure & Supply Chain. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 9.5x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -5.1% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -47% |
| Key risksGLNG key risks include [1] high concentration in a limited number of FLNG assets, Show more. |
Qualitative Assessment
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Golar LNG (GLNG) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Q2 2026 Financial Performance with Operational Transition. Golar LNG reported a record Adjusted EBITDA of $127 million for fiscal Q2 2026 (ended June 30, 2026), alongside total operating revenue of $130 million and net income attributable to Golar of $38 million. However, the stock's initial 8.2% surge on the August 13, 2026, earnings release was largely given back, primarily due to the floating liquefied natural gas (FLNG) Hilli ending its 8-year contract in Cameroon and entering an interim non-earning period until its next 20-year contract commences in the second half of 2027.
2. Unchartered Fourth FLNG Unit Order Introducing Growth and Risk. The company announced on August 13, 2026, a significant commitment to order a fourth FLNG unit (MKII design) with an approximate cost of $2.45 billion and expected delivery by year-end 2029. While this decision demonstrates long-term growth ambition, increasing Golar's liquefaction capacity by 41% to over 12 million tonnes, the absence of a secured long-term charter for this new vessel introduces significant execution and contracting risk, tempering investor enthusiasm.
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Golar LNG (GLNG) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Q2 2026 Financial Performance with Operational Transition. Golar LNG reported a record Adjusted EBITDA of $127 million for fiscal Q2 2026 (ended June 30, 2026), alongside total operating revenue of $130 million and net income attributable to Golar of $38 million. However, the stock's initial 8.2% surge on the August 13, 2026, earnings release was largely given back, primarily due to the floating liquefied natural gas (FLNG) Hilli ending its 8-year contract in Cameroon and entering an interim non-earning period until its next 20-year contract commences in the second half of 2027.
2. Unchartered Fourth FLNG Unit Order Introducing Growth and Risk. The company announced on August 13, 2026, a significant commitment to order a fourth FLNG unit (MKII design) with an approximate cost of $2.45 billion and expected delivery by year-end 2029. While this decision demonstrates long-term growth ambition, increasing Golar's liquefaction capacity by 41% to over 12 million tonnes, the absence of a secured long-term charter for this new vessel introduces significant execution and contracting risk, tempering investor enthusiasm.
3. Persistent Strategic Review and Divided Analyst Sentiment. The ongoing strategic review, initiated in March 2026 with Goldman Sachs as an advisor to maximize shareholder value, continued to create a degree of investor caution as the outcome remained unresolved throughout the period. This uncertainty, coupled with varied analyst sentiment—where consensus remained a "Moderate Buy" with an average 12-month price target of $63, but also saw recent downgrades from some firms alongside upgrades and price target increases from others—contributed to the stock's relative stability rather than a definitive upward or downward trend.
4. Balanced Global LNG Market Dynamics. The broader liquefied natural gas (LNG) market presented a mixed picture during the specified period. While disruptions in the Strait of Hormuz initially impacted global LNG flows, new liquefaction capacity coming online, particularly from the United States, was largely expected to offset these declines. This balance led to expectations of broadly flat global LNG trade for 2026, preventing major macroeconomic shifts that would significantly influence Golar LNG's stock performance.
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Stock Movement Drivers
Fundamental Drivers
The -1.0% change in GLNG stock from 5/31/2026 to 9/28/2026 was primarily driven by a -18.5% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.26 | 48.79 | -1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 455 | 523 | 14.9% |
| Net Income Margin (%) | 29.3% | 31.3% | 6.6% |
| P/E Multiple | 37.4 | 30.4 | -18.5% |
| Shares Outstanding (Mil) | 101 | 102 | -0.8% |
| Cumulative Contribution | -1.0% |
Market Drivers
5/31/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| GLNG | -1.0% | |
| Market (SPY) | 1.5% | 14.6% |
| Sector (XLE) | 11.1% | 22.5% |
Fundamental Drivers
The 11.4% change in GLNG stock from 2/28/2026 to 9/28/2026 was primarily driven by a 14.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.79 | 48.79 | 11.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 455 | 523 | 14.9% |
| Net Income Margin (%) | 29.3% | 31.3% | 6.6% |
| P/E Multiple | 33.2 | 30.4 | -8.4% |
| Shares Outstanding (Mil) | 101 | 102 | -0.8% |
| Cumulative Contribution | 11.4% |
Market Drivers
2/28/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| GLNG | 11.4% | |
| Market (SPY) | 12.2% | -2.0% |
| Sector (XLE) | 12.6% | 32.4% |
Fundamental Drivers
The 13.8% change in GLNG stock from 8/31/2025 to 9/28/2026 was primarily driven by a 68.2% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.88 | 48.79 | 13.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 331 | 523 | 58.2% |
| Net Income Margin (%) | 18.6% | 31.3% | 68.2% |
| P/E Multiple | 71.3 | 30.4 | -57.3% |
| Shares Outstanding (Mil) | 102 | 102 | 0.2% |
| Cumulative Contribution | 13.8% |
Market Drivers
8/31/2025 to 9/28/2026| Return | Correlation | |
|---|---|---|
| GLNG | 13.8% | |
| Market (SPY) | 20.0% | 7.4% |
| Sector (XLE) | 41.7% | 29.6% |
Fundamental Drivers
The 141.3% change in GLNG stock from 8/31/2023 to 9/28/2026 was primarily driven by a 87.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.22 | 48.79 | 141.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 279 | 523 | 87.5% |
| Net Income Margin (%) | 38.0% | 31.3% | -17.8% |
| P/E Multiple | 20.2 | 30.4 | 50.7% |
| Shares Outstanding (Mil) | 106 | 102 | 3.8% |
| Cumulative Contribution | 141.3% |
Market Drivers
8/31/2023 to 9/28/2026| Return | Correlation | |
|---|---|---|
| GLNG | 141.3% | |
| Market (SPY) | 76.5% | 36.6% |
| Sector (XLE) | 53.8% | 41.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GLNG Return | 29% | 84% | 4% | 91% | -10% | 35% | 475% |
| Peers Return | 74% | 42% | -17% | 8% | -25% | 184% | 370% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| GLNG Win Rate | 75% | 50% | 42% | 67% | 42% | 67% | |
| Peers Win Rate | 46% | 52% | 44% | 50% | 42% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| GLNG Max Drawdown | -26% | -27% | -16% | -14% | -29% | -17% | |
| Peers Max Drawdown | -44% | -31% | -33% | -40% | -48% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EE, NFE, FLNG. See GLNG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/28/2026 (YTD)
How Low Can It Go
| Event | GLNG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.1% | -18.8% |
| % Gain to Breakeven | 31.8% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.9% | -9.5% |
| % Gain to Breakeven | 13.5% | 10.5% |
| Time to Breakeven | 10 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.2% | -6.7% |
| % Gain to Breakeven | 19.3% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.8% | -33.7% |
| % Gain to Breakeven | 155.3% | 50.9% |
| Time to Breakeven | 161 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 30.9% | 23.8% |
| Time to Breakeven | 1335 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -73.4% | -12.2% |
| % Gain to Breakeven | 276.3% | 13.9% |
| Time to Breakeven | 3094 days | 62 days |
In The Past
Golar LNG's stock fell -24.1% during the 2025 US Tariff Shock. Such a loss loss requires a 31.8% gain to breakeven.
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| Event | GLNG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.1% | -18.8% |
| % Gain to Breakeven | 31.8% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.8% | -33.7% |
| % Gain to Breakeven | 155.3% | 50.9% |
| Time to Breakeven | 161 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 30.9% | 23.8% |
| Time to Breakeven | 1335 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -73.4% | -12.2% |
| % Gain to Breakeven | 276.3% | 13.9% |
| Time to Breakeven | 3094 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -82.8% | -6.8% |
| % Gain to Breakeven | 480.2% | 7.3% |
| Time to Breakeven | 3711 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.1% | -17.9% |
| % Gain to Breakeven | 41.1% | 21.8% |
| Time to Breakeven | 77 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.1% | -15.4% |
| % Gain to Breakeven | 35.4% | 18.2% |
| Time to Breakeven | 74 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -87.3% | -53.4% |
| % Gain to Breakeven | 684.8% | 114.4% |
| Time to Breakeven | 707 days | 1085 days |
In The Past
Golar LNG's stock fell -24.1% during the 2025 US Tariff Shock. Such a loss loss requires a 31.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Golar LNG (GLNG)
Golar LNG (GLNG) is a Bermuda-based company that designs, builds, owns, and operates specialized marine infrastructure for the Liquefied Natural Gas (LNG) industry. Its core business involves providing critical vessels and services that facilitate the processing, storage, and transportation of natural gas in its liquid form across global markets.
The company's main services center around its fleet of sophisticated vessels. Golar LNG operates and charters LNG carriers, which are large ships designed to transport super-cooled LNG across oceans. It also provides Floating Liquefaction Natural Gas Vessels (FLNGs), which are offshore facilities that convert natural gas into LNG at the source of production. Additionally, the company deploys Floating Storage Regasification Units (FSRUs), vessels that receive, store, and then convert LNG back into gaseous natural gas for distribution, often serving as flexible import terminals.
Golar LNG primarily serves energy companies, national oil companies, utilities, and governments engaged in the global natural gas supply chain. Its solutions cater to clients needing to transport natural gas from producing regions to consumption markets, monetize offshore gas reserves, or enhance their natural gas import capabilities. The company's marine assets play a vital role in connecting the global natural gas economy.
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Here are 1-3 brief analogies to describe Golar LNG:
- Maersk for natural gas shipping.
- Kinder Morgan for floating natural gas infrastructure.
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- LNG Transportation Services: Golar LNG operates and charters LNG carriers to transport liquefied natural gas globally.
- LNG Liquefaction Services (FLNG): The company provides offshore natural gas liquefaction services using its Floating Liquefaction Natural Gas Vessels (FLNGs).
- LNG Storage and Regasification Services (FSRU): Golar LNG operates Floating Storage Regasification Units (FSRUs) that store LNG and regasify it for supply into gas networks.
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Golar LNG (GLNG) sells its services primarily to other companies, specifically those involved in the energy, natural gas, and power generation sectors, as well as state-owned entities. Its major customers often enter into long-term charter agreements for its Floating Liquefaction Natural Gas Vessels (FLNGs), Floating Storage Regasification Units (FSRUs), and LNG carriers.
Based on their operational contracts and disclosures, major customers include:
- BP plc (Symbol: BP) - A major energy company that has chartered Golar's Gimi FLNG vessel for its Greater Tortue Ahmeyim project.
- Perenco - A private Anglo-French oil and gas company that, along with Société Nationale des Hydrocarbures (SNH) of Cameroon, is a key client for the Hilli Episeyo FLNG vessel.
- Société Nationale des Hydrocarbures (SNH) - Cameroon's state-owned oil and gas company, also a client for the Hilli Episeyo FLNG.
- Centrais Elétricas de Sergipe S.A. (CELSE) (part of Eneva S.A., Symbol: ENEV3 on B3, Brazil) - For the Golar Nanook FSRU in Brazil.
- Government of Pakistan / Port Qasim Electric Power Company (a subsidiary of Qatar Petroleum) - For the Golar Tundra FSRU in Pakistan.
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- Samsung Heavy Industries Co., Ltd. (010140.KS)
- HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (009540.KS)
- Keppel Corporation Limited (BN4)
- GTT (Gaztransport & Technigaz) (GTT)
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Karl Fredrik Staubo, Chief Executive Officer
Karl Fredrik Staubo was appointed Chief Executive Officer of Golar LNG on May 13, 2021. He previously served as Golar LNG's Chief Financial Officer from September 2020 and as Chief Executive Officer of Golar LNG Partners LP from May 2020 to April 2021. Before joining Golar, Mr. Staubo spent a decade advising and investing in Shipping, Energy, and Infrastructure companies with Magni Partners Ltd. (2018-2020) and Clarksons Platou Securities (2010-2018). During his tenure as CEO, he oversaw the sale of Golar's gas-to-power business, Hygo Energy Transition, and its Master Limited Partnership to New Fortress Energy.
Eduardo Maranhão, Chief Financial Officer
Eduardo Maranhão has served as Chief Financial Officer since May 13, 2021. Prior to this role, he was the CFO of former affiliate company Hygo Energy Transition Ltd. (Golar Power), which was a joint venture established with private equity firm Stonepeak Infrastructure Partners and later sold to New Fortress Energy. Mr. Maranhão also served as both CEO and a director of Centrais Electricas de Sergipe S.A. and was a partner at Magni Partners. He possesses extensive experience in international energy projects and infrastructure financing, having worked at various financial institutions including Lakeshore Partners, Santander, Credit Agricole, Banco Votorantim, and Citibank.
Ragnar Nes, Chief Operating Officer
Ragnar Nes joined Golar in November 2017 and was appointed Chief Operating Officer in April 2022, following his role as Head of FLNG since March 2018. Before his time at Golar, Mr. Nes spent 10 years as Operations Manager and Asset Manager for FPSOs at Fred Olsen, Yinson, and BW Offshore. He also held various positions in ship management for Odfjell and Wilhelmsen.
Federico Petersen, Chief Commercial Officer
Federico Petersen assumed the role of Chief Commercial Officer at Golar on April 1, 2024. Previously, he was the Global Head of Business Development for VTTI, a large liquid bulk storage operator. Prior to that, Mr. Petersen accumulated 18 years of experience in senior M&A and Business Development roles at Schlumberger, Equinor, BG Group, and Wintershall, where he was responsible for originating and executing asset and corporate transactions in the energy sector globally.
Morten Skjong, Chief Technical Officer
Morten Skjong was appointed Chief Technical Officer in December 2024. Since joining Golar in 2016, he has held several positions, most recently as Project Manager for the Mk II FLNG project. He also managed front-end business development opportunities and was part of the project management team for the FLNG Gimi project. Before joining Golar, Mr. Skjong worked as an advisor on safety and risk management frameworks and process safety for energy companies at Safetec Nordic AS.
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The key risks to Golar LNG's business include:
-
Project Execution Risk: Golar LNG faces significant risks related to the timely completion and on-budget delivery of its Floating Liquefaction Natural Gas (FLNG) units, such as the MKII project and the Hilli's upgrade. Delays, supply chain issues, budget overruns, or engineering challenges in these capital-intensive projects could directly impact the timing of cash flows and push back anticipated start dates for contracts.
-
LNG Price Volatility and Demand Weakness: Although Golar LNG benefits from long-term, fixed-rate contracts for its FLNG units, a portion of its earnings can be tied to commodity prices. A protracted decline in international gas prices could reduce the commodity-linked upside from existing contracts, affect the solvency of counterparties, and make it difficult for the company to secure new contracts on attractive terms for future FLNG units.
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Financial and Capital Structure Risk: As a capital-intensive business, Golar LNG requires substantial funding for its projects and expansion initiatives. While the company has managed its balance sheet, concerns exist regarding potential cash burn and the need for significant capital to fund new FLNG developments. High operating expenses have also been noted as a challenge to the company's profitability.
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The accelerated global transition away from natural gas towards renewable energy sources and alternative low-carbon fuels (e.g., green hydrogen), potentially reducing long-term demand for LNG transportation, liquefaction, and regasification infrastructure.
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Golar LNG (GLNG) operates in the marine infrastructure sector for liquefied natural gas (LNG), with its main products and services encompassing LNG carriers, Floating Liquefaction Natural Gas Vessels (FLNGs), and Floating Storage Regasification Units (FSRUs).
Addressable Markets:
- LNG Carriers: The global LNG carrier market size was valued at approximately USD 16.71 billion in 2025. This market is projected to grow to about USD 33.37 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 7.99% during the forecast period. The Asia-Pacific region is a significant driver of this market, holding nearly 50% of the market share in 2023.
- Floating Liquefaction Natural Gas Vessels (FLNGs): The global market for floating liquefied natural gas (FLNG) terminals was estimated at USD 28.42 billion in 2025 and is expected to grow to USD 66.62 billion by 2034, with a CAGR of 9.93% from 2025 to 2034. The Asia Pacific region leads this market, accounting for a 45% share in 2024.
- Floating Storage Regasification Units (FSRUs): The global Floating Storage and Regasification Unit (FSRU) market size was valued at over USD 8.63 billion in 2025. It is anticipated to exceed USD 17.14 billion by 2035, growing at a CAGR of over 7.1% between 2026 and 2035. North America is a significant region for the FSRU market, with the U.S. holding the largest market share at approximately 60%.
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- Full Contribution and Enhanced Performance from FLNG Gimi: The FLNG Gimi commenced commercial operations in June 2025, and its 20-year lease with BP is expected to significantly boost FLNG tariffs and drive substantial revenue growth. The vessel has already exceeded performance expectations, producing above contracted capacity.
- Redeployment of FLNG Hilli and Commercial Operations of MKII FLNG: Golar LNG expects its EBITDA growth to materialize further between 2027 and 2028, primarily driven by the redeployment of FLNG Hilli to Argentina under definitive agreements announced in July 2024, and the commercial operations of the MKII FLNG. The MKII FLNG, with a new 20-year charter, locks in an additional $8 billion in Adjusted EBITDA backlog.
- Expansion of the FLNG Fleet and New Project Development: Golar LNG's core growth strategy centers on expanding its FLNG fleet and capitalizing on its low-cost solution for monetizing stranded gas reserves. The company has a total contracted EBITDA backlog of approximately $17 billion, providing long-term revenue visibility, and analysts project Golar's fully contracted EBITDA to quadruple by 2028.
- Commodity-Linked Earnings Upside from SESA: The company has significant earnings leverage through its exposure to commodity price movements via the Southern Energy S.A. (SESA) joint venture. Each $1 increment in FOB LNG prices is projected to translate to approximately $100 million in additional adjusted EBITDA, providing potential upside to revenue.
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Share Repurchases
- In 2025, Golar LNG executed $144 million in share buybacks, and a new $150 million share buyback program was announced in November 2025, with $109 million remaining available for allocation.
- During Q4 2025, the company repurchased 1.1 million shares at an average price of $37.76 per share.
- In July 2025, Golar repurchased 2.5 million common shares in connection with a convertible senior notes offering.
Share Issuance
- In July 2025, Golar LNG completed a private placement of $575 million in 2.75% Convertible Senior Notes due 2030.
- In October 2025, the company issued $500 million in 7.50% unsecured senior notes due in 2030. Of the net proceeds, $190 million was used to repay outstanding 2021 Unsecured Bonds.
Outbound Investments
- Golar LNG ordered a third FLNG, a Mark II unit, expected to increase the company's liquefaction capacity by 70% upon its delivery in Q4 2027.
- In May 2025, Golar entered into 20-year agreements for 5.95 mtpa nameplate capacity in Argentina for its FLNG Hilli and a MKII FLNG.
- As of October 2025, Golar LNG satisfied all conditions precedent for the 20-year charter of its 3.5 MTPA MK II FLNG to Southern Energy S.A. (SESA) in Argentina, securing an $8 billion EBITDA backlog and including a 10% equity stake in SESA.
Capital Expenditures
- The MKII FLNG conversion project has an approximate budget of $2.2 billion, with $1.1 billion fully equity funded as of Q4 2025. The conversion is expected to complete in Q4 2027.
- A final payment of $62 million was made in Q1 2024 for the Fuji LNG, a MKII FLNG conversion candidate.
- Golar invested $85 million in FLNG Gimi during Q2 2024, bringing the total FLNG Gimi asset under development to $1.7 billion as of June 30, 2024. The company does not anticipate significant capital expenditures for a potential fourth FLNG unit until commercial terms are finalized.
Peer Outperformance in Oil & Gas Storage & Transportation
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| GLNG | Golar LNG | 25.6% | 30.4x | 22.8% | 119.8% | 337.0% | — |
| LPG | Dorian LPG | 23.7% | 7.2x | 91.3% | 157.7% | 853.4% | +516pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 99.3% | 110.5% | 358.9% | MPC 603% · PBF 559% · VLO 547% |
| Integrated Oil & Gas | 7 | 33.9% | 52.5% | 223.4% | IMO 339% · SU 311% · CVE 252% |
| Oil & Gas Storage & Transportation ← | 24 | 26.4% | 105.6% | 220.5% | INSW 915% · LPG 853% · TNK 706% |
| Coal & Consumable Fuels | 14 | -12.0% | 25.3% | 95.7% | EU 1104% · CCJ 328% · CNR 295% |
| Oil & Gas Equipment & Services | 35 | 34.0% | 13.4% | 90.0% | SEI 891% · FTI 870% · TDW 585% |
| Oil & Gas Drilling | 8 | 55.4% | -1.0% | 75.1% | BORR 148% · VAL 132% · PDS 100% |
| Oil & Gas Exploration & Production | 51 | 20.0% | 1.1% | 50.7% | KGEI 9792% · OBE 6446% · EP 2002% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Golar LNG Stock Rockets 27% With 7-Day Winning Streak | 03/25/2026 | |
| 6-Day Rally Sends Golar LNG Stock Up 23% | 03/24/2026 | |
| Can Golar LNG Stock Hold Up When Markets Turn? | 10/17/2025 | |
| GLNG Dip Buy Analysis | 07/10/2025 | |
| Golar LNG (GLNG) Valuation Ratios Comparison | 05/15/2025 | |
| Golar LNG Total Shareholder Return (TSR): 90.8% in 2024 and 54.2% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| Wait For A Dip To Buy Golar LNG Stock | 02/28/2025 | |
| Golar LNG (GLNG) Operating Cash Flow Comparison | 02/17/2025 | |
| Golar LNG (GLNG) Net Income Comparison | 02/15/2025 | |
| Golar LNG (GLNG) Operating Income Comparison | 02/14/2025 | |
| ARTICLES | ||
| Golar LNG Stock Surges 27%, With A 7-Day Winning Spree | 03/25/2026 | |
| Small Cap Stocks Trading At 52-Week High | 03/21/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 31.80 |
| Mkt Cap | 1.7 |
| Rev LTM | 523 |
| Op Inc LTM | 239 |
| FCF LTM | 24 |
| FCF 3Y Avg | 169 |
| CFO LTM | 394 |
| CFO 3Y Avg | 321 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 49.0% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 24.2% |
| QoQ Delta Rev Chg LTM | 6.1% |
| Op Inc Chg LTM | 24.2% |
| Op Inc Chg 3Y Avg | 4.8% |
| Op Mgn LTM | 45.6% |
| Op Mgn 3Y Avg | 38.6% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 44.4% |
| CFO/Rev 3Y Avg | 47.1% |
| FCF/Rev LTM | 1.6% |
| FCF/Rev 3Y Avg | 17.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Floating liquefaction natural gas (FLNG) | 367 | 225 | 245 | 215 | 221 |
| Corporate and other | 27 | 35 | 53 | 43 | 28 |
| Elimination | 0 | 0 | 0 | ||
| Shipping | 10 | 11 | |||
| Total | 394 | 260 | 298 | 268 | 260 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Floating liquefaction natural gas (FLNG) | 310 | 276 | 390 | 367 | 191 |
| Elimination | -23 | 0 | |||
| Corporate and other | -46 | -35 | -34 | -4 | -19 |
| Depreciation and amortization | -49 | -54 | -50 | -52 | -55 |
| Unrealized loss/(gain) on oil and gas derivative instruments | -93 | -102 | -285 | 289 | 180 |
| Impairment of long-lived assets | -23 | -5 | -76 | 0 | |
| Shipping | 0 | 10 | |||
| Total | 100 | 62 | 16 | 524 | 307 |
| $ Mil | 2016 |
|---|---|
| Power | 11 |
| LNG trading | 0 |
| Floating liquefaction natural gas (FLNG) | -4 |
| Vessel operations | -194 |
| Total | -187 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Floating liquefaction natural gas (FLNG) | 4,198 | 3,623 | 3,160 | 2,816 | 2,314 |
| Corporate and other | 1,128 | 744 | 924 | 1,411 | 822 |
| Assets held for sale | 1 | ||||
| Shipping | 53 | 1,812 | |||
| Total | 5,326 | 4,368 | 4,084 | 4,280 | 4,948 |
Price Behavior
| Market Price | $48.79 | |
| Market Cap ($ Bil) | 5.0 | |
| First Trading Date | 07/15/2003 | |
| Distance from 52W High | -14.1% | |
| 50 Days | 200 Days | |
| DMA Price | $50.66 | $47.96 |
| DMA Trend | up | up |
| Distance from DMA | -3.7% | 1.7% |
| 3M | 1YR | |
| Volatility | 21.7% | 28.2% |
| Downside Capture | 13.48 | -8.20 |
| Upside Capture | 4.53 | 17.05 |
| Correlation (SPY) | 12.8% | 8.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.00 | 0.42 | 0.30 | -0.05 | 0.18 | 0.81 |
| Up Beta | 0.41 | 0.87 | 0.17 | -0.09 | 0.50 | 0.87 |
| Down Beta | 1.98 | 1.47 | 0.59 | 0.04 | 0.40 | 1.28 |
| Up Capture | 3% | 13% | 30% | 10% | 6% | 35% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 23 | 35 | 71 | 130 | 389 |
| Down Capture | -139% | -24% | 14% | -36% | -21% | 65% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 18 | 28 | 55 | 119 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLNG | |
|---|---|---|---|---|
| GLNG | 23.0% | 28.1% | 0.72 | - |
| Sector ETF (XLE) | 39.5% | 22.0% | 1.42 | 31.3% |
| Equity (SPY) | 17.4% | 13.0% | 0.96 | 8.8% |
| Gold (GLD) | 9.7% | 29.6% | 0.31 | -3.8% |
| Commodities (DBC) | 42.7% | 20.7% | 1.60 | 25.3% |
| Real Estate (VNQ) | 4.3% | 13.6% | 0.06 | -9.2% |
| Bitcoin (BTCUSD) | -23.0% | 44.8% | -0.46 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLNG | |
|---|---|---|---|---|
| GLNG | 38.3% | 38.3% | 0.94 | - |
| Sector ETF (XLE) | 25.5% | 25.6% | 0.87 | 50.5% |
| Equity (SPY) | 13.5% | 17.2% | 0.60 | 36.2% |
| Gold (GLD) | 18.1% | 18.9% | 0.77 | 6.1% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 35.7% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 24.7% |
| Bitcoin (BTCUSD) | 14.4% | 52.4% | 0.45 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLNG | |
|---|---|---|---|---|
| GLNG | 10.3% | 52.5% | 0.40 | - |
| Sector ETF (XLE) | 10.6% | 29.6% | 0.39 | 52.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 41.6% |
| Gold (GLD) | 11.7% | 16.4% | 0.58 | 1.9% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 35.5% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 31.1% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 10.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 6-K |
| 03/31/2026 | 06/18/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 20-F |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/15/2025 | 6-K |
| 03/31/2025 | 06/06/2025 | 6-K |
| 12/31/2024 | 03/27/2025 | 20-F |
| 09/30/2024 | 11/27/2024 | 6-K |
| 06/30/2024 | 08/16/2024 | 6-K |
| 03/31/2024 | 05/28/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 20-F |
| 09/30/2023 | 11/21/2023 | 6-K |
| 06/30/2023 | 08/11/2023 | 6-K |
| 03/31/2023 | 05/30/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 20-F |
| 09/30/2022 | 11/25/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 6-K |
| 03/31/2026 | 06/18/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 20-F |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/15/2025 | 6-K |
| 03/31/2025 | 06/06/2025 | 6-K |
| 12/31/2024 | 03/27/2025 | 20-F |
| 09/30/2024 | 11/27/2024 | 6-K |
| 06/30/2024 | 08/16/2024 | 6-K |
| 03/31/2024 | 05/28/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 20-F |
| 09/30/2023 | 11/21/2023 | 6-K |
| 06/30/2023 | 08/11/2023 | 6-K |
| 03/31/2023 | 05/30/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 20-F |
| 09/30/2022 | 11/25/2022 | 6-K |
| 06/30/2022 | 08/31/2022 | 6-K |
| 03/31/2022 | 06/14/2022 | 6-K |
| 12/31/2021 | 04/28/2022 | 20-F |
| 09/30/2021 | 11/18/2021 | 6-K |
| 06/30/2021 | 08/11/2021 | 6-K |
| 03/31/2021 | 05/20/2021 | 6-K |
| 12/31/2020 | 04/22/2021 | 20-F |
| 09/30/2020 | 11/30/2020 | 6-K |
| 06/30/2020 | 08/14/2020 | 6-K |
| 03/31/2020 | 06/03/2020 | 6-K |
| 12/31/2019 | 04/30/2020 | 20-F |
| 09/30/2019 | 11/26/2019 | 6-K |
Investor Activity (13F)
Updated Sep 29, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Wolf Hill Capital Management, LP | $81.0 Mil | 11.5% | 20 | TRIM -29.3% | 13F |
| Verbena Value LP | $65.5 Mil | 10.7% | 26 | ADD +17.0% | 13F |
| Luxor Capital Group, LP | $61.9 Mil | 9.8% | 38 | TRIM -30.8% | 13F |
| TOMS Capital Investment Management LP | $121.4 Mil | 8.0% | 14 | New | 13F |
| Philosophy Capital Management LLC | $54.1 Mil | 6.3% | 36 | TRIM -57.9% | 13F |
| Bayberry Capital Partners LP | $16.8 Mil | 5.5% | 28 | New | 13F |
| Ashoka WhiteOak Capital Pte Ltd | $12.3 Mil | 4.7% | 18 | New | 13F |
| Two Seas Capital LP | $69.0 Mil | 3.2% | 35 | ADD +8.9% | 13F |
| PointState Capital LP | $127.0 Mil | 2.9% | 44 | TRIM -40.3% | 13F |
| Hound Partners, LLC | $18.4 Mil | 2.3% | 34 | TRIM -51.9% | 13F |
| Kettle Hill Capital Management, LLC | $8.8 Mil | 2.2% | 45 | Hold | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $5.9 Mil | 1.9% | 42 | New | 13F |
| Sourcerock Group LLC | $11.7 Mil | 0.5% | 39 | ADD +29.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| TOMS Capital Investment Management LP | $121.4 Mil | 8.0% | 14 | New | 13F |
| Bayberry Capital Partners LP | $16.8 Mil | 5.5% | 28 | New | 13F |
| Ashoka WhiteOak Capital Pte Ltd | $12.3 Mil | 4.7% | 18 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $5.9 Mil | 1.9% | 42 | New | 13F |
| Sourcerock Group LLC | $11.7 Mil | 0.5% | 39 | ADD +29.4% | 13F |
| Verbena Value LP | $65.5 Mil | 10.7% | 26 | ADD +17.0% | 13F |
| Two Seas Capital LP | $69.0 Mil | 3.2% | 35 | ADD +8.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Cartenna Capital, LP | $48.7 Mil | 2.6% | 36 | Exited | Dec 31, 2025 | 13F |
| Philosophy Capital Management LLC | $54.1 Mil | 6.3% | 36 | TRIM -57.9% | Mar 31, 2026 | 13F |
| Hound Partners, LLC | $18.4 Mil | 2.3% | 34 | TRIM -51.9% | Mar 31, 2026 | 13F |
| PointState Capital LP | $127.0 Mil | 2.9% | 44 | TRIM -40.3% | Mar 31, 2026 | 13F |
| Luxor Capital Group, LP | $61.9 Mil | 9.8% | 38 | TRIM -30.8% | Mar 31, 2026 | 13F |
| Wolf Hill Capital Management, LP | $81.0 Mil | 11.5% | 20 | TRIM -29.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| PointState Capital LP | $127.0 Mil | 2.9% | 44 | TRIM -40.3% | 13F |
| TOMS Capital Investment Management LP | $121.4 Mil | 8.0% | 14 | New | 13F |
| Wolf Hill Capital Management, LP | $81.0 Mil | 11.5% | 20 | TRIM -29.3% | 13F |
| Two Seas Capital LP | $69.0 Mil | 3.2% | 35 | ADD +8.9% | 13F |
| Verbena Value LP | $65.5 Mil | 10.7% | 26 | ADD +17.0% | 13F |
| Luxor Capital Group, LP | $61.9 Mil | 9.8% | 38 | TRIM -30.8% | 13F |
| Philosophy Capital Management LLC | $54.1 Mil | 6.3% | 36 | TRIM -57.9% | 13F |
| Hound Partners, LLC | $18.4 Mil | 2.3% | 34 | TRIM -51.9% | 13F |
| Bayberry Capital Partners LP | $16.8 Mil | 5.5% | 28 | New | 13F |
| Ashoka WhiteOak Capital Pte Ltd | $12.3 Mil | 4.7% | 18 | New | 13F |
| Sourcerock Group LLC | $11.7 Mil | 0.5% | 39 | ADD +29.4% | 13F |
| Kettle Hill Capital Management, LLC | $8.8 Mil | 2.2% | 45 | Hold | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $5.9 Mil | 1.9% | 42 | New | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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