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1. Company Snapshot

1.a. Company Description

Golar LNG Limited designs, builds, owns, and operates marine infrastructure for the liquefaction and regasification of LNG.It operates through Shipping and FLNG segments.The company engages in the operation and chartering of LNG carriers, Floating Liquefaction Natural Gas Vessel (FLNG), and floating storage regasification units (FSRUs), as well as operates external vessels.


As of December 31, 2021, it operated nine LNG carriers, one FSRU, and three FLNGs. The company was founded in 1946 and is headquartered in Hamilton, Bermuda.

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1.b. Last Insights on GLNG

Golar LNG Limited's recent performance has been positively driven by several factors. The company's investment story has become cleaner, with project risk declining and cash flow visibility improving. A state-backed offtaker in the Argentina contract has materially de-risked future cash flows. Additionally, refinancing has eliminated the 2025 convertible bond overhang, extending maturities and removing near-term dilution risk. Institutional investors such as ARS Investment Partners LLC and Permanent Capital Management LP have also shown confidence in the company by acquiring stakes.

1.c. Company Highlights

2. Golar LNG's Q3 2025 Earnings: Solid Financials and Growth Prospects

Golar LNG's financial performance in Q3 2025 was marked by total operating revenues of $123 million and net FLNG tariffs of $132 million. The company's adjusted EBITDA over the last 12 months stood at $221 million, primarily driven by the operations of the Hilli. The reported net income was $46 million, inclusive of $12 million of non-cash items. Earnings per share (EPS) came in at $0.43, slightly below the estimated $0.46. The company's cash position was $1 billion, and its net debt position was around $1.4 billion.

Publication Date: Nov -11

📋 Highlights
  • $17 Billion EBITDA Backlog: Secured through 20-year FLNG charters, ensuring earnings visibility until 2045 and beyond.
  • $1 Billion Cash Position: Supported by $1 billion in new debt facilities and $190 million in bond retirements, strengthening liquidity.
  • $221 Million Adjusted EBITDA: Generated over 12 months, driven by Hilli operations and Gimi’s commercial start-up success.
  • $150 Million Share Buyback Program: Complemented by $0.25/share dividend, reflecting commitment to shareholder returns.
  • $400 Million Net Proceeds: Expected from Gimi’s $1.2 billion facility closure in Q4, funding future FLNG growth and debt optimization.

Debt Management and Liquidity

Golar LNG has demonstrated a strong ability to manage its debt and maintain liquidity. The company concluded over $1 billion in new corporate debt facilities and retired its October Norwegian bond maturity of $190 million. It also raised $500 million under its first U.S. rated senior unsecured bonds, bringing its liquidity to approximately $1 billion in cash on hand. Eduardo Maranhao noted that the company has received final credit approvals for a new $1.2 billion bank facility for FLNG Gimi at improved terms, expected to close within Q4 and release net proceeds of over $400 million.

Growth Prospects and Project Developments

The company is making significant progress on its growth prospects, particularly with the final FID and successful fulfillment of all conditions precedent for Mark II's 20-year charter in Argentina. Golar LNG now has earnings visibility for all its assets through 2045 and beyond, with a total earnings backlog standing at $17 billion. Karl Staubo mentioned that the company is on track to decide on the next FLNG project in the coming months, with a focus on long-term infrastructure contracts.

Valuation and Shareholder Returns

With a P/E Ratio of -525.84 and an EV/EBITDA of 71.34, the market seems to be pricing in significant growth expectations. The company's ROE stands at -0.38%, and the Net Debt / EBITDA ratio is 14.64, indicating a high level of indebtedness. Golar LNG has approved a new buyback program of up to $150 million and declared a dividend of $0.25 per share, demonstrating its commitment to shareholder returns. Analysts estimate next year's revenue growth at -2.4%, which may impact the stock's performance.

Operational Efficiency and Future Plans

Golar LNG is focusing on improving operational efficiency, with the Hilli Mark II being more efficient than the Gimi. The company is adopting technology advances to enhance performance and is planning to order its fourth FLNG unit before knowing its exact destination. Karl Staubo noted that industry adoption is increasing, driven by the success of existing projects, and neighboring countries with similar reserves are deploying or planning to deploy FLNGs.

3. NewsRoom

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Golar LNG (GLNG) Earnings Expected to Grow: What to Know Ahead of Next Week's Release

Feb -18

Source: zacks.com

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Goldman Sachs Loves 5 Energy Stocks Offering Dividends and Big Growth Potential

Feb -13

Source: 247wallst.com

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Fortitude Advisory Group L.L.C. Cuts Holdings in Golar LNG Limited $GLNG

Feb -07

Source: defenseworld.net

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Francisco Garcia Parames Reduces Stake in Atalaya Mining Copper SA by 42.93%

Feb -04

Source: gurufocus.com

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5 Goldman Sachs Top Stock Picks Have Huge Upside Potential and Pay Dividends

Feb -04

Source: 247wallst.com

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Golar LNG (NASDAQ:GLNG) Stock Crosses Above Two Hundred Day Moving Average – Should You Sell?

Jan -30

Source: defenseworld.net

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Golar LNG Limited – Q4 2025 results presentation

Jan -27

Source: globenewswire.com

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LNG Shipping Stocks: 2026 Opens With Modest Gains

Jan -07

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.59%)

6. Segments

Floating Liquefaction Natural Gas Vessels

Expected Growth: 13%

Golar LNG Limited's 13% growth in Floating Liquefaction Natural Gas Vessels is driven by increasing global demand for LNG, rising energy consumption in Asia, and growing adoption of cleaner energy sources. Additionally, the company's strategic partnerships, expanding fleet, and cost-effective operations contribute to its growth momentum.

Corporate and Other

Expected Growth: 10%

Golar LNG Limited's Corporate and Other segment growth is driven by increasing demand for LNG, strategic partnerships, and expansion into new markets. The company's diversified revenue streams, including LNG shipping and floating liquefaction, contribute to its growth. Additionally, cost savings initiatives and operational efficiencies also support the segment's growth, resulting in a 10% growth rate.

Shipping

Expected Growth: 12%

Golar LNG Limited's 12% growth driven by increasing global demand for LNG, strategic partnerships, and expansion into new markets. Rising energy consumption in Asia, particularly in China and India, fuels demand. Golar's diversified fleet and flexible business model enable it to capitalize on emerging opportunities, while its strong operational efficiency and cost management contribute to profitability.

7. Detailed Products

Floating Liquefaction (FLNG)

Golar LNG's FLNG vessels are designed to liquefy natural gas at sea, enabling the monetization of stranded gas reserves.

Floating Storage and Regasification Units (FSRU)

Golar LNG's FSRU vessels are designed to store and regasify LNG, providing a flexible and efficient way to import natural gas.

LNG Carrier Services

Golar LNG's LNG carrier fleet provides transportation services for LNG producers and buyers, connecting supply and demand globally.

LNG Terminal Services

Golar LNG's terminal services provide a range of solutions for LNG import and export terminals, including operations, maintenance, and management.

8. Golar LNG Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Golar LNG Limited is medium due to the availability of alternative energy sources such as oil and coal. However, the increasing demand for LNG and the lack of suitable substitutes in certain regions mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of alternative suppliers and the specialized nature of LNG transportation and regasification services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the limited number of LNG suppliers and the specialized nature of LNG production and transportation.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investment and specialized expertise in LNG production and transportation.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the LNG market, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.07%
Debt Cost 3.95%
Equity Weight 62.93%
Equity Cost 6.99%
WACC 5.86%
Leverage 58.92%

11. Quality Control: Golar LNG Limited passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Pembina Pipeline

A-Score: 6.7/10

Value: 5.3

Growth: 4.3

Quality: 6.2

Yield: 9.0

Momentum: 5.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
DT Midstream

A-Score: 6.5/10

Value: 3.3

Growth: 5.8

Quality: 6.4

Yield: 7.0

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Gibson Energy

A-Score: 6.5/10

Value: 4.1

Growth: 4.9

Quality: 3.1

Yield: 10.0

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Golar LNG

A-Score: 4.8/10

Value: 4.9

Growth: 6.7

Quality: 3.0

Yield: 5.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Equitrans Midstream

A-Score: 4.7/10

Value: 5.7

Growth: 3.0

Quality: 6.0

Yield: 5.0

Momentum: 6.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
EnLink Midstream

A-Score: 4.5/10

Value: 2.5

Growth: 5.4

Quality: 2.7

Yield: 4.0

Momentum: 5.5

Volatility: 6.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

45.31$

Current Price

45.31$

Potential

-0.00%

Expected Cash-Flows