Is FLNG a good stock to buy? We came across a bullish thesis on FLEX LNG Ltd. on Piggo’s Trading Desk’s Substack. In this article, we will summarize the bulls’ thesis on FLNG. FLEX LNG Ltd.’s share was trading at $31.03 as of April 21st. FLNG’s trailing and forward P/E were 22.67 and 19.19 respectively according to Yahoo Finance.
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Flex LNG Ltd. (NYSE: FLNG) is a U.S.-listed LNG shipping company focused on owning and operating a modern, fuel-efficient fleet of LNG carriers to capitalize on growing global demand for liquefied natural gas transportation. Headquartered in Bermuda, the company operates a lean model centered on fleet optimization, long-term chartering, and disciplined capital allocation.
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Its core strength lies in a fleet of thirteen state-of-the-art vessels (nine MEGI and four X-DF built between 2018 and 2021), supported by long-term contracts with major energy companies, providing stable and visible cash flows through a firm backlog of at least 53 years, with potential upside to over 80 years through extensions.
The company benefits from strong leadership under Chairman Ola Lorentzon and CEO Halfdan Marius Foss, alongside a seasoned management team overseeing operations, finance, and fleet performance.
Financially, Flex LNG has a market capitalization of approximately $1.63 billion, supported by solid liquidity with ~$448 million in cash, though leverage remains elevated with $1.85 billion in debt. Despite this, the absence of near-term debt maturities and strong charter coverage de-risk near-term cash flows, with 2026 revenue guidance of $310–340 million and attractive time charter equivalent rates.
The investment case is driven by its modern fleet, long-term contracted revenues, and exposure to a structurally strong LNG market, positioning the company as a stable cash flow generator with dividend potential. However, its asset-heavy model results in low asset turnover and high leverage, making performance sensitive to LNG demand, freight rates, and charter renewals.
While risks around cyclicality, refinancing, and fleet concentration persist, Flex LNG offers a balanced risk/reward profile as a moderately leveraged, contract-backed LNG shipping play with potential upside tied to sustained strength in global energy markets.
Previously, we covered a bullish thesis on Golar LNG Limited (GLNG) by Value Science in February 2025, which highlighted upside from commodity-linked tariffs, FLNG contract optionality, and newbuild opportunities despite uncertainty. GLNG’s stock price has appreciated by approximately 30.92% since our coverage. TPiggo shares a similar view but emphasizes on stable, long-term charter-backed cash flows and fleet efficiency in Flex LNG Ltd..
