Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026
Basics
Sector
Energy
Industry
Oil & Gas Equipment & Services
Country
United States
Market cap
1.8B USD
Enterprise value
12.0B USD
Full-time employees
360
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: its share price swings more than most peers’ (beta 1.57 vs a peer median of 0.57) and less short-term liquidity (current ratio 0.37 vs a peer median of 1.37)higher risk: bigger price swings (beta 1.57 vs peers 0.57) and less liquidity (current ratio 0.37 vs peers 1.37)
Not enough data: growth
Would rank #362 of 363 fully scored energy companies (bottom 1%)
Paying shareholders without free cash flow. Paid out $33M over the 3 fiscal years to 2025 with -$9.5B of free cash flow.
NextDecade returned $33M in buybacks and dividends over three fiscal years while its free cash flow totalled -$9.5B. The money came from its cash pile or from borrowing.
Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
NextDecade's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Stock pay outran buybacks. Stock-based pay expense $86M vs $33M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years NextDecade recorded $86M of stock-based pay expense and spent $33M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years NextDecade recorded $86M of stock-based pay expense and spent $33M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Not profitable yet. Reported a loss in the 12 months to June 2026.
NextDecade reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-13.8%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.49Sector median: 0.0522 · MAD: 0.0351
EBITDA yield-1.7%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -2.33Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield-321.1%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491
Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -7.81Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about NextDecade
Is NextDecade getting weaker?
Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 4/100 since Oct 28, 2026.
How is NextDecade valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 2/100 against 404 energy peers.Earnings yield -13.8% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -13.8% vs peers 5.2% (weaker than 100% of peers).
Is NextDecade growing?
Insufficient data: 1 of 3 inputs reported (at least 2 needed).
How profitable is NextDecade?
Less profitable than most of its peers. Profitability scores 9/100 against 404 energy peers.Return on invested capital -1.7% vs a peer median of 9.3% (weaker than 90% of peers).Return on invested capital -1.7% vs peers 9.3% (weaker than 90% of peers).
How risky is NextDecade?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Beta 1.57 vs a peer median of 0.57 (weaker than 100% of peers).Beta 1.57 vs peers 0.57 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Worth watching: NextDecade is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
0 USD
0 USD
—
Net income (12 months)
−256.2M USD
−245.8M USD
−4.1%
Free cash flow (12 months)
−5.5B USD
−5.7B USD
+4.8%
Debt
9.4B USD
10.4B USD
+11.3%
Cash
143.1M USD
83.7M USD
−41.5%
Shares outstanding
265.0M
266.2M
+0.4%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Equipment & Services companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Return on assets (ROA)
-9.9%
-19.2%
-6.7%
4.3%
-3.5%
▼ 7.8 pts
Return on equity (ROE)
-110.8%
-110.5%
-77.0%
73.5%
—
—
Current ratio
3.21×
2.52×
0.57×
0.69×
0.54×
▼ 22%
Debt to equity
—
0.00×
6.31×
10.68×
—
—
Interest coverage
—
—
-2.44×
-1.95×
-1.33×
▲ 32%
NEXT price history
Price history is added with the daily price update and will appear after the next one.