Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026
Basics
Sector
Energy
Industry
Oil & Gas Midstream
Country
United States
Market cap
68.4M USD
Enterprise value
8.7B USD
Full-time employees
699
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:growing more slowly than most peersgrowing more slowly 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 1.42 vs a peer median of 0.57) and less short-term liquidity (current ratio 0.16 vs a peer median of 1.37)higher risk: bigger price swings (beta 1.42 vs peers 0.57) and less liquidity (current ratio 0.16 vs peers 1.37)
Paying shareholders without free cash flow. Paid out $793M over the 3 fiscal years to 2025 with -$4.9B of free cash flow.
New Fortress Energy returned $793M in buybacks and dividends over three fiscal years while its free cash flow totalled -$4.9B. The money came from its cash pile or from borrowing.
Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
New Fortress Energy'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.
Shareholders being diluted. Shares outstanding up 37% from December 2022 to July 2026.
New Fortress Energy had 37% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.New Fortress Energy had 37% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating margin at a 6-year low.-74% in 2025, the weakest of the last 6 years.
New Fortress Energy's operating margin fell to -74% in 2025, its lowest in the 6 years of filings we have.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-7869.4%
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-10.0%
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-3168.3%
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 New Fortress Energy
Is New Fortress Energy getting weaker?
Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 2/100 since Oct 28, 2026.
How is New Fortress Energy valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 2/100 against 404 energy peers.Earnings yield -7869.4% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -7869.4% vs peers 5.2% (weaker than 100% of peers).
Is New Fortress Energy growing?
More slowly than most of its peers. Growth scores 3/100 against 404 energy peers.Revenue growth -37.3% vs a peer median of 0.5% (weaker than 100% of peers).Revenue growth -37.3% vs peers 0.5% (weaker than 100% of peers).
How profitable is New Fortress Energy?
Less profitable than most of its peers. Profitability scores 3/100 against 404 energy peers.Operating margin -86.3% vs a peer median of 11.7% (weaker than 100% of peers).Operating margin -86.3% vs peers 11.7% (weaker than 100% of peers).
How risky is New Fortress Energy?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Beta 1.42 vs a peer median of 0.57 (weaker than 100% of peers).Beta 1.42 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 Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Worth watching: New Fortress Energy 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)
1.3B USD
1.3B USD
+0.7%
Net income (12 months)
−2.1B USD
−1.9B USD
−8.4%
Operating margin
-105.9%
-86.3%
+19.6 pts
Free cash flow (12 months)
−1.1B USD
−758.4M USD
−33.1%
Debt
8.4B USD
8.9B USD
+5.9%
Cash
92.4M USD
161.2M USD
+74.5%
Shares outstanding
285.6M
285.6M
0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
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 Aug 2019; 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
Gross margin
53.4%
57.3%
63.2%
54.8%
38.9%
▼ 16 pts
Operating margin
18.1%
31.1%
39.1%
22.4%
-74.5%
▼ 97 pts
Net margin
7.3%
8.2%
22.9%
-10.4%
-121.8%
▼ 111 pts
Return on assets (ROA)
1.4%
2.5%
5.2%
-1.9%
-17.4%
▼ 15 pts
Return on equity (ROE)
5.4%
15.1%
33.4%
-13.0%
—
—
Free cash flow margin
-44.2%
-34.6%
-87.9%
-64.8%
-82.1%
▼ 17 pts
Current ratio
1.04×
0.98×
0.58×
0.92×
0.15×
▼ 83%
Quick ratio
0.97×
0.96×
0.51×
0.86×
0.14×
▼ 84%
Debt to equity
2.15×
3.52×
4.26×
4.84×
—
—
Interest coverage
1.55×
3.11×
3.37×
1.67×
-1.44×
▼ 186%
NFE price history
Price history is added with the daily price update and will appear after the next one.