Is FLNG a good stock to buy? We found a bullish thesis on FLEX LNG Ltd. on Piggo’s Trading Desk Substack. In this article we will summarize the bulls’ thesis on FLNG. FLEX LNG Ltd. stock was trading at $31.03 on April 21. 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 US-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 an efficient model focused on fleet optimization, long-term chartering and disciplined capital allocation.
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Its main strength lies in a fleet of thirteen state-of-the-art vessels (nine MEGI and four
The company benefits from strong leadership under President Ola Lorentzon and CEO Halfdan Marius Foss, along with an experienced management team overseeing operations, finances and fleet performance.
Financially, Flex LNG has a market capitalization of approximately $1.63 billion, backed by strong liquidity with ~$448 million in cash, although leverage remains high 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 forecast of between $310 million and $340 million and attractive time charter equivalent rates.
The investment case is driven by its modern fleet, long-term contracted revenue 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 related to cyclicality, refinancing and fleet concentration remain, Flex LNG offers a balanced risk/reward profile as a moderately leveraged, contract-backed LNG shipping business with upside potential 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 the advantages of feedstock-linked tariffs, optionality of the FLNG contract and new construction opportunities despite uncertainty. The GLNG share price has appreciated approximately 30.92% since our coverage. TPiggo shares a similar vision, but emphasizes stable, long-term cash flows supported by charter flights and fleet efficiency at Flex LNG Ltd.