# New Fortress Energy LLC (NFE.US)

Canonical: https://gigainvestors.com/s/NFE

Analysis as of: 2026-10-16T07:30:34.725Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.18 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 9.38×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.99×

- FY2020: -0.34×

- FY2021: 0.18×

- FY2022: 0.31×

- FY2023: 0.39×

- FY2024: 0.23×

- FY2025: -0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 33.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: -10.9%

- Typical minus recent gross margin: 33.0 pp

- Typical gross margin (annual median): 42.1%

- Recent gross margin (lower of latest and 3-year median): 9.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 50.6%

- ROIC including acquisitions, ten-year median: -24.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -21.9%

- FY2020: -10.9%

- FY2021: 4.2%

- FY2022: 15.6%

- FY2023: 9.7%

- FY2024: 4.2%

- FY2025: -1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$6.8B

- Net income, five-year total: -$1.3B

- Return on incremental invested capital: 0.2%

- Working capital / revenue, annual change: -6.6 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $97M

- FY2022: $194M

- FY2023: -$2.2B

- FY2024: -$2.7B

- FY2025: -$2.3B

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -10.9% vs 4.2%

- Per-share earnings: -26.99 to -56.96 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 21.2%

- Diluted shares, 5-year annual growth: 21.2%

- Per-share value change: -$29.97

- Per-share value, starting three-year median: -$26.99

- Per-share value, ending three-year median: -$56.96

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 25.8%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -10.9%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$26.99

- FY2020: -$85.39

- FY2021: $24.07

- FY2022: $46.34

- FY2023: $132.67

- FY2024: -$56.96

- FY2025: -$331.02

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -11.9%

- Receivables to sales index (DSRI): 2.35×

- Restructuring years, last five: 3

- Earnings backed by cash: Yes

- Accounting red flags: 2

- Goodwill and intangibles / equity: 1.03×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 17.8%

- FY2020: -3.0%

- FY2021: 0.2%

- FY2022: -2.1%

- FY2023: -2.6%

- FY2024: -6.5%

- FY2025: -11.9%

## Holders

## Price story

Down 93% since Aug 2022 · "New Fortress Energy Warns of Possible Bankruptcy as Debt Pressures Mount" (finance.yahoo.com, Nov 2025) · sales -36.4%

Story as of 2026-10-16T09:59:15.196Z; price observation 2026-10-15.

- 2025-11-21: New Fortress Energy Warns of Possible Bankruptcy as Debt Pressures Mount ([finance.yahoo.com](https://finance.yahoo.com/news/fortress-energy-warns-possible-bankruptcy-172241244.html))

### Sales · FY2024–2025

sales -36.4%; source https://www.sec.gov/Archives/edgar/data/1749723/000174972326000032/nfe-20251231.htm; observed 2026-04-13.

- FY2019: $189M 

- FY2020: $452M 

- FY2021: $1.3B 

- FY2022: $2.4B 

- FY2023: $2.4B 

- FY2024: $2.4B 

- FY2025: $1.5B 

### Gross margin · FY2025

gross margin 9.1%; source https://www.sec.gov/Archives/edgar/data/1749723/000174972326000032/nfe-20251231.htm; observed 2026-04-13.

- FY2020: 27.7% 

- FY2021: 42.1% 

- FY2022: 48.6% 

- FY2023: 54.0% 

- FY2024: 46.7% 

- FY2025: 9.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1749723/000174972326000032/nfe-20251231.htm (filed 2026-04-13); FY2025: revenue 1504037000; grossProfit 136821000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); NFE.US: New Fortress Energy Inc. operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and logistics, shipping, facilities and conversion, or development of natural gas-fired power generation. The Ships segment offers floating storage and regasification units (FRSU) and liquefied natural gas (LNG) carriers which are leased to customers under long-term or spot arrangements. The company operates landed micro-fuel handling facility in San Juan, Puerto Rico; and LNG receiving facility and gas-fired power plant at the Port of Pichilingue in Baja California Sur, Mexico. New Fortress Energy Inc. was founded in 1998 and is based in New York, New York.

### Why customers stay

Margins ranged from 9.1% to 54% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-13); FY2023: grossProfit / revenue = 54%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-13); FY2024: grossProfit / revenue = 46.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1749723/000174972326000032/nfe-20251231.htm (filed 2026-04-13); FY2025: grossProfit / revenue = 9.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-13); 7-year return on capital observations [[2019,-0.2186098108055393],[2020,-0.1091150442477876],[2021,0.04228218780872127],[2022,0.15589050160514067],[2023,0.09655425996101727],[2024,0.04212788249788036],[2025,-0.016054717295758542]]; median 0.04212788249788036. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-13); FY2021: growth capex 569804000; upkeep 99544000; cash acquisitions 1586042000; owner earnings 97104000. Growth capex plus acquisitions / owner earnings = 22.20141291810842.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-13); FY2022: growth capex 1030419000; upkeep 143589000; owner earnings 194479000. Growth capex / owner earnings = 5.298356120712262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-13); Dividend observations: [[2019,33742000],[2020,33742000],[2021,88756000],[2022,99050000],[2023,723962000],[2024,65310000],[2025,3472000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 41.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); NFE.US SharesStats.PercentInsiders = 41.289 percentage points; cache date 2026-10-04.

### What the price says

The price is less than 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-13); Closing price 4.18 USD; reporting-to-trading FX 1; FY2025 annual sales per share 270.04933489652143; price multiple 0.015478653193505212. FY2025 cash earnings/share -404.3585867167788. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-01: $13.07 per share

- 2019-02: $15.42 per share

- 2019-03: $11.68 per share

- 2019-04: $12.56 per share

- 2019-05: $10.88 per share

- 2019-06: $11.71 per share

- 2019-07: $11.88 per share

- 2019-08: $16.03 per share

- 2019-09: $18.03 per share

- 2019-10: $17.24 per share

- 2019-11: $14.97 per share

- 2019-12: $15.67 per share

- 2020-01: $15.05 per share

- 2020-02: $14.05 per share

- 2020-03: $9.79 per share

- 2020-04: $12.93 per share

- 2020-05: $13.87 per share

- 2020-06: $12.96 per share

- 2020-07: $21.60 per share

- 2020-08: $26.77 per share

- 2020-09: $44.01 per share

- 2020-10: $36.13 per share

- 2020-11: $43.11 per share

- 2020-12: $53.59 per share

- 2021-01: $44.68 per share

- 2021-02: $47.26 per share

- 2021-03: $45.91 per share

- 2021-04: $42.52 per share

- 2021-05: $42.10 per share

- 2021-06: $37.88 per share

- 2021-07: $30.31 per share

- 2021-08: $29.37 per share

- 2021-09: $27.75 per share

- 2021-10: $30.00 per share

- 2021-11: $24.89 per share

- 2021-12: $24.14 per share

- 2022-01: $21.96 per share

- 2022-02: $27.59 per share

- 2022-03: $42.61 per share

- 2022-04: $38.78 per share

- 2022-05: $46.59 per share

- 2022-06: $39.57 per share

- 2022-07: $48.97 per share

- 2022-08: $57.35 per share

- 2022-09: $43.71 per share

- 2022-10: $55.07 per share

- 2022-11: $50.90 per share

- 2022-12: $42.42 per share

- 2023-01: $38.79 per share

- 2023-02: $32.99 per share

- 2023-03: $29.43 per share

- 2023-04: $30.29 per share

- 2023-05: $26.27 per share

- 2023-06: $26.78 per share

- 2023-07: $28.55 per share

- 2023-08: $31.04 per share

- 2023-09: $32.78 per share

- 2023-10: $30.30 per share

- 2023-11: $38.48 per share

- 2023-12: $37.73 per share

- 2024-01: $33.23 per share

- 2024-02: $35.15 per share

- 2024-03: $30.59 per share

- 2024-04: $26.20 per share

- 2024-05: $25.35 per share

- 2024-06: $21.98 per share

- 2024-07: $19.74 per share

- 2024-08: $12.32 per share

- 2024-09: $9.09 per share

- 2024-10: $8.41 per share

- 2024-11: $10.67 per share

- 2024-12: $15.12 per share

- 2025-01: $15.00 per share

- 2025-02: $10.00 per share

- 2025-03: $8.31 per share

- 2025-04: $5.43 per share

- 2025-05: $2.49 per share

- 2025-06: $3.32 per share

- 2025-07: $2.73 per share

- 2025-08: $2.46 per share

- 2025-09: $2.21 per share

- 2025-10: $1.29 per share

- 2025-11: $1.22 per share

- 2025-12: $1.14 per share

- 2026-01: $1.33 per share

- 2026-02: $1.09 per share

- 2026-03: $0.59 per share

- 2026-04: $0.69 per share

- 2026-05: $0.56 per share

- 2026-06: $0.36 per share

- 2026-07: $0.32 per share

- 2026-08: $0.29 per share

- 2026-09: $6.27 per share

- 2026-10: $4.18 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1749723/000174972326000032/nfe-20251231.htm); period 2025-12-31, filed 2026-04-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.