NextDecade Corp NEXT
NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG. We are constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley near Brownsville, Texas (the "Rio Grande LNG Facility"). The first five liquefaction trains and related infrastructure (together, "Phase 1", "Train 4", and "Train 5") at the Rio Grande LNG Facility are currently under construction. We are also developing and advancing the permitting process for expansion Trains 6 through 8 and exploring a potential carbon capture and storage ("CCS") project at the Rio Grande LNG Facility.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| R&D | $8.0M | $8.3M | $4.9M | $4.1M | — | — | — | — | — | — |
| SG&A | $202.3M | $150.1M | $111.5M | $49.1M | — | — | — | $35.2M | $34.6M | $7.3M |
| Total operating expenses | $225.9M | $171.1M | $122.7M | $54.5M | $19.5M | $22.0M | $35.0M | $43.0M | $35.6M | $8.5M |
| Operating income | -$225.9M | -$171.1M | -$122.7M | -$54.5M | -$19.5M | -$22.0M | -$35.0M | -$43.0M | -$35.6M | -$8.5M |
| Interest expense | $170.0M | $87.5M | $50.3M | $0 | — | — | — | — | — | $254.9K |
| Pre-tax income | -$306.4M | — | — | -$84.4M | -$40.4M | -$14.3M | -$35.9M | -$42.0M | — | — |
| Income tax | $0 | — | — | $0 | $0 | $0 | $0 | $0 | — | — |
| Net income | -$306.4M | -$61.8M | -$182.7M | -$84.4M | -$40.4M | -$14.3M | -$35.9M | -$42.0M | -$35.3M | -$8.4M |
| EPS, basic | -1.17 | -0.24 | -0.94 | -0.65 | -0.34 | — | — | — | — | — |
| EPS, diluted | -1.17 | -0.24 | -0.94 | -0.65 | -0.34 | -0.24 | -0.45 | -0.41 | -0.35 | -0.09 |
| Shares, diluted (wtd. avg.) | $262.2M | $258.5M | $194.6M | $130.1M | $119.2M | $117.5M | $109.1M | $106.6M | $100.9M | $95.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $143.8M | $148.1M | $294.5M | $62.8M | $25.6M | $22.6M | $15.7M | $3.2M | $35.7M | $12.5M |
| Short-term investments | — | — | — | — | — | $0 | $62.2M | $72.5M | $5.1M | — |
| Total current assets | $718.0M | $412.6M | $314.5M | $63.9M | $26.4M | $23.3M | $78.8M | $76.9M | $42.9M | $19.2M |
| Property, plant and equipment | $10.57B | $5.02B | $2.44B | $218.6M | $173.8M | $161.7M | $134.6M | $92.1M | $73.2M | $56.2M |
| Total assets | $12.43B | $6.40B | $3.32B | $312.4M | $222.1M | $201.7M | $221.2M | $169.0M | $116.1M | $75.8M |
| Accounts payable | $443.9M | $244.6M | $243.1M | $1.1M | $281.0K | $207.0K | $11.9M | $719.0K | $726.0K | $1.2M |
| Total current liabilities | $1.34B | $595.1M | $552.4M | $25.4M | $8.2M | $5.1M | $21.5M | $12.1M | $8.4M | $4.9M |
| Long-term debt | $8.51B | $3.92B | $1.82B | $0 | — | — | — | — | — | — |
| Total liabilities | $10.12B | $4.66B | $2.58B | $55.6M | $33.8M | $28.9M | $33.6M | $19.5M | $13.0M | $7.7M |
| Retained earnings | -$760.0M | -$453.5M | -$391.8M | -$230.1M | -$170.1M | -$148.0M | -$133.7M | -$97.6M | -$55.6M | -$20.3M |
| Total equity | $95.3M | $377.6M | $740.4M | $54.4M | $19.9M | $60.4M | $89.7M | $83.2M | $103.1M | $68.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$169.4M | -$95.6M | -$73.6M | -$40.1M | -$18.0M | -$26.3M | -$40.7M | -$23.3M | -$12.8M | -$7.2M |
| Depreciation and amortisation | $1.8M | $1.9M | $168.0K | $162.0K | $184.0K | $196.0K | $251.0K | $171.0K | $106.0K | $100.0K |
| Stock-based compensation | $39.2M | $19.9M | $26.6M | $7.5M | -$4.3M | -$341.0K | -$9.6M | $16.8M | $22.7M | — |
| Capital expenditure | $4.85B | $2.57B | $1.74B | $33.8M | $12.1M | $32.4M | $20.3M | $18.7M | $14.8M | $19.4M |
| Investing cash flow | -$4.85B | -$2.57B | -$1.75B | -$40.9M | -$18.5M | $18.5M | -$16.7M | -$86.2M | $11.9M | -$24.4M |
| Financing cash flow | $5.34B | $2.77B | $2.06B | $118.2M | $39.4M | $14.6M | $70.0M | $76.9M | $24.1M | $60.0K |
| Buybacks | $16.9M | $6.7M | $9.6M | $3.3M | $284.0K | $346.0K | $650.0K | $35.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001612720-26-000018.
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