New Fortress Energy LLC
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The traffic light is red because several documented substance risks come together: even after the debt exchange, pro forma operating results do not cover interest (first half of 2026: −$305.0 million operating against $102.3 million of interest expense), the last quarterly report before closing flagged substantial doubt about the company as a going concern, prior-year financial statements had to be restated, and the company’s own gas plant is down according to an October 5, 2026 filing. If you wait, check the next quarterly report: is the going-concern doubt removed? Is FLNG 1 running again? And does the business turn profitable without one-offs? For existing shareholders the dilution to roughly 4.4 percent is the hardest number of all. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
New Fortress Energy is the phoenix trap in its purest form: the September 11, 2026 restructuring rescued the company but handed almost all of the ownership to the creditors — 65 percent of the common stock right away and, through mandatorily convertible preferred, roughly 95.6 percent from September 2029 on our math (65 percent of today’s common stock plus all conversion shares). Even the smaller company posted a pro forma operating loss of $305.0 million in the first half of 2026, prior-year financial statements had to be restated, and according to an October 5, 2026 filing its own liquefaction unit is offline. Whoever buys the common stock buys the smallest and most junior slice of a company that still has to prove its operating profit. Not investment advice.
Business model & contracts
Long-term contracts with state utilities carry the remaining business: a new seven-year PREPA agreement for up to 75 TBtu of gas a year (December 2025), Genera’s power plant operations since July 2023 and a take-or-pay contract with Mexico’s CFE running to 2034. The assets exist and are running.
Earnings power after the rescue
No operating profit even pro forma: in the first half of 2026, $396.9 million of revenue faced an operating loss of $305.0 million, with $102.3 million of interest expense; excluding one-offs, an operating loss of about $117.5 million would remain (8-K/A of 09/15/2026). Interest coverage is below zero.
Ownership & dilution
Since 09/11/2026 existing holders own 35 percent of the common stock; the 2,454,936 preferred shares convert into roughly 114.0 million shares in September 2029, leaving roughly 4.4 percent on our math. The preferred already votes today.
Reporting quality & controls
Restatement of the 2023/2024 annual and 2024/2025 quarterly financial statements because of delayed vendor payments (8-K of 03/17/2026), material weaknesses and an adverse opinion on internal control, a going-concern paragraph in the 2025 audit report, late filings and, since 09/03/2026, only an interim CFO.
Operations & concentration risk
The company’s own liquefaction unit FLNG 1 is offline after a turbine failure, according to the 8-K of 10/05/2026; any missing LNG has to be bought on the spot market if necessary, and the company expects a return in the fourth quarter of 2026.
Debt load
The rescue cut debt to a little over $2.08 billion pro forma (from $8.86 billion at 06/30/2026, group including Brazil) and ended the defaults under the old financings. The new loans cost Term SOFR plus 6.125 to 8.125 percent and may initially be serviced in kind.
Worth Noting
New Fortress Energy reached our research list through our in-house Reddit hype scanner. The restructuring ran under UK law (Part 26A) with U.S. recognition under chapter 15, not under chapter 11; the stock still trades on Nasdaq.
Pro forma figures come from the 8-K/A of September 15, 2026 and draw up the income statement as if the restructuring, including the handover of Brazil, had been completed on January 1, 2025; the pro forma balance sheet is as of June 30, 2026. The figures are unaudited. The years 2023 to 2025 are shown as restated in the 2025 annual report, 2021 and 2022 as originally reported.
Valuation dated and evergreen: the market value in quote feeds (about $96 million on October 5, 2026) counts only the 16.3 million common shares; including the roughly 114.0 million conversion shares, there are about 130.3 million shares. Do not confuse NFE (common stock) with NFEGP (mandatorily convertible preferred).
Stock Watch
This analysis is as of October 6, 2026. Stock Watch will tell you what's changed at NFE since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.2581 $ to 13.90 $ · Last price: 3.70 $ (As of: November 12, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/12/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Midstream
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| New Fortress Energy LLC NFE | 1.1 | – | 70.1 | 22.0 | -24.3 | -36.4 | -94.2 |
| Williams Companies Inc WMB | 83.9 | 29.6 | 14.1 | 63.1 | 33.6 | 13.8 | 18.4 |
| Enterprise Products Partners LP EPD | 80.7 | 12.9 | 10.6 | 12.6 | 11.8 | -6.4 | 25.4 |
| Kinder Morgan Inc KMI | 70.6 | 21.7 | 13.5 | 48.7 | 29.9 | 12.5 | 21.7 |
| Energy Transfer LP ET | 66.7 | 13.3 | 7.4 | 15.8 | 10.4 | -0.1 | 25.0 |
| Cheniere Energy Inc LNG | 63.9 | 54.2 | 10.5 | 34.9 | -53.8 | 24.4 | 45.0 |
| Targa Resources Inc TRGP | 62.6 | 30.4 | 15.2 | 43.2 | 20.9 | 3.1 | 71.6 |
| MPLX LP MPLX | 57.4 | 12.2 | 11.7 | 54.8 | 38.3 | 8.4 | 18.0 |
| ONEOK Inc OKE | 54.9 | 15.8 | 10.3 | 25.2 | 14.9 | 55.4 | 34.0 |
| Median of companies shown | 63.9 | 18.7 | 11.7 | 34.9 | 14.9 | 8.4 | 25.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 21 | -27 | -33 | -0.56 | -43 | 289 | 389 |
| 2017 | 97 | -25 | -32 | -0.49 | -55 | 279 | 381 |
| 2018 | 112 | -58 | -78 | -1.15 | -93 | 283 | 699 |
| 2019 | 189 | -187 | -34 | -26.99 | -234 | 85 | 1,124 |
| 2020 | 452 | -155 | -182 | -85.39 | -126 | 367 | 1,908 |
| 2021 | 1,323 | 239 | 97 | 24.07 | 85 | 1,792 | 6,876 |
| 2022 | 2,368 | 737 | 194 | 46.34 | 355 | 1,290 | 7,705 |
| 2023 | 2,413 | 943 | 548 | 132.67 | 825 | 1,640 | 10,501 |
| 2024 | 2,365 | 539 | -249 | -56.96 | 587 | 1,876 | 12,868 |
| 2025 | 1,504 | -171 | -1,844 | -331.02 | -583 | 183 | 10,556 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 0.05 | -83.30 | 568 | 10.30 | 1.60 | -17 | -452 |
| 2024: Q4 | 0.13 | -87.70 | 679 | -10.50 | -32.90 | 441 | -399 |
| 2025: Q1 | -0.73 | -209.00 | 472 | -31.60 | -37.60 | -32 | -372 |
| 2025: Q2 | -0.85 | -107.30 | 302 | -29.50 | -183.80 | -353 | -665 |
| 2025: Q3 | -0.94 | -1,980.00 | 327 | -42.30 | -91.50 | -191 | -297 |
| 2025: Q4 | -0.65 | -601.70 | 404 | -40.40 | -195.30 | -8 | -8 |
| 2026: Q1 | -0.65 | 11.00 | 227 | -51.90 | -176.20 | -120 | -164 |
| 2026: Q2 | -1.30 | -52.90 | 313 | 3.60 | -118.90 | -158 | -198 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
- Bankruptcy Study: Stacked Warning Signals
- Below the 50- & 200-SMA
- Beneish M-Score
- Going Concern (Distress Proxy)
- Near 52-Week Low
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -4.19 | -4.19 – -4.19 | 0 | 97.3% | 1 |
| 12/31/2027 | 2.08 | 2.08 – 2.08 | 0 | 149.6% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
New Fortress Energy verdient sein Geld mit Flüssigerdgas (LNG), Terminals, Gaskraftwerken und dem Betrieb von Kraftwerken in Puerto Rico — eine KI-Umsatzquelle oder ein belegter operativer KI-Einsatz findet sich in den letzten vier Quartalsberichten und zwei Geschäftsberichten nicht. Der einzige konkrete KI-Bezug war das 2024 gestartete Rechenzentrums-Strom-Vorhaben „Klondike“, das laut Geschäftsbericht 2025 im Zuge der Gläubigerverhandlungen nicht weiterverfolgt wird; es hat nie Umsatz erzielt. Die KI-Erwähnungen in den Risikofaktoren sind allgemeine Floskeln ohne Bezug zum Geschäftsmodell — daher neutral.
View the full file — quotes, sources, reviewed filings
„In July 2024, we launched Klondike, a power and data center development business dedicated to working with hyperscale customers to build and operate data centers. This venture comes in response to a significant need for turnkey digital infrastructure to support the next stage of explosive growth in artificial intelligence."
Im Juli 2024 haben wir Klondike gestartet, ein Geschäft für die Entwicklung von Stromversorgung und Rechenzentren, das mit Hyperscale-Kunden Rechenzentren bauen und betreiben soll. Das Vorhaben antwortet auf einen erheblichen Bedarf an schlüsselfertiger digitaler Infrastruktur für die nächste Stufe des explosiven Wachstums der Künstlichen Intelligenz.
10-K · 2025-03-10 · View SEC filing
„As part of our ongoing discussions with creditors, we have determined that it was not probable that we would pursue the development of certain Fast LNG projects, the ZeroParks hydrogen project and our Klondike power and data center development business."
Im Rahmen unserer laufenden Gespräche mit den Gläubigern sind wir zu dem Schluss gekommen, dass es nicht wahrscheinlich ist, dass wir die Entwicklung bestimmter Fast-LNG-Projekte, des Wasserstoffprojekts ZeroParks und unseres Strom- und Rechenzentrumsgeschäfts Klondike weiterverfolgen.
10-K · 2026-04-13 · View SEC filing
„Concerns relating to the responsible use of new and evolving technologies, such as AI, may result in reputational or financial harm and liability."
Bedenken im Zusammenhang mit dem verantwortungsvollen Einsatz neuer und sich entwickelnder Technologien wie KI können zu Reputations- oder finanziellen Schäden und zu Haftung führen.
10-Q · 2026-08-06 · View SEC filing
Filings Reviewed: 10-Q 2026-08-06 · 10-Q 2026-05-14 · 10-Q 2025-11-21 · 10-Q 2025-09-05 · 10-K 2026-04-13 · 10-K 2025-03-10
Rated on October 6, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -14.0%
- More than 10% revenue growth is expected for the coming year -100.0%
- Share count grows by less than 3% a year 9.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -118.5%
- Gross margin at 40% or higher and without meaningful erosion 9.1%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 2,373 m
- Return on capital at 15% or higher, or up versus two years ago -9.0%
- Insiders hold at least 10% or are net buyers 37.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 60.4%
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -100.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -9.0%
- Expected return > 10% -100.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Edens Wesley R | Chief Executive Officer | Buy | 28,313 | – | – |
| Sep 11, 2026 | Edens Wesley R | Chief Executive Officer | Other | 208,588 | – | – |
The company
About the Company
New Fortress Energy Inc. fungiert als integriertes Gas-zu-Strom-Energieinfrastrukturunternehmen, das weltweit Energie- und Entwicklungsdienstleistungen für Endkunden bereitstellt. Das Unternehmen ist in den Segmenten Terminals und Infrastruktur sowie Schiffe tätig. Das Segment Terminals und Infrastruktur befasst sich mit der Erdgasbeschaffung und -verflüssigung sowie mit Logistik, Schifffahrt, Anlagen und Umrüstung bzw. Entwicklung erdgasbefeuerter Stromerzeugung. Das Segment Schiffe bietet schwimmende Speicher- und Regasifizierungsanlagen (FRSU) sowie Flüssigerdgas-(LNG)-Tanker an, die Kunden im Rahmen langfristiger oder Spot-Vereinbarungen vermietet werden. Das Unternehmen betreibt eine landgestützte Mikro-Kraftstoffumschlagsanlage in San Juan, Puerto Rico, sowie eine LNG-Empfangsanlage und ein gasbefeuertes Kraftwerk am Hafen von Pichilingue in Baja California Sur, Mexiko. New Fortress Energy Inc. wurde 1998 gegründet und hat seinen Sitz in New York, New York.
- Employees
- 699
- Headquarters
- New York, NY
- Address
- 111 West 19th Street, 10011 New York, United States
- Phone
- 516 268 7400
- Website
- newfortressenergy.com
- IPO Date
- 01/31/2019
- ISIN
- US6443931000
- Stock Split
- 1:50 on 09/14/2026
Management
| Name | Title | Birth Year |
|---|---|---|
| Wesley Robert Edens | Founder, CEO & Director | 1962 |
| Frederick W. Hundt CPA | Interim CFO, Principal Financial Officer, CAO & Principal Accounting Officer | 1978 |
| Kevin Francis Sullivan | General Counsel & Secretary | 1973 |
| Matthew Reinhard | Co-General Counsel & Chief Compliance Officer | – |
| Brannen McElmurray | MD & Chief Development Officer | – |
| Patrick Thomas Hughes | Executive Officer | – |
| Kenneth Nicholson | Executive Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/29/2026 New Fortress Energy Inc. (NFE): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/05/2026 New Fortress Energy Inc. (NFE): Other Events; Financial Statements and Exhibits SEC ↗
- 09/11/2026 New Fortress Energy Inc. (NFE): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Completion of Acquisition or Disposition of Assets; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Material Modifications to Rights of Security Holders; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory A SEC ↗
- 09/10/2026 New Fortress Energy Inc. (NFE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/21/2026 New Fortress Energy Inc. (NFE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: November 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.