📊 NEXT Key Takeaways
Is NextDecade Corp (NEXT) a Good Investment?
NextDecade is a pre-revenue, capital-intensive development-stage company facing imminent solvency and liquidity crises. With zero revenue generation, negative stockholders' equity of -$30.7M, and a cash burn rate of $1.3B annually, the company cannot sustain operations without significant capital injection or debt restructuring.
NextDecade is pre-revenue with heavy ongoing capex, deeply negative free cash flow, and extreme leverage, resulting in weak liquidity and an inability to cover interest. Despite a large asset base, thin equity and negative operating cash flows create elevated financing and execution risk that dominate the near-term outlook.
NextDecade Corp Key Strengths (NEXT)
- Net losses improved 28.7% year-over-year, demonstrating operational progress toward profitability
- Maintains $143.1M cash reserve providing short-term liquidity buffer
- Substantial asset base of $13.2B reflects significant project infrastructure investment
- Large asset base ($12.43B) relative to liabilities, offering some asset coverage
- Significant capex deployment ($4.85B) indicates project advancement toward future operations
- ROA (-3.5%) comparatively modest for a pre-revenue, construction-phase asset base
NEXT Stock Risks: NextDecade Corp Investment Risks
- Zero revenue with -$195.0M annual net loss and -$110.8M operating cash flow indicates fundamentally unsustainable current operations
- Negative stockholders' equity (-$30.7M) combined with $10.9B liabilities and $9.4B long-term debt creates acute insolvency and refinancing risk
- Critical liquidity crisis: current ratio of 0.40x, negative interest coverage of -0.7x, and -$1.3B free cash flow burn rate exhausts cash reserves in ~1.3 years without revenue
- Liquidity stress: current ratio 0.54x and cash $143.78M
- Solvency/financing risk: D/E 92.59x and interest coverage -1.3x
- Sustained cash burn with no revenue: FCF -$5.02B
Key Metrics to Watch
- Quarterly cash runway and operating cash flow trajectory toward sustainability
- Revenue generation milestones and timeline to profitability
- Debt covenant compliance and refinancing or restructuring announcements
- Stockholders' equity path to positive territory
- Capital expenditure timing and efficiency relative to project development stage
- Revenue (initiation and ramp)
- Current ratio (and cash balance)
NextDecade Corp (NEXT) Financial Metrics & Key Ratios
💡 AI Analyst Insight
The current ratio below 1.0x warrants monitoring of short-term liquidity.
NEXT Profit Margin, ROE & Profitability Analysis
NEXT vs Energy Sector: How NextDecade Corp Compares
How NextDecade Corp compares to Energy sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is NextDecade Corp Stock Overvalued? NEXT Valuation Analysis 2026
Based on fundamental analysis, NextDecade Corp has mixed fundamental signals relative to the Energy sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
NextDecade Corp Balance Sheet: NEXT Debt, Cash & Liquidity
NEXT Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: NextDecade Corp's revenue has remained relatively flat over the 5-year period, with a 0% decline. The most recent EPS of $-0.94 indicates the company is currently unprofitable.
NEXT Revenue Growth, EPS Growth & YoY Performance
NEXT Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | N/A | -$195.0M | $-0.34 |
| Q3 2025 | N/A | -$204.0M | $-0.42 |
| Q2 2025 | N/A | $189.1M | $-0.02 |
| Q1 2025 | N/A | $186.8M | $0.11 |
| Q3 2024 | N/A | $34.2M | $-0.31 |
| Q2 2024 | N/A | -$147.6M | $-0.02 |
| Q1 2024 | N/A | -$27.3M | $0.11 |
| Q3 2023 | N/A | $34.2M | $-0.19 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
NextDecade Corp Dividends, Buybacks & Capital Allocation
NEXT SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for NextDecade Corp (CIK: 0001612720)
📋 Recent SEC Filings
❓ Frequently Asked Questions about NEXT
What is the AI rating for NEXT?
NextDecade Corp (NEXT) has a Combined AI Grade of D from Claude (D) and ChatGPT (D) with 85% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are NEXT's key strengths?
Claude: Net losses improved 28.7% year-over-year, demonstrating operational progress toward profitability. Maintains $143.1M cash reserve providing short-term liquidity buffer. ChatGPT: Large asset base ($12.43B) relative to liabilities, offering some asset coverage. Significant capex deployment ($4.85B) indicates project advancement toward future operations.
What are the risks of investing in NEXT?
Claude: Zero revenue with -$195.0M annual net loss and -$110.8M operating cash flow indicates fundamentally unsustainable current operations. Negative stockholders' equity (-$30.7M) combined with $10.9B liabilities and $9.4B long-term debt creates acute insolvency and refinancing risk. ChatGPT: Liquidity stress: current ratio 0.54x and cash $143.78M. Solvency/financing risk: D/E 92.59x and interest coverage -1.3x.
What is NEXT's revenue and growth?
NextDecade Corp reported revenue of $0.0.
Does NEXT pay dividends?
NextDecade Corp pays dividends, with $1.0M distributed to shareholders in the trailing twelve months.
Where can I find NEXT SEC filings?
Official SEC filings for NextDecade Corp (CIK: 0001612720) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is NEXT's EPS?
NextDecade Corp has a diluted EPS of $-0.51.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined grade reflects both perspectives for balanced insights.
What is NEXT's fundamental grade?
Based on our AI fundamental analysis in May 2026, NextDecade Corp has a D grade with 85% confidence. Review the strengths and risks sections above for full context. This is not investment advice.
Is NEXT stock overvalued or undervalued?
Valuation metrics for NEXT: ROE of N/A (sector avg: 14%), net margin of N/A (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
What is NEXT's AI grade for 2026?
Our dual AI analysis gives NextDecade Corp a combined D grade for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is NEXT's free cash flow?
NextDecade Corp's operating cash flow is $-110.8M, with capital expenditures of $1.2B.
How does NEXT compare to other Energy stocks?
Vs Energy sector averages: Net margin N/A (avg: 12%), ROE N/A (avg: 14%), current ratio 0.40 (avg: 1.3).