📊 NEXT Key Takeaways
Is NEXT a Good Investment? Thesis Analysis
NextDecade is a pre-revenue development-stage LNG company burning $5.0B annually in free cash flow with a critical liquidity crisis (0.54x current ratio) and extreme leverage (92.59x debt/equity). The company faces unsustainable cash burn despite holding $12.4B in assets, indicating heavy reliance on external financing before project commercialization.
Why Buy NEXT? Key Strengths
- Substantial asset base of $12.4B supporting LNG infrastructure development
- Cash position of $143.8M provides near-term operating runway
- Active insider engagement indicated by 8 Form 4 filings in 90 days
NEXT Investment Risks to Consider
- Zero revenue generation with negative net income of -$429.6M
- Critical liquidity crisis: current ratio of 0.54x indicates inability to cover short-term obligations
- Extreme leverage (debt/equity 92.59x) with $8.8B long-term debt unsustainable
- Massive free cash flow burn of -$5.0B annually with negative operating cash flow
- Negative interest coverage (-1.3x) indicates inability to service debt from operations
- Speculative dependence on future LNG project commercialization and external capital raises
Key Metrics to Watch
- Operating cash flow trend and path to positive territory
- Liquidity position and ability to secure additional financing
- Progress on Rio Grande LNG facility commercialization timeline
- Debt refinancing needs and terms in capital markets
- Shareholder dilution from future equity raises
NEXT Financial Metrics
💡 AI Analyst Insight
The current ratio below 1.0x warrants monitoring of short-term liquidity.
NEXT Profitability Ratios
NEXT vs Energy Sector
How NextDecade Corp compares to Energy sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is NEXT Overvalued or Undervalued?
Based on fundamental analysis, NextDecade Corp shows some fundamental concerns 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.
NEXT Balance Sheet & Liquidity
NEXT 5-Year Financial Trend & Growth Analysis
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 Growth Metrics (YoY)
NEXT Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| 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 |
| Q2 2023 | N/A | -$10.9M | N/A |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
NEXT Capital Allocation
NEXT SEC 10-K & 10-Q Filing 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 an AI rating of STRONG SELL with 88% confidence, based on fundamental analysis of SEC EDGAR filings.
What are NEXT's key strengths?
Claude: Substantial asset base of $12.4B supporting LNG infrastructure development. Cash position of $143.8M provides near-term operating runway.
What are the risks of investing in NEXT?
Claude: Zero revenue generation with negative net income of -$429.6M. Critical liquidity crisis: current ratio of 0.54x indicates inability to cover short-term obligations.
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 $-1.17.
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 rating reflects both perspectives for balanced insights.
Is NEXT a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, NextDecade Corp has a STRONG SELL rating with 88% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is NEXT stock overvalued or undervalued?
Valuation metrics for NEXT: ROE of -450.6% (sector avg: 14%), net margin of N/A (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
Should I buy NEXT stock in 2026?
Our dual AI analysis gives NextDecade Corp a combined STRONG SELL rating 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 $-169.4M, with capital expenditures of $4.8B.
How does NEXT compare to other Energy stocks?
Vs Energy sector averages: Net margin N/A (avg: 12%), ROE -450.6% (avg: 14%), current ratio 0.54 (avg: 1.3).