NextDecade Corporation (NEXT) Key Metrics
NEXT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.67B
- Enterprise value
- $12.23B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- —
- Price / book
- 21.8 10-yr median 3.6
- EV / EBITDA
- 18.9
- Dividend yield
- —
- Beta
- 1.54
NEXT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNEXT valuation Price multiples at each fiscal year-end price.
NEXT returns How much profit the business earns on the capital it uses.
NEXT per-share figures Results divided by the shares outstanding at year-end.
NEXT financial health Debt, liquidity and how easily interest is covered.
NEXT efficiency & capital use Working capital cycle and where the cash goes.
NEXT valuation history
NEXT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NEXT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NEXT cash returned to shareholders
NEXT price vs earnings per share
NEXT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.38B | $1.99B | $928.2M | $642.9M | $339.7M | $245.6M | $669.6M | $575.4M | $839.7M | — |
| Enterprise value | $9.89B | $5.91B | $2.86B | $581.6M | $314.8M | $223.4M | $592.4M | $499.8M | $798.9M | — |
| Price / book | 14.5 | 5.3 | 3.2 | 2.5 | 1.8 | 1.4 | 3.6 | 3.8 | 8.1 | — |
| EV / EBITDA | — | 19.3 | — | — | — | — | — | — | — | — |
| Earnings yield | −22.2% | −3.1% | −17.5% | −9.3% | −6.5% | −5.8% | −5.4% | −7.3% | −4.2% | — |
| Free cash flow yield | −363.1% | −133.6% | −195.1% | −11.5% | −8.8% | −23.9% | −9.1% | −7.3% | −3.3% | — |
| Dividend yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shareholder yield (dividends + buybacks) | 1.2% | 0.3% | 1.0% | 0.0% | 0.0% | 0.2% | 0.1% | 0.0% | 0.0% | — |
| Share price at fiscal year-end | $5.27 | $7.71 | $4.77 | $4.94 | $2.85 | $2.09 | $6.14 | $5.40 | $8.32 | $10.12 |
| Per share | ||||||||||
| Revenue per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — |
| Earnings per share | −$1.17 | −$0.24 | −$0.83 | −$0.46 | −$0.18 | −$0.12 | −$0.33 | −$0.39 | −$0.35 | — |
| Operating cash flow per share | −$0.65 | −$0.37 | −$0.38 | −$0.31 | −$0.15 | −$0.22 | −$0.37 | −$0.22 | −$0.13 | — |
| Free cash flow per share | −$19.13 | −$10.30 | −$9.31 | −$0.57 | −$0.25 | −$0.50 | −$0.56 | −$0.39 | −$0.27 | — |
| Cash per share | $0.55 | $0.57 | $0.20 | $0.48 | $0.21 | $0.19 | $0.71 | $0.71 | $0.40 | — |
| Book value per share | $0.36 | $1.46 | $1.48 | $1.97 | $1.58 | $1.47 | $1.72 | $1.40 | $1.02 | — |
| Tangible book value per share | $0.36 | $1.46 | $1.48 | $1.97 | $1.58 | $1.45 | $1.69 | $1.40 | $1.02 | — |
| Dividends per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — |
| Capex per share | $18.49 | $9.93 | $8.93 | $0.26 | $0.10 | $0.28 | $0.19 | $0.18 | $0.15 | — |
| Debt per share | $33.02 | $15.73 | $10.10 | $0.01 | $0.00 | $0.00 | $0.01 | — | $0.00 | — |
| Shares outstanding | 262.2M | 258.5M | 194.6M | 130.1M | 119.2M | 117.5M | 109.1M | 106.6M | 100.9M | — |
| Change in shares outstanding | +1.4% | +32.9% | +49.5% | +9.2% | +1.4% | +7.8% | +2.3% | +5.6% | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −129.6% | −18.6% | −59.6% | −27.0% | −12.2% | −8.0% | −21.3% | −33.2% | −32.7% | −0.4% |
| Return on invested capital (ROIC) | −2.8% | −5.3% | −8.0% | −24.0% | −9.8% | −13.3% | −30.0% | −49.9% | −32.1% | −0.5% |
| Return on assets (ROA) | −3.3% | −1.3% | −8.9% | −22.5% | −10.4% | −6.8% | −18.4% | −29.4% | −30.2% | −0.4% |
| Return on tangible assets | −2.5% | −1.0% | −4.9% | −19.2% | −9.9% | −7.2% | −16.5% | −24.8% | −30.4% | −0.4% |
| Financial health | ||||||||||
| Total debt | $8.66B | $4.07B | $1.97B | $1.6M | $596,000 | $432,000 | $701,000 | — | $0 | $60,000 |
| Cash & short-term investments | $143.8M | $148.1M | $38.2M | $62.8M | $25.6M | $22.6M | $77.9M | $75.6M | $40.8M | $23,865 |
| Net debt | $8.51B | $3.92B | $1.93B | −$61.2M | −$25.0M | −$22.2M | −$77.2M | −$75.6M | −$40.8M | $36,135 |
| Debt / equity | 90.80 | 10.77 | 6.83 | 0.01 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 |
| Debt / assets | 0.70 | 0.64 | 0.59 | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 |
| Net debt / EBITDA | — | 12.79 | — | — | — | — | — | — | — | — |
| Current ratio | 0.54 | 0.69 | 0.57 | 2.52 | 3.21 | 4.53 | 3.66 | 6.36 | 5.10 | 0.34 |
| Quick ratio | 0.54 | 0.69 | 0.57 | 2.52 | 3.21 | 4.53 | 3.66 | 6.36 | 5.10 | 0.34 |
| Interest coverage | -1.3 | -2.0 | -1.4 | -9.5 | -7.7 | -90.6 | -20.4 | -42.2 | -103.9 | -2.7 |
| Working capital | −$618.0M | −$182.5M | −$237.9M | $38.6M | $18.2M | $18.1M | $57.3M | $64.8M | $34.5M | −$86,620 |
| Invested capital | $8.61B | $4.30B | $2.22B | $195.6M | $163.3M | $150.6M | $110.4M | $73.8M | $62.3M | $113.1M |
| Tangible asset value | $2.30B | $1.74B | $740.4M | $256.8M | $187.9M | $170.9M | $184.4M | $149.5M | $103.1M | $113.0M |
| Net current asset value | −$9.41B | −$4.25B | −$2.27B | $8.3M | −$7.4M | −$5.7M | $45.2M | $57.4M | $29.9M | −$4.5M |
| Graham net-net per share | −$38.07 | −$17.45 | −$13.08 | $0.22 | −$0.07 | −$0.05 | $0.41 | $0.53 | $0.28 | — |
| Capital allocation | ||||||||||
| Dividends paid | $0 | $0 | $53,000 | $75,000 | $67,000 | $50,000 | $42,000 | $4 | $4,000 | $4,000 |
| Share buybacks (net) | $16.9M | $6.7M | $9.6M | $0 | $0 | $346,000 | $650,000 | $35,000 | $0 | $0 |
| Capex / revenue | — | — | — | — | — | 16,506,122.4% | — | — | — | — |
| Capex / depreciation | 399.84 | 384.63 | 551.98 | 36.77 | 16.47 | 22.69 | 16.83 | 109.11 | 139.93 | 193.92 |
| Stock-based compensation / revenue | — | — | — | — | — | −173,979.6% | — | — | — | — |
| SG&A / revenue | — | — | — | — | — | 10,312,755.1% | — | — | — | — |
| Efficiency | ||||||||||
| Days payables outstanding | 10,366.9 | 7,006.0 | 7,064.3 | 1,537.7 | 484.0 | 1,229.4 | 1,006.6 | 207.6 | 143.9 | 270.4 |
| Receivables turnover | — | — | — | 0.00 | — | — | — | — | — | — |
| Payables turnover | 0.04 | 0.05 | 0.05 | 0.24 | 0.75 | 0.30 | 0.36 | 1.76 | 2.54 | 1.35 |
| Asset turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average receivables | — | — | — | $28.4M | — | — | — | — | — | — |
| Average payables | $344.3M | $243.9M | $122.1M | $682,500 | $244,000 | $6.1M | $6.3M | $722,500 | $428,450 | $74,080 |
| Average inventory | — | — | — | — | — | — | — | — | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.9% | 1.4% | 0.0% | 0.0% | 0.0% |
Computed from NEXT's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NEXT valuation and financial ratios
NextDecade earned a return on equity of −129.6% and a return on invested capital of −2.8% in fiscal 2025. It ended the year with $8.7 billion of debt and $143.8 million in cash and short-term investments, net debt of $8.5 billion. It returned $16.9 million to shareholders: $0 in dividends and $16.9 million in share buybacks.
See the NEXT income statement, the NEXT chart for price history, or the NEXT stock overview for the latest quote and news.
NEXT key metrics FAQ
What is NextDecade's return on equity?
NextDecade's return on equity (ROE) was −129.6% in fiscal 2025: net income of -$306.4 million on average shareholders' equity of $236.5 million.
What is NextDecade's ROIC?
NextDecade's return on invested capital was −2.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does NextDecade have?
NextDecade had total debt of $8.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 90.80.
Does NextDecade pay a dividend?
NextDecade did not pay a dividend in fiscal 2025.
Does NextDecade buy back its shares?
Yes. NextDecade spent $16.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.4% over the year, to 262.2M..
What is NextDecade's free cash flow yield?
NextDecade generated -$5.0 billion of free cash flow in fiscal 2025, a free cash flow yield of −363.1% on its market value at year-end ($1.4 billion).
What is NextDecade's current ratio?
NextDecade's current ratio was 0.54 at the end of fiscal 2025: current assets were 0.54 times current liabilities.