NEXTNextDecade Corp
Natural Gas Transmisison & Distribution
- Revenue
- $0
- Operating margin
- —
- EBITDA
- −$214M
- 35% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $8.7B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear—Over 10% of revenue
- Payouts exceed cash flowClear-11% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | |
| Operating income | −$20M | −$54M | −$123M | −$171M | −$226M | 32% |
| Net income | −$40M | −$84M | −$183M | −$62M | −$306M | 396% |
| Operating cash flow | −$18M | −$40M | −$74M | −$96M | −$169M | 77% |
| Capex | $12M | $34M | $1.7B | $2.6B | $4.8B | 89% |
| Stock-based comp | −$4M | $7M | $27M | $20M | $39M | 97% |
| Buybacks | $284K | $3M | $10M | $7M | $17M | 153% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $13M | $6M | 252 | — |
| FY2024 | $5M | $17M | 369 | — |
| FY2023 | $12M | $14M | 228 | — |
| FY2022 | $11M | $15M | 236 | — |
| FY2021 | $9M | $9M | 136 | — |