Forensic Analysis · Energy / Oil & Gas · as of Sep 14, 2026
New Fortress Energy Inc. (NFE)
A forensic read on New Fortress Energy Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-5.8
Distress distance
Clean
Earnings quality
6
Forensic signals
-36.2%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
New Fortress Energy Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -5.8, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-10.1%
FY2025
Return on invested capital.Return on invested capital is -10.1% in the latest fiscal year and slipping from 12% — below its ~8% cost of capital. If that gap persists through the cycle, incremental reinvestment reduces rather than creates value per share.
+9.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +33% over the last 3 years to FY2025 (+9.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~9.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~25%.
1.0% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.0% of revenue in FY2025 — about $0.05 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 10.5% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
FCF ($1.2B)
FY2025
Shareholder returns.Returned $3M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($1.2B) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$1.50B
Revenue Growth YoY-36.2%
Net Margin-122.6%
Free Cash Flow-$1.23B
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from New Fortress Energy Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 14, 2026. Forensic signals flag probability, not certainty.
New Fortress Energy Inc. (NFE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
95d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 52 to 95 days FY2024→FY2025 (receivables +36% vs revenue -36%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 39 → 38 → 48 → 52 → 95 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-9%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
44d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 38 to 44 FY2024→FY2025 (against cost of goods sold; inventory +16% vs -14% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.