Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin-59.4%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-59.7%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt-7.5 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$25.3B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$3.1B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Price-to-Book12.67x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$344M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$2.4B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Cheniere Energy, Inc.
Cheniere Energy, Inc., an energy infrastructure company, primarily engages in the liquefied natural gas (LNG) related businesses in the United States. The company owns and operates the Sabine Pass LNG terminal in Cameron Parish, Louisiana; and the Corpus Christi LNG terminal near Corpus Christi, Texas. It also owns and operates the Creole Trail pipeline, a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines; and the Corpus Christi pipeline, a 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with interstate and intrastate natural gas pipelines. In addition, the company engages in the LNG and natural gas marketing business. Cheniere Energy, Inc. was incorporated in 1983 and is headquartered in Houston, Texas.
Cheniere Energy, Inc., an energy infrastructure company, primarily engages in the liquefied natural gas (LNG) related businesses in the United States. The company owns and operates the Sabine Pass LNG terminal in Cameron Parish, Louisiana; and the Corpus Christi LNG terminal near Corpus Christi, Texas. It also owns and operates the Creole Trail pipeline, a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines; and the Corpus Christi pipeline, a 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with interstate and intrastate natural gas pipelines. In addition, the company engages in the LNG and natural gas marketing business. Cheniere Energy, Inc. was incorporated in 1983 and is headquartered in Houston, Texas.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-3,502,000
2,302,000
Reconciled Depreciation
373,000
350,000
Reconciled Cost Of Revenue
9,216,000
1,549,000
EBITDA
-3,125,000
4,167,000
EBIT
-3,498,000
3,817,000
Net Interest Income
-239,000
-231,000
Interest Expense
255,000
246,000
Interest Income
16,000
15,000
Normalized Income
-3,481,093
2,302,821
Net Income From Continuing And Discontinued Operation
-3,502,000
2,302,000
Total Expenses
9,356,000
1,646,000
Total Operating Income As Reported
-3,488,000
3,804,000
Diluted Average Shares
210,500
214,900
Basic Average Shares
210,500
214,300
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-3,502,000
2,302,000
Net Income Common Stockholders
-3,502,000
2,302,000
Net Income
-3,502,000
2,302,000
Minority Interests
-90,000
-631,000
Net Income Including Noncontrolling Interests
-3,412,000
2,933,000
Net Income Continuous Operations
-3,412,000
2,933,000
Tax Provision
-341,000
638,000
Pretax Income
-3,753,000
3,571,000
Other Income Expense
-26,000
-2,000
Other Non Operating Income Expenses
-3,000
-1,000
Special Income Charges
-23,000
-1,000
0
Other Special Charges
23,000
1,000
0
Net Non Operating Interest Income Expense
-239,000
-231,000
Interest Expense Non Operating
255,000
246,000
Interest Income Non Operating
16,000
15,000
Operating Income
-3,488,000
3,804,000
Operating Expense
140,000
97,000
Other Operating Expenses
4,000
10,000
Selling General And Administration
136,000
87,000
Gross Profit
-3,348,000
3,901,000
Cost Of Revenue
9,216,000
1,549,000
Total Revenue
5,868,000
5,450,000
Operating Revenue
5,756,000
5,347,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
69,500
66,800
Ordinary Shares Number
210,100
212,400
Share Issued
279,600
279,200
Net Debt
22,444,000
21,714,000
Total Debt
26,407,000
25,515,000
Tangible Book Value
3,755,000
7,838,000
Invested Capital
27,504,000
30,728,000
Working Capital
-3,113,000
-224,000
Net Tangible Assets
3,755,000
7,838,000
Capital Lease Obligations
2,658,000
2,702,000
Common Stock Equity
3,755,000
7,915,000
Total Capitalization
25,898,000
30,422,000
Total Equity Gross Minority Interest
8,672,000
13,078,000
Minority Interest
4,917,000
5,163,000
Stockholders Equity
3,755,000
7,915,000
Treasury Stock
9,394,000
8,852,000
Retained Earnings
8,622,000
12,243,000
Additional Paid In Capital
4,526,000
4,523,000
Capital Stock
1,000
1,000
Common Stock
1,000
1,000
Total Liabilities Net Minority Interest
38,173,000
34,804,000
Total Non Current Liabilities Net Minority Interest
30,901,000
30,888,000
Other Non Current Liabilities
1,544,000
1,312,000
Preferred Securities Outside Stock Equity
Derivative Product Liabilities
1,810,000
1,208,000
Non Current Deferred Liabilities
3,318,000
3,698,000
Non Current Deferred Taxes Liabilities
3,318,000
3,698,000
Long Term Debt And Capital Lease Obligation
24,229,000
24,670,000
Long Term Capital Lease Obligation
2,086,000
2,163,000
Long Term Debt
22,143,000
22,507,000
Current Liabilities
7,272,000
3,916,000
Other Current Liabilities
2,695,000
717,000
Current Deferred Liabilities
111,000
150,000
Current Deferred Revenue
111,000
150,000
Current Debt And Capital Lease Obligation
2,178,000
845,000
Current Capital Lease Obligation
572,000
539,000
Current Debt
1,606,000
306,000
Other Current Borrowings
1,606,000
306,000
Pensionand Other Post Retirement Benefit Plans Current
131,000
215,000
Payables And Accrued Expenses
2,157,000
1,989,000
Current Accrued Expenses
1,837,000
1,776,000
Interest Payable
289,000
219,000
Payables
320,000
213,000
Dividends Payable
Total Tax Payable
79,000
90,000
Accounts Payable
241,000
123,000
Total Assets
46,845,000
47,882,000
Total Non Current Assets
42,686,000
44,190,000
Other Non Current Assets
1,044,000
159,000
Non Current Prepaid Assets
286,000
223,000
Non Current Deferred Assets
12,000
78,000
Non Current Deferred Taxes Assets
12,000
12,000
Non Current Accounts Receivable
394,000
325,000
Financial Assets
2,229,000
4,663,000
Investments And Advances
78,000
129,000
Long Term Equity Investment
78,000
129,000
Goodwill And Other Intangible Assets
77,000
77,000
Goodwill
77,000
77,000
Net PPE
39,401,000
38,455,000
Accumulated Depreciation
-9,198,000
-8,828,000
Gross PPE
48,599,000
47,283,000
Leases
47,000
Construction In Progress
3,891,000
4,096,000
Other Properties
42,279,000
41,382,000
Machinery Furniture Equipment
1,604,000
1,060,000
Land And Improvements
825,000
745,000
Current Assets
4,159,000
3,692,000
Other Current Assets
190,000
119,000
Hedging Assets Current
25,000
9,000
Restricted Cash
752,000
561,000
Inventory
678,000
524,000
Other Inventories
38,000
30,000
Finished Goods
351,000
219,000
Raw Materials
289,000
275,000
Receivables
1,209,000
1,380,000
Other Receivables
44,000
143,000
Duefrom Related Parties Current
82,000
Taxes Receivable
Accounts Receivable
1,083,000
1,237,000
Cash Cash Equivalents And Short Term Investments
1,305,000
1,099,000
Cash And Cash Equivalents
1,305,000
1,099,000
Cash Flow
2026
2025
2024
Free Cash Flow
344,000
1,311,000
Repurchase Of Capital Stock
-537,000
-1,037,000
Repayment Of Debt
-1,603,000
-475,000
Issuance Of Debt
2,543,000
725,000
Capital Expenditure
-736,000
-744,000
Interest Paid Supplemental Data
201,000
204,000
Income Tax Paid Supplemental Data
2,000
End Cash Position
1,768,000
1,584,000
Beginning Cash Position
1,584,000
1,398,000
Effect Of Exchange Rate Changes
-5,000
0
Changes In Cash
189,000
186,000
Financing Cash Flow
-149,000
-1,120,000
Cash Flow From Continuing Financing Activities
-149,000
-1,120,000
Net Other Financing Charges
-435,000
-214,000
Cash Dividends Paid
-117,000
-119,000
Common Stock Dividend Paid
-117,000
-119,000
Net Common Stock Issuance
-537,000
-1,037,000
Common Stock Payments
-537,000
-1,037,000
Net Issuance Payments Of Debt
940,000
250,000
Net Long Term Debt Issuance
940,000
250,000
Long Term Debt Payments
-1,603,000
-475,000
Long Term Debt Issuance
2,543,000
725,000
Investing Cash Flow
-742,000
-749,000
Cash Flow From Continuing Investing Activities
-742,000
-749,000
Net Other Investing Changes
-6,000
-3,000
Net Business Purchase And Sale
0
0
Sale Of Business
0
Net PPE Purchase And Sale
-736,000
-744,000
Operating Cash Flow
1,080,000
2,055,000
Cash Flow From Continuing Operating Activities
1,080,000
2,055,000
Change In Working Capital
-708,000
150,000
Change In Other Working Capital
-304,000
5,000
Change In Other Current Liabilities
-361,000
-160,000
Change In Other Current Assets
65,000
-8,000
Change In Payables And Accrued Expense
-131,000
440,000
Change In Inventory
-156,000
-74,000
Change In Receivables
179,000
-53,000
Other Non Cash Items
-468,000
26,000
Stock Based Compensation
78,000
21,000
Deferred Tax
-385,000
632,000
Deferred Income Tax
-385,000
632,000
Depreciation Amortization Depletion
373,000
350,000
Depreciation And Amortization
373,000
350,000
Depreciation
373,000
Operating Gains Losses
5,602,000
-2,057,000
Gain Loss On Investment Securities
5,457,000
-2,215,000
Net Foreign Currency Exchange Gain Loss
-4,000
Gain Loss On Sale Of PPE
145,000
158,000
Net Income From Continuing Operations
-3,412,000
2,933,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $5.4B▲ $5.9B+7.8%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 20.0%▼ -57.1%-77.0pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -64.1%▼ -59.4%+4.6pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 6.5%▼ -59.7%-66.2pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$5.9B/qtr (≈$23.5B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.57x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$344M
vs Positive
Operating Cash Flow
$1.1B
Latest quarter · Buffett's cash reality check
ROIC
-7.0%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
5.5x
Net Assets: $8.7B
Asset Context — Oil & Gas Midstream
Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.
⚠️Net margin compressed 66.2pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
Peers & Industry
No auto-detected peers for Oil & Gas Midstream. You can manually compare LNG against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.62%
Low — management has little skin in the game
Return on Equity (ROE)
-93.3%
Weak — poor returns on equity
Return on Assets (ROA)
-7.5%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$2.7B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+3.5% YoY
Debt is roughly stable
Leadership Team
Jack Fusco
President, CEO & Chairman
Age 63
Pay: $6,355,985
Zach Davis
Executive VP & CFO
Age 40
Pay: $2,290,538
Maas Hinz
Senior Vice President of Operations
Age 52
Pay: $1,812,154
Randy Bhatia
Vice President of Investor Relations
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
8.52%
17,852,083
Vanguard Portfolio Management LLC
4.45%
9,324,645
Vanguard Capital Management LLC
4.37%
9,150,289
State Street Corporation
2.96%
6,194,544
Morgan Stanley
2.49%
5,209,126
Canada Pension Plan Investment Board
1.94%
4,074,529
JPMORGAN CHASE & CO
1.90%
3,971,663
Geode Capital Management, LLC
1.88%
3,945,766
⚠️Very high debt-to-equity — leverage risk
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
-0.00
Defensive — moves inversely to the market
Short Interest
1.9% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
3.21x
High leverage — significant financial risk
Current Ratio
0.57x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $186.20Current: $227.03High: $300.89
Currently at 36% of 52-week range
Cheniere Energy, Inc. (LNG) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: -57.1%. Operating margin: -59.4%. Net margin: -59.7%. Market cap: $47.6B. Sector: Energy. Industry: Oil & Gas Midstream. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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