At a glance
Cheniere Energy Inc is worth $61.21B, about 12 times its fiscal 2025 earnings. Revenue grew 27.2% to $19.98B in fiscal 2025, with 26.7% kept as profit; over 5 years it has grown 16.4% a year. It pays a 0.75% dividend yield, raised every year for at least 5 years, and returned $9.53B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +37.7% over the past year with dividends reinvested and +24.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.1% in the 2020 crash (S&P 500: 33.7%) and 17.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and within a month after the lows.
The business in plain English
Cheniere Energy is a Houston-based company that chills natural gas into liquefied natural gas (LNG) so it can be shipped by tanker. Buyers abroad turn it back into gas for heating, cooking, power and industry. Its customers are integrated energy companies, utilities and energy traders. As of December 31, 2025, Cheniere was the largest U.S. LNG producer and the second largest LNG operator globally, by production capacity.
It runs two export terminals. Sabine Pass in Cameron Parish, Louisiana, has over 30 million tonnes a year (mtpa) of capacity in operation. Cheniere controls it through CQP, a publicly traded limited partnership in which it owned the general partner and a 48.6% limited partner stake. The terminal near Corpus Christi, Texas, is wholly owned and expected to exceed 30 mtpa, with over 9 mtpa under construction as of December 31, 2025.
The business rests on long-term contracts. Under sale and purchase agreements, customers generally pay a fixed fee for contracted volumes even if they cancel cargoes. They also pay a variable fee tied to Henry Hub, the main U.S. gas price benchmark, meant to cover gas costs. About 90% of expected output was contracted through the mid-2030s. A marketing arm sells leftover LNG on short-term deals. Fiscal 2025 revenue was about $20 billion; the annual report gives no segment or regional split.
Price history
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LNG +37.7% over the year to Oct 27, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.17B, up 39% from a year earlier, and net income was $1.17B (+11.5%).
- For fiscal 2025, revenue was $19.98B (+27.2% year over year; +16.4% a year from FY2020 to FY2025) with a 26.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.4% good |
|---|---|
| Operating margin | 45.6% good |
| Free cash flow margin | 12.3% good |
| Return on equity (FY2025) | 67.3% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 11.1% good |
| Net cash (cash minus debt) | $-20.92B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.36B | $-85.0M | $-574.0M |
| FY2021 | $15.86B | $-2.34B | $1.50B |
| FY2022 | $33.43B | $1.43B | $8.69B |
| FY2023 | $20.39B | $9.88B | $6.30B |
| FY2024 | $15.70B | $3.25B | $3.16B |
| FY2025 | $19.98B | $5.33B | $2.46B |
Valuation snapshot
| Market value | $61.21B |
|---|---|
| P/E ratio | 12.4 |
| Dividend yield | 0.75% |
Rank among 1514 US companies
Market value at each year end
Cheniere Energy’s market value went from $9.74B at the end of 2016 to $61.21B on Oct 27, 2026, about 6.3 times as much; since the end of 2025 it is up 46%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $61.21B | +46.3% |
| 2025 | $41.84B | -13.2% |
| 2024 | $48.21B | +18.5% |
| 2023 | $40.67B | +9.1% |
| 2022 | $37.29B | +45.0% |
| 2021 | $25.72B | +69.8% |
| 2020 | $15.14B | -2.7% |
| 2019 | $15.56B | +2.3% |
| 2018 | $15.21B | +18.8% |
| 2017 | $12.80B | +31.4% |
| 2016 | $9.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LNG price data to Oct 27, 2026 | +55.3% | +37.7% | +22.8% | +24.4% | +23.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +55.3% |
| 2025 | -8.7% |
| 2024 | +27.2% |
| 2023 | +15.0% |
| 2022 | +49.3% |
| 2021 | +69.5% |
| 2020 | -1.7% |
| 2019 | +3.2% |
| 2018 | +9.9% |
| 2017 | +29.9% |
| 2016 | +11.2% |
| 2015 | -47.1% |
| 2014 | +63.3% |
| 2013 | +129.6% |
| 2012 | +116.1% |
| 2011 | +57.4% |
| 2010 | +128.1% |
| 2009 | -15.1% |
| 2008 | -91.3% |
| 2007 | +13.1% |
| 2006 | -22.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 91.3% over that stretch · deepest drop along the way 97.7%, back to its old high 61 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46% over that stretch · deepest drop along the way 46.1%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 68.7% over that stretch · deepest drop along the way 17.8%, back to its old high 0.5 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 7 sales ($29.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 26, 2026 | Anatol Feygin EVP & Chief Commercial Officer | sell | $8.8M |
| Mar 30, 2026 | Zach Davis EVP & CFO | sell | $8.7M |
| Mar 26, 2026 | Sean N Markowitz EVP, CLO and Corp Sec | sell | $3.9M |
| Mar 26, 2026 | Anatol Feygin EVP & Chief Commercial Officer | sell | $3.0M |
| Mar 26, 2026 | Sean N Markowitz EVP, CLO and Corp Sec | sell | $2.6M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
ETFs with the most weight in LNG
| USAI Pacer American Energy Independence ETF | 7.66% |
| TPYP Tortoise North American Pipeline Fund | 7.32% |
| MLPX Global X MLP & Energy Infrastructure ETF | 7.22% |
| EINC VanEck Energy Income ETF | 6.83% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 6.54% |
| ENFR Alerian Energy Infrastructure ETF | 5.41% |
| MDST Westwood Salient Enhanced Midstream Income ETF | 5.25% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 5.03% |
What could go wrong
- Expansion hinges on contractors, permits and financing. Growth relies on Bechtel and other contractors finishing Corpus Christi projects on time and on budget. Planned Sabine Pass and Corpus Christi expansions still need federal approvals, customer contracts and financing before going ahead.
- Cash flow rests on about 30 customers. Cheniere had long-term contracts with about 30 customers as of December 31, 2025. A default, or termination after missed cargoes, startup delays or force majeure (events beyond anyone's control), could cause hard-to-replace losses.
- Heavy debt and need for new capital. Cheniere had $22.6 billion of debt and $1.7 billion of cash and investments as of September 30, 2026. Expansion needs more borrowing, higher rates would raise costs, and loan terms can restrict dividends.
- Reported earnings can swing on derivatives. Accounting for derivatives (contracts whose value moves with prices), such as some gas-supply deals, can make reported profit volatile. Net income ranged from a $2.3 billion loss in fiscal 2021 to $9.9 billion in 2023.
- Weather or disasters at two key sites. All production comes from two terminals in Louisiana and Texas. Severe weather or other disasters could halt output, damage equipment, delay construction and raise insurance costs; some hazards may be uninsured.
- Global LNG demand, prices and trade policy. Weaker global demand or prices, competition from other LNG suppliers, or changes in U.S. trade policy could make new long-term contracts harder to sign and cut income from spot cargoes.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Major agreement signed; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Cheniere pays a small but growing dividend. It paid $0.33 per share in fiscal 2021, after none in 2020, and raised the total each year to $2.05 in fiscal 2025. That used 8.5% of earnings and 18.3% of free cash flow (cash left after capital spending). The yield was only 0.75% as of October 27, 2026, so the stock offers little income on its own. Buybacks have been larger: $7.8 billion over fiscal 2021–2025, versus $1.7 billion in dividends. Shares outstanding fell 19.5% from October 2021 to October 2026. In fiscal 2025, buybacks ($2.7 billion) and dividends ($451 million) together topped free cash flow ($2.5 billion).
The stock has held up very differently in past downturns. It fell 97.7% in the 2008 financial crisis and needed 61 months from its low to recover. It fell 46.1% in the 2020 COVID crash and recovered about 8 months after its low. In the 2022 bear market it gained 68.7% as the market fell. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Cheniere Energy make money?
It sells liquefied natural gas (LNG) from its Sabine Pass and Corpus Christi terminals, mostly under long-term contracts. Customers such as utilities and energy traders generally pay a fixed fee for contracted volumes, even if they cancel cargoes. They also pay a variable fee tied to the Henry Hub gas price that covers gas costs. About 90% of expected output was contracted through the mid-2030s as of December 31, 2025. Leftover LNG goes out on short-term deals. Revenue was about $20 billion in fiscal 2025.
Does Cheniere Energy pay a dividend?
Yes, but it is small. Cheniere paid $2.05 per share in fiscal 2025. It has raised the total every year since fiscal 2021, when it paid $0.33 after paying none in 2020. The yield was 0.75% as of October 27, 2026. The dividend used 8.5% of fiscal 2025 earnings and 18.3% of free cash flow. Buybacks are much larger: $7.8 billion over fiscal 2021–2025, against $1.7 billion in dividends.
Do natural gas prices affect Cheniere Energy?
Partly. Its long-term contracts include a variable fee tied to Henry Hub, the main U.S. gas price benchmark. That fee is designed to cover the cost of buying and moving gas. Because Cheniere gets most of its gas from the U.S., this helps limit its exposure to U.S. gas prices. Global LNG and gas prices still matter. They affect income from cargoes sold short term, some gas-supply deals priced off global indexes, and the terms of new long-term contracts.
How much debt does Cheniere Energy have?
About $22.6 billion as of September 30, 2026, against $1.7 billion of cash and investments, which leaves net debt of roughly $20.9 billion. Shareholders' equity was $6.6 billion. Cheniere expects to draw on its credit lines or borrow more to finish its Corpus Christi projects and to fund any expansions that are approved. Loan terms can also restrict dividends and distributions from the company and its subsidiaries.
How has Cheniere Energy stock performed?
Well over five and 10 years, with deep drops along the way. As of October 27, 2026, its price-based return averaged about 24.4% a year over five years and 23.1% a year over 10 years. It was up 55.3% for 2026 year to date. It fell 8.7% in calendar 2025. In the 2008 financial crisis it lost 97.7% and took 61 months from its low to recover. Past returns do not guarantee future results.