NEXT
EnergyNextDecade Corporation · Oil & Gas Exploration & Production · $2B
What is NextDecade Corporation?
NextDecade Corporation is a Houston-based energy development company focused on building liquefied natural gas export infrastructure in southern Texas. The company is in an active development phase, working to bring its flagship LNG terminal project to commercial operation.
NextDecade is developing the Rio Grande LNG terminal at the Port of Brownsville, Texas, which is designed to liquefy and export natural gas to global markets. Alongside its LNG ambitions, the company is pursuing carbon capture and storage projects — both at the terminal itself and at third-party industrial facilities. Revenue generation depends heavily on completing development milestones, making this a project-stage business rather than an operating one.
NextDecade was founded in 2015 and is headquartered in Houston, Texas.
- Rio Grande LNG terminal development in Brownsville, Texas
- Liquefied natural gas liquefaction and export infrastructure
- Carbon capture and storage at the LNG terminal
- Third-party industrial CCS project development
Is NEXT a Good Stock to Buy?
UQS Score rates NEXT as Poor overall, reflecting broad weakness across all five scoring pillars.
As a pre-revenue development company, NextDecade does not yet exhibit conventional financial strengths. The strategic positioning in LNG export and carbon capture addresses real long-term energy transition themes, but these remain aspirational at this stage.
Every pillar — Quality, Moat, Growth, and Risk — registers as Weak, while Valuation is rated Elevated, suggesting the market may already be pricing in optimistic outcomes that have yet to materialize.
Pro members can view the complete pillar breakdown and underlying financial metrics to understand exactly where NEXT stands today. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does NEXT pay dividends?
No — NextDecade Corporation does not currently pay a dividend.
NextDecade does not pay a dividend. As a development-stage company, available capital is directed toward advancing the Rio Grande LNG terminal and CCS projects rather than returning cash to shareholders. Income-focused investors should be aware that no dividend is expected while the company remains in its pre-revenue phase.
When does NEXT report earnings?
NextDecade reports financial results on a quarterly cadence, consistent with US-listed public companies.
As a development-stage business, quarterly reports focus primarily on project milestones, capital expenditure, and liquidity rather than operating revenues or profits. Progress on construction timelines and offtake agreements tends to drive market attention more than traditional earnings metrics.
For the most recent quarter's results and project updates, visit NextDecade's investor relations page directly.
NEXT Price History
+289.1% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in NextDecade Corporation?
Based on NextDecade Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
NEXT Long-term Outlook
The fundamental outlook for NextDecade is shaped by execution risk. With Growth and Risk both rated Weak, the path to value creation runs entirely through successful project completion and commercial operations at the Rio Grande LNG terminal. Valuation is rated Elevated, meaning the current market price appears to embed significant forward expectations. Until the terminal reaches operational status and generates cash flow, the risk profile remains elevated relative to established energy producers.
Growth drivers
- Global LNG demand growth driven by energy security concerns in Europe and Asia
- Potential long-term offtake agreements providing revenue visibility once operational
- Carbon capture projects that could attract regulatory and ESG-oriented capital
Key risks
- Project execution and construction delays at the Rio Grande LNG terminal
- Elevated valuation relative to current financial fundamentals
- Capital intensity and ongoing funding requirements before revenue generation begins
NEXT vs Peers
NextDecade operates in the broader energy sector alongside companies at varying stages of development and production.
Vermilion is an established international oil and gas producer generating active revenues, contrasting with NextDecade's pre-revenue development profile.
Cardinal is a Canadian oil producer with operating cash flows and a dividend program, representing a more mature stage of the energy business cycle.
Tenaz is a smaller energy company focused on acquiring and developing oil and gas assets, differing from NextDecade's single large-scale LNG infrastructure focus.
Frequently Asked Questions
What does NextDecade Corporation do?
NextDecade is developing the Rio Grande LNG terminal at the Port of Brownsville, Texas, aimed at liquefying and exporting natural gas globally. The company is also pursuing carbon capture and storage projects at the terminal and at third-party industrial sites. It remains in the development phase and has not yet generated commercial revenues.
Does NEXT pay dividends?
No, NextDecade does not currently pay a dividend. The company is in a capital-intensive development phase, directing resources toward building its LNG terminal and CCS projects. Dividend payments are not typical for pre-revenue infrastructure developers of this type.
When does NEXT report earnings?
NextDecade reports on a quarterly cadence, as is standard for US-listed companies. Because it is a development-stage business, reports center on project progress and liquidity rather than operating earnings. Check NextDecade's investor relations page for the latest schedule and filings.
Is NEXT a good stock to buy?
UQS Score rates NEXT as Poor, with Weak readings across Quality, Moat, Growth, and Risk pillars, and an Elevated Valuation rating. This profile reflects the high uncertainty of a pre-revenue project developer. Investors should weigh these factors carefully against their own risk tolerance. The full pillar breakdown is available to Pro members.
Is NEXT overvalued?
The UQS Valuation pillar for NEXT is rated Elevated, suggesting the current market price may already reflect optimistic assumptions about project completion and future cash flows. For a company that has not yet generated operating revenues, this warrants careful consideration.
How does NEXT compare to its competitors?
Unlike peers such as Vermilion Energy or Cardinal Energy, which are active producers with established revenues, NextDecade is a development-stage company. Its value proposition rests entirely on future project completion rather than current financial performance, making direct comparisons with operating energy companies limited in scope.
What is NEXT's market cap bracket?
NextDecade is classified as a small-cap company. This places it in a category where liquidity can be lower and price volatility higher than large- or mega-cap peers, which is an important consideration alongside the company's development-stage risk profile.
Who founded NextDecade Corporation?
NextDecade was founded in 2015. The company's founding history and leadership background are publicly available through its official filings and investor relations materials, which provide the most accurate and current information.
Is NEXT a long-term quality investment?
As a long-term quality indicator, UQS rates NEXT as Poor. All five pillars reflect weakness or elevated risk at this stage. Long-term quality investing typically favors companies with durable moats, consistent earnings, and manageable risk — characteristics NextDecade has not yet demonstrated as a pre-revenue developer.
What is the main competitive advantage of NextDecade?
NextDecade's potential advantage lies in its strategic location at the Port of Brownsville and its integrated approach combining LNG export with carbon capture. However, the UQS Moat pillar rates this as Weak currently, reflecting that these advantages remain unproven until the terminal reaches commercial operations.
What sector does NEXT belong to?
NextDecade operates in the Energy sector, specifically within LNG infrastructure development and carbon capture. It is not a traditional oil and gas producer — its business model is closer to energy infrastructure development, which carries a distinct risk and return profile compared to upstream producers.
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Pro Analysis
NEXT — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 12, 2026 | 12.1 | 0.0 | 13.0 | 0.0 | 58.8 | 0.0 | +3.5 |
| Apr 2, 2026 | 8.6 | 0.0 | 13.0 | 0.0 | 35.7 | 0.0 | — |
NEXT — Pillar Breakdown
Quality
— 0.0/100 (25%)NextDecade Corporation currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 0.0/100 (20%)NextDecade Corporation faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 58.8/100 (15%)NextDecade Corporation maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 0.0/100 (15%)NextDecade Corporation appears expensively valued relative to its fundamentals and growth prospects.
Moat
— 13/100 (25%)NextDecade Corporation operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for NEXT.
Score Composition
Financial Data
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How is the NEXT UQS Score Calculated?
The UQS (Unified Quality Score) for NextDecade Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses NextDecade Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether NextDecade Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.