NextDecade Corp
NEXTNasdaqUtilities · Natural Gas Transmisison & Distribution · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | −$225.9M | −$171.1M | −$122.7M | −$54.5M | −$19.5M | −$22.0M |
| Net income | −$429.6M | $277.4M | −$221.6M | −$60.1M | −$22.0M | −$14.3M |
| Total assets | $12.43B | $6.40B | $3.32B | $312.4M | $222.1M | $201.7M |
| Total liabilities | $10.12B | $4.66B | $2.58B | $55.6M | $33.8M | $28.9M |
| Equity | $95.3M | $377.6M | $287.9M | $54.4M | $19.9M | $60.4M |
| EPS (diluted) | $-1.17 | $-0.24 | $-0.94 | $-0.65 | $-0.34 | — |
| Shares out. | 260.4M | 256.7M | 150.6M | 123.4M | 122.2M | 120.8M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- —
- Return on equity
- −450.6%
- Return on assets
- −3.5%
- Return on capital (ROCE)
- −2.0%
- Liabilities / assets
- 81.5%
- Debt / equity
- 106.20×
- Book value / share
- $0.37
- Revenue growth (YoY)
- —
- Net income growth (YoY)
- −254.9%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -0.64distress
- Accruals / assets
- −2.1%clean
- Piotroski F-Score
- 1/8weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 2 severe● 2 warning● 1 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- High leverage (liabilities > 70% of assets)
- Negative operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 10, 2017
- NT 10-Qmissed a reporting deadline ↗May 17, 2016
- NT 10-Kmissed a reporting deadline ↗Mar 31, 2016
- NT 10-Qmissed a reporting deadline ↗May 18, 2015
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Gap Holdings Gp, LlcPassive (13G)Mar 24, 2026
- Hgc Next Inv LlcActivist (13D)Dec 11, 2025
- Valinor Management, L.P.Activist (13D)May 15, 2025
- Blackrock, Inc.Passive (13G)Apr 29, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Boylston LukeOfficer — Controller | May 13, 2026 | Tax withholding | 1,312 | $8.54 |
| Beall Pamela K.M.Director | Mar 23, 2026 | Buy | 71,500 | $7.07 |
| Beall Pamela K.M.Director | Jan 30, 2026 | Grant | 30,245 | $0.00 |
| Vrattos William CDirector | Jan 30, 2026 | Grant | 51,984 | $0.00 |
| Sands Diana LDirector | Jan 30, 2026 | Grant | 40,642 | $0.00 |
| Chapman FrankDirector | Jan 30, 2026 | Grant | 30,245 | $0.00 |
| Belke BrianDirector | Jan 30, 2026 | Grant | 49,149 | $0.00 |
| Scoggins Edward Andrew Jr.Director | Jan 30, 2026 | Grant | 30,245 | $0.00 |
| Wells Louis SpencerDirector | Jan 30, 2026 | Grant | 30,245 | $0.00 |
| Hanwha Aerospace Co., Ltd.10% owner | Dec 11, 2025 | Buy | 851,971 | $5.83 |
| Hanwha Aerospace Co., Ltd.10% owner | Dec 8, 2025 | Buy | 39,467 | $6.26 |
| Hanwha Aerospace Co., Ltd.10% owner | Dec 3, 2025 | Buy | 241,946 | $6.04 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 22.4M | 6.1 | -5.4% |
| Apr 30, 2026 | 23.6M | 7.4 | -0.8% |
| Apr 15, 2026 | 23.8M | 4.7 | -0.9% |
| Mar 31, 2026 | 24.0M | 2.7 | +28.4% |
| Mar 13, 2026 | 18.7M | 4.8 | -5.6% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Director / officer changeApr 15, 2026
- Entered a material agreement · New financial obligation · Unregistered equity saleNov 18, 2025
- Entered a material agreement · New financial obligation · Director / officer change · Regulation FD disclosure · Other material eventOct 16, 2025
- Director / officer changeOct 8, 2025
- Entered a material agreement · New financial obligation · Regulation FD disclosure · Other material eventSep 10, 2025
- Other material eventAug 11, 2025
- Director / officer changeJul 31, 2025
- Director / officer changeJun 13, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (2)
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