企業概要
Cool Company Ltd. (CLCO) operates within the energy sector, specifically focusing on the oil and gas midstream industry, where it acquires, owns, operates, and charters liquefied natural gas carriers (LNGCs) to facilitate the transportation of natural gas resources. As of December 31, 2024, the company's fleet comprised twelve LNGCs, a diverse portfolio including seven modern tri-fuel diesel electric vessels, two modern 2-stroke and two TFDE vessels, and one 2-stroke MEGA LNG carrier, alongside managed vessels. The enterprise holds a market capitalization of $511.23M and generated annual revenue (TTM) of $327.76M, supported by an employee base of 94 individuals. These financial figures indicate a mid-sized market position with significant revenue generation relative to its workforce size, suggesting high operational efficiency per employee in the capital-intensive shipping and logistics segment.
財務健全性
The company reported a revenue (TTM) of $327.76M and net income (TTM) of $59.13M, resulting in an EBITDA of $217.87M, which highlights a substantial gap between operating earnings and net profit attributable to significant interest, tax, depreciation, or amortization expenses inherent in the shipping industry. Notably, the free cash flow stands at -$244,986,256, indicating a current period where capital expenditures or working capital requirements exceed cash generated from operations, suggesting limited immediate financial flexibility for debt repayment without external financing. The gross margin is 73.1%, reflecting high revenue retention after direct shipping costs, while the operating margin of 39.4% and profit margin of 18.0% demonstrate that the company retains a significant portion of operating income after overhead but faces substantial deductions to reach net income. In terms of leverage, the company holds $117.65M in cash against $1.37B in total debt, resulting in a debt-to-equity ratio of 173.79, which characterizes a highly leveraged balance sheet typical of asset-heavy midstream operators. The current ratio is 0.85, signaling that current assets are insufficient to cover current liabilities without liquidating assets or raising additional capital, indicating potential short-term liquidity pressure. Return on Equity is 7.6% and return on assets is 4.1%, metrics that reveal the management's ability to generate returns on shareholders' equity and total assets, respectively, while the low ROA relative to ROE underscores the dilutive impact of the high debt load on overall asset efficiency.
バリュエーション評価
The trailing twelve-month P/E ratio is 9.21, while the forward P/E is 10.07, implying that the market expects a moderate increase in earnings over the next year compared to historical performance. The price-to-book ratio stands at 0.65, indicating that the market values the company at a discount to its book value, which may reflect concerns regarding the high debt load or sector-specific cyclicality. Alternative valuation metrics show a price-to-sales ratio of 1.56 and an EV/EBITDA of 8.11, suggesting that investors are willing to pay a premium relative to sales but value earnings at a level consistent with capital-intensive industries. The 52-week high is $10.00 and the 52-week low is $4.51; assuming the current trading context reflects the forward P/E premium, the stock trades in a range where it is positioned below the annual peak, capturing upside potential relative to the low but constrained by the high debt valuation. The beta is -0.69, a negative value that indicates the stock price tends to move inversely to the broader market, offering a unique hedging characteristic against general equity market volatility within the energy transport sector.
Growth & Income
Revenue growth year-over-year is 5.2%, while earnings growth year-over-year is 35.2%, demonstrating that profitability is expanding at a rate significantly faster than top-line sales, likely driven by improved freight rates or operational leverage. The company offers a dividend yield of 6.2% with a payout ratio of 53.3%, which presents a challenge to sustainability given the negative free cash flow and high debt obligations, as paying nearly half of net income as dividends while burning cash is precarious. Given the high payout ratio combined with negative free cash flow, the current dividend structure relies heavily on existing cash reserves rather than organic cash generation, requiring careful monitoring of cash flow turning points. Overall, the profile combines modest revenue expansion with aggressive earnings growth and a high-yield but potentially fragile dividend distribution in a highly leveraged midstream environment.