Does CHENIERE ENERGY, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores CHENIERE ENERGY, INC. (LNG) 42.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 28, balance-sheet safety 45, capital discipline 31.

How has LNG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 42.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

CHENIERE ENERGY, INC.

LNG · Utilities · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power64

Median gross margin 44.7% over 3y, stable.

Returns on capital28

Median ROIC 8.3%, above the 9% hurdle in 40% of years.

Balance-sheet safety45

Net debt/EBITDA 2.1x, interest coverage 10x.

Capital discipline31

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $3.3B
Est. intrinsic value / share: —
Recent price: $262.60
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $181.1M (FY2009) to $19.5B (FY2025) — about 34.0% a year compounded over 16 years.

It earned 25.1% on invested capital in FY2025, with a median of 7.4% across 13 filed years. The Returns on Capital filter above scores it 28/100.

The balance sheet carried $23.0B of total debt in FY2025 against $5.3B of owner earnings — roughly 4.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 45/100.

The share count rose 274.0% between FY2010 and FY2021 — existing owners have been diluted over the record. Capital Discipline scores it 31/100.

Put together: Pricing Power is the strongest of the four filters (64/100) and Returns on Capital the weakest (28/100), which is how LNG lands at 43/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$19.5B FY2025

Gross marginRevenue kept after cost of goods41.8% FY2018

Return on invested capitalOperating profit on the capital employed25.1% FY2025

Owner earningsCash an owner could take out$5.3B FY2025

Gaps in a line mean that item isn’t in LNG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — LNG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#14 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#12WCN WASTE CONNECTIONS, INC.44.4 out of 100, Shallow moatShallow moat
#13PCYO PURE CYCLE CORPORATION43.6 out of 100, Shallow moatShallow moat
#15NI NISOURCE INC.42.4 out of 100, Shallow moatShallow moat
#16LNT ALLIANT ENERGY CORP40.7 out of 100, Shallow moatShallow moat

Compare LNG with its nearest peers →All Utilities companies on the Index →

Common questions about LNG

Does CHENIERE ENERGY, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores CHENIERE ENERGY, INC. (LNG) 42.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 28, balance-sheet safety 45, capital discipline 31.
How has LNG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 42.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LNG. See the disclaimer.