What is the 13F Pro Quality Score for NEXT?

13F Pro ranks NextDecade Corp (NEXT) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NEXT's current score at https://13fpro.ai/research/NEXT (free sign-up required for the full ranking).

Where does 13F Pro source NEXT data?

All NextDecade Corp fundamentals and ownership data come directly from SEC EDGAR. NextDecade Corp files with the SEC under CIK 1612720. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NEXT in?

NextDecade Corp (NEXT) is classified in the Energy sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/energy.

How often is NEXT research updated on 13F Pro?

NEXT's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NextDecade Corp(NEXT)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Pending next ranking run

This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

NEXT Stock Analysis & AI Quality Score

AI stock analysis and institutional research for NextDecade Corp (NEXT), a Energy sector company. NEXT is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), NextDecade Corp reports net income of $-195.0M, free cash flow of $-1.3B. Top institutional holders of NEXT by reported 13-F value include BlackRock,, Mubadala Investment Co PJSC, Man Investment Partners (US), based on the most recent SEC filings. NEXT trades on the Nasdaq exchange and files with the SEC under CIK 1612720. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NEXT daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NextDecade Corp directly from SEC EDGAR.

Revenue

Q1 2026

$0.00

Net Income

Q1 2026

$-195.0M

Free Cash Flow

Q1 2026

$-1.3B

ROIC

Q1 2026

-0.6%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

$0.00FY 2025

FY22 $0.00FY23 $0.00FY24 $0.00FY25 $0.00

Net Income

-595.8% YoY

$-429.6MFY 2025

FY22 $-60.1MFY23 $-221.6MFY24 $-61.8MFY25 $-429.6M

Operating Income

-32.1% YoY

$-225.9MFY 2025

FY22 $-54.5MFY23 $-122.7MFY24 $-171.1MFY25 $-225.9M

EPS (Diluted)

-387.5% YoY

$-1.17FY 2025

FY22 $-0.65FY23 $-0.94FY24 $-0.24FY25 $-1.17

Total Assets

+94.0% YoY

$12.43BFY 2025

FY22 $312.4MFY23 $3.32BFY24 $6.40BFY25 $12.43B

Total Debt

+118.8% YoY

$8.83BFY 2025

FY22 $0.00FY23 $1.82BFY24 $4.04BFY25 $8.83B

Op. Cash Flow

-77.2% YoY

$-169.4MFY 2025

FY22 $-40.1MFY23 $-73.6MFY24 $-95.6MFY25 $-169.4M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2019
Revenue	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Net Income	$-429.6M -595.8%	$-61.8M +72.1%	$-221.6M -269.0%	$-60.1M -172.6%	$-22.0M +38.6%	$-35.9M
Operating Income	$-225.9M -32.1%	$-171.1M -39.5%	$-122.7M -125.2%	$-54.5M -179.3%	$-19.5M +44.3%	$-35.0M
EPS (Diluted)	$-1.17 -387.5%	$-0.24 +74.5%	$-0.94 -44.6%	$-0.65	—	—
Total Assets	$12.43B +94.0%	$6.40B +92.7%	$3.32B +963.9%	$312.4M +40.7%	$222.1M +0.4%	$221.2M
Total Debt	$8.83B +118.8%	$4.04B +122.2%	$1.82B	$0.00	—	—
Operating Cash Flow	$-169.4M -77.2%	$-95.6M -29.8%	$-73.6M -83.7%	$-40.1M -123.1%	$-18.0M +55.9%	$-40.7M

AI Insight: NEXT Financial Trends

NextDecade remains pre-revenue with equity now negative at -$31M as total debt surged to $9,355M — balance sheet stress is accelerating.

• Total debt has more than tripled from $2,869M in Q2 2024 to $9,355M in Q1 2026, reflecting heavy Rio Grande LNG construction financing.

• Equity collapsed from $670M in Q3 2024 to -$31M in Q1 2026, turning book value negative for the first time in the observed period.

• Operating cash outflow deepened to -$111M in Q1 2026, the worst quarter on record, versus -$4M in Q2 2025.

• Operating losses have widened steadily from -$40M in Q2 2024 to a peak of -$72M in Q3 2025, with no revenue yet generated.

⚠ Negative equity of -$31M in Q1 2026 raises covenant and refinancing risk as debt load continues to expand rapidly.

⚠ Volatile net income swings (e.g. +$481M in Q4 2024, -$245M in Q1 2025) suggest large non-cash fair-value adjustments — monitor underlying drivers.

⚠ With zero revenue and accelerating cash burn, the timeline to first LNG production is the critical inflection point for solvency.

AI Insight: NEXT Ratio Trends

NextDecade's leverage surged to 42.78x D/E in Q3 2025 before going unreported, while ROIC has remained persistently negative across all periods.

• ROIC has been negative every quarter, ranging from -4.9% in Q2–Q3 2024 to -2.1% in Q4 2025, with no sign of turning positive.

• D/E ratio escalated sharply from 7.28 in Q2 2024 to 42.78 in Q3 2025, reflecting aggressive debt accumulation during project development.

• ROA swings wildly — from -30.7% in Q3 2024 to +30.1% in Q4 2024 to -14.2% in Q1 2025 — suggesting large, irregular non-cash items distort quarterly earnings.

⚠ D/E data goes unreported in Q4 2025 and Q1 2026 — clarity on current leverage levels is critical given the prior spike to 42.78x.

⚠ ROIC improved modestly from -4.3% in Q3 2025 to -2.1% in Q4 2025 and -2.4% TTM — monitor whether this nascent improvement continues.

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Available Research

13F Pro tracks comprehensive data for NextDecade Corp including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NEXT

BlackRock, Inc.
$175.9M22,963,355 sh
Mubadala Investment Co PJSC
$108.8M14,206,376 sh
Man Investment Partners (US) LP
$71.0M9,274,894 sh
VANGUARD CAPITAL MANAGEMENT LLC
$45.2M5,906,171 sh
Catalyst Capital Advisors LLC
$40.0M5,216,592 sh
CITADEL ADVISORS LLC
$33.2M4,333,900 sh
GEODE CAPITAL MANAGEMENT, LLC
$30.8M4,021,660 sh
STATE STREET CORP
$27.2M3,548,273 sh
MILLENNIUM MANAGEMENT LLC
$19.6M2,553,841 sh
NEOS Investment Management LLC
$19.5M2,542,577 sh

Fund	Value	Shares
BlackRock, Inc.	$175.9M	22,963,355
Mubadala Investment Co PJSC	$108.8M	14,206,376
Man Investment Partners (US) LP	$71.0M	9,274,894
VANGUARD CAPITAL MANAGEMENT LLC	$45.2M	5,906,171
Catalyst Capital Advisors LLC	$40.0M	5,216,592
CITADEL ADVISORS LLC	$33.2M	4,333,900
GEODE CAPITAL MANAGEMENT, LLC	$30.8M	4,021,660
STATE STREET CORP	$27.2M	3,548,273
MILLENNIUM MANAGEMENT LLC	$19.6M	2,553,841
NEOS Investment Management LLC	$19.5M	2,542,577

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Is NEXT a good stock to buy?

13F Pro's AI-powered analysis of NextDecade Corp (NEXT) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NEXT are available on the NEXT stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own NEXT?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NEXT. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NextDecade Corp's investment landscape.