NYSE : SFL
SFL Corporation Ltd. — Financial statements
Industrials · Marine Shipping · Bermuda
Last price 12.99 USD (Oct 30, 2026, 12:09 PM EDT) · Market cap 1.80B
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Financial statements
SFL Corporation Ltd. (SFL) reported revenue of 712.36M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 705.85M | 713.20M | 874.94M | 724.97M | 627.82M | 468.81M |
| Other Revenue | 6.51M | 6.55M | 19.12M | 19.35M | 36.75M | 40.23M |
| Revenue | 712.36M | 719.75M | 894.06M | 744.33M | 664.57M | 509.04M |
| Cost of Revenue | 281.26M | 301.77M | 343.30M | 293.76M | 205.14M | 156.73M |
| Gross Profit | 431.10M | 417.98M | 550.76M | 450.57M | 459.43M | 352.31M |
| Selling, General & Admin | 23.21M | 18.33M | 20.58M | 15.56M | 15.18M | 12.97M |
| Other Operating Expenses | -16.60M | -13.29M | -10.34M | -7.96M | -5.82M | -4.35M |
| Operating Expenses | 229.08M | 240.04M | 249.41M | 221.67M | 197.18M | 146.95M |
| Operating Income | 202.02M | 177.94M | 301.34M | 228.90M | 262.25M | 205.36M |
| Interest Expense | -164.74M | -182.22M | -177.57M | -164.67M | -100.48M | -92.19M |
| Interest & Investment Income | 14.30M | 15.32M | 14.41M | 14.88M | 8.10M | 7.45M |
| Earnings From Equity Investments | 2.43M | 2.37M | 2.80M | 2.85M | 2.83M | 4.19M |
| Currency Exchange Gain (Loss) | -3.48M | 215.00K | -4.93M | -5.01M | -67.00K | -424.00K |
| Other Non Operating Income (Expenses) | 12.90M | 3.27M | 2.03M | 1.48M | -1.27M | 1.48M |
| EBT Excluding Unusual Items | 63.43M | 16.90M | 138.08M | 78.43M | 171.37M | 125.87M |
| Gain (Loss) on Sale of Investments | 1.98M | -39.00K | -854.00K | -1.91M | 18.17M | 995.00K |
| Gain (Loss) on Sale of Assets | 89.00K | -7.17M | 5.37M | 18.67M | 13.23M | 39.41M |
| Asset Writedown | -34.09M | -7.39M | -1.93M | |||
| Other Unusual Items | -144.00K | -1.32M | -540.00K | |||
| Pretax Income | 65.50M | -24.55M | 141.28M | 87.26M | 202.77M | 164.34M |
| Income Tax Expense | 1.65M | 1.88M | 10.63M | 3.32M | ||
| Net Income | 63.85M | -26.43M | 130.65M | 83.94M | 202.77M | 164.34M |
| Net Income to Common | 63.85M | -26.43M | 130.65M | 83.94M | 202.77M | 164.34M |
| Shares Outstanding (Basic) | 133.24M | 133.06M | 129.39M | 126.25M | 126.79M | 122.14M |
| Shares Outstanding (Diluted) | 133.51M | 133.06M | 130.00M | 126.58M | 137.38M | 139.38M |
| EPS (Basic) | 0.48 | -0.20 | 1.01 | 0.66 | 1.60 | 1.35 |
| EPS (Diluted) | 0.48 | -0.20 | 1.01 | 0.66 | 1.53 | 1.30 |
| Free Cash Flow | 194.75M | 196.66M | -275.00M | 78.67M | -247.37M | -288.03M |
| Free Cash Flow Per Share | 1.46 | 1.48 | -2.12 | 0.62 | -1.80 | -2.07 |
| Dividend Per Share | 0.84 | 0.87 | 1.08 | 0.99 | 0.92 | 0.68 |
| Gross Margin | 60.52% | 58.07% | 61.60% | 60.53% | 69.13% | 69.21% |
| Operating Margin | 28.36% | 24.72% | 33.70% | 30.75% | 39.46% | 40.34% |
| Profit Margin | 8.96% | -3.67% | 14.61% | 11.28% | 30.51% | 32.29% |
| Free Cash Flow Margin | 27.34% | 27.32% | -30.76% | 10.57% | -37.22% | -56.58% |
| EBITDA | 424.49M | 412.94M | 540.52M | 442.96M | 450.07M | 343.69M |
| EBITDA Margin | 59.59% | 57.37% | 60.46% | 59.51% | 67.72% | 67.52% |
| D&A For EBITDA | 222.47M | 235.00M | 239.18M | 214.06M | 187.83M | 138.33M |
| EBIT | 202.02M | 177.94M | 301.34M | 228.90M | 262.25M | 205.36M |
| EBIT Margin | 28.36% | 24.72% | 33.70% | 30.75% | 39.46% | 40.34% |
| Effective Tax Rate | 2.52% | 7.52% | 3.81% | |||
| Revenue as Reported | 728.96M | 733.04M | 904.40M | 752.29M | 670.39M | 513.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 113.10M | 150.83M | 134.55M | 165.49M | 188.36M | 145.62M |
| Short-Term Investments | 5.01M | 4.15M | 3.74M | 5.10M | 7.28M | 10.97M |
| Trading Asset Securities | 121.00K | 4.62M | 1.94M | |||
| Cash & Short-Term Investments | 118.12M | 154.97M | 138.41M | 175.21M | 197.58M | 156.59M |
| Accounts Receivable | 35.65M | 27.99M | 45.20M | 48.66M | 34.50M | 21.65M |
| Other Receivables | 26.05M | 15.44M | ||||
| Receivables | 35.65M | 27.99M | 45.20M | 48.66M | 60.55M | 37.09M |
| Inventory | 13.79M | 17.39M | 11.73M | 16.39M | 10.12M | |
| Finance Div. Loans and Leases | 35.13M | 20.64M | 15.43M | 23.48M | ||
| Prepaid Expenses | 9.22M | 13.87M | 12.55M | 7.03M | 4.45M | |
| Restricted Cash | 8.34M | |||||
| Other Current Assets | 97.67M | 53.24M | 66.01M | 29.27M | 10.24M | |
| Total Current Assets | 251.44M | 259.22M | 316.02M | 298.06M | 296.98M | 250.32M |
| Property, Plant & Equipment | 3.18B | 3.30B | 3.71B | 3.31B | 3.35B | 2.89B |
| Long-Term Investments | 37.71M | 29.92M | 31.91M | 30.08M | 43.26M | 18.80M |
| Finance Div. Loans and Leases Long-Term | 35.10M | 103.59M | 181.28M | |||
| Other Long-Term Assets | 294.00K | 294.00K | 294.00K | 8.90M | 17.61M | 77.24M |
| Total Assets | 3.52B | 3.64B | 4.11B | 3.73B | 3.86B | 3.46B |
| Accounts Payable | 7.35M | 34.30M | 30.26M | 7.89M | 1.77M | |
| Accrued Expenses | 199.00K | 52.10M | 51.48M | 39.24M | 27.34M | 19.83M |
| Current Portion of Long-Term Debt | 575.54M | 515.64M | 689.04M | 432.92M | 923.53M | 303.51M |
| Current Portion of Leases | 90.30M | 419.34M | 53.66M | 51.20M | ||
| Current Unearned Revenue | 15.54M | 23.67M | 31.96M | 27.20M | 21.50M | |
| Other Current Liabilities | 85.70M | 29.40M | 29.35M | 15.47M | 17.00M | 2.50M |
| Total Current Liabilities | 661.44M | 710.33M | 827.86M | 969.20M | 1.06B | 400.32M |
| Long-Term Debt | 1.16B | 1.37B | 1.45B | 1.14B | 889.28M | 1.59B |
| Long-Term Leases | 646.65M | 596.09M | 702.16M | 573.46M | 813.90M | 473.00M |
| Other Long-Term Liabilities | 9.83M | 277.00K | 970.00K | 8.97M | 10.31M | 10.05M |
| Total Liabilities | 2.48B | 2.68B | 2.98B | 2.69B | 2.77B | 2.48B |
| Common Stock | 1.53M | 1.47M | 1.47M | 1.39M | 1.39M | 1.39M |
| Additional Paid-In Capital | 1.05B | 1.01B | 1.13B | 1.04B | 1.04B | 1.08B |
| Retained Earnings | 3.73M | -26.43M | 960.00K | 40.02M | -92.72M | |
| Treasury Stock | -20.20M | -20.20M | -10.17M | -10.17M | ||
| Comprehensive Income & Other | 1.86M | -4.52M | 3.21M | 4.50M | 8.71M | -9.19M |
| Shareholders' Equity | 1.04B | 960.86M | 1.13B | 1.04B | 1.09B | 982.33M |
| Total Liabilities & Equity | 3.52B | 3.64B | 4.11B | 3.73B | 3.86B | 3.46B |
| Total Debt | 2.38B | 2.57B | 2.84B | 2.57B | 2.68B | 2.42B |
| Net Cash (Debt) | -2.27B | -2.42B | -2.70B | -2.39B | -2.48B | -2.26B |
| Net Cash Per Share | -16.98 | -18.17 | -20.78 | -18.89 | -18.07 | -16.25 |
| Filing Date Shares Outstanding | 138.67M | 132.82M | 133.97M | 125.74M | 138.56M | 126.79M |
| Total Common Shares Outstanding | 138.67M | 132.80M | 133.94M | 125.70M | 138.56M | 126.79M |
| Working Capital | -410.00M | -451.11M | -511.84M | -671.14M | -759.63M | -150.00M |
| Book Value Per Share | 7.47 | 7.24 | 8.42 | 8.27 | 7.88 | 7.75 |
| Tangible Book Value | 1.04B | 960.86M | 1.13B | 1.04B | 1.09B | 982.33M |
| Tangible Book Value Per Share | 7.47 | 7.24 | 8.42 | 8.27 | 7.88 | 7.75 |
| Buildings | 158.71M | 83.86M | 93.73M | |||
| Machinery | 3.97B | 4.00B | 4.53B | 3.45B | 3.35B | 2.78B |
| Construction In Progress | 30.07M | 181.07M | 162.25M | 2.19M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 63.85M | -26.43M | 130.65M | 83.94M | 202.77M | 164.34M |
| Depreciation & Amortization | 222.47M | 235.00M | 239.18M | 214.06M | 187.83M | 138.33M |
| Other Amortization | 7.03M | 8.09M | 7.58M | 7.73M | 7.21M | 6.70M |
| Loss (Gain) From Sale of Assets | -23.09M | -15.83M | -5.37M | -18.67M | -13.23M | -39.41M |
| Asset Writedown & Restructuring Costs | 34.09M | 7.39M | 1.93M | |||
| Loss (Gain) From Sale of Investments | -2.02M | -18.17M | -995.00K | |||
| Loss (Gain) on Equity Investments | -2.43M | -2.37M | -2.80M | -2.85M | -2.83M | -4.19M |
| Other Operating Activities | 12.36M | 21.51M | 13.06M | 25.32M | 4.55M | 33.16M |
| Change in Accounts Receivable | 25.32M | 25.32M | 4.30M | -20.94M | -9.03M | -4.07M |
| Change in Inventory | 3.60M | 3.60M | -5.66M | 4.67M | -6.27M | -1.31M |
| Change in Accounts Payable | -26.96M | -26.96M | 4.04M | 22.37M | 6.12M | 447.00K |
| Change in Other Net Operating Assets | -39.33M | 11.12M | -15.13M | 20.07M | -3.81M | -1.33M |
| Operating Cash Flow | 240.81M | 267.14M | 369.86M | 343.09M | 355.12M | 293.60M |
| Capital Expenditures | -46.06M | -70.48M | -644.86M | -264.42M | -602.50M | -581.62M |
| Sale of Property, Plant & Equipment | 260.75M | 258.57M | 22.74M | 156.20M | 83.33M | 183.89M |
| Investment in Securities | -140.00K | 2.51M | 2.64M | 17.91M | 18.66M | |
| Other Investing Activities | 2.10M | 1.68M | 2.17M | -9.97M | ||
| Investing Cash Flow | 214.56M | 188.09M | -617.50M | -103.89M | -499.09M | -389.05M |
| Long-Term Debt Issued | 244.04M | 1.40B | 944.59M | 959.60M | 586.75M | |
| Long-Term Debt Repaid | -538.43M | -1.11B | -1.04B | -662.51M | -565.44M | |
| Net Debt Issued (Repaid) | -450.73M | -294.39M | 289.20M | -96.04M | 297.08M | 21.31M |
| Issuance of Common Stock | 63.01M | 96.25M | 89.38M | |||
| Repurchase of Common Stock | -10.03M | -10.17M | ||||
| Common Dividends Paid | -109.39M | -125.11M | -138.49M | -122.99M | -111.57M | -77.55M |
| Other Financing Activities | -968.00K | -9.43M | -30.26M | -32.86M | -7.14M | -8.12M |
| Financing Cash Flow | -498.08M | -438.96M | 216.70M | -262.06M | 178.37M | 25.02M |
| Net Cash Flow | -42.72M | 16.28M | -30.94M | -22.87M | 34.40M | -70.44M |
| Free Cash Flow | 194.75M | 196.66M | -275.00M | 78.67M | -247.37M | -288.03M |
| Free Cash Flow Margin | 27.34% | 27.32% | -30.76% | 10.57% | -37.22% | -56.58% |
| Free Cash Flow Per Share | 1.46 | 1.48 | -2.12 | 0.62 | -1.80 | -2.07 |
| Levered Free Cash Flow | 168.37M | 210.17M | -351.93M | 13.19M | -276.82M | -332.90M |
| Unlevered Free Cash Flow | 271.33M | 324.06M | -240.95M | 116.10M | -214.02M | -275.28M |
| Cash Interest Paid | 161.67M | 161.67M | 161.24M | 148.50M | 109.68M | 96.83M |
| Cash Income Tax Paid | 2.83M | 2.83M | 8.29M | 1.99M | ||
| Change in Working Capital | -37.37M | 13.08M | -12.44M | 26.17M | -12.99M | -6.27M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.80B | 1.04B | 1.37B | 1.42B | 1.17B | 1.03B |
| Enterprise Value | 4.06B | 3.52B | 4.02B | 3.79B | 3.51B | 3.32B |
| Last Close Price | 12.95 | 7.39 | 8.64 | 8.72 | 6.48 | 5.24 |
| PE Ratio | 27.02 | 10.48 | 16.89 | 5.77 | 6.29 | |
| Forward PE | 35.79 | 60.40 | 24.73 | 11.13 | 7.37 | 8.91 |
| PS Ratio | 2.52 | 1.44 | 1.53 | 1.91 | 1.76 | 2.03 |
| PB Ratio | 1.73 | 1.08 | 1.21 | 1.36 | 1.07 | 1.05 |
| P/TBV Ratio | 1.73 | 1.08 | 1.21 | 1.36 | 1.07 | 1.05 |
| P/FCF Ratio | 9.22 | 5.27 | 18.02 | |||
| P/OCF Ratio | 7.46 | 3.88 | 3.70 | 4.13 | 3.29 | 3.52 |
| PEG Ratio | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | |
| EV/Sales Ratio | 5.70 | 4.89 | 4.50 | 5.09 | 5.27 | 6.52 |
| EV/EBITDA Ratio | 9.57 | 8.53 | 7.44 | 8.56 | 7.79 | 9.66 |
| EV/EBIT Ratio | 20.11 | 19.80 | 13.35 | 16.56 | 13.37 | 16.17 |
| EV/FCF Ratio | 20.86 | 17.91 | 48.19 | |||
| Debt / Equity Ratio | 2.30 | 2.68 | 2.52 | 2.47 | 2.46 | 2.46 |
| Debt / EBITDA Ratio | 5.62 | 6.23 | 5.25 | 5.79 | 5.96 | 7.05 |
| Debt / FCF Ratio | 12.24 | 13.08 | 32.62 | |||
| Net Debt / Equity Ratio | 2.19 | 2.52 | 2.39 | 2.30 | 2.27 | 2.31 |
| Net Debt / EBITDA Ratio | 5.34 | 5.86 | 5.00 | 5.40 | 5.52 | 6.59 |
| Net Debt / FCF Ratio | 11.64 | 12.29 | -9.82 | 30.39 | -10.04 | -7.86 |
| Asset Turnover | 0.19 | 0.19 | 0.23 | 0.20 | 0.18 | 0.15 |
| Inventory Turnover | 19.36 | 23.58 | 20.89 | 15.47 | 16.56 | |
| Quick Ratio | 0.23 | 0.26 | 0.26 | 0.25 | 0.26 | 0.54 |
| Current Ratio | 0.38 | 0.36 | 0.38 | 0.31 | 0.28 | 0.62 |
| Return on Equity (ROE) | 6.25% | -2.53% | 12.05% | 7.88% | 19.56% | 18.49% |
| Return on Assets (ROA) | 3.38% | 2.87% | 4.81% | 3.77% | 4.48% | 3.92% |
| Return on Invested Capital (ROIC) | 5.93% | 4.94% | 7.68% | 6.29% | 7.69% | 6.78% |
| Return on Capital Employed (ROCE) | 7.10% | 6.10% | 9.20% | 8.30% | 9.40% | 6.70% |
| Earnings Yield | 3.70% | -2.55% | 9.54% | 5.92% | 17.34% | 15.90% |
| FCF Yield | 10.84% | 18.96% | -20.09% | 5.55% | -21.16% | -27.87% |
| Dividend Yield | 6.79% | 11.14% | 10.57% | 8.78% | 10.90% | 8.34% |
| Payout Ratio | 175.29% | 106.00% | 146.53% | 55.02% | 47.19% | |
| Buyback Yield / Dilution | -0.05% | -2.36% | -2.70% | 7.86% | 1.44% | -27.91% |
| Total Shareholder Return | 6.74% | 8.78% | 7.87% | 16.63% | 12.34% | -19.56% |