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SEAL-PB

Seapeak LLC

SEAL-PB

Seapeak LLC • NYSE
$25.65 ▲ 0.02% (+0.00)
Market Cap $2.56 B
52w High $26.35
52w Low $23.92
Dividend Yield 2.13%
P/E 0
Volume 3.20K
Outstanding Shares 99.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $158.638M ▼ $26.524M ▲ $23.522M ▲ 14.827% ▲ $0.17 ▲ $104.676M ▲
Q1-2025 $160.43M ▼ $7.144M ▼ $9.185M ▲ 5.725% ▲ $0.029 ▲ $83.547M ▲
Q4-2024 $179.792M ▲ $393.738M ▲ $-253.792M ▼ -141.159% ▼ $-2.6 ▼ $-207.199M ▼
Q3-2024 $176.333M ▲ $3.639M ▼ $34.784M ▼ 19.726% ▼ $0.29 ▼ $117.957M ▼
Q2-2024 $175.502M $6.61M $68.916M 39.268% $0.625 $151.652M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $162.191M ▼ $5.28B ▼ $3.066B ▼ $2.153B ▲
Q1-2025 $168.793M ▼ $5.3B ▼ $3.101B ▲ $2.141B ▲
Q4-2024 $174.654M ▼ $5.379B ▼ $3.072B ▲ $0 ▼
Q3-2024 $196.884M ▲ $5.551B ▼ $2.966B ▲ $2.492B ▼
Q2-2024 $152.011M $5.582B $2.959B $2.532B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $25.904M ▲ $57.927M ▼ $-4.117M ▲ $-70.873M ▲ $-17.063M ▼ $53.81M ▼
Q1-2025 $7.943M ▲ $86.958M ▼ $-4.217M ▲ $-94.963M ▼ $-12.222M ▲ $82.741M ▲
Q4-2024 $-286.387M ▼ $138.332M ▲ $-246.316M ▼ $76.988M ▲ $-30.996M ▼ $-107.984M ▼
Q3-2024 $37.278M ▼ $94.167M ▲ $1.455M ▼ $-46.968M ▲ $48.654M ▲ $90.103M ▲
Q2-2024 $68.916M $61.412M $33.277M $-121.568M $-26.879M $57.759M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown gradually over the past few years and has held up fairly well, which suggests a stable underlying business and contract base. Profitability, however, has been more volatile. The company moved from solid profits in prior years to a loss in the most recent year, even though revenue and gross profit did not collapse. That points to higher operating costs, depreciation, interest, or one‑off items weighing on results. Earnings before interest, taxes, and depreciation were previously strong, then softened recently, showing that the core business still generates value but is sensitive to cost pressures and investment cycles. Overall, the income statement shows a steady top line but a meaningful setback in bottom‑line performance in the latest period.

Balance Sheet

Balance Sheet The balance sheet has gone through a visible cleanup. Total assets have stayed broadly steady, reflecting a capital‑intensive fleet business. Debt remains significant, which is typical for shipping and infrastructure‑style assets, but it has not been climbing aggressively in recent years. The most notable shift is in equity: the company moved from a thin or even negative equity base to a much healthier positive level, which suggests recapitalization, retained earnings from prior years, or other capital structure actions. Cash on hand is modest but reasonably stable. In short, leverage is still meaningful, but the underlying capital structure looks stronger and more resilient than it did a few years ago.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been consistently positive and has generally improved over time, indicating that the contracted business throws off reliable cash even when reported earnings move around. Free cash flow has also stayed positive, despite a noticeable increase in investment spending on the fleet in the most recent year. That suggests the company has been able to fund renewal and growth mostly from its own cash generation, rather than relying entirely on new borrowing. The trade‑off is that higher investment can temporarily cap free cash available for other uses, but it also lays the groundwork for future earnings from newer, more efficient vessels.

Competitive Edge

Competitive Edge Seapeak operates in a specialized niche: transporting liquefied gas for large energy companies. Its scale, modern fleet, and mix of LNG, LPG, and related carriers provide flexibility and cost advantages versus smaller rivals. A key strength is its focus on medium‑ to long‑term contracts at fixed rates with major counterparties, which supports visibility of revenue and vessel utilization and helps smooth out the shipping cycle. The backing of a large infrastructure investor adds financial support for fleet renewal and strategic moves. On the risk side, the company is still exposed to contract renewal risk over time, global gas trade patterns, counterparty quality, and regulatory or geopolitical disruptions along key routes. Overall, its position looks solid within its segment, with a business model aimed at stability rather than spot‑market speculation.

Innovation and R&D

Innovation and R&D Innovation is a central part of Seapeak’s strategy. The company has built and managed complex vessels in‑house for years, including ships designed for harsh Arctic conditions. Its new generation of LNG carriers is being designed with advanced propulsion systems that aim to cut fuel use and emissions, aligning with tightening environmental rules and customer expectations. Seapeak is active in industry collaborations on methane abatement and was early in adopting detailed emissions measurement across its fleet. It is also testing carbon capture directly on vessels, which, if proven and scalable, could be a major differentiator. On top of this, the company is pushing digital tools for route optimization and operational efficiency. These efforts could strengthen its long‑term edge, but they also introduce execution risk: new technologies must work reliably, be cost‑effective, and gain broad customer acceptance.

Summary

Seapeak combines a relatively steady revenue base with more uneven profitability, reflecting the capital‑intensive nature of liquefied gas shipping and the impact of financing and operating costs. The recent swing to a net loss stands out as a setback after several profitable years, and it is an area to watch, especially given the still‑sizeable debt load. That said, the company’s cash flows have been durable, and its balance sheet has improved meaningfully as equity has been rebuilt and leverage kept in check. Strategically, Seapeak benefits from its scale, long‑term contracts with major energy companies, and the financial backing of an infrastructure sponsor. Its heavy focus on fleet modernization, emissions reduction, and digital efficiency aims to position it on the right side of regulatory and customer trends. The main tensions to monitor are execution on new vessels and technologies, the path back to steady profitability, and the balance between funding growth and managing debt in a cyclical and politically sensitive sector.