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SFL

SFL Corporation Ltd.

SFL

SFL Corporation Ltd. • NYSE
$8.24 ▲ 0.98% (+0.08)
Market Cap $1.10 B
52w High $11.14
52w Low $6.73
Dividend Yield 1.01%
P/E -824
Volume 690.38K
Outstanding Shares 133.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $175.239M ▼ $677K ▲ $8.633M ▲ 4.926% ▲ $0.065 ▲ $113.35M ▲
Q2-2025 $188.527M ▲ $-3.926M ▼ $1.46M ▲ 0.774% ▲ $0.011 ▲ $112.111M ▲
Q1-2025 $185.295M ▼ $3.832M ▲ $-31.871M ▼ -17.2% ▼ $-0.24 ▼ $78.85M ▼
Q4-2024 $224.952M ▼ $-4.717M ▼ $20.198M ▼ 8.979% ▼ $0.15 ▼ $130.478M ▼
Q3-2024 $252.711M $2.316M $44.521M 17.617% $0.34 $156.058M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $281.679M ▲ $3.851B ▼ $2.859B ▼ $991.592M ▼
Q2-2025 $158.679M ▼ $3.952B ▼ $2.943B ▼ $1.009B ▼
Q1-2025 $177.605M ▲ $4.032B ▼ $2.98B ▲ $1.052B ▼
Q4-2024 $138.287M ▼ $4.108B ▲ $2.979B ▲ $1.128B ▼
Q3-2024 $168.386M $4.1B $2.96B $1.14B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.633M ▲ $66.841M ▼ $145.103M ▲ $-89.533M ▲ $122.411M ▲ $48.583M ▲
Q2-2025 $1.46M ▲ $70.136M ▼ $18.125M ▲ $-106.386M ▼ $-18.125M ▼ $42.134M ▼
Q1-2025 $-31.871M ▼ $78.608M ▼ $-20.089M ▲ $-19.125M ▼ $39.394M ▲ $58.519M ▲
Q4-2024 $20.198M ▼ $101.825M ▲ $-116.075M ▲ $-15.006M ▼ $-29.256M ▼ $-25.158M ▲
Q3-2024 $44.521M $80.606M $-305.492M $202.631M $-22.255M $-225.087M

Five-Year Company Overview

Income Statement

Income Statement SFL’s business performance over the last several years shows a clear recovery and growth trend. Revenue has climbed steadily year after year, and profit margins have generally held up as the company scaled, which suggests good cost control for a capital‑intensive, cyclical industry. The company moved from a sizeable loss a few years ago to consistent profitability. Earnings did dip slightly at one point before reaching a new high in the most recent year, which hints at some volatility from factors like charter rates, financing costs, or one‑off items. Overall, though, the direction of both revenue and earnings has been upwards, pointing to a more resilient and profitable business than earlier in the period. In short, the income statement reflects a company that has grown, restored profitability after a tough period, and is now operating from a stronger earnings base, albeit still exposed to normal shipping‑cycle swings.

Balance Sheet

Balance Sheet SFL’s balance sheet shows a classic shipping profile: large asset base, heavy use of debt, and gradually building equity. Total assets have increased over time, consistent with an expanding or modernizing fleet. Equity has also grown, which means the company is retaining value and strengthening its capital base compared with earlier years. At the same time, borrowings are high and have risen alongside the fleet, underscoring meaningful financial leverage. This is normal for ship owners but does increase sensitivity to interest rates, refinancing conditions, and any prolonged downturn in charter income. Cash on hand has remained modest relative to the size of the business, suggesting that liquidity management and access to funding lines are important ongoing priorities. Overall, the balance sheet supports growth but comes with the usual leverage‑related risks of the sector.

Cash Flow

Cash Flow Operating cash flow has been solid and relatively steady, which fits with SFL’s long‑term charter model and supports the view of stable underlying earnings. Free cash flow, however, has been much more uneven. In several years it dipped into negative territory as the company spent heavily on new vessels and upgrades. In other years, when investment spending was lower, free cash flow turned positive again. This pattern suggests that SFL is actively reinvesting in its fleet, particularly in certain years where investment was especially high. That can support long‑term competitiveness and efficiency but often requires external financing and can temporarily strain cash metrics. In essence, cash generation from operations looks dependable, while free cash flow swings reflect deliberate, large investment cycles rather than weak underlying business performance.

Competitive Edge

Competitive Edge SFL appears to occupy a relatively strong position in the marine shipping ecosystem, more as an infrastructure partner than a pure spot‑market shipper. Its key strength is diversification: the fleet spans multiple segments such as tankers, bulkers, containers, car carriers, and energy‑related assets. This mix reduces reliance on any single shipping market and helps smooth earnings when one segment is weak. Another core advantage is the focus on long‑term, fixed‑rate charters with large, creditworthy customers. This strategy supports high utilization and predictable cash flows, making SFL less exposed to short‑term freight‑rate volatility than peers who depend more on the spot market. A substantial charter backlog adds visibility on future revenues. Beyond owning ships, SFL offers technical services and operational support, which deepens relationships with customers and makes it harder for them to switch providers. Access to sustainability‑linked financing and a long dividend history further underline its credibility in the capital markets. The flip side of this model is that long contracts can limit upside in sudden rate spikes, and high leverage leaves the company reliant on continued charter stability and capital‑market access. Still, the overall competitive profile is that of a diversified, contract‑driven platform with relatively strong positioning in its niche.

Innovation and R&D

Innovation and R&D While SFL does not follow a classic lab‑based R&D model, it is clearly investing in innovation through its fleet and technology choices. The company is deliberately shifting toward a modern, fuel‑efficient, and lower‑emission fleet. This includes acquiring dual‑fuel vessels that can run on liquefied natural gas and preparing for large new container ships with similar capabilities. These ships are designed to cut emissions meaningfully compared with older tonnage. SFL is also retrofitting and equipping its vessels with technologies such as scrubbers, improved hull coatings, and digital performance systems that optimize routes and fuel usage. These steps can lower operating costs, reduce environmental impact, and keep the fleet compliant with tightening regulations. On the financing side, the company has embraced sustainability‑linked bonds and a broader decarbonization roadmap, including potential future use of alternative fuels like bio‑fuels, hydrogen‑based solutions, and other low‑carbon options as they become viable. Taken together, SFL’s “R&D” is expressed as continuous fleet renewal, emissions technology adoption, and data‑driven operations, positioning it to compete effectively as environmental and regulatory standards rise.

Summary

Putting it all together, SFL looks like a capital‑intensive, contract‑driven shipping owner that has moved from a difficult period into a phase of healthier, more stable performance. On the income side, revenue and profits have grown meaningfully, transitioning from losses to consistent earnings, though with the normal ups and downs of a cyclical industry. The balance sheet shows expanding assets and equity but also high and rising leverage, which remains a key risk if market conditions or financing costs turn unfavorable. Cash flows from operations are steady and support the long‑term charter story, while free cash flow swings are largely tied to deliberate, sometimes heavy investment in fleet renewal and environmental upgrades. This investment is central to SFL’s strategy of maintaining a modern, efficient, and greener fleet. Competitively, SFL benefits from a diversified fleet, long‑term contracts with strong counterparties, and integrated services that deepen customer relationships. Its ongoing push into cleaner propulsion, emissions reduction technologies, and sustainability‑linked financing suggests it is trying to stay ahead of regulatory and ESG trends. Key strengths are revenue visibility, diversification, and a clear modernization path. Key risks center on leverage, capital‑intensity, and exposure to global trade and shipping cycles. Overall, SFL appears to be a more robust and forward‑looking company than it was earlier in the period, but one that still must carefully manage debt, investment pace, and market volatility.

NEWS

November 11, 2025 · 9:00 AM UTC

SFL - Third Quarter 2025 Results Presentation

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November 11, 2025 · 6:06 AM UTC

SFL - Third Quarter 2025 Results

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November 4, 2025 · 8:45 AM UTC

SFL - Invitation to Presentation of Q3 2025 Results

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