SFL Corporation Ltd. (SFL) 10-Year Financial Performance & Capital Metrics

SFL • • Industrial / General

IndustrialsMarine ShippingMarine Services & LogisticsMarine Fuel Services

AboutSFL Corporation Ltd., a maritime and offshore asset owning and chartering company, engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The company is also involved in the charter, purchase, and sale of assets. In addition, it operates in various sectors of the maritime, and shipping and offshore industries, including oil, chemical, oil product, container, and car transportation, as well as dry bulk shipments and drilling rigs. As of December 31, 2021, the company owned six crude oil tankers, 15 dry bulk carriers, 35 container vessels, two car carriers, one jack-up drilling rig, one ultra-deepwater drilling unit, two chemical tankers, and four oil product tankers. It primarily operates in Bermuda, Cyprus, Liberia, Norway, Singapore, the United Kingdom, and the Marshall Islands. The company was formerly known as Ship Finance International Limited and changed its name to SFL Corporation Ltd. in September 2019. SFL Corporation Ltd. was incorporated in 2003 and is based in Hamilton, Bermuda.Show more

Revenue $892M +20.8%
EBITDA $546M +20.2%
Net Income $131M +55.7%
EPS (Diluted) 1.01 +53.0%
Gross Margin 34.67% +11.1%
EBITDA Margin 61.23% -0.5%
Operating Margin 34.4% +5.7%
Net Margin 14.65% +28.9%
ROE 12.05% +53.0%
ROIC 6.33% +23.2%
Debt/Equity 2.52 +1.9%
Interest Coverage 1.68 +15.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.3%
✓Trading at only 1.0x book value

✗Weaknesses

✗High debt to equity ratio of 2.5x
✗Negative free cash flow
✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.53%

5Y14.35%

3Y21.7%

TTM-11.67%

Profit (Net Income) CAGR

10Y0.62%

5Y7.94%

3Y-7.36%

TTM-101.11%

EPS CAGR

10Y-2.64%

5Y-

3Y22.46%

TTM-101.26%

ROCE

10Y Avg5.78%

5Y Avg6.46%

3Y Avg9.39%

Latest10.15%

Peer Comparison

Marine Fuel Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UFGUni-Fuels Holdings Limited	12.4M	1.27	222.81	119.24%	0.09%	1.96%	2.6%	0.36
HMRHeidmar Maritime Holdings Corp.	53.14M	0.91	27.16	-41.04%	6.61%	11.05%	12.21%	0.28
SFLSFL Corporation Ltd.	1.12B	8.47	8.39	20.79%	-0.2%	-0.16%		2.52
NMMNavios Maritime Partners L.P.	1.64B	56.94	4.75	2.08%	23.31%	9.53%		0.46
CMBTCmb.Tech N.V.	3.34B	11.52	2.59	-23.87%	12.64%	6.47%		2.20
NCTIntercont (Cayman) Limited Ordinary shares	6.62M	0.22	1.67	-21.32%	12.3%	21.74%	97.92%	2.41
HTCOHigh-Trend International Group	83.2M	11.42	-2.28	13.56%	-21.81%	-32.08%		0.80
VNTGVantage Corp	10.36M	0.91		-6.7%	20.6%	105.65%	17.07%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	406.74M	412.95M	380.88M	418.71M	456.05M	400.41M	494.7M	655.65M	738.13M	891.62M
Revenue Growth %	0.24%	0.02%	-0.08%	0.1%	0.09%	-0.12%	0.24%	0.33%	0.13%	0.21%
Cost of Goods Sold+	198.91M	230.31M	219.94M	232.63M	134.43M	266.92M	295.06M	392.97M	507.82M	582.48M
COGS % of Revenue	0.49%	0.56%	0.58%	0.56%	0.29%	0.67%	0.6%	0.6%	0.69%	0.65%
Gross Profit+	207.83M	182.64M	160.93M	186.09M	321.61M	133.49M	199.64M	262.68M	230.32M	309.14M
Gross Margin %	0.51%	0.44%	0.42%	0.44%	0.71%	0.33%	0.4%	0.4%	0.31%	0.35%
Gross Profit Growth %	0.48%	-0.12%	-0.12%	0.16%	0.73%	-0.58%	0.5%	0.32%	-0.12%	0.34%
Operating Expenses+	6.74M	9.07M	7.43M	9.17M	183.84M	271.66M	-43.2M	-12.79M	-9.87M	2.42M
OpEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.4%	0.68%	-0.09%	-0.02%	-0.01%	0%
Selling, General & Admin	6.74M	9.07M	7.43M	9.17M	10.2M	11.4M	12.97M	15.18M	15.56M	20.58M
SG&A % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	173.63M	260.26M	-56.17M	-27.97M	-25.43M	-18.16M
Operating Income+	166.05M	168.09M	154.63M	117.61M	137.78M	-138.17M	242.84M	275.47M	240.18M	306.72M
Operating Margin %	0.41%	0.41%	0.41%	0.28%	0.3%	-0.35%	0.49%	0.42%	0.33%	0.34%
Operating Income Growth %	0.14%	0.01%	-0.08%	-0.24%	0.17%	-2%	2.76%	0.13%	-0.13%	0.28%
EBITDA+	244.13M	262.38M	242.78M	221.69M	254.16M	-26.89M	381.17M	463.3M	454.25M	545.9M
EBITDA Margin %	0.6%	0.64%	0.64%	0.53%	0.56%	-0.07%	0.77%	0.71%	0.62%	0.61%
EBITDA Growth %	0.1%	0.07%	-0.07%	-0.09%	0.15%	-1.11%	15.17%	0.22%	-0.02%	0.2%
D&A (Non-Cash Add-back)	78.08M	94.29M	88.15M	104.08M	116.38M	111.28M	138.33M	187.83M	214.06M	239.18M
EBIT	259.8M	218.25M	191.62M	177.32M	197.83M	-88.98M	254.73M	320.11M	252.17M	320.91M
Net Interest Income+	-33.05M	-50.11M	-71.08M	-95.94M	-124.99M	-122.04M	-68.6M	-100.45M	-145.72M	-169.22M
Interest Income	39.14M	21.74M	19.33M	17.95M	20.06M	13.4M	21.79M	16.89M	19.18M	13.77M
Interest Expense	72.19M	71.84M	90.41M	113.89M	145.06M	135.44M	90.39M	117.34M	164.91M	182.99M
Other Income/Expense	34.79M	-21.68M	-53.42M	-43.99M	-48.6M	-86.25M	-78.5M	-72.71M	-152.92M	-165.43M
Pretax Income+	200.83M	146.41M	101.21M	73.62M	89.18M	-224.43M	164.34M	202.77M	87.26M	141.28M
Pretax Margin %	0.49%	0.35%	0.27%	0.18%	0.2%	-0.56%	0.33%	0.31%	0.12%	0.16%
Income Tax+	59.84M	21.68M	53.42M	0	0	0	0	0	3.32M	10.63M
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	0.96%	0.92%
Net Income+	200.83M	146.41M	101.21M	73.62M	89.18M	-224.43M	164.34M	202.77M	83.94M	130.65M
Net Margin %	0.49%	0.35%	0.27%	0.18%	0.2%	-0.56%	0.33%	0.31%	0.11%	0.15%
Net Income Growth %	0.64%	-0.27%	-0.31%	-0.27%	0.21%	-3.52%	1.73%	0.23%	-0.59%	0.56%
Net Income (Continuing)	167.23M	118.64M	77.44M	73.62M	89.18M	-224.43M	164.34M	202.77M	83.94M	130.65M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.15	1.57	1.06	0.70	-0.53	-3.18	0.55	0.95	0.66	1.01
EPS Growth %	0.63%	-0.27%	-0.32%	-0.34%	-1.76%	-5%	1.17%	0.73%	-0.31%	0.53%
EPS (Basic)	2.15	1.57	1.06	0.70	-0.53	-3.18	0.63	1.03	0.66	1.01
Diluted Shares Outstanding	93.45M	93.5M	95.6M	105.9M	107.7M	108.97M	139.38M	137.38M	126.58M	130M
Basic Shares Outstanding	93.45M	93.5M	95.6M	105.9M	107.61M	108.97M	122.14M	126.79M	126.25M	129.39M
Dividend Payout Ratio	0.81%	1.15%	1.51%	2.03%	1.69%	-	0.47%	0.55%	1.47%	1.06%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	375.92M	278.43M	317.69M	413.58M	390.49M	356.44M	250.32M	296.98M	298.06M	316.02M
Cash & Short-Term Investments	269.77M	180.87M	246.85M	298.57M	230.34M	235.24M	166.83M	195.65M	170.6M	138.29M
Cash Only	70.17M	62.38M	153.05M	211.39M	199.52M	215.44M	145.62M	188.36M	165.49M	134.55M
Short-Term Investments	199.59M	118.49M	93.8M	87.17M	30.3M	19.8M	21.21M	7.28M	5.1M	3.74M
Accounts Receivable	55.43M	19.67M	9.63M	58.41M	26.98M	14.38M	65.02M	83.01M	104.74M	149.56M
Days Sales Outstanding	49.74	17.38	9.22	50.92	21.6	13.11	47.97	46.21	51.79	61.23
Inventory	5.06M	5.08M	5.13M	8.55M	7.93M	8.81M	10.12M	16.39M	11.73M	17.39M
Days Inventory Outstanding	9.28	8.06	8.51	13.41	21.54	12.04	12.52	15.23	8.43	10.89
Other Current Assets	47.59M	69.09M	41.11M	53.84M	123.59M	95.4M	1.94M	-15.19M	10.99M	10.78M
Total Non-Current Assets+	2.69B	2.66B	2.69B	3.46B	3.49B	2.74B	3.21B	3.56B	3.43B	3.79B
Property, Plant & Equipment	2.16B	2.29B	2.35B	3.07B	2.12B	1.94B	2.89B	3.26B	3.23B	3.55B
Fixed Asset Turnover	0.19x	0.18x	0.16x	0.14x	0.22x	0.21x	0.17x	0.20x	0.23x	0.25x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	84.61M	130K	10.68M	25.11M	45.64M	27.32M	16.64M	16.55M	16.47M	16.38M
Other Non-Current Assets	448.53M	364.39M	335.14M	367.2M	1.33B	771.37M	305.69M	286.65M	188.67M	223.07M
Total Assets+	3.06B	2.94B	3.01B	3.88B	3.89B	3.09B	3.46B	3.86B	3.73B	4.11B
Asset Turnover	0.13x	0.14x	0.13x	0.11x	0.12x	0.13x	0.14x	0.17x	0.20x	0.22x
Asset Growth %	0.01%	-0.04%	0.03%	0.29%	0%	-0.2%	0.12%	0.12%	-0.03%	0.1%
Total Current Liabilities+	238.97M	238.97M	343.75M	404.13M	365.84M	576.53M	400.32M	1.06B	969.2M	827.86M
Accounts Payable	835K	1.23M	487K	1.95M	3.44M	1.25M	1.77M	7.89M	30.26M	34.3M
Days Payables Outstanding	1.53	1.95	0.81	3.05	9.35	1.71	2.19	7.33	21.75	21.5
Short-Term Debt	208.03M	174.9M	313.82M	312.2M	259.13M	486.53M	302.77M	921.27M	432.92M	689.04M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	11.34M	40.06M	2.24M	9.46M	17.21M	16.96M	1.94M	17.42M	12.64M	18.05M
Current Ratio	1.57x	1.17x	0.92x	1.02x	1.07x	0.62x	0.63x	0.28x	0.31x	0.38x
Quick Ratio	1.55x	1.14x	0.91x	1.00x	1.05x	0.60x	0.60x	0.27x	0.30x	0.36x
Cash Conversion Cycle	57.49	23.49	16.92	61.28	33.78	23.45	58.31	54.11	38.48	50.62
Total Non-Current Liabilities+	1.58B	1.56B	1.47B	2.29B	2.41B	1.72B	2.08B	1.71B	1.72B	2.15B
Long-Term Debt	1.46B	1.38B	1.19B	1.18B	1.36B	1.19B	1.59B	1.28B	1.71B	2.15B
Capital Lease Obligations	0	118.75M	230.58M	1.1B	1.04B	524.2M	473M	419.34M	0	0
Deferred Tax Liabilities	-11.96M	-6.12M	-3.96M	-1.93B	0	0	0	0	0	0
Other Non-Current Liabilities	93.33M	67.58M	52.58M	12.89M	11.05M	8.3M	17.21M	14.36M	8.97M	1.07M
Total Liabilities	1.82B	1.8B	1.82B	2.7B	2.78B	2.3B	2.48B	2.77B	2.69B	2.98B
Total Debt+	1.67B	1.68B	1.5B	2.61B	2.73B	2.25B	2.41B	2.67B	2.57B	2.84B
Net Debt	1.6B	1.61B	1.35B	2.4B	2.53B	2.03B	2.27B	2.49B	2.4B	2.7B
Debt / Equity	1.34x	1.48x	1.26x	2.21x	2.47x	2.83x	2.46x	2.45x	2.47x	2.52x
Debt / EBITDA	6.83x	6.38x	6.20x	11.77x	10.74x	-	6.33x	5.77x	5.65x	5.20x
Net Debt / EBITDA	6.54x	6.15x	5.56x	10.82x	9.96x	-	5.95x	5.37x	5.28x	4.95x
Interest Coverage	2.30x	2.34x	1.71x	1.03x	0.95x	-1.02x	2.69x	2.35x	1.46x	1.68x
Total Equity+	1.24B	1.13B	1.19B	1.18B	1.11B	795.65M	982.33M	1.09B	1.04B	1.13B
Equity Growth %	0.08%	-0.09%	0.05%	-0.01%	-0.06%	-0.28%	0.23%	0.11%	-0.05%	0.09%
Book Value per Share	13.29	12.13	12.50	11.14	10.27	7.30	7.05	7.94	8.21	8.68
Total Shareholders' Equity	1.24B	1.13B	1.19B	1.18B	1.11B	795.65M	982.33M	1.09B	1.04B	1.13B
Common Stock	93.47M	1.01M	1.11M	1.19M	1.19M	1.28M	1.39M	1.39M	1.39M	1.47M
Retained Earnings	277.51M	255.63M	203.93M	29.51M	0	-257.06M	-92.72M	40.02M	960K	0
Treasury Stock	0	0	0	0	0	0	0	0	-10.17M	-10.17M
Accumulated OCI	-3.16M	-85.75M	-94.41M	-220K	-13.02M	-19.32M	-9.19M	8.71M	4.5M	3.21M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	258.4M	230.07M	177.8M	200.97M	249.71M	276.48M	293.6M	355.13M	343.09M	369.86M
Operating CF Margin %	0.64%	0.56%	0.47%	0.48%	0.55%	0.69%	0.59%	0.54%	0.46%	0.41%
Operating CF Growth %	0.95%	-0.11%	-0.23%	0.13%	0.24%	0.11%	0.06%	0.21%	-0.03%	0.08%
Net Income	200.83M	146.41M	101.21M	73.62M	89.18M	-224.43M	164.34M	202.77M	83.94M	130.65M
Depreciation & Amortization	78.08M	103.94M	95.91M	115.52M	116.38M	111.28M	138.33M	187.83M	214.06M	239.18M
Stock-Based Compensation	0	400K	400K	400K	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-32.8M	-18.07M	-22.84M	6.71M	39.02M	374.32M	-2.81M	-22.48M	18.92M	12.46M
Working Capital Changes	12.29M	-2.2M	3.51M	5.13M	5.12M	15.3M	-6.27M	-12.99M	26.17M	-12.44M
Change in Receivables	1.2M	-1.49M	-9.03M	9.61M	-8.7M	-4.98M	2.44M	-9.03M	-20.94M	4.3M
Change in Inventory	-2.53M	-27K	-42K	-3.42M	613K	-873K	-1.31M	-6.27M	4.67M	-5.66M
Change in Payables	-1.57M	394K	-742K	2.37M	1.5M	-2.2M	447K	6.12M	22.37M	4.04M
Cash from Investing+	-205.78M	39.4M	48.36M	-866.56M	-169.88M	176.34M	-389.05M	-499.09M	-103.89M	-617.5M
Capital Expenditures	-496.66M	-188.14M	-81.66M	-1.14B	-250.39M	-120.05M	-581.62M	-602.5M	-264.42M	-644.86M
CapEx % of Revenue	1.22%	0.46%	0.21%	2.72%	0.55%	0.3%	1.18%	0.92%	0.36%	0.72%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	128.82M	-25.49M	-4.02M	187.65M	15.93M	241.41M	183.89M	85.51M	157.88M	24.84M
Cash from Financing+	-33.26M	-277.26M	-135.49M	724.93M	-89.2M	-431.43M	25.02M	178.37M	-262.06M	216.7M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-162.59M	-168.29M	-152.91M	-149.26M	-150.66M	-109.39M	-77.55M	-111.57M	-122.99M	-138.49M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.16M	-5.1M	-31.74M	-8.26M	-46.03M	-21M	-8.03M	-7.14M	-32.86M	-16.53M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-238.26M	41.93M	96.13M	-936.73M	-684K	156.43M	-288.03M	-247.37M	78.67M	-275M
FCF Margin %	-0.59%	0.1%	0.25%	-2.24%	-0%	0.39%	-0.58%	-0.38%	0.11%	-0.31%
FCF Growth %	0.09%	1.18%	1.29%	-10.74%	1%	229.7%	-2.84%	0.14%	1.32%	-4.5%
FCF per Share	-2.55	0.45	1.01	-8.85	-0.01	1.44	-2.07	-1.80	0.62	-2.12
FCF Conversion (FCF/Net Income)	1.29x	1.57x	1.76x	2.73x	2.80x	-1.23x	1.79x	1.75x	4.09x	2.83x
Interest Paid	0	0	0	0	72.34M	71.48M	96.83M	109.68M	148.5M	161.24M
Taxes Paid	0	0	0	0	0	0	0	0	1.99M	8.29M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.77%	12.32%	8.69%	6.2%	7.8%	-23.6%	18.49%	19.56%	7.88%	12.05%
Return on Invested Capital (ROIC)	4.39%	4.51%	4.38%	2.88%	2.86%	-3.21%	5.99%	6.05%	5.13%	6.33%
Gross Margin	51.1%	44.23%	42.25%	44.44%	70.52%	33.34%	40.36%	40.06%	31.2%	34.67%
Net Margin	49.38%	35.45%	26.57%	17.58%	19.55%	-56.05%	33.22%	30.93%	11.37%	14.65%
Debt / Equity	1.34x	1.48x	1.26x	2.21x	2.47x	2.83x	2.46x	2.45x	2.47x	2.52x
Interest Coverage	2.30x	2.34x	1.71x	1.03x	0.95x	-1.02x	2.69x	2.35x	1.46x	1.68x
FCF Conversion	1.29x	1.57x	1.76x	2.73x	2.80x	-1.23x	1.79x	1.75x	4.09x	2.83x
Revenue Growth	24.2%	1.53%	-7.77%	9.93%	8.92%	-12.2%	23.55%	32.53%	12.58%	20.79%

Frequently Asked Questions

Valuation & Price

SFL Corporation Ltd. (SFL) has a price-to-earnings (P/E) ratio of 8.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

SFL Corporation Ltd. (SFL) reported $774.0M in revenue for fiscal year 2024. This represents a 162% increase from $295.1M in 2011.

SFL Corporation Ltd. (SFL) grew revenue by 20.8% over the past year. This is strong growth.

SFL Corporation Ltd. (SFL) reported a net loss of $1.6M for fiscal year 2024.

Dividend & Returns

Yes, SFL Corporation Ltd. (SFL) pays a dividend with a yield of 12.58%. This makes it attractive for income-focused investors.

SFL Corporation Ltd. (SFL) has a return on equity (ROE) of 12.1%. This is reasonable for most industries.

SFL Corporation Ltd. (SFL) generated $124.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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