The company maintains a fortress-like capital structure with a 0.20 debt-to-equity ratio and $23.2 million in cash as of 2025Q3, providing substantial liquidity to navigate industry-specific downturns.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Total Current Assets | 118.24M | 105.41M | 101.63M | 87.07M | 83.68M | 152.76M | 163.47M | 159.96M | 179.16M | 113.36M | 115.87M | 177.11M | 202M | 173.6M | 177.91M | 130.62M | 114.13M | 136.38M | 135.75M | 94.77M | 103.41M | 91.29M | 81.41M | 65.03M | 55.46M | 47.55M | 47.2M | 47.9M | 32.7M |
| Cash & Short-Term Investments | 63.36M | 66.07M | 46.41M | 43.13M | 52.89M | 51.16M | 69.62M | 79.18M | 8.98M | 51.17M | 34.83M | 36.09M | 36.57M | 24.89M | 55.29M | 88.07M | 8.75M | 13.84M | 24.64M | 10.3M | 35.9M | 40.4M | 22.05M | 24.45M | 35.03M | 26.1M | 4.5M | 2.8M | 6.9M |
| Cash Only | 23.21M | 27.28M | 38.18M | 33.22M | 52.89M | 43.16M | 49.7M | 70.46M | 8.98M | 51.17M | 34.83M | 36.09M | 36.57M | 24.89M | 55.29M | 88.07M | 8.75M | 13.84M | 24.64M | 10.3M | 5.69M | 11.7M | 8.01M | 5.67M | 11.27M | 10.08M | 4.5M | 2.8M | 6.9M |
| Short-Term Investments | 40.16M | 38.78M | 8.23M | 9.9M | 0 | 8M | 19.92M | 8.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.21M | 28.7M | 14.04M | 18.78M | 23.76M | 16.02M | 0 | 0 | 0 |
| Accounts Receivable | 47.37M | 31.1M | 39.04M | 34.27M | 20.75M | 19.19M | 78.22M | 52.49M | 56.84M | 47M | 59.88M | 108.79M | 123.42M | 93.05M | 93.12M | 33.31M | 96.66M | 111.8M | 96.87M | 76.83M | 58.01M | 45.66M | 48.25M | 36.19M | 16.19M | 18.34M | 22.7M | 36.7M | 22.1M |
| Days Sales Outstanding | 81.81 | 71.3 | 94.32 | 87.88 | 81.02 | 59.49 | 94.13 | 86.59 | 121.31 | 59.91 | 71.4 | 78.37 | 74.05 | 65.15 | 110.41 | 48.97 | 113.25 | 97.04 | 74.79 | 89.83 | 112.3 | 95.85 | 86.47 | 92.43 | 51.98 | 59.72 | 68.93 | 69.62 | 59.14 |
| Inventory | 2.72M | 1.91M | 2.07M | 1.6M | 1.78M | 2.16M | 2.68M | 6.09M | 4.93M | 11.97M | 12.94M | 10.14M | 11.33M | 5.02M | 6.28M | 4.26M | 4.22M | 5.69M | 7.43M | 4.79M | 5.51M | 3.56M | 2.7M | 1.43M | 1.33M | 1.35M | 1.2M | 1.1M | 1M |
| Days Inventory Outstanding | 6.55 | 5.08 | 4.64 | 4.34 | 7.07 | 6.27 | 3.06 | 9.73 | 8.42 | 16.71 | 14.7 | 8.01 | 7.07 | 3.54 | 7.55 | 6.92 | 5.67 | 5.64 | 6.52 | 6.39 | 12.23 | 8.59 | 5.63 | 4.22 | 4.94 | 5.08 | 4.35 | 2.64 | 3.35 |
| Other Current Assets | 4.8M | 6.34M | 7.12M | 1.6M | 1.3M | 72.32M | 12.95M | 18.93M | 104.58M | 0 | 4.8M | 10.33M | 25.82M | 17.5M | 13.5M | 1.3M | 1.51M | 2.39M | 4.04M | 2.84M | 1.64M | 386K | 7.06M | 1.84M | 1.74M | 1.75M | 18.8M | 7.3M | 1.1M |
| Total Non-Current Assets | 28.48M | 27.81M | 26.8M | 47.8M | 51.59M | 83.98M | 89.3M | 98.33M | 91.68M | 209.05M | 201.05M | 225.45M | 224.24M | 229.89M | 218.02M | 204.23M | 219.3M | 214.51M | 189.47M | 156.68M | 60.39M | 60.99M | 58.91M | 48.12M | 47.08M | 48.52M | 47.8M | 49.8M | 35M |
| Property, Plant & Equipment | 21.99M | 24.05M | 23.14M | 31.15M | 34.67M | 31.18M | 72.38M | 79.93M | 88.9M | 206.22M | 200.38M | 224.78M | 223.56M | 229.22M | 216.72M | 197.65M | 200.46M | 204.69M | 188.77M | 155.44M | 59.74M | 60.35M | 58.26M | 47.47M | 41.67M | 42.66M | 43.7M | 45.4M | 34.5M |
| Fixed Asset Turnover | 7.27x | 6.62x | 6.53x | 4.57x | 2.70x | 3.78x | 4.19x | 2.77x | 1.92x | 1.39x | 1.53x | 2.25x | 2.72x | 2.27x | 1.42x | 1.26x | 1.55x | 2.05x | 2.50x | 2.01x | 3.16x | 2.88x | 3.50x | 3.01x | 2.73x | 2.63x | 2.75x | 4.24x | 3.95x |
| Goodwill | 3.61M | 2.22M | 2.22M | 2.22M | 2.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.76M | 0 | 0 | 0 | 0 |
| Intangible Assets | 821K | 557K | 700K | 842K | 984K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 544K | 0 | 0 | 0 | 0 | 0 | 5.2M | 3.6M | 3.8M | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.06M | 982K | 739K | 13.58M | 13.73M | 52.8M | 16.92M | 10.54M | -15.28M | 2.83M | 670K | -1.98M | -9.24M | -12.36M | -8.86M | 5.28M | 17.33M | 7.42M | -3.34M | 699K | -8.62M | -8.98M | -7.38M | 645K | 646K | 656K | 500K | 600K | 500K |
| Total Assets | 146.73M | 133.22M | 128.43M | 134.87M | 135.27M | 236.74M | 252.78M | 258.29M | 270.84M | 322.41M | 316.92M | 402.56M | 426.23M | 403.5M | 395.94M | 334.86M | 333.43M | 350.89M | 325.21M | 251.45M | 163.81M | 152.28M | 140.32M | 113.15M | 102.54M | 96.06M | 95M | 97.7M | 67.7M |
| Asset Turnover | 1.21x | 1.20x | 1.18x | 1.06x | 0.69x | 0.50x | 1.20x | 0.86x | 0.63x | 0.89x | 0.97x | 1.26x | 1.43x | 1.29x | 0.78x | 0.74x | 0.93x | 1.20x | 1.45x | 1.24x | 1.15x | 1.14x | 1.45x | 1.26x | 1.11x | 1.17x | 1.27x | 1.97x | 2.01x |
| Asset Growth % | 24.89% | 3.73% | -4.77% | -0.3% | -42.86% | -6.35% | -2.13% | -4.63% | -15.99% | 1.73% | -21.27% | -5.55% | 5.64% | 1.91% | 18.24% | 0.43% | -4.98% | 7.9% | 29.34% | 53.5% | 7.57% | 8.53% | 24.01% | 10.35% | 6.74% | 1.12% | -2.76% | 44.31% | - |
| Total Current Liabilities | 33.42M | 21.38M | 29.85M | 30.79M | 29.95M | 105.69M | 97.84M | 56.1M | 48.66M | 35.35M | 37.9M | 77.38M | 112.28M | 92.27M | 75.99M | 18.51M | 33.63M | 74.94M | 78.36M | 40.21M | 16.27M | 16.08M | 20.7M | 12.71M | 8.86M | 10.37M | 15.4M | 22.7M | 15.2M |
| Accounts Payable | 18.07M | 5.8M | 8.47M | 8.31M | 9.28M | 12.36M | 61.54M | 28.97M | 18.38M | 9.02M | 13.6M | 40.27M | 66.05M | 49.48M | 20.5M | 5.26M | 16.52M | 61.03M | 24.22M | 12.79M | 7.24M | 5.79M | 8.94M | 1.72M | 1.66M | 2.23M | 4.2M | 7.2M | 3.4M |
| Days Payables Outstanding | 25.18 | 15.46 | 18.96 | 22.56 | 36.9 | 35.93 | 70.28 | 46.29 | 31.35 | 12.59 | 15.46 | 31.81 | 41.24 | 34.9 | 24.67 | 8.54 | 22.16 | 60.5 | 21.26 | 17.05 | 16.05 | 13.97 | 18.67 | 5.07 | 6.16 | 8.4 | 15.21 | 17.27 | 11.37 |
| Short-Term Debt | 1.12M | 1.12M | 1.07M | 0 | 0 | 5.5M | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.92M | 0 | 5.47M | 8.2M | 0 | 10.26M | 26.27M | 16.84M | 9.81M | 15.86M | 7.08M | 18.77M | 35.01M | 28.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 14.46M | 0 | 0 | 6.65M | 63.81M | 9.53M | 0 | 0 | 0 | 0 | 0 | 0 | 28.5M | 0 | 8.74M | 12.25M | 6.05M | 46.72M | 0 | 5.72M | 7.67M | 6.9M | 4.83M | 3.26M | 4M | 11.2M | 15.5M | 11.8M |
| Current Ratio | 3.54x | 4.93x | 3.40x | 2.83x | 2.79x | 1.45x | 1.67x | 2.85x | 3.68x | 3.21x | 3.06x | 2.29x | 1.80x | 1.88x | 2.34x | 7.06x | 3.39x | 1.82x | 1.73x | 2.36x | 6.36x | 5.68x | 3.93x | 5.12x | 6.26x | 4.58x | 3.06x | 2.11x | 2.15x |
| Quick Ratio | 3.46x | 4.84x | 3.34x | 2.78x | 2.73x | 1.42x | 1.64x | 2.74x | 3.58x | 2.87x | 2.72x | 2.16x | 1.70x | 1.83x | 2.26x | 6.83x | 3.27x | 1.74x | 1.64x | 2.24x | 6.02x | 5.46x | 3.80x | 5.01x | 6.11x | 4.45x | 2.99x | 2.06x | 2.09x |
| Cash Conversion Cycle | 63.18 | 60.92 | 80 | 69.66 | 51.2 | 29.83 | 26.91 | 50.03 | 98.37 | 64.03 | 70.64 | 54.57 | 39.89 | 33.79 | 93.29 | 47.35 | 96.75 | 42.18 | 60.05 | 79.17 | 108.48 | 90.48 | 73.44 | 91.58 | 50.76 | 56.4 | 58.07 | 54.99 | 51.11 |
| Total Non-Current Liabilities | 19M | 18.74M | 19.61M | 1.45M | 1.41M | 6.57M | 2.25M | 1.09M | 2.68M | 24.03M | 21.82M | 39.38M | 38.4M | 37.72M | 37.15M | 29.15M | 26M | 21.74M | 17.94M | 10.48M | 9.27M | 9.63M | 8.03M | 5.47M | 4.77M | 4.42M | 3M | 5.3M | 1.9M |
| Long-Term Debt | 17.88M | 17.89M | 18.93M | 0 | 0 | 4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 0 |
| Capital Lease Obligations | 931K | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 18.06M | 23.23M | 21.82M | 39.38M | 38.4M | 37.72M | 37.15M | 29.15M | 26M | 21.74M | 17.94M | 10.48M | 9.27M | 9.63M | 8.03M | 5.47M | 4.77M | 4.42M | 3.1M | 2.3M | 1.9M |
| Other Non-Current Liabilities | 1.12M | 850K | 685K | 1.45M | 1.41M | 2.07M | 148K | 1.09M | 1.91M | 305K | 0 | -2.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Total Liabilities | 52.42M | 40.11M | 49.46M | 32.24M | 31.36M | 112.26M | 100.09M | 57.19M | 51.35M | 59.38M | 59.73M | 116.76M | 150.67M | 130M | 113.14M | 47.66M | 59.63M | 96.68M | 96.3M | 50.69M | 25.54M | 25.7M | 28.73M | 18.17M | 13.63M | 14.8M | 18.4M | 28M | 17.1M |
| Total Debt | 19M | 19M | 20M | 0 | 0 | 10M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 0 |
| Net Debt | -4.21M | -8.28M | -18.18M | -33.22M | -52.89M | -33.16M | -47.1M | -70.46M | -8.98M | -51.17M | -34.83M | -36.09M | -36.57M | -24.89M | -55.29M | -88.07M | -8.75M | -13.84M | -24.64M | -10.3M | -5.69M | -11.7M | -8.01M | -5.67M | -11.27M | -10.08M | -4.5M | 200K | -6.9M |
| Debt / Equity | 0.20x | 0.20x | 0.25x | - | - | 0.08x | 0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.04x | - |
| Debt / EBITDA | 1.60x | 1.11x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.09x | - |
| Net Debt / EBITDA | -0.35x | -0.48x | - | -23.99x | - | - | - | - | - | -1.67x | - | -0.72x | -0.98x | -1.43x | -3.25x | -2.54x | -0.18x | -0.23x | -0.41x | -0.25x | -0.23x | -0.49x | -0.28x | -0.29x | -0.71x | -0.94x | -0.30x | 0.01x | -0.31x |
| Interest Coverage | 19.04x | - | - | - | -33.96x | -51.88x | - | -138.49x | -195.98x | 15.61x | -234.02x | 647.22x | 51.08x | -38.99x | -21.15x | 201.63x | 405.30x | 1045.00x | 929.58x | 61.89x | 333.02x | 121.46x | 593.35x | 385.77x | 303.67x | 175.09x | - | 300.00x | - |
| Total Equity | 94.3M | 93.1M | 78.97M | 102.62M | 103.91M | 124.48M | 152.69M | 201.1M | 219.49M | 263.03M | 257.2M | 285.8M | 275.56M | 273.5M | 282.8M | 287.19M | 273.8M | 254.21M | 228.91M | 200.76M | 138.26M | 126.58M | 111.59M | 94.98M | 88.91M | 81.27M | 76.6M | 69.7M | 50.6M |
| Equity Growth % | 44.28% | 17.89% | -23.05% | -1.24% | -16.52% | -18.48% | -24.08% | -8.38% | -16.55% | 2.27% | -10.01% | 3.71% | 0.75% | -3.29% | -1.53% | 4.89% | 7.71% | 11.05% | 14.03% | 45.2% | 9.23% | 13.44% | 17.49% | 6.83% | 9.4% | 6.09% | 9.9% | 37.75% | - |
| Book Value per Share | 5.83 | 5.56 | 4.88 | 6.48 | 6.70 | 8.13 | 10.03 | 13.42 | 14.81 | 17.96 | 17.75 | 19.70 | 19.04 | 18.99 | 19.71 | 20.06 | 19.15 | 17.79 | 16.01 | 14.40 | 11.18 | 10.41 | 9.40 | 8.01 | 7.59 | 6.99 | 6.52 | 5.97 | 4.73 |
| Total Shareholders' Equity | 94.3M | 93.1M | 78.97M | 102.62M | 103.91M | 124.48M | 152.69M | 201.1M | 219.49M | 263.03M | 257.2M | 285.8M | 275.56M | 273.5M | 282.8M | 287.19M | 273.8M | 254.21M | 228.91M | 200.76M | 138.26M | 126.58M | 111.59M | 94.98M | 88.91M | 81.27M | 76.6M | 69.7M | 50.6M |
| Common Stock | 11.31M | 11.67M | 11.73M | 11.59M | 11.38M | 11.22M | 11.12M | 11.02M | 10.82M | 10.64M | 10.35M | 10.09M | 10.01M | 9.96M | 9.92M | 9.85M | 9.77M | 9.71M | 9.56M | 9.37M | 5.05M | 4.78M | 4.34M | 4.27M | 4.23M | 4.2M | 4.2M | 0 | 0 |
| Retained Earnings | -21.82M | -26.63M | -41.37M | -16.34M | -12.99M | 9.18M | 38.44M | 87.84M | 108.21M | 153.58M | 150.65M | 181.88M | 172.43M | 171.03M | 180.94M | 186.23M | 173.72M | 154.79M | 131.5M | 106.02M | 88.89M | 79.57M | 69.94M | 54.15M | 48.58M | 41.32M | 37.1M | 30.4M | 11.6M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -141.14M | -142.62M | -251.29M | -236.8M | -213.35M | -187.05M | -164.88M | -143.94M | -126.72M | -112.56M | -94.46M | -78.21M | -64.76M | -829K | -93K | -43.67M | -38.62M | -34.16M | -30.45M | -26.1M | -21.4M | -17.2M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Project-based working capital volatility
According to recent SEC filings, GIFI has successfully transitioned to a leaner balance sheet, with total assets reaching $146.7 million in 2025Q3, reflecting a strategic pivot away from capital-intensive shipyard operations toward a more focused fabrication and services model that prioritizes liquidity over asset accumulation.
The reduction in asset complexity suggests a deliberate effort to minimize exposure to legacy industrial risks. Investors should monitor whether this leaner structure can sustain long-term growth without the historical asset base that previously supported larger-scale marine projects.
As reported in financial statements, the company maintains a conservative capital structure with a debt-to-equity ratio of 0.20% as of 2025Q3, signaling that management has effectively utilized the proceeds from asset divestitures to maintain a near-debt-free position in a volatile industrial sector.
This minimal leverage provides a significant buffer against cyclical downturns in the energy infrastructure market. The lack of meaningful debt obligations suggests that the company is well-positioned to navigate periods of project delays without the immediate pressure of interest coverage requirements.
Based on the company's reported figures, GIFI holds $23.2 million in cash as of 2025Q3, which, when combined with a current ratio of 3.54, indicates a robust liquidity profile that provides substantial protection against the inherent lumpiness of project-based cash flows in the fabrication industry.
The high current ratio suggests that the company is not currently facing liquidity constraints, though the fluctuation in cash balances over the last ten quarters warrants further investigation into the efficiency of working capital management. This liquidity buffer appears sufficient to fund ongoing operations during potential project gaps.
Financial data reveals that despite a total equity base of $94.3 million, the company continues to carry an accumulated deficit of $21.8 million as of 2025Q3, which highlights the historical challenges in achieving consistent profitability despite the recent strategic restructuring of the business model.
The persistence of this deficit suggests that while the balance sheet is technically strong, the underlying earnings power has yet to fully recover from past operational inefficiencies. Investors should monitor the trajectory of retained earnings as a key indicator of whether the new business model is generating sustainable value.
Quick answers to the most common questions about buying GIFI stock.
As of 2024, Gulf Island Fabrication, Inc. (GIFI) had total assets of $133.2M including $105.4M in current assets.
Gulf Island Fabrication, Inc. (GIFI) carries total debt of $19.0M, offset by $66.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gulf Island Fabrication, Inc. (GIFI) has total shareholders' equity (book value) of $93.1M ($5.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gulf Island Fabrication, Inc. (GIFI) reported a current ratio of 4.93x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.