Revenue remains highly volatile due to project-based cycles, with operating margins failing to scale consistently, as evidenced by the 2025Q2 operating loss despite generating $37.5 million in revenue.
| 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 |
|---|
| Sales/Revenue | 166.77M | 159.2M | 151.07M | 142.32M | 93.45M | 117.73M | 303.31M | 221.25M | 171.02M | 286.33M | 306.12M | 506.64M | 608.33M | 521.34M | 307.83M | 248.29M | 311.53M | 420.51M | 472.74M | 312.18M | 188.54M | 173.88M | 203.67M | 142.92M | 113.7M | 112.09M | 120.2M | 192.4M | 136.4M |
| Revenue Growth % | 0.26% | 5.38% | 6.15% | 52.29% | -20.62% | -61.19% | 37.09% | 29.37% | -40.27% | -6.47% | -39.58% | -16.72% | 16.69% | 69.36% | 23.98% | -20.3% | -25.92% | -11.05% | 51.43% | 65.57% | 8.44% | -14.63% | 42.51% | 25.7% | 1.43% | -6.75% | -37.53% | 41.06% | - |
| Cost of Goods Sold | 144.4M | 136.95M | 162.97M | 134.43M | 91.79M | 125.6M | 319.61M | 228.44M | 213.95M | 261.47M | 321.28M | 462.08M | 584.66M | 517.5M | 303.3M | 225.01M | 272.06M | 368.21M | 415.9M | 273.77M | 164.55M | 151.21M | 174.76M | 123.64M | 98.33M | 96.88M | 100.8M | 152.2M | 109.1M |
| COGS % of Revenue | - | 86.02% | 107.88% | 94.45% | 98.22% | 106.68% | 105.37% | 103.25% | 125.1% | 91.32% | 104.95% | 91.21% | 96.11% | 99.26% | 98.53% | 90.63% | 87.33% | 87.56% | 87.98% | 87.7% | 87.27% | 86.96% | 85.81% | 86.51% | 86.48% | 86.43% | 83.86% | 79.11% | 79.99% |
| Gross Profit | 22.37M | 22.25M | -11.9M | 7.89M | 1.66M | -7.87M | -16.3M | -7.2M | -42.92M | 24.85M | -15.16M | 44.56M | 23.66M | 3.84M | 4.53M | 23.27M | 39.47M | 52.3M | 56.84M | 38.41M | 24M | 22.67M | 28.9M | 19.28M | 15.37M | 15.21M | 19.4M | 40.2M | 27.3M |
| Gross Margin % | 13.41% | 13.98% | -7.88% | 5.55% | 1.78% | -6.68% | -5.37% | -3.25% | -25.1% | 8.68% | -4.95% | 8.79% | 3.89% | 0.74% | 1.47% | 9.37% | 12.67% | 12.44% | 12.02% | 12.3% | 12.73% | 13.04% | 14.19% | 13.49% | 13.52% | 13.57% | 16.14% | 20.89% | 20.01% |
| Gross Profit Growth % | - | 286.98% | -250.74% | 374.46% | 121.15% | 51.73% | -126.5% | 83.24% | -272.72% | 263.98% | -134.02% | 88.31% | 516.17% | -15.19% | -80.54% | -41.03% | -24.54% | -7.99% | 47.97% | 60.07% | 5.84% | -21.55% | 49.94% | 25.44% | 1.01% | -21.58% | -51.74% | 47.25% | - |
| Operating Expenses | 15.41M | 9.97M | 13.98M | 11.31M | 15.15M | 6.04M | 33.72M | 19.32M | 17.8M | 19.67M | 16.26M | 20.61M | 11.55M | 9.81M | 8.19M | 7.95M | 8.26M | 9.45M | 10.36M | 9.14M | 5.68M | 4.82M | 5.17M | 4.23M | 4.43M | 9.26M | 9.2M | 10.2M | 7.6M |
| OpEx % of Revenue | - | 6.27% | 9.26% | 7.95% | 16.21% | 5.13% | 11.12% | 8.73% | 10.41% | 6.87% | 5.31% | 4.07% | 1.9% | 1.88% | 2.66% | 3.2% | 2.65% | 2.25% | 2.19% | 2.93% | 3.01% | 2.77% | 2.54% | 2.96% | 3.9% | 8.26% | 7.65% | 5.3% | 5.57% |
| Selling, General & Admin | 13.87M | 13.52M | 16.28M | 18.21M | 11.85M | 12.72M | 15.63M | 19.02M | 17.8M | 19.67M | 16.26M | 20.61M | 11.55M | 9.81M | 8.19M | 7.95M | 8.26M | 9.45M | 10.36M | 9.14M | 5.68M | 4.82M | 5.17M | 4.23M | 4.43M | 4.49M | 4.2M | 6M | 4.7M |
| SG&A % of Revenue | - | 8.49% | 10.78% | 12.8% | 12.68% | 10.81% | 5.15% | 8.59% | 10.41% | 6.87% | 5.31% | 4.07% | 1.9% | 1.88% | 2.66% | 3.2% | 2.65% | 2.25% | 2.19% | 2.93% | 3.01% | 2.77% | 2.54% | 2.96% | 3.9% | 4% | 3.49% | 3.12% | 3.45% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.18M | -3.55M | -2.3M | -6.9M | 3.3M | -6.69M | 18.09M | 304K | 0 | 0 | 20K | -99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.77M | 5M | 4.2M | 2.9M |
| Operating Income | 6.96M | 12.28M | -25.88M | -3.42M | -13.48M | -13.9M | -50.02M | -19.66M | -68.4M | 5.18M | -38.61M | 23.95M | 12.11M | -5.97M | -3.66M | 15.32M | 31.21M | 42.84M | 46.48M | 29.28M | 18.32M | 17.86M | 23.73M | 15.04M | 10.93M | 5.95M | 10.2M | 30M | 19.7M |
| Operating Margin % | 4.18% | 7.71% | -17.13% | -2.4% | -14.43% | -11.81% | -16.49% | -8.89% | -39.99% | 1.81% | -12.61% | 4.73% | 1.99% | -1.14% | -1.19% | 6.17% | 10.02% | 10.19% | 9.83% | 9.38% | 9.71% | 10.27% | 11.65% | 10.53% | 9.62% | 5.31% | 8.49% | 15.59% | 14.44% |
| Operating Income Growth % | - | 147.44% | -657.92% | 74.67% | 3.01% | 72.21% | -154.37% | 71.25% | -1419.64% | 113.42% | -261.25% | 97.81% | 302.92% | -63.05% | -123.88% | -50.9% | -27.16% | -7.82% | 58.76% | 59.84% | 2.58% | -24.77% | 57.75% | 37.62% | 83.64% | -41.64% | -66% | 52.28% | - |
| EBITDA | 11.87M | 17.14M | -20.42M | 1.39M | -8.1M | -5.29M | -40.41M | -9.23M | -55.49M | 30.63M | -12.41M | 50.38M | 37.19M | 17.43M | 17.03M | 34.61M | 49.72M | 60.33M | 60.6M | 41.78M | 24.59M | 23.9M | 29.06M | 19.61M | 15.8M | 10.72M | 15.2M | 34.2M | 22.6M |
| EBITDA Margin % | 7.11% | 10.77% | -13.52% | 0.97% | -8.67% | -4.49% | -13.32% | -4.17% | -32.44% | 10.7% | -4.05% | 9.94% | 6.11% | 3.34% | 5.53% | 13.94% | 15.96% | 14.35% | 12.82% | 13.38% | 13.04% | 13.74% | 14.27% | 13.72% | 13.89% | 9.57% | 12.65% | 17.78% | 16.57% |
| EBITDA Growth % | -41.64% | 183.97% | -1574.15% | 117.1% | -53.2% | 86.92% | -337.54% | 83.36% | -281.15% | 346.83% | -124.63% | 35.46% | 113.39% | 2.33% | -50.78% | -30.4% | -17.59% | -0.44% | 45.03% | 69.89% | 2.93% | -17.76% | 48.18% | 24.13% | 47.31% | -29.45% | -55.56% | 51.33% | - |
| D&A (Non-Cash Add-back) | 4.9M | 4.87M | 5.47M | 4.8M | 5.39M | 8.62M | 9.61M | 10.43M | 12.91M | 25.45M | 26.2M | 26.44M | 25.09M | 23.4M | 20.69M | 19.28M | 18.51M | 17.49M | 14.12M | 12.51M | 6.28M | 6.04M | 5.32M | 4.57M | 4.87M | 4.77M | 5M | 4.2M | 2.9M |
| EBIT | 7.83M | 9.18M | -28.18M | -10.32M | -9.18M | -20.61M | -32.38M | -26.52M | -60.68M | 5.86M | -38.57M | 23.86M | 12.11M | -5.25M | -2.27M | 21.43M | 32.22M | 42.96M | 46.48M | 29.28M | 18.32M | 17.86M | 23.73M | 15.04M | 10.93M | 5.95M | 10.2M | 30M | 19.7M |
| Net Interest Income | 1.27M | 2.41M | 1.44M | 86K | -397K | -268K | 531K | -142K | -349K | -308K | -139K | -24K | -234K | 433K | 902K | 5.02M | 986K | 172K | -50K | -473K | -55K | -147K | -40K | -39K | -36K | -34K | 0 | -100K | 0 |
| Interest Income | 1.68M | 2.41M | 1.44M | 86K | 0 | 0 | 531K | 0 | 0 | 24K | 26K | 13K | 3K | 586K | 1.07M | 5.1M | 1.06M | 213K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 411K | 0 | 0 | 0 | 397K | 268K | 0 | 142K | 349K | 332K | 165K | 37K | 237K | 153K | 173K | 76K | 77K | 41K | 50K | 473K | 55K | 147K | 40K | 39K | 36K | 34K | 0 | 100K | 0 |
| Other Income/Expense | 2.09M | 2.41M | 1.44M | 86K | 8.66M | -268K | 723K | -142K | -562K | 373K | -119K | -123K | -571K | 561K | 1.21M | 6.04M | 931K | 75K | 374K | 1.15M | 880K | 457K | 193K | 624K | 319K | 740K | 600K | 200K | -100K |
| Pretax Income | 9.05M | 14.69M | -24.44M | -3.33M | -4.82M | -14.17M | -49.3M | -19.81M | -68.96M | 5.56M | -38.73M | 23.82M | 11.54M | -5.41M | -2.45M | 21.36M | 32.14M | 42.92M | 46.85M | 30.42M | 19.2M | 18.31M | 23.93M | 15.67M | 11.25M | 6.69M | 10.8M | 30.2M | 19.6M |
| Pretax Margin % | 5.43% | 9.23% | -16.18% | -2.34% | -5.16% | -12.04% | -16.25% | -8.95% | -40.32% | 1.94% | -12.65% | 4.7% | 1.9% | -1.04% | -0.8% | 8.6% | 10.32% | 10.21% | 9.91% | 9.75% | 10.18% | 10.53% | 11.75% | 10.96% | 9.9% | 5.97% | 8.98% | 15.7% | 14.37% |
| Income Tax | -55K | -51K | -41K | 23K | -24K | -52K | 96K | 571K | -24.19M | 2.04M | -13.37M | 8.5M | 4.3M | -1.31M | -644K | 8.27M | 11.34M | 13.9M | 15.69M | 9.1M | 6.21M | 6.27M | 8.13M | 5.33M | 3.99M | 2.51M | 4.1M | 11.4M | 7.4M |
| Effective Tax Rate % | -0.61% | -0.35% | 0.17% | -0.69% | 0.5% | 0.37% | -0.19% | -2.88% | 35.08% | 36.74% | 34.52% | 35.7% | 37.3% | 24.31% | 26.31% | 38.7% | 35.27% | 32.38% | 33.48% | 29.91% | 32.35% | 34.24% | 34% | 34.03% | 35.46% | 37.46% | 37.96% | 37.75% | 37.76% |
| Net Income | 9.11M | 14.74M | -24.4M | -3.35M | -22.17M | -27.43M | -49.39M | -20.38M | -44.77M | 3.52M | -25.36M | 15.32M | 7.23M | -4.09M | -1.8M | 13.09M | 20.8M | 29.02M | 31.17M | 21.32M | 12.99M | 12.04M | 15.79M | 5.57M | 7.26M | 4.19M | 6.7M | 18.8M | 12.2M |
| Net Margin % | 5.46% | 9.26% | -16.15% | -2.36% | -23.72% | -23.3% | -16.29% | -9.21% | -26.18% | 1.23% | -8.29% | 3.02% | 1.19% | -0.78% | -0.59% | 5.27% | 6.68% | 6.9% | 6.59% | 6.83% | 6.89% | 6.93% | 7.75% | 3.9% | 6.39% | 3.73% | 5.57% | 9.77% | 8.94% |
| Net Income Growth % | -48.07% | 160.41% | -627.98% | 84.88% | 19.17% | 44.47% | -142.39% | 54.48% | -1373.57% | 113.86% | -265.56% | 111.84% | 276.78% | -126.77% | -113.78% | -37.06% | -28.32% | -6.88% | 46.15% | 64.2% | 7.85% | -23.75% | 183.42% | -23.26% | 73.46% | -37.52% | -64.36% | 54.1% | - |
| Net Income (Continuing) | 9.11M | 14.74M | -24.4M | -3.35M | -4.8M | -14.12M | -49.39M | -20.38M | -44.77M | 3.52M | -25.36M | 15.32M | 7.23M | -4.09M | -1.8M | 13.09M | 20.8M | 29.02M | 31.17M | 21.32M | 12.99M | 12.04M | 15.79M | 10.34M | 7.26M | 4.19M | 6.7M | 18.8M | 12.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -17.37M | -13.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | 0.56 | 0.88 | -1.51 | -0.21 | -0.31 | -1.79 | -3.24 | -1.36 | -3.02 | 0.24 | -1.75 | 1.05 | 0.50 | -0.28 | -0.13 | 0.90 | 1.44 | 2.02 | 2.18 | 1.53 | 1.05 | 0.99 | 1.33 | 0.47 | 0.62 | 0.36 | 0.57 | 1.61 | 1.14 |
| EPS Growth % | -48.04% | 158.28% | -619.05% | 32.26% | 82.68% | 44.75% | -138.24% | 54.97% | -1358.33% | 113.71% | -266.67% | 110% | 278.57% | -115.38% | -114.44% | -37.5% | -28.71% | -7.34% | 42.48% | 45.71% | 6.06% | -25.56% | 182.98% | -24.19% | 72.22% | -36.84% | -64.6% | 41.23% | - |
| EPS (Basic) | - | 0.90 | -1.51 | -0.21 | -0.31 | -1.79 | -3.24 | -1.36 | -3.02 | 0.24 | -1.75 | 1.05 | 0.50 | -0.29 | -0.13 | 0.90 | 1.44 | 2.03 | 2.20 | 1.54 | 1.06 | 1.00 | 1.34 | 0.47 | 0.62 | 0.36 | 0.57 | 1.62 | 1.15 |
| Diluted Shares Outstanding | 16.19M | 16.75M | 16.19M | 15.84M | 15.51M | 15.31M | 15.23M | 14.98M | 14.82M | 14.65M | 14.49M | 14.51M | 14.47M | 14.4M | 14.35M | 14.32M | 14.29M | 14.29M | 14.3M | 13.94M | 12.37M | 12.16M | 11.87M | 11.86M | 11.71M | 11.63M | 11.75M | 11.68M | 10.7M |
| Basic Shares Outstanding | 16.19M | 16.37M | 16.19M | 15.84M | 15.51M | 15.31M | 15.23M | 14.98M | 14.82M | 14.63M | 14.49M | 14.51M | 14.46M | 14.27M | 14.35M | 14.32M | 14.29M | 14.26M | 14.17M | 13.85M | 12.25M | 12.04M | 11.79M | 11.86M | 11.71M | 11.63M | 11.75M | 11.6M | 10.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 16.73% | - | 38.28% | 80.74% | - | - | 4.42% | 8.99% | 19.76% | 18.26% | 19.64% | 28.27% | 20.03% | - | - | - | - | - | - | 136.07% |
Project Backlog Execution Volatility
As indicated by the quarterly income statement data, Gulf Island Fabrication's revenue trajectory remains highly inconsistent, with a 36.9% year-over-year growth in 2025Q3 contrasting sharply against significant contractions in prior periods, highlighting the inherent instability of a project-based revenue model in the industrial fabrication sector.
The company's revenue profile is heavily dependent on the timing of large-scale industrial contracts, which creates significant quarter-to-quarter variance. Investors should monitor whether the recent growth in 2025Q3 represents a sustainable shift in project throughput or merely the recognition of specific milestones within a lumpy project backlog.
Based on reported financial figures, gross margins have fluctuated significantly from a low of -5.9% in 2023Q3 to a peak of 19.6% in 2024Q4, suggesting that the company's profitability is highly sensitive to capacity utilization and the successful execution of fixed-price fabrication contracts.
The wide variance in gross margins implies that the company lacks the pricing power to fully insulate itself from input cost volatility or operational inefficiencies. This suggests that maintaining high facility utilization is the primary determinant of profitability, making the firm vulnerable to any slowdown in Gulf Coast capital expenditure.
According to the provided income statement data, operating income has failed to scale consistently with revenue, as evidenced by the 2025Q2 operating loss despite $37.5 million in revenue, indicating that the company's fixed cost structure remains a significant drag on profitability during periods of lower project volume.
The inability to consistently expand operating margins during revenue growth periods suggests that SG&A and fixed overhead costs are not sufficiently flexible to match project-based revenue cycles. This operating leverage profile warrants further investigation into the company's ability to manage its cost base during cyclical downturns.
As reported in financial statements, the discrepancy between operating income and net income, particularly in 2025Q1 and 2024Q4, suggests that non-operating items or tax benefits may be inflating bottom-line results, potentially masking the underlying volatility of the core fabrication business operations.
The reliance on percentage-of-completion accounting requires management to make significant estimates, which can lead to earnings quality concerns if project cost projections are overly optimistic. Investors should be cautious of relying on net income as a proxy for cash-generative capacity given the potential for significant accounting adjustments.
Financial data suggests that the company's recent return to profitability may be fragile, as the 2025Q3 operating margin of 2.2% remains significantly below the 15.0% peak observed in 2023Q4, raising questions about the long-term durability of current margins in a competitive industrial fabrication environment.
Short-term margin compression risks are elevated due to the company's exposure to fixed-price contracts and potential skilled labor wage inflation. The current financial performance appears to be a recovery from historical losses rather than a demonstration of sustained, high-margin operational excellence.
Quick answers to the most common questions about buying GIFI stock.
For fiscal year 2024, Gulf Island Fabrication, Inc. (GIFI) reported total revenue of $159.2M. This represents a 16.7% increase compared to $136.4M in 1997.
Gulf Island Fabrication, Inc. (GIFI) is profitable, generating $14.7M in net income for the fiscal year ending 2024 with a net profit margin of 9.3%.
Gulf Island Fabrication, Inc. (GIFI) reported an operating income of $12.3M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Gulf Island Fabrication, Inc. (GIFI) generated $22.3M in gross profit for the year, representing a gross profit margin of 14.0%. This demonstrates the company's core pricing power and production efficiency.