Global Ship Lease, Inc. (GSL) 10-Year Financial Performance & Capital Metrics

GSL • • Industrial / General

IndustrialsMarine ShippingContainer ShippingContainer Ship Operators

AboutGlobal Ship Lease, Inc. owns and charters containerships of various sizes under fixed-rate charters to container shipping companies. As of March 10, 2022, it owned 65 mid-sized and smaller containerships with an aggregate capacity of 342,348 twenty-foot equivalent units. The company was founded in 2007 and is based in London, the United Kingdom.Show more

Revenue $706M +5.8%
EBITDA $479M +10.2%
Net Income $354M +16.1%
EPS (Diluted) 9.72 +18.4%
Gross Margin 55.38% -0.8%
EBITDA Margin 67.91% +4.1%
Operating Margin 53.74% +4.4%
Net Margin 50.12% +9.7%
ROE 26.71% -5.7%
ROIC 14.72% +5.0%
Debt/Equity 0.47 -31.9%
Interest Coverage 9.32 +21.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.0%
✓Strong 5Y profit CAGR of 54.8%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 26.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.0%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.67%

5Y21.99%

3Y20.57%

TTM6.75%

Profit (Net Income) CAGR

10Y50.06%

5Y54.76%

3Y27.28%

TTM23.86%

EPS CAGR

10Y28.37%

5Y46.31%

3Y28.32%

TTM23.89%

ROCE

10Y Avg8.78%

5Y Avg16.43%

3Y Avg19.01%

Latest18.95%

Peer Comparison

Container Ship Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MATXMatson, Inc.	4.55B	145.97	10.48	10.57%	12.7%	15.98%	10.06%	0.28
CMRECostamare Inc.	1.95B	16.18	6.63	37.88%	17.4%	15.08%	13.2%	0.92
EHLDEuroholdings Ltd.	19.49M	6.92	5.16	112.37%	122.75%	81.86%	24.39%
DACDanaos Corporation	1.86B	101.42	3.89	4.16%	45.16%	12.59%		0.21
GSLGlobal Ship Lease, Inc.	1.29B	36.11	3.72	5.82%	54.16%	23.67%	14.53%	0.47
ESEAEuroseas Ltd.	386.41M	55.15	3.40	12.43%	54.01%	28.23%		0.57
ZIMZIM Integrated Shipping Services Ltd.	2.73B	22.70	1.27	63.25%	13.21%	24.94%	100%	1.49

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	164.92M	166.52M	158.99M	157.1M	261.1M	282.27M	402.52M	604.49M	666.72M	705.53M
Revenue Growth %	0.19%	0.01%	-0.05%	-0.01%	0.66%	0.08%	0.43%	0.5%	0.1%	0.06%
Cost of Goods Sold+	94.96M	88.5M	81.44M	86.3M	140.72M	160.96M	204.97M	269.9M	294.53M	314.78M
COGS % of Revenue	0.58%	0.53%	0.51%	0.55%	0.54%	0.57%	0.51%	0.45%	0.44%	0.45%
Gross Profit+	69.96M	78.02M	77.55M	70.8M	120.38M	121.31M	197.56M	334.59M	372.19M	390.75M
Gross Margin %	0.42%	0.47%	0.49%	0.45%	0.46%	0.43%	0.49%	0.55%	0.56%	0.55%
Gross Profit Growth %	0.43%	0.12%	-0.01%	-0.09%	0.7%	0.01%	0.63%	0.69%	0.11%	0.05%
Operating Expenses+	6M	6.08M	5.25M	9.22M	8.81M	16.55M	-39.96M	-19.6M	28.97M	11.61M
OpEx % of Revenue	0.04%	0.04%	0.03%	0.06%	0.03%	0.06%	-0.1%	-0.03%	0.04%	0.02%
Selling, General & Admin	6.48M	6.3M	5.3M	9.22M	8.81M	8.35M	13.24M	18.53M	18.22M	17.13M
SG&A % of Revenue	0.04%	0.04%	0.03%	0.06%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-382K	-216K	-51K	0	0	8.2M	-53.2M	-38.13M	10.75M	-5.53M
Operating Income+	19.25M	-20.48M	-15.32M	-10.26M	111.57M	104.76M	237.52M	354.19M	343.22M	379.14M
Operating Margin %	0.12%	-0.12%	-0.1%	-0.07%	0.43%	0.37%	0.59%	0.59%	0.51%	0.54%
Operating Income Growth %	-0.54%	-2.06%	0.25%	0.33%	11.87%	-0.06%	1.27%	0.49%	-0.03%	0.1%
EBITDA+	61.99M	22.32M	22.66M	25.2M	157.41M	151.74M	299.08M	435.49M	434.94M	479.13M
EBITDA Margin %	0.38%	0.13%	0.14%	0.16%	0.6%	0.54%	0.74%	0.72%	0.65%	0.68%
EBITDA Growth %	-0.24%	-0.64%	0.01%	0.11%	5.25%	-0.04%	0.97%	0.46%	-0%	0.1%
D&A (Non-Cash Add-back)	42.74M	42.8M	37.98M	35.45M	45.84M	46.98M	61.56M	81.3M	91.73M	99.99M
EBIT	19.32M	-20.26M	-14.81M	-8.62M	114.83M	106.97M	240.78M	368.16M	349.77M	394.31M
Net Interest Income+	-48.09M	-44.59M	-58.92M	-47.26M	-73.2M	-64.4M	-68.78M	-72.78M	-35.05M	-23.94M
Interest Income	62K	198K	489K	1.43M	1.79M	956K	449K	2.51M	9.78M	16.73M
Interest Expense	48.15M	44.77M	59.39M	48.69M	74.99M	65.35M	69.23M	75.29M	44.82M	40.68M
Other Income/Expense	-92.31M	-136.78M	-146.5M	-118.88M	-71.73M	-63.15M	-65.97M	-61.31M	-38.27M	-25.51M
Pretax Income+	-28.84M	-65.05M	-74.23M	-57.31M	39.84M	41.61M	171.55M	292.88M	304.95M	353.63M
Pretax Margin %	-0.17%	-0.39%	-0.47%	-0.36%	0.15%	0.15%	0.43%	0.48%	0.46%	0.5%
Income Tax+	38K	46K	40K	55K	3K	49K	56K	-50K	448K	1K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-28.88M	-65.09M	-74.27M	-57.36M	39.84M	41.56M	171.5M	292.93M	304.5M	353.63M
Net Margin %	-0.18%	-0.39%	-0.47%	-0.37%	0.15%	0.15%	0.43%	0.48%	0.46%	0.5%
Net Income Growth %	-5.73%	-1.25%	-0.14%	0.23%	1.69%	0.04%	3.13%	0.71%	0.04%	0.16%
Net Income (Continuing)	-28.88M	-65.09M	-74.27M	-57.36M	39.84M	41.56M	171.5M	292.93M	304.5M	353.63M
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)+	-4.19	-9.42	-10.73	-7.71	1.45	2.31	4.60	7.62	8.21	9.72
EPS Growth %	-6.24%	-1.25%	-0.14%	0.28%	1.19%	0.59%	0.99%	0.66%	0.08%	0.18%
EPS (Basic)	-4.19	-9.42	-10.73	-7.71	1.45	2.32	4.65	7.74	8.33	9.72
Diluted Shares Outstanding	6.9M	6.91M	6.92M	7.44M	12.16M	18M	35.51M	37.2M	35.93M	35.58M
Basic Shares Outstanding	6.9M	6.91M	6.92M	7.44M	12.11M	17.94M	35.13M	36.6M	35.41M	35.32M
Dividend Payout Ratio	-	-	-	-	-	-	0.16%	0.17%	0.17%	0.17%

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+	57.63M	56.93M	77.39M	98.97M	161.87M	98.61M	143.36M	237.05M	295.68M	301.24M
Cash & Short-Term Investments	53.59M	54.24M	73.27M	82.06M	138.02M	81.58M	75.18M	128.68M	152.64M	167.53M
Cash Only	53.59M	54.24M	73.27M	82.06M	138.02M	81.58M	67.28M	120.13M	138.64M	141.38M
Short-Term Investments	0	0	0	0	0	0	7.9M	8.55M	14M	26.15M
Accounts Receivable	2.33M	987K	2.35M	4.5M	7.92M	4.77M	6.12M	4.36M	5.37M	12.84M
Days Sales Outstanding	5.15	2.16	5.4	10.47	11.07	6.16	5.55	2.63	2.94	6.64
Inventory	610K	553K	742K	5.77M	5.59M	6.32M	11.41M	12.24M	15.76M	18.91M
Days Inventory Outstanding	2.34	2.28	3.33	24.4	14.51	14.32	20.32	16.55	19.54	21.92
Other Current Assets	0	0	610K	3.67M	5.42M	5.37M	41.73M	73.8M	107.2M	98.63M
Total Non-Current Assets+	847.29M	719.33M	597.8M	1.13B	1.19B	1.18B	1.85B	1.87B	1.88B	2.07B
Property, Plant & Equipment	846.94M	719.12M	597.79M	1.11B	1.17B	1.14B	1.69B	1.63B	1.68B	1.9B
Fixed Asset Turnover	0.19x	0.23x	0.27x	0.14x	0.22x	0.25x	0.24x	0.37x	0.40x	0.37x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	39K	16K	7K	5.4M	1.47M	0	0	0	0	0
Long-Term Investments	0	0	0	5.83M	5.7M	10.68M	0	0	0	0
Other Non-Current Assets	306K	195K	0	16.34M	22.11M	22.95M	161.8M	240.98M	199.79M	168.73M
Total Assets+	904.92M	776.26M	675.18M	1.23B	1.35B	1.27B	1.99B	2.11B	2.17B	2.37B
Asset Turnover	0.18x	0.21x	0.24x	0.13x	0.19x	0.22x	0.20x	0.29x	0.31x	0.30x
Asset Growth %	0.02%	-0.14%	-0.13%	0.83%	0.1%	-0.06%	0.57%	0.06%	0.03%	0.09%
Total Current Liabilities+	53.63M	47.98M	57.04M	95.52M	129.6M	112.21M	244.76M	261.77M	280.44M	264M
Accounts Payable	622K	963K	1.21M	8.93M	8.09M	10.56M	7.91M	19.11M	14.9M	12.3M
Days Payables Outstanding	2.39	3.97	5.41	37.76	20.98	23.94	14.08	25.84	18.46	14.26
Short-Term Debt	35.16M	30.29M	40M	64.09M	87.53M	76.68M	190.32M	189.83M	164.89M	136.56M
Deferred Revenue (Current)	796K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.1M	1.81M	0	0	0	19.35M	-36.67M	-34.41M	0	0
Current Ratio	1.07x	1.19x	1.36x	1.04x	1.25x	0.88x	0.59x	0.91x	1.05x	1.14x
Quick Ratio	1.06x	1.18x	1.34x	0.98x	1.21x	0.82x	0.54x	0.86x	1.00x	1.07x
Cash Conversion Cycle	5.11	0.47	3.32	-2.9	4.6	-3.45	11.79	-6.66	4.01	14.3
Total Non-Current Liabilities+	454.52M	399.38M	366.54M	821.61M	815.83M	697.24M	1.04B	877.96M	706.95M	645.76M
Long-Term Debt	442.91M	389.58M	358.51M	813.13M	809.36M	692.77M	880.13M	744.56M	619.17M	538.78M
Capital Lease Obligations	0	0	0	0	0	0	141.66M	0	0	0
Deferred Tax Liabilities	20K	20K	17K	9K	0	0	0	0	0	0
Other Non-Current Liabilities	11.59M	9.78M	8.01M	8.47M	6.47M	4.46M	-86.28M	14.22M	5.66M	49.43M
Total Liabilities	508.15M	447.36M	423.58M	917.13M	945.42M	809.45M	1.28B	1.14B	987.39M	909.76M
Total Debt+	478.07M	419.87M	398.51M	877.22M	896.89M	769.46M	1.25B	968.8M	812.43M	684.06M
Net Debt	424.48M	365.63M	325.25M	795.16M	758.87M	687.87M	1.18B	848.67M	673.79M	542.68M
Debt / Equity	1.20x	1.28x	1.58x	2.77x	2.21x	1.66x	1.75x	1.00x	0.69x	0.47x
Debt / EBITDA	7.71x	18.81x	17.59x	34.82x	5.70x	5.07x	4.18x	2.22x	1.87x	1.43x
Net Debt / EBITDA	6.85x	16.38x	14.36x	31.56x	4.82x	4.53x	3.95x	1.95x	1.55x	1.13x
Interest Coverage	0.40x	-0.46x	-0.26x	-0.21x	1.49x	1.60x	3.43x	4.70x	7.66x	9.32x
Total Equity+	396.77M	328.89M	251.6M	316.36M	406.4M	464.74M	712.55M	966.49M	1.18B	1.46B
Equity Growth %	-0.09%	-0.17%	-0.23%	0.26%	0.28%	0.14%	0.53%	0.36%	0.23%	0.24%
Book Value per Share	57.51	47.61	36.34	42.52	33.43	25.82	20.07	25.98	32.96	41.13
Total Shareholders' Equity	396.77M	328.89M	251.6M	316.36M	406.4M	464.74M	712.55M	966.49M	1.18B	1.46B
Common Stock	549K	550K	550K	795K	175K	177K	365K	359K	351K	355K
Retained Earnings	9.79M	-58.37M	-135.69M	-196.12M	-159.36M	-121.79M	13.5M	246.39M	488.11M	773.76M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-248.31M	-376.17M	-148.01M	-111.61M	0	0	227K	31.48M	19.34M	8.62M
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+	62.34M	71.15M	57.82M	47.74M	93.38M	104.43M	247.95M	327.48M	375.01M	430.15M
Operating CF Margin %	0.38%	0.43%	0.36%	0.3%	0.36%	0.37%	0.62%	0.54%	0.56%	0.61%
Operating CF Growth %	0.02%	0.14%	-0.19%	-0.17%	0.96%	0.12%	1.37%	0.32%	0.15%	0.15%
Net Income	-28.88M	-65.09M	-74.27M	-57.36M	39.84M	41.56M	171.5M	292.93M	304.5M	353.63M
Depreciation & Amortization	42.74M	40.7M	36.17M	34.15M	45.84M	46.98M	61.56M	81.3M	91.73M	99.99M
Stock-Based Compensation	75K	283K	272K	50K	1.72M	2M	3.51M	10.1M	10.19M	8.7M
Deferred Taxes	44.61M	92.42M	87.62M	71.83M	0	0	0	0	0	0
Other Non-Cash Items	4.55M	2.41M	10.29M	5.84M	4.25M	15.55M	-56.78M	-50.69M	-12.21M	-29.7M
Working Capital Changes	-762K	433K	-2.28M	-6.76M	1.73M	-1.66M	68.17M	-6.16M	-19.2M	-2.48M
Change in Receivables	-607K	219K	-441K	5.02M	-1.39M	3.13M	-33.21M	-26.02M	-669K	4.54M
Change in Inventory	-160K	57K	-188K	-2.25M	174K	-721K	-5.09M	-827K	-3.53M	-3.14M
Change in Payables	-315K	-1.75M	-3.03M	-9.12M	2.28M	-2.21M	10.42M	11.84M	-5.89M	16.24M
Cash from Investing+	-101.22M	-6.94M	-4.89M	24.23M	-99.92M	-39.59M	-463.02M	-9.88M	-151.98M	-254.64M
Capital Expenditures	-110.73M	-6.93M	-4.89M	-14.31M	-89.57M	-42.36M	-467.03M	-3.77M	-132.89M	-229.65M
CapEx % of Revenue	0.67%	0.04%	0.03%	0.09%	0.34%	0.15%	1.16%	0.01%	0.2%	0.33%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	9.51M	-6K	-8K	14.5M	-9.53M	2.76M	11.9M	-5.46M	-13.65M	-12.84M
Cash from Financing+	59.18M	-63.56M	-33.9M	-55.17M	64.11M	-120.21M	318.45M	-243.31M	-212.24M	-208.59M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12.57M	-3.06M	-3.06M	-3.06M	-3.08M	-4M	-36.2M	-60.03M	-62.78M	-67.97M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-971K	0	0	0	-7.9M	-1.19M	-13.79M	-9.65M	-1.14M	-3.12M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-48.4M	64.22M	52.93M	33.43M	-5.72M	57.98M	-223.68M	318.25M	222.53M	187.65M
FCF Margin %	-0.29%	0.39%	0.33%	0.21%	-0.02%	0.21%	-0.56%	0.53%	0.33%	0.27%
FCF Growth %	-17.26%	2.33%	-0.18%	-0.37%	-1.17%	11.14%	-4.86%	2.42%	-0.3%	-0.16%
FCF per Share	-7.02	9.30	7.65	4.49	-0.47	3.22	-6.30	8.55	6.19	5.27
FCF Conversion (FCF/Net Income)	-2.16x	-1.09x	-0.78x	-0.83x	2.34x	2.51x	1.45x	1.12x	1.23x	1.22x
Interest Paid	43.1M	43.13M	43.15M	42.39M	70.63M	59.77M	49.53M	51.49M	68M	55.42M
Taxes Paid	69K	50K	46K	84K	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-6.92%	-17.94%	-25.59%	-20.2%	11.02%	9.54%	29.13%	34.89%	28.31%	26.71%
Return on Invested Capital (ROIC)	1.76%	-2.03%	-1.81%	-0.91%	7.35%	6.78%	11.69%	14.32%	14.02%	14.72%
Gross Margin	42.42%	46.85%	48.78%	45.06%	46.11%	42.98%	49.08%	55.35%	55.82%	55.38%
Net Margin	-17.51%	-39.09%	-46.71%	-36.52%	15.26%	14.72%	42.6%	48.46%	45.67%	50.12%
Debt / Equity	1.20x	1.28x	1.58x	2.77x	2.21x	1.66x	1.75x	1.00x	0.69x	0.47x
Interest Coverage	0.40x	-0.46x	-0.26x	-0.21x	1.49x	1.60x	3.43x	4.70x	7.66x	9.32x
FCF Conversion	-2.16x	-1.09x	-0.78x	-0.83x	2.34x	2.51x	1.45x	1.12x	1.23x	1.22x
Revenue Growth	18.98%	0.97%	-4.52%	-1.19%	66.2%	8.11%	42.6%	50.17%	10.29%	5.82%

Frequently Asked Questions

Valuation & Price

Global Ship Lease, Inc. (GSL) has a price-to-earnings (P/E) ratio of 3.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Global Ship Lease, Inc. (GSL) reported $750.4M in revenue for fiscal year 2024. This represents a 380% increase from $156.3M in 2011.

Global Ship Lease, Inc. (GSL) grew revenue by 5.8% over the past year. This is steady growth.

Yes, Global Ship Lease, Inc. (GSL) is profitable, generating $406.4M in net income for fiscal year 2024 (50.1% net margin).

Dividend & Returns

Yes, Global Ship Lease, Inc. (GSL) pays a dividend with a yield of 4.55%. This makes it attractive for income-focused investors.

Global Ship Lease, Inc. (GSL) has a return on equity (ROE) of 26.7%. This is excellent, indicating efficient use of shareholder capital.

Global Ship Lease, Inc. (GSL) generated $141.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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