The company demonstrates structural efficiency with a 53.61% gross margin, supported by a 5.5% year-over-year revenue growth in 2026Q1 driven by stable charter contracts.
| Metric | TTM | Dec'25 | 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 |
|---|
| Sales/Revenue | 770.24M | 766.45M | 705.53M | 666.72M | 604.49M | 402.52M | 282.27M | 261.1M | 157.1M | 158.99M | 166.52M | 164.92M | 138.62M | 143.21M | 153.21M | 156.27M | 158.84M | 148.71M | 97.05M | 335.1M | 299.6M |
| Revenue Growth % | 7.69% | 8.63% | 5.82% | 10.29% | 50.17% | 42.6% | 8.11% | 66.2% | -1.19% | -4.52% | 0.97% | 18.98% | -3.21% | -6.52% | -1.96% | -1.62% | 6.81% | 53.23% | -71.04% | 11.85% | - |
| Cost of Goods Sold | 361M | 355.52M | 314.78M | 294.53M | 269.9M | 204.97M | 160.96M | 140.72M | 86.3M | 81.44M | 88.5M | 94.96M | 89.83M | 86.43M | 85.93M | 45.52M | 42.07M | 41.37M | 31.92M | 0 | 0 |
| COGS % of Revenue | - | 46.39% | 44.62% | 44.18% | 44.65% | 50.92% | 57.02% | 53.89% | 54.94% | 51.22% | 53.15% | 57.58% | 64.8% | 60.35% | 56.09% | 29.13% | 26.48% | 27.82% | 32.89% | - | - |
| Gross Profit | 409.23M | 410.93M | 390.75M | 372.19M | 334.59M | 197.56M | 121.31M | 120.38M | 70.8M | 77.55M | 78.02M | 69.96M | 48.79M | 56.78M | 67.27M | 110.75M | 116.77M | 107.34M | 65.13M | 335.1M | 299.6M |
| Gross Margin % | 53.13% | 53.61% | 55.38% | 55.82% | 55.35% | 49.08% | 42.98% | 46.11% | 45.06% | 48.78% | 46.85% | 42.42% | 35.2% | 39.65% | 43.91% | 70.87% | 73.52% | 72.18% | 67.11% | 100% | 100% |
| Gross Profit Growth % | - | 5.17% | 4.99% | 11.24% | 69.36% | 62.86% | 0.77% | 70.04% | -8.71% | -0.61% | 11.53% | 43.39% | -14.08% | -15.6% | -39.26% | -5.15% | 8.79% | 64.81% | -80.56% | 11.85% | - |
| Operating Expenses | 23.12M | 22.08M | 11.61M | 28.97M | -19.6M | -39.96M | 16.55M | 8.81M | 9.22M | 5.25M | 6.08M | 6M | 6.51M | 5.62M | 5.44M | 47.52M | 47.91M | 45.62M | 28.41M | 307.29M | 263.77M |
| OpEx % of Revenue | - | 2.88% | 1.65% | 4.34% | -3.24% | -9.93% | 5.86% | 3.38% | 5.87% | 3.3% | 3.65% | 3.64% | 4.7% | 3.92% | 3.55% | 30.41% | 30.17% | 30.68% | 29.27% | 91.7% | 88.04% |
| Selling, General & Admin | 26.32M | 22.08M | 17.13M | 18.22M | 18.53M | 13.24M | 8.35M | 8.81M | 9.22M | 5.3M | 6.3M | 6.48M | 7.02M | 6.03M | 5.78M | 7.38M | 8.25M | 8.75M | 7.53M | 17.75M | 11.33M |
| SG&A % of Revenue | - | 2.88% | 2.43% | 2.73% | 3.06% | 3.29% | 2.96% | 3.38% | 5.87% | 3.33% | 3.78% | 3.93% | 5.07% | 4.21% | 3.78% | 4.73% | 5.2% | 5.88% | 7.75% | 5.3% | 3.78% |
| Research & Development | 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 | -1000K | 0 | -5.53M | 10.75M | -38.13M | -53.2M | 8.2M | 0 | 0 | -51K | -216K | -382K | 8.58M | -411K | -342K | 40.13M | 40.05M | 36.88M | 20.88M | 289.54M | 252.44M |
| Operating Income | 386.11M | 388.85M | 379.14M | 343.22M | 354.19M | 237.52M | 104.76M | 111.57M | -10.26M | -15.32M | -20.48M | 19.25M | 42.27M | 51.16M | 61.83M | 49.93M | 51.77M | 61.72M | 36.72M | 30.15M | 47.74M |
| Operating Margin % | 50.13% | 50.73% | 53.74% | 51.48% | 58.59% | 59.01% | 37.11% | 42.73% | -6.53% | -9.64% | -12.3% | 11.67% | 30.5% | 35.72% | 40.36% | 31.95% | 32.6% | 41.5% | 37.84% | 9% | 15.93% |
| Operating Income Growth % | - | 2.56% | 10.47% | -3.1% | 49.12% | 126.73% | -6.1% | 1187.4% | 33.05% | 25.18% | -206.37% | -54.46% | -17.37% | -17.26% | 23.84% | -3.57% | -16.11% | 68.07% | 21.79% | -36.85% | - |
| EBITDA | 518.71M | 524.3M | 479.13M | 434.94M | 435.49M | 299.08M | 151.74M | 157.41M | 25.2M | 22.66M | 22.32M | 61.99M | 81.21M | 89.43M | 100.06M | 87.94M | 89.7M | 97.47M | 57.55M | 46.27M | 64.41M |
| EBITDA Margin % | 67.34% | 68.41% | 67.91% | 65.24% | 72.04% | 74.3% | 53.76% | 60.29% | 16.04% | 14.25% | 13.41% | 37.59% | 58.59% | 62.44% | 65.31% | 56.27% | 56.48% | 65.55% | 59.3% | 13.81% | 21.5% |
| EBITDA Growth % | 0.56% | 9.43% | 10.16% | -0.12% | 45.61% | 97.11% | -3.61% | 524.77% | 11.2% | 1.49% | -63.99% | -23.67% | -9.18% | -10.62% | 13.78% | -1.97% | -7.97% | 69.38% | 24.38% | -28.16% | - |
| D&A (Non-Cash Add-back) | 132.59M | 135.45M | 99.99M | 91.73M | 81.3M | 61.56M | 46.98M | 45.84M | 35.45M | 37.98M | 42.8M | 42.74M | 38.94M | 38.27M | 38.22M | 38.01M | 37.93M | 35.76M | 20.83M | 16.12M | 16.66M |
| EBIT | 395.73M | 388.85M | 394.31M | 349.77M | 368.16M | 240.78M | 106.97M | 114.83M | -8.62M | -14.81M | -20.26M | 19.32M | 50.06M | 51.46M | 53.23M | 29.71M | 19.91M | 67.04M | -14.99M | 30.36M | 47.74M |
| Net Interest Income | -16.77M | -19.77M | -23.94M | -35.05M | -72.78M | -68.78M | -64.4M | -73.2M | -47.26M | -58.92M | -44.59M | -48.09M | -43.81M | -18.8M | -21.1M | -20.51M | -23.64M | -23.7M | -20.61M | -13.35M | -3.16M |
| Interest Income | 21.66M | 19.19M | 16.73M | 9.78M | 2.51M | 449K | 956K | 1.79M | 1.43M | 489K | 198K | 62K | 64K | 44K | 79K | 56K | 185K | 519K | 837K | 2.55M | 11.91M |
| Interest Expense | 38.44M | 38.97M | 40.68M | 44.82M | 75.29M | 69.23M | 65.35M | 74.99M | 48.69M | 59.39M | 44.77M | 48.15M | 43.87M | 18.85M | 21.18M | 20.56M | 23.83M | 24.22M | 21.44M | 13.56M | 15.06M |
| Other Income/Expense | 777K | 27.61M | -25.51M | -38.27M | -61.31M | -65.97M | -63.15M | -71.73M | -118.88M | -146.5M | -136.78M | -92.31M | -36.09M | -18.55M | -29.78M | -54.09M | -72.39M | -18.9M | -73.15M | -13.35M | -15.06M |
| Pretax Income | 386.89M | 416.45M | 353.63M | 304.95M | 292.88M | 171.55M | 41.61M | 39.84M | -57.31M | -74.23M | -65.05M | -28.84M | 6.18M | 32.62M | 32.06M | 9.14M | -3.92M | 42.82M | -36.43M | 16.8M | 32.68M |
| Pretax Margin % | 50.23% | 54.34% | 50.12% | 45.74% | 48.45% | 42.62% | 14.74% | 15.26% | -36.48% | -46.69% | -39.06% | -17.49% | 4.46% | 22.77% | 20.92% | 5.85% | -2.47% | 28.79% | -37.54% | 5.01% | 10.91% |
| Income Tax | 0 | 0 | 1K | 448K | -50K | 56K | 49K | 3K | 55K | 40K | 46K | 38K | 75K | 97K | 128K | 74K | 52K | 444K | 125K | 20K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0.15% | -0.02% | 0.03% | 0.12% | 0.01% | -0.1% | -0.05% | -0.07% | -0.13% | 1.21% | 0.3% | 0.4% | 0.81% | -1.33% | 1.04% | -0.34% | 0.12% | 0% |
| Net Income | 386.89M | 416.45M | 353.63M | 304.5M | 292.93M | 171.5M | 41.56M | 39.84M | -57.36M | -74.27M | -65.09M | -28.88M | 6.11M | 32.52M | 31.93M | 9.07M | -3.97M | 42.37M | -36.55M | 16.78M | 32.68M |
| Net Margin % | 50.23% | 54.34% | 50.12% | 45.67% | 48.46% | 42.6% | 14.72% | 15.26% | -36.52% | -46.71% | -39.09% | -17.51% | 4.41% | 22.71% | 20.84% | 5.8% | -2.5% | 28.49% | -37.66% | 5.01% | 10.91% |
| Net Income Growth % | 0.46% | 17.77% | 16.13% | 3.95% | 70.81% | 312.61% | 4.33% | 169.45% | 22.76% | -14.09% | -125.44% | -572.59% | -81.21% | 1.85% | 251.98% | 328.43% | -109.37% | 215.92% | -317.89% | -48.66% | - |
| Net Income (Continuing) | 386.89M | 416.45M | 353.63M | 304.5M | 292.93M | 171.5M | 41.56M | 39.84M | -57.36M | -74.27M | -65.09M | -28.88M | 6.11M | 32.52M | 31.93M | 9.07M | -3.97M | 42.37M | -36.55M | 16.78M | 32.68M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 10.57 | 11.40 | 9.72 | 8.21 | 7.62 | 4.60 | 2.31 | 1.45 | -7.71 | -10.73 | -9.42 | -4.19 | 0.80 | 5.44 | 5.36 | 1.52 | -0.58 | 6.24 | -7.10 | 1342.08 | 2616.00 |
| EPS Growth % | -1.04% | 17.28% | 18.39% | 7.74% | 65.65% | 99.13% | 59.31% | 118.81% | 28.15% | -13.91% | -124.82% | -623.75% | -85.29% | 1.49% | 252.63% | 362.07% | -109.29% | 187.89% | -100.53% | -48.7% | - |
| EPS (Basic) | - | 11.40 | 9.72 | 8.33 | 7.74 | 4.65 | 2.32 | 1.45 | -7.71 | -10.73 | -9.42 | -4.19 | 0.80 | 5.44 | 5.36 | 1.52 | -0.58 | 6.32 | -7.10 | 1342.08 | 2616.00 |
| Diluted Shares Outstanding | 36.6M | 35.71M | 35.58M | 35.93M | 37.2M | 35.51M | 18M | 12.16M | 7.44M | 6.92M | 6.91M | 6.9M | 5.98M | 5.97M | 5.95M | 5.93M | 6.79M | 6.77M | 5.15M | 12.5K | 12.5K |
| Basic Shares Outstanding | 35.97M | 35.71M | 35.32M | 35.41M | 36.6M | 35.13M | 17.94M | 12.11M | 7.44M | 6.92M | 6.91M | 6.9M | 5.96M | 5.95M | 5.94M | 5.91M | 6.79M | 6.73M | 5.15M | 12.5K | 12.5K |
| Dividend Payout Ratio | - | 18.26% | 16.53% | 17.49% | 17.24% | 16.29% | - | - | - | - | - | - | - | - | - | - | - | 29.19% | - | - | - |
Charter Renewal Rate Sensitivity
According to recent quarterly filings, GSL achieved a year-over-year revenue growth of 8.63% in the most recent period, demonstrating the efficacy of its long-term time charter strategy in insulating the top line from the broader volatility currently impacting the global marine shipping freight market.
The company's ability to maintain consistent revenue growth suggests that its strategy of locking in mid-sized containerships under multi-year contracts is successfully mitigating spot market exposure. Investors should monitor whether this growth trajectory can persist as older, high-rate contracts eventually roll off and require renewal in a potentially softer rate environment.
As reported in financial statements, GSL maintains a robust gross margin of 53.61%, which appears to be structurally supported by the time-charter model where charterers assume the burden of variable voyage costs such as fuel and port fees, effectively shielding the company from inflationary operational pressures.
The stability of these margins indicates strong pricing power within the niche segment of 2,000–11,000 TEU vessels. However, the slight compression observed in recent quarters warrants further investigation into whether rising maintenance costs or mandatory dry-docking schedules are beginning to exert downward pressure on core profitability.
Based on GSL's reported figures, the company demonstrates significant operating leverage, with SG&A expenses remaining remarkably lean relative to total revenue, allowing a substantial portion of gross profit to flow directly to the operating income line despite the capital-intensive nature of the marine shipping industry.
The ability to scale operating income without a commensurate increase in administrative overhead suggests a highly disciplined cost structure. This efficiency appears to be a key differentiator, providing the company with greater flexibility to allocate capital toward fleet renewal or shareholder returns compared to more bloated industry peers.
Analysis of the income statement reveals that net margins of 54.34% occasionally exceed operating margins, which suggests that non-operating items, such as vessel sales or derivative adjustments, are significantly influencing the bottom line and potentially obscuring the underlying core earning power of the shipping operations.
Investors should exercise caution when evaluating EPS, as the volatility in net income appears disconnected from the more stable operating performance. A deeper look into the recurring nature of these non-operating gains is necessary to determine if the current earnings quality is sustainable or merely a byproduct of opportunistic asset management.
While GSL's current performance is strong, short-sellers may focus on the potential for margin compression if the aging fleet requires significant capital expenditure to meet tightening environmental regulations, or if the high concentration of revenue among a few major liner counterparties faces systemic financial distress.
The reliance on a limited number of major liners creates a binary risk profile where the financial health of the counterparty is as critical as the vessel's operational performance. Furthermore, the market may be underestimating the long-term impact of environmental compliance costs on the carrying value of older, mid-sized tonnage.
Quick answers to the most common questions about buying GSL stock.
For fiscal year 2025, Global Ship Lease, Inc. (GSL) reported total revenue of $766.5M. This represents a 155.8% increase compared to $299.6M in 2006.
Global Ship Lease, Inc. (GSL) is profitable, generating $416.5M in net income for the fiscal year ending 2025 with a net profit margin of 54.3%.
Global Ship Lease, Inc. (GSL) reported an operating income of $388.9M, resulting in an operating profit margin of 50.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Ship Lease, Inc. (GSL) generated $410.9M in gross profit for the year, representing a gross profit margin of 53.6%. This demonstrates the company's core pricing power and production efficiency.