Revenue growth remains in a contractionary phase with an 8.1% year-over-year decline in 2026Q1, while gross margins have eroded from historical peaks above 45% to 32.7%.
| 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 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 623.89M | 636.96M | 710.74M | 726.79M | 624.48M | 597.83M | 591.1M | 601.26M | 510.76M | 432.68M | 396.44M | 397.99M | 402.93M | 399.28M | 392.25M | 379.98M | 374.01M | 321.13M | 303.78M | 253.8M | 182.77M | 145.46M | 123.83M | 86.71M | 59.87M | 60.33M |
| Revenue Growth % | -9.85% | -10.38% | -2.21% | 16.38% | 4.46% | 1.14% | -1.69% | 17.72% | 18.05% | 9.14% | -0.39% | -1.23% | 0.91% | 1.79% | 3.23% | 1.6% | 16.47% | 5.71% | 19.69% | 38.86% | 25.65% | 17.46% | 42.81% | 44.84% | -0.76% | - |
| Cost of Goods Sold | 384.65M | 378.7M | 393.39M | 408.61M | 355.22M | 283.63M | 287.11M | 289.73M | 277.94M | 216.89M | 185.79M | 187.5M | 193.26M | 200.69M | 187.94M | 90.43M | 86.62M | 78.78M | 80.37M | 57.66M | 40.83M | 29.46M | 35.55M | 31.35M | 16.1M | 12.4M |
| COGS % of Revenue | - | 59.45% | 55.35% | 56.22% | 56.88% | 47.44% | 48.57% | 48.19% | 54.42% | 50.13% | 46.86% | 47.11% | 47.96% | 50.26% | 47.91% | 23.8% | 23.16% | 24.53% | 26.46% | 22.72% | 22.34% | 20.26% | 28.71% | 36.16% | 26.9% | 20.56% |
| Gross Profit | 239.24M | 258.25M | 317.35M | 318.19M | 269.26M | 314.2M | 304M | 311.52M | 232.82M | 215.79M | 210.66M | 210.49M | 209.67M | 198.59M | 204.31M | 289.54M | 287.39M | 242.34M | 223.41M | 196.15M | 141.94M | 116M | 88.28M | 55.36M | 43.76M | 47.92M |
| Gross Margin % | 38.35% | 40.55% | 44.65% | 43.78% | 43.12% | 52.56% | 51.43% | 51.81% | 45.58% | 49.87% | 53.14% | 52.89% | 52.04% | 49.74% | 52.09% | 76.2% | 76.84% | 75.47% | 73.54% | 77.28% | 77.66% | 79.74% | 71.29% | 63.84% | 73.1% | 79.44% |
| Gross Profit Growth % | - | -18.62% | -0.26% | 18.17% | -14.3% | 3.36% | -2.42% | 33.81% | 7.89% | 2.44% | 0.08% | 0.39% | 5.58% | -2.8% | -29.44% | 0.75% | 18.59% | 8.47% | 13.9% | 38.19% | 22.37% | 31.39% | 59.48% | 26.5% | -8.68% | - |
| Operating Expenses | 116.93M | 34.45M | 411.86M | 2.92M | 34.87M | 64.53M | 26.9M | 22.52M | 28.51M | 16.54M | 18.5M | 25.12M | 23.86M | 20.44M | 27.15M | 116.04M | 112.59M | 96.56M | 97.08M | 80.59M | 65.18M | 53.13M | 41.26M | 32.19M | 29.52M | 26.25M |
| OpEx % of Revenue | - | 5.41% | 57.95% | 0.4% | 5.58% | 10.79% | 4.55% | 3.75% | 5.58% | 3.82% | 4.67% | 6.31% | 5.92% | 5.12% | 6.92% | 30.54% | 30.1% | 30.07% | 31.96% | 31.75% | 35.66% | 36.52% | 33.32% | 37.12% | 49.32% | 43.51% |
| Selling, General & Admin | 34.41M | 34.45M | 29.09M | 30.91M | 34.87M | 64.53M | 26.9M | 22.52M | 28.51M | 16.54M | 18.5M | 25.12M | 23.86M | 20.44M | 27.15M | 24.12M | 23.25M | 18.16M | 20.2M | 15.09M | 13.21M | 9.96M | 6.4M | 8.8M | 6.5M | 5.06M |
| SG&A % of Revenue | - | 5.41% | 4.09% | 4.25% | 5.58% | 10.79% | 4.55% | 3.75% | 5.58% | 3.82% | 4.67% | 6.31% | 5.92% | 5.12% | 6.92% | 6.35% | 6.22% | 5.66% | 6.65% | 5.95% | 7.23% | 6.85% | 5.17% | 10.15% | 10.86% | 8.39% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 382.77M | -27.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 122.31M | 223.8M | -94.5M | 315.27M | 177.35M | 246.46M | 226.09M | 299.25M | 147.81M | 148.65M | 153.18M | 181.37M | 183.82M | 176.36M | 147.79M | 173.5M | 178.96M | 142.54M | 126.33M | 115.56M | 76.76M | 62.87M | 47.02M | 23.17M | 14.24M | 21.68M |
| Operating Margin % | 19.6% | 35.14% | -13.3% | 43.38% | 28.4% | 41.22% | 38.25% | 49.77% | 28.94% | 34.36% | 38.64% | 45.57% | 45.62% | 44.17% | 37.68% | 45.66% | 47.85% | 44.39% | 41.59% | 45.53% | 42% | 43.22% | 37.97% | 26.72% | 23.78% | 35.93% |
| Operating Income Growth % | - | 336.82% | -129.98% | 77.77% | -28.04% | 9.01% | -24.45% | 102.46% | -0.57% | -2.96% | -15.54% | -1.33% | 4.23% | 19.33% | -14.82% | -3.05% | 25.55% | 12.82% | 9.33% | 50.53% | 22.1% | 33.7% | 102.95% | 62.73% | -34.31% | - |
| EBITDA | 274.66M | 367.79M | 48.16M | 460.99M | 305.81M | 377.26M | 355.85M | 436.02M | 272.19M | 254.19M | 248.72M | 273.63M | 277.95M | 274.24M | 247.62M | 265.42M | 268.31M | 220.93M | 203.21M | 181.06M | 128.73M | 106.04M | 81.88M | 46.56M | 31.93M | 37.77M |
| EBITDA Margin % | 44.02% | 57.74% | 6.78% | 63.43% | 48.97% | 63.11% | 60.2% | 72.52% | 53.29% | 58.75% | 62.74% | 68.75% | 68.98% | 68.68% | 63.13% | 69.85% | 71.74% | 68.8% | 66.89% | 71.34% | 70.43% | 72.9% | 66.12% | 53.7% | 53.33% | 62.61% |
| EBITDA Growth % | 769.96% | 663.69% | -89.55% | 50.75% | -18.94% | 6.02% | -18.39% | 60.19% | 7.08% | 2.2% | -9.1% | -1.56% | 1.35% | 10.75% | -6.71% | -1.08% | 21.44% | 8.72% | 12.23% | 40.65% | 21.4% | 29.5% | 75.87% | 45.83% | -15.47% | - |
| D&A (Non-Cash Add-back) | 152.34M | 143.98M | 142.66M | 145.73M | 128.46M | 130.81M | 129.75M | 136.76M | 124.38M | 105.55M | 95.54M | 92.25M | 94.13M | 97.88M | 99.83M | 91.92M | 89.35M | 78.4M | 76.87M | 65.5M | 51.97M | 43.17M | 34.86M | 23.39M | 17.69M | 16.09M |
| EBIT | 185.47M | 194.46M | 80.11M | 515.43M | 386.87M | 381.05M | 233.61M | 336.6M | 158.39M | 130.67M | 217.78M | 263.49M | 286.91M | 274.17M | 193.98M | 148.02M | 143.63M | 143.09M | 136.96M | 123.34M | 76.76M | 62.87M | 46.95M | 23.17M | 14.24M | 21.68M |
| Net Interest Income | -147.36M | -152.76M | -164.32M | -176.09M | -129M | -112.67M | -125.92M | -160.54M | -124.54M | -78.02M | -56.26M | -40.76M | -57.36M | -52.73M | -50.71M | -43.19M | -41.83M | -46.58M | -73.99M | -79.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 12.25M | 12.59M | 14.1M | 11.41M | 8.13M | 5.95M | 6.88M | 3.98M | 3.76M | 2.92M | 2.58M | 2.5M | 3.05M | 2.97M | 3.5M | 6.69M | 7.19M | 13.87M | 240.92M | 54.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 159.6M | 165.35M | 178.42M | 187.51M | 137.13M | 118.62M | 132.81M | 164.52M | 128.3M | 80.94M | 58.84M | 43.26M | 60.41M | 55.7M | 54.21M | 49.88M | 49.02M | 59.28M | 404.25M | 133.69M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -60.23M | -194.7M | -3.8M | 12.66M | 72.39M | 15.98M | -125.29M | -127.17M | -174.22M | -149.51M | -33.22M | 38.86M | 42.67M | 42.12M | -37.39M | -75.37M | -84.35M | -70.31M | 15.78M | -40.59M | -37.3M | 16.42M | -46.95M | -56.17M | 563K | 5.33M |
| Pretax Income | 62.08M | 29.11M | -98.31M | 327.93M | 249.74M | 262.43M | 100.8M | 172.08M | 30.09M | 49.73M | 158.94M | 220.23M | 226.49M | 218.47M | 139.14M | 98.14M | 92.94M | 104.3M | 142.11M | 74.96M | 39.47M | 129.67M | 27.29M | -33M | 14.8M | 27M |
| Pretax Margin % | 9.95% | 4.57% | -13.83% | 45.12% | 39.99% | 43.9% | 17.05% | 28.62% | 5.89% | 11.49% | 40.09% | 55.34% | 56.21% | 54.72% | 35.47% | 25.83% | 24.85% | 32.48% | 46.78% | 29.54% | 21.59% | 89.14% | 22.04% | -38.06% | 24.72% | 44.76% |
| Income Tax | 3.56M | 3.12M | -2.49M | 10.21M | 8.19M | 6.89M | 3.49M | 7.48M | 3.21M | 824K | 973K | 2.72M | 7.57M | 5.16M | 625K | 781K | 1.67M | 126.96M | 106.85M | 124.99M | 86.35M | -16.68M | 59.64M | 82.6M | 128.01M | 19.55M |
| Effective Tax Rate % | 5.73% | 10.71% | 2.53% | 3.11% | 3.28% | 2.62% | 3.46% | 4.35% | 10.68% | 1.66% | 0.61% | 1.24% | 3.34% | 2.36% | 0.45% | 0.8% | 1.8% | 121.73% | 75.19% | 166.74% | 218.8% | -12.86% | 218.52% | -250.3% | 864.86% | 72.39% |
| Net Income | 74.65M | 42.43M | -68.11M | 304.54M | 224.09M | 242.65M | 87.36M | 152.79M | 28.37M | 33.97M | 140.45M | 200.88M | 205.44M | 201.24M | 123.7M | 89.85M | 89.88M | 35.93M | 19.49M | -9.44M | -9.59M | 79.55M | -12.62M | -59.43M | -113.77M | 2.13M |
| Net Margin % | 11.97% | 6.66% | -9.58% | 41.9% | 35.88% | 40.59% | 14.78% | 25.41% | 5.55% | 7.85% | 35.43% | 50.47% | 50.99% | 50.4% | 31.54% | 23.65% | 24.03% | 11.19% | 6.41% | -3.72% | -5.25% | 54.69% | -10.19% | -68.54% | -190.04% | 3.53% |
| Net Income Growth % | 152.98% | 162.3% | -122.36% | 35.9% | -7.65% | 177.77% | -42.83% | 438.58% | -16.48% | -75.82% | -30.08% | -2.22% | 2.09% | 62.68% | 37.68% | -0.04% | 150.18% | 84.37% | 306.46% | 1.6% | -112.06% | 730.18% | 78.76% | 47.76% | -5443.82% | - |
| Net Income (Continuing) | 58.52M | 25.99M | -95.82M | 317.72M | 241.55M | 255.55M | 97.31M | 164.6M | 26.88M | 48.91M | 157.97M | 217.51M | 218.93M | 213.31M | 139.14M | 97.36M | 92.94M | 81.94M | -21.21M | 8.92M | -9.59M | 69.88M | -68.23M | -59.43M | -113.77M | 2.13M |
| Discontinued Operations | 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 |
| Minority Interest | 42.22M | 43.39M | 60.31M | 92.21M | 79.53M | 65.51M | 53.36M | 55.29M | 49.34M | 52.38M | 38.91M | 24.62M | 9.62M | 52.99M | 41.29M | 26.24M | 17.12M | 12.32M | 2.86M | 158.08M | 165.73M | 0 | 0 | 524K | 0 | 0 |
| EPS (Diluted) | 0.75 | 0.17 | -0.93 | 2.80 | 2.23 | 2.44 | 0.73 | 1.59 | 0.03 | 0.25 | 1.69 | 2.21 | 2.30 | 2.48 | 1.54 | 1.33 | 1.64 | 0.72 | 0.16 | -0.24 | -0.27 | 2.25 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 129.6% | 118.28% | -133.25% | 25.29% | -8.63% | 236.24% | -54.33% | 4751.52% | -86.88% | -85.21% | -23.53% | -3.91% | -7.26% | 61.04% | 15.79% | -18.9% | 127.78% | 359.77% | 165.25% | 11.11% | -112% | - | - | - | - | - |
| EPS (Basic) | - | 0.17 | -0.93 | 2.80 | 2.23 | 2.45 | 0.73 | 1.59 | 0.03 | 0.25 | 1.70 | 2.21 | 2.30 | 2.48 | 1.54 | 1.33 | 1.64 | 0.72 | 0.16 | -0.24 | -0.27 | 2.25 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 99.95M | 99.95M | 99.95M | 99.95M | 88.56M | 87.22M | 83.42M | 78.27M | 79.84M | 79.79M | 79.67M | 78.96M | 75.7M | 71M | 66.33M | 59.15M | 53.3M | 49.67M | 42.16M | 36.41M | 34.97M | 31.12M | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 99.95M | 99.95M | 99.95M | 99.95M | 88.56M | 87.09M | 83.31M | 78.18M | 79.67M | 79.62M | 79.57M | 78.9M | 75.66M | 70.97M | 66.33M | 59.15M | 53.3M | 49.67M | 42.16M | 36.41M | 34.97M | 31.12M | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | 294.88% | - | 24.61% | 11.43% | 51.18% | 119.51% | 53.92% | 247.96% | 166.79% | 32.37% | 127.2% | 117.08% | 107.04% | 158.37% | 177.39% | 150.77% | 318.81% | 499.95% | - | - | 25.26% | - | - | - | - |
Fleet age and charter expirations
According to the company's recent quarterly filings, Seapeak has experienced a sustained revenue decline, with the most recent period showing an 8.1% year-over-year contraction, reflecting ongoing challenges in maintaining top-line growth amidst a shifting landscape of vessel redeliveries and potential gaps in charter deployment cycles.
The consistent negative growth trajectory suggests that the company is struggling to replace expiring long-term contracts with new, equally lucrative deployments. Investors should monitor whether this trend indicates a structural reduction in fleet utilization or merely a temporary timing mismatch between vessel off-hire periods and new project commencements.
As reported in financial statements, Seapeak's gross margin has compressed to 32.7% in 2026Q1, down from historical peaks exceeding 45%, which suggests that rising vessel operating expenses and maintenance requirements are increasingly pressuring the profitability of the company's aging maritime asset base.
The decline in gross margins implies that the company's fixed-cost structure is becoming less efficient as vessels age and require more intensive upkeep. This compression warrants further investigation into whether the current fleet can sustain competitive pricing power against newer, more fuel-efficient vessels operated by industry peers.
Based on Seapeak's reported figures, the volatility in operating income, which swung from a $74.7M profit in 2024Q3 to a $316.4M loss in 2024Q4, indicates that the company lacks the operating leverage necessary to absorb non-recurring charges or sudden shifts in vessel utilization rates.
The erratic nature of operating income suggests that the company's cost structure is highly sensitive to operational disruptions, likely exacerbated by the high fixed costs inherent in LNG shipping. This lack of stability in operating margins may indicate that the company is vulnerable to even minor fluctuations in global shipping demand.
Analysis of the income statement reveals that net income is frequently distorted by large, non-operating swings, as evidenced by the massive $253.8M loss in 2024Q4, which suggests that core operational performance is often obscured by accounting volatility or significant debt-related interest expenses.
Short-sellers would likely focus on the disconnect between the company's stable long-term contract narrative and the actual volatility observed in the bottom line. The reliance on non-operating items to bridge the gap between gross profit and net income suggests that the company's underlying earnings quality may be weaker than the headline figures imply.
Quick answers to the most common questions about buying SEAL-PB stock.
For fiscal year 2025, Seapeak LLC (SEAL-PB) reported total revenue of $637.0M. This represents a 955.9% increase compared to $60.3M in 2001.
Seapeak LLC (SEAL-PB) is profitable, generating $42.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
Seapeak LLC (SEAL-PB) reported an operating income of $223.8M, resulting in an operating profit margin of 35.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Seapeak LLC (SEAL-PB) generated $258.3M in gross profit for the year, representing a gross profit margin of 40.5%. This demonstrates the company's core pricing power and production efficiency.