Cash flow generation remains inconsistent, highlighted by a massive CapEx/Revenue ratio of 121.0% in 2024Q3 and an OCF/NI ratio that reached 48.04x in 2025Q2, indicating heavy reliance on non-cash depreciation.
| 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 |
|---|
| Cash from Operations | 245.62M | 290.14M | 369.86M | 343.09M | 355.13M | 293.6M | 276.48M | 249.71M | 200.97M | 177.8M | 230.07M | 258.4M | 132.4M | 140.12M | 86.57M | 163.66M | 153.77M | 125.52M | 211.39M | 202.42M | 193.5M | 280.83M | 178.53M | 415.52M | 115.66M | 307.17M |
| Operating CF Margin % | - | 40.31% | 41.48% | 46.48% | 54.16% | 59.35% | 69.05% | 54.75% | 48% | 46.68% | 55.71% | 63.53% | 40.43% | 51.73% | 27.08% | 55.46% | 45.74% | 33.93% | 44.43% | 50.76% | 45.57% | 64.19% | 36.28% | 59.78% | 31.67% | 63.12% |
| Operating CF Growth % | -144.13% | -21.55% | 7.8% | -3.39% | 20.96% | 6.19% | 10.72% | 24.25% | 13.04% | -22.72% | -10.96% | 95.17% | -5.51% | 61.86% | -47.1% | 6.43% | 22.51% | -40.62% | 4.43% | 4.61% | -31.1% | 57.31% | -57.04% | 259.27% | -62.35% | - |
| Net Income | 31.52M | -26.43M | 130.65M | 83.94M | 202.77M | 164.34M | -224.43M | 89.18M | 73.62M | 101.21M | 146.41M | 200.83M | 122.81M | 89.21M | 185.84M | 131.18M | 165.71M | 192.6M | 181.61M | 167.71M | 180.8M | 209.55M | 262.66M | 334.81M | 18.02M | 212.01M |
| Depreciation & Amortization | 235.17M | 243.45M | 239.18M | 214.06M | 187.83M | 138.33M | 111.28M | 116.38M | 115.52M | 95.91M | 103.94M | 78.08M | 76.68M | 58.44M | 58.82M | 54.24M | 36.3M | 35.74M | 31.82M | 23.99M | 14.49M | 19.91M | 34.62M | 106.02M | 96.77M | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | 400K | 400K | 0 | 0 | 0 | 569K | 1.41M | 953K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -95.31M | -195.13M | -78.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.32M | 60.04M | 12.46M | 18.92M | -22.48M | -2.81M | 374.32M | 39.02M | 6.71M | -22.84M | -18.07M | -32.8M | -47.54M | -47.8M | -2.06M | 135.01M | 14.4M | -101.73M | 12.09M | -28.44M | -26.32M | -2.26M | -1.11M | -20.09M | 2.63M | 95.16M |
| Working Capital Changes | -31.39M | 13.08M | -12.44M | 26.17M | -12.99M | -6.27M | 15.3M | 5.12M | 5.13M | 3.51M | -2.2M | 12.29M | -19.56M | 40.28M | -61.29M | 36.95M | 14.91M | -1.09M | -14.13M | 39.16M | 24.53M | 53.64M | -117.63M | -5.21M | -1.76M | 0 |
| Change in Receivables | 0 | 0 | 4.3M | -20.94M | -9.03M | 2.44M | -4.98M | -8.7M | 9.61M | -9.03M | -1.49M | 1.2M | 5.11M | -4.31M | -7.79M | 864K | 799K | -1.44M | -407K | 1.25M | 3.98M | 7.18M | -256K | -472K | 0 | 0 |
| Change in Inventory | 0 | 0 | -5.66M | 4.67M | -6.27M | -1.31M | -873K | 613K | -3.42M | -42K | -27K | -2.53M | -320K | -3.66M | -97K | -744K | -390K | 158K | 15K | 64K | 352K | 3.19M | -112.59M | 4.54M | -10.72M | 0 |
| Change in Payables | 0 | 0 | 4.04M | 22.37M | 6.12M | 447K | -2.2M | 1.5M | 2.37M | -742K | 394K | -1.57M | -1.09M | 2.05M | 774K | 232K | 441K | -11K | -78K | -436K | -445K | -1.29M | 180K | -539K | 0 | 0 |
| Cash from Investing | 226.05M | 165.09M | -617.5M | -103.89M | -499.09M | -389.05M | 176.34M | -169.88M | -866.56M | 48.36M | 39.4M | -205.78M | -21.94M | -73.98M | 34.31M | -5.86M | 76.98M | 424.07M | -433.94M | -378.78M | -110.71M | -269.57M | 76.95M | -51.63M | -261.78M | -271.85M |
| Capital Expenditures | -57.83M | -70.48M | -644.86M | -264.42M | -602.5M | -581.62M | -120.05M | -250.39M | -1.14B | -81.66M | -188.14M | -496.66M | -395.2M | -109.34M | -167.55M | -307.79M | -191.31M | -71.47M | -82.59M | -586.94M | -342.36M | -309.57M | -8.37M | 0 | -249.29M | 0 |
| CapEx % of Revenue | 8.16% | 9.79% | 72.32% | 35.82% | 91.89% | 117.57% | 29.98% | 54.9% | 271.71% | 21.44% | 45.56% | 122.11% | 120.68% | 40.37% | 52.41% | 104.29% | 56.91% | 19.32% | 17.36% | 147.18% | 80.62% | 70.76% | 1.7% | - | 68.27% | - |
| Acquisitions | 48.31M | 0 | 2.81M | 2.92M | 2.92M | 10M | 14.68M | 0 | 83.48M | 27.32M | 193.52M | 111.09M | 88.58M | 0 | 157.18M | 37.05M | 0 | 68M | 24.85M | -91K | -35.32M | -518.18M | -536.79M | -70.05M | -7.49M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 235.57M | 235.57M | 24.84M | 157.88M | 85.51M | 183.89M | 241.41M | 15.93M | 187.65M | -4.02M | -25.49M | 128.82M | 42.12M | 53.49M | -13.89M | 77.06M | 93.34M | 219.09M | -33.12M | 244.07M | 132.7M | 558.18M | 622.11M | 18.41M | -5M | -271.85M |
| Cash from Financing | -518.06M | -438.96M | 216.7M | -262.06M | 178.37M | 25.02M | -431.43M | -89.2M | 724.93M | -135.49M | -277.26M | -33.26M | -118.28M | -68.04M | -155.25M | -149.85M | -227.97M | -511.48M | 190.38M | 190.05M | -51.08M | -7.6M | -226.28M | -358.01M | 140.71M | -24.55M |
| Debt Issued (Net) | -396.07M | -294.39M | 408.6M | -96.04M | 297.08M | 21.31M | -362.53M | 107.48M | 882.45M | 49.07M | -104.2M | 135.81M | 41.59M | -78.97M | -87.37M | -27.21M | -99.14M | -437.72M | 325.52M | 354.79M | 121.87M | 317.93M | -82.61M | -178.24M | 101.97M | 0 |
| Equity Issued (Net) | -5.96M | -10.03M | -36.87M | -10.17M | 0 | 89.28M | 61.48M | 0 | 0 | 88K | 323K | 675K | 927K | 128.88M | 89.6M | 0 | 0 | 16.47M | 0 | 0 | -7.21M | -33.08M | 9.98M | 0 | 0 | 0 |
| Dividends Paid | -115.51M | -125.11M | -138.49M | -122.99M | -111.57M | -77.55M | -109.39M | -150.66M | -149.26M | -152.91M | -168.29M | -162.59M | -152.14M | -109.11M | -152.01M | -122.64M | -117.23M | -75.57M | -122.94M | -159.34M | -149.12M | -148.86M | -78.91M | 0 | 0 | 0 |
| Share Repurchases | -5.96M | -10.03M | -133.12M | -10.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.21M | -33.08M | -14.71M | 0 | 0 | 0 |
| Other Financing | -518K | -9.43M | -16.53M | -32.86M | -7.14M | -8.03M | -21M | -46.03M | -8.26M | -31.74M | -5.1M | -7.16M | -8.66M | -8.84M | -5.47M | 0 | -11.59M | -14.67M | -12.21M | -5.41M | -16.62M | -143.58M | -74.75M | -179.77M | 38.74M | -24.55M |
| Net Change in Cash | -46.38M | 16.28M | -30.94M | -22.87M | 34.4M | -70.44M | 21.38M | -9.38M | 59.34M | 90.67M | -7.79M | 19.36M | -7.82M | -1.9M | -34.37M | 7.95M | 2.78M | 38.11M | -32.18M | 13.69M | 31.71M | 3.66M | 29.19M | 5.88M | -5.41M | 10.77M |
| Free Cash Flow | 187.79M | 219.66M | -275M | 78.67M | -247.37M | -288.03M | 156.43M | -684K | -936.73M | 96.13M | 41.93M | -238.26M | -262.8M | 30.79M | -80.98M | -144.12M | -37.54M | 54.05M | 128.79M | -384.53M | -148.86M | -28.74M | 170.16M | 415.52M | -133.63M | 307.17M |
| FCF Margin % | 26.49% | 30.52% | -30.84% | 10.66% | -37.73% | -58.22% | 39.07% | -0.15% | -223.72% | 25.24% | 10.15% | -58.58% | -80.25% | 11.37% | -25.33% | -48.84% | -11.17% | 14.61% | 27.07% | -96.42% | -35.05% | -6.57% | 34.58% | 59.78% | -36.59% | 63.12% |
| FCF Growth % | 199.15% | 179.88% | -449.55% | 131.8% | 14.11% | -284.13% | 22969.74% | 99.93% | -1074.42% | 129.26% | 117.6% | 9.34% | -953.59% | 138.02% | 43.81% | -283.92% | -169.45% | -58.03% | 133.49% | -158.32% | -417.99% | -116.89% | -59.05% | 410.94% | -143.5% | - |
| FCF per Share | 1.41 | 1.65 | -2.12 | 0.62 | -1.80 | -2.07 | 1.44 | -0.01 | -8.85 | 1.01 | 0.45 | -2.55 | -2.82 | 0.32 | -1.00 | -1.82 | -0.47 | 0.73 | 1.77 | -5.27 | -2.04 | -0.38 | 2.26 | 5.62 | -1.81 | 4.16 |
| FCF Conversion (FCF/Net Income) | 5.96x | -10.98x | 2.83x | 4.09x | 1.75x | 1.79x | -1.23x | 2.80x | 2.73x | 1.76x | 1.57x | 1.29x | 1.08x | 1.57x | 0.47x | 1.25x | 0.93x | 0.65x | 1.16x | 1.21x | 1.07x | 1.34x | 0.68x | 1.24x | 6.42x | 1.45x |
| Interest Paid | 0 | 0 | 161.24M | 148.5M | 109.68M | 96.83M | 71.48M | 72.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 8.29M | 1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset Impairment and Leverage
As reported in quarterly filings, SFL exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 5.0x, most notably reaching 48.04x in 2025Q2, which suggests that non-cash depreciation charges are the primary driver of the company's reported cash-generating capacity.
The consistent gap between net income and operating cash flow indicates that accounting earnings are heavily influenced by non-cash items, likely depreciation of the aging fleet. Investors should monitor whether this cash flow quality remains sustainable if asset replacement cycles accelerate and require higher cash outflows.
Based on the provided cash flow data, free cash flow has demonstrated extreme volatility, swinging from a negative $225.1 million in 2024Q3 to a positive $70.4 million in 2025Q4, which highlights the inherent difficulty in maintaining consistent dividend payouts amidst lumpy capital expenditure requirements.
The erratic FCF trajectory suggests that SFL's ability to fund distributions is highly sensitive to the timing of fleet investments. The frequent periods of negative FCF indicate that the company may be relying on external financing or asset sales to bridge the gap between operational cash and capital needs.
According to the historical cash flow statements, SFL's capital intensity has been substantial, with CapEx/Revenue ratios peaking at 121.0% in 2024Q3, indicating that the company is in a heavy reinvestment phase that periodically consumes all available operating cash flow and necessitates significant capital allocation.
The high level of capital expenditure relative to revenue suggests that maintaining the fleet's competitive standing requires constant, significant investment. This capital intensity may limit the company's flexibility to navigate downturns without further straining its liquidity position.
As evidenced by the quarterly cash flow data, working capital changes have been highly inconsistent, ranging from a $41.8 million inflow in 2024Q2 to a $41.0 million outflow in 2024Q1, which suggests that the company's cash position is susceptible to timing differences in charter collections and payables.
The lack of stability in working capital management may indicate variability in the payment cycles of major charterers. Analysts should investigate whether these fluctuations are merely timing issues or if they reflect a broader trend of deteriorating collection efficiency within the maritime portfolio.
Quick answers to the most common questions about buying SFL stock.
SFL Corporation Ltd. (SFL) generated $290.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SFL Corporation Ltd. (SFL) generated $219.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SFL Corporation Ltd. (SFL) spent $70.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, SFL Corporation Ltd. (SFL) returned $125.1M to shareholders via cash dividends and spent $10.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.