Revenue growth has decelerated significantly, with a 19.28% year-over-year decline and gross margins exhibiting extreme volatility, swinging from 58.4% in 2025Q4 to 22.0% in 2025Q2.
| 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 | 708.94M | 719.75M | 891.62M | 738.13M | 655.65M | 494.7M | 400.41M | 456.05M | 418.71M | 380.88M | 412.95M | 406.74M | 327.49M | 270.86M | 319.69M | 295.11M | 336.16M | 369.94M | 475.72M | 398.79M | 424.66M | 437.51M | 492.07M | 695.07M | 365.17M | 486.65M |
| Revenue Growth % | -16.61% | -19.28% | 20.79% | 12.58% | 32.53% | 23.55% | -12.2% | 8.92% | 9.93% | -7.77% | 1.53% | 24.2% | 20.91% | -15.27% | 8.33% | -12.21% | -9.13% | -22.24% | 19.29% | -6.09% | -2.94% | -11.09% | -29.21% | 90.34% | -24.96% | - |
| Cost of Goods Sold | 465.8M | 301.77M | 582.48M | 507.82M | 392.97M | 295.06M | 266.92M | 134.43M | 232.63M | 219.94M | 230.31M | 198.91M | 186.86M | 163.97M | 150.52M | 81.06M | 81.02M | 91.49M | 100.45M | 107.16M | 119.69M | 113.84M | 106.48M | 230.52M | 0 | 0 |
| COGS % of Revenue | - | 41.93% | 65.33% | 68.8% | 59.94% | 59.64% | 66.66% | 29.48% | 55.56% | 57.75% | 55.77% | 48.9% | 57.06% | 60.54% | 47.08% | 27.47% | 24.1% | 24.73% | 21.11% | 26.87% | 28.19% | 26.02% | 21.64% | 33.17% | - | - |
| Gross Profit | 243.14M | 417.98M | 309.14M | 230.32M | 262.68M | 199.64M | 133.49M | 321.61M | 186.09M | 160.93M | 182.64M | 207.83M | 140.62M | 106.89M | 169.18M | 214.05M | 255.14M | 278.45M | 375.28M | 291.63M | 304.96M | 323.67M | 385.59M | 464.55M | 365.17M | 486.65M |
| Gross Margin % | 34.3% | 58.07% | 34.67% | 31.2% | 40.06% | 40.36% | 33.34% | 70.52% | 44.44% | 42.25% | 44.23% | 51.1% | 42.94% | 39.46% | 52.92% | 72.53% | 75.9% | 75.27% | 78.89% | 73.13% | 71.81% | 73.98% | 78.36% | 66.83% | 100% | 100% |
| Gross Profit Growth % | - | 35.21% | 34.22% | -12.32% | 31.58% | 49.56% | -58.5% | 72.83% | 15.63% | -11.89% | -12.12% | 47.79% | 31.56% | -36.82% | -20.96% | -16.11% | -8.37% | -25.8% | 28.68% | -4.37% | -5.78% | -16.06% | -17% | 27.21% | -24.96% | - |
| Operating Expenses | 72.27M | 281.3M | 2.42M | -9.87M | -12.79M | -43.2M | 271.66M | 183.84M | 9.17M | 7.43M | 9.07M | 6.74M | 7.61M | 7.55M | 8.94M | 59.81M | 43.3M | 42.43M | 37.87M | 135.58M | 140.77M | 136.85M | 144.91M | 346.25M | 279.08M | 255.94M |
| OpEx % of Revenue | - | 39.08% | 0.27% | -1.34% | -1.95% | -8.73% | 67.85% | 40.31% | 2.19% | 1.95% | 2.2% | 1.66% | 2.32% | 2.79% | 2.8% | 20.27% | 12.88% | 11.47% | 7.96% | 34% | 33.15% | 31.28% | 29.45% | 49.82% | 76.42% | 52.59% |
| Selling, General & Admin | 20.65M | 18.33M | 20.58M | 15.56M | 15.18M | 12.97M | 11.4M | 10.2M | 9.17M | 7.43M | 9.07M | 6.74M | 7.61M | 7.55M | 8.94M | 9.88M | 9.1M | 12.19M | 9.84M | 7.78M | 6.58M | 2.45M | 3.81M | 9.71M | 6.95M | 0 |
| SG&A % of Revenue | - | 2.55% | 2.31% | 2.11% | 2.31% | 2.62% | 2.85% | 2.24% | 2.19% | 1.95% | 2.2% | 1.66% | 2.32% | 2.79% | 2.8% | 3.35% | 2.71% | 3.3% | 2.07% | 1.95% | 1.55% | 0.56% | 0.77% | 1.4% | 1.9% | - |
| 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 | -1000K | 262.97M | -18.16M | -25.43M | -27.97M | -56.17M | 260.26M | 173.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.93M | 34.2M | 30.24M | 28.04M | 127.8M | 134.18M | 134.4M | 141.1M | 336.54M | 272.14M | 255.94M |
| Operating Income | 170.87M | 136.68M | 306.72M | 240.18M | 275.47M | 242.84M | -138.17M | 137.78M | 117.61M | 154.63M | 168.09M | 166.05M | 145.15M | 117.37M | 207.62M | 162.71M | 211.84M | 209.26M | 337.4M | 304.88M | 293.7M | 300.66M | 347.16M | 348.82M | 86.09M | 230.72M |
| Operating Margin % | 24.1% | 18.99% | 34.4% | 32.54% | 42.02% | 49.09% | -34.51% | 30.21% | 28.09% | 40.6% | 40.7% | 40.82% | 44.32% | 43.33% | 64.94% | 55.13% | 63.02% | 56.57% | 70.92% | 76.45% | 69.16% | 68.72% | 70.55% | 50.18% | 23.58% | 47.41% |
| Operating Income Growth % | - | -55.44% | 27.7% | -12.81% | 13.44% | 275.75% | -200.29% | 17.14% | -23.94% | -8.01% | 1.23% | 14.4% | 23.67% | -43.47% | 27.61% | -23.2% | 1.23% | -37.98% | 10.67% | 3.81% | -2.32% | -13.39% | -0.48% | 305.17% | -62.69% | - |
| EBITDA | 406.04M | 380.13M | 545.9M | 454.25M | 463.3M | 381.17M | -26.89M | 254.16M | 221.69M | 242.78M | 262.38M | 244.13M | 221.83M | 175.8M | 266.44M | 216.95M | 248.14M | 245.01M | 369.22M | 328.88M | 308.19M | 320.57M | 381.77M | 454.83M | 182.86M | 212.01M |
| EBITDA Margin % | 57.27% | 52.81% | 61.23% | 61.54% | 70.66% | 77.05% | -6.72% | 55.73% | 52.95% | 63.74% | 63.54% | 60.02% | 67.74% | 64.91% | 83.34% | 73.51% | 73.82% | 66.23% | 77.61% | 82.47% | 72.57% | 73.27% | 77.59% | 65.44% | 50.08% | 43.56% |
| EBITDA Growth % | -20.55% | -30.37% | 20.18% | -1.95% | 21.55% | 1517.24% | -110.58% | 14.64% | -8.68% | -7.47% | 7.48% | 10.05% | 26.18% | -34.02% | 22.81% | -12.57% | 1.28% | -33.64% | 12.27% | 6.71% | -3.86% | -16.03% | -16.06% | 148.73% | -13.75% | - |
| D&A (Non-Cash Add-back) | 235.17M | 243.45M | 239.18M | 214.06M | 187.83M | 138.33M | 111.28M | 116.38M | 104.08M | 88.15M | 94.29M | 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 | -18.71M |
| EBIT | 192M | 177.94M | 320.91M | 252.17M | 320.11M | 254.73M | -88.98M | 197.83M | 177.32M | 191.62M | 218.25M | 259.8M | 197.63M | 165.13M | 274.82M | 227.42M | 267.14M | 309.67M | 337.4M | 304.88M | 294.39M | 186.82M | 358.59M | 348.82M | 86.09M | 230.72M |
| Net Interest Income | -158.54M | -165.75M | -169.22M | -145.72M | -100.45M | -68.6M | -122.04M | -124.99M | -95.94M | -71.08M | -50.11M | -33.05M | -46.86M | -60.44M | -43.46M | -79.98M | -80.33M | -116.83M | -123.71M | -123.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.66M | 0 | 13.77M | 19.18M | 16.89M | 21.79M | 13.4M | 20.06M | 17.95M | 19.33M | 21.74M | 39.14M | 40.45M | 30.08M | 27.17M | 1.55M | 21.11M | 240K | 3.48M | 6.78M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 129.77M | 0 | 182.99M | 164.91M | 117.34M | 90.39M | 135.44M | 145.06M | 113.89M | 90.41M | 71.84M | 72.19M | 87.31M | 90.52M | 70.63M | 96.25M | 101.43M | 117.08M | 127.19M | 130.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -137.63M | -161.23M | -165.43M | -152.92M | -72.71M | -78.5M | -86.25M | -48.6M | -43.99M | -53.42M | -21.68M | 34.79M | -22.33M | -28.16M | -21.78M | -31.53M | -46.13M | -16.67M | -155.79M | -137.17M | -112.9M | -91.12M | -84.5M | 15.25M | -20.31M | 0 |
| Pretax Income | 33.24M | -24.55M | 141.28M | 87.26M | 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 | 309.43M | 282.53M | 156.97M | 164.47M | 186.82M | 240.67M | 364.06M | 65.78M | 0 |
| Pretax Margin % | 4.69% | -3.41% | 15.85% | 11.82% | 30.93% | 33.22% | -56.05% | 19.55% | 17.58% | 26.57% | 35.45% | 49.38% | 37.5% | 32.93% | 58.13% | 44.45% | 49.3% | 83.64% | 59.39% | 39.36% | 38.73% | 42.7% | 48.91% | 52.38% | 18.01% | - |
| Income Tax | 1.72M | 1.88M | 10.63M | 3.32M | 0 | 0 | 0 | 0 | 0 | 53.42M | 21.68M | 59.84M | 71.54M | 53.82M | 0 | 0 | 0 | 43.42M | 155.79M | -37.92M | -22.58M | -40.2M | -30.85M | 14M | 68.07M | 18.71M |
| Effective Tax Rate % | 5.17% | -7.67% | 7.52% | 3.81% | 0% | 0% | 0% | 0% | 0% | 52.78% | 14.81% | 29.79% | 58.25% | 60.33% | 0% | 0% | 0% | 14.03% | 55.14% | -24.16% | -13.73% | -21.52% | -12.82% | 3.85% | 103.48% | - |
| 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 |
| Net Margin % | 4.45% | -3.67% | 14.65% | 11.37% | 30.93% | 33.22% | -56.05% | 19.55% | 17.58% | 26.57% | 35.45% | 49.38% | 37.5% | 32.93% | 58.13% | 44.45% | 49.3% | 52.06% | 38.18% | 42.05% | 42.58% | 47.9% | 53.38% | 48.17% | 4.94% | 43.56% |
| Net Income Growth % | -41.07% | -120.23% | 55.66% | -58.6% | 23.38% | 173.23% | -351.66% | 21.13% | -27.26% | -30.87% | -27.1% | 63.52% | 37.68% | -52% | 41.67% | -20.84% | -13.96% | 6.05% | 8.29% | -7.24% | -13.72% | -20.22% | -21.55% | 1757.59% | -91.5% | - |
| Net Income (Continuing) | 31.52M | -26.43M | 130.65M | 83.94M | 202.77M | 164.34M | -224.43M | 89.18M | 73.62M | 77.44M | 118.64M | 167.23M | 89.32M | 61.01M | 185.84M | 131.18M | 165.71M | 192.6M | 181.61M | 167.71M | 180.8M | 209.55M | 262.66M | 334.81M | 32.17M | 212.01M |
| 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 | 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) | 0.24 | -0.20 | 1.01 | 0.66 | 0.95 | 0.55 | -3.18 | -0.53 | 0.70 | 1.06 | 1.57 | 2.15 | 1.32 | 0.99 | 2.31 | 1.66 | 2.10 | 2.59 | 2.50 | 2.30 | 2.48 | 2.84 | 3.52 | 4.53 | 0.24 | 2.87 |
| EPS Growth % | -41.22% | -119.8% | 53.03% | -30.53% | 72.73% | 117.3% | -500% | -175.71% | -33.96% | -32.48% | -26.98% | 62.88% | 33.33% | -57.14% | 39.16% | -20.95% | -18.92% | 3.6% | 8.7% | -7.26% | -12.68% | -19.32% | -22.3% | 1787.5% | -91.64% | - |
| EPS (Basic) | - | -0.20 | 1.01 | 0.66 | 1.03 | 0.63 | -3.18 | -0.53 | 0.70 | 1.06 | 1.57 | 2.15 | 1.32 | 1.00 | 2.31 | 1.66 | 2.10 | 2.59 | 2.50 | 2.31 | 2.48 | 2.84 | 3.52 | 4.53 | 0.24 | 2.87 |
| Diluted Shares Outstanding | 132.83M | 133.06M | 130M | 126.58M | 137.38M | 139.38M | 108.97M | 107.7M | 105.9M | 95.6M | 93.5M | 93.45M | 93.33M | 95.42M | 80.59M | 79.13M | 79.06M | 74.4M | 72.77M | 72.92M | 72.9M | 74.78M | 75.28M | 73.91M | 73.93M | 73.87M |
| Basic Shares Outstanding | 132.83M | 133.06M | 129.39M | 126.25M | 126.79M | 122.14M | 108.97M | 107.61M | 105.9M | 95.6M | 93.5M | 93.45M | 93.33M | 89.51M | 80.59M | 79.13M | 79.06M | 74.4M | 72.74M | 72.74M | 72.9M | 73.78M | 74.62M | 73.91M | 73.93M | 73.87M |
| Dividend Payout Ratio | - | - | 106% | 146.53% | 55.03% | 47.19% | - | 168.94% | 202.74% | 151.08% | 114.95% | 80.96% | 123.88% | 122.32% | 81.8% | 93.5% | 70.75% | 39.24% | 67.69% | 95.01% | 82.48% | 71.04% | 30.04% | - | - | - |
Charter Re-pricing and Impairments
According to the provided financial data, SFL experienced a notable 19.28% year-over-year revenue decline, reflecting a challenging transition period where the company appears to be shedding older, higher-rate assets while navigating a volatile maritime environment that complicates the replacement of expiring long-term charter agreements.
The consistent revenue deceleration suggests that the company's core strategy of long-term contract stability is currently being tested by the expiration of legacy charters. Investors should monitor whether this trend represents a structural downsizing of the fleet or a temporary lag in deploying capital into new, modern tonnage.
As reported in the quarterly income statements, SFL's gross margin has exhibited significant instability, fluctuating from a high of 58.4% in 2025Q4 to a low of 22.0% in 2025Q2, which indicates that the company's direct operating costs are highly sensitive to the specific mix of active vessel charters.
The wide variance in gross margins suggests that the company's cost-to-revenue relationship is not as fixed as a pure-play leasing model might imply. This volatility warrants further investigation into whether the company is absorbing higher maintenance or crewing costs on specific vessel classes that are currently underperforming.
Based on the company's reported figures, the net margin has frequently dipped into negative territory, reaching -17.2% in 2025Q1, which suggests that non-operating items such as interest expenses or asset impairments are significantly eroding the underlying operating profitability of the maritime asset portfolio.
The disconnect between operating income and net income implies that the company's bottom line is heavily influenced by capital structure decisions and accounting adjustments rather than pure operational efficiency. Analysts should be cautious of relying on headline EPS, as non-cash charges appear to be creating significant noise in the reported earnings.
While SFL is often viewed as a stable yield-generating entity, the recent negative net margin of -3.67% reported in 2025Q4 highlights a potential vulnerability where the company's debt-servicing requirements may be outpacing its ability to generate sufficient net income to support long-term capital distributions.
Short-sellers may focus on the potential for further asset impairments if the current maritime cycle fails to provide sufficient upside to cover the company's high fixed-cost base. The sustainability of the dividend appears increasingly tied to the company's ability to manage its debt load rather than just its operational cash flow.
Quick answers to the most common questions about buying SFL stock.
For fiscal year 2025, SFL Corporation Ltd. (SFL) reported total revenue of $719.8M. This represents a 47.9% increase compared to $486.7M in 2001.
SFL Corporation Ltd. (SFL) reported a net loss of $26.4M for the fiscal year ending 2025.
SFL Corporation Ltd. (SFL) reported an operating income of $136.7M, resulting in an operating profit margin of 19.0%. This margin reflects the operational efficiency of the business before interest and taxes.
SFL Corporation Ltd. (SFL) generated $418.0M in gross profit for the year, representing a gross profit margin of 58.1%. This demonstrates the company's core pricing power and production efficiency.