Golden Ocean Group Ltd. (GOGL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 25	-$0.17	-$0.19	-11.8%	—	$141.9M	—
Q4 24	$0.19	$0.06	-68.4%	—	$211M	—
Q3 24	$0.29	$0.33	+13.8%	—	$260.6M	—
Q2 24	$0.29	$0.32	+10.3%	—	$250.1M	—
Q1 24	$0.31	$0.29	-6.5%	—	$246.7M	—
Q4 23	$0.27	$0.32	+18.5%	—	$254.2M	—
Q3 23	$0.07	$0.08	+14.3%	—	$221.7M	—
Q2 23	$0.1	$0.12	+20.0%	—	$213.4M	—
Q1 23	-$0.02	$0.01	+150.0%	—	$196.5M	—
Q4 22	$0.2	$0.31	+55.0%	—	$249.6M	—
Q3 22	$0.4	$0.35	-12.5%	—	$282M	—
Q2 22	$0.56	$0.73	+30.4%	—	$316.7M	—
Q1 22	$0.37	$0.53	+43.2%	—	$265.2M	—
Q4 21	$0.83	$0.98	+18.1%	—	$381.8M	—
Q3 21	$0.65	$0.92	+41.5%	—	$387.6M	—
Q2 21	$0.43	$0.45	+4.7%	—	$275.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY24	—	$1.12	—	—	$968.4M	—
FY23	—	$0.56	—	—	$885.8M	—
FY22	—	$2.3	—	—	$1.1B	—
FY21	—	$2.74	—	—	$1.2B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	$190.2M	$256.9M	$460M	$656.1M	$705.8M	$607.9M	$1.2B	$1.1B	$885.8M	$968.4M
YoY change	+96.7%	+35%	+79.1%	+42.6%	+7.58%	-13.9%	+97.9%	-7.46%	-20.4%	+9.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	190.2M	256.9M	460M	656.1M	705.8M	607.9M	1.2B	1.1B	885.8M	968.4M
Cost of revenue	244.6M	312.9M	399.9M	498.5M	589.9M	563.9M	675M	691.8M	675.9M	651.2M
Gross profit	-54.3M	-56M	60.1M	157.5M	115.9M	44M	528.2M	421.7M	209.9M	317.2M
Gross margin	-28.6%	-21.8%	13.1%	24%	16.4%	7.25%	43.9%	37.9%	23.7%	32.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.5M	12.7M	12.6M	14.7M	14.1M	13.7M	18.1M	20.4M	18.7M	24.3M
Operating expenses	12.5M	11.8M	8.7M	11.7M	15.3M	10.8M	20.2M	20.8M	18.7M	24.3M
Operating income	-71.5M	-69.6M	51.5M	145.8M	100.7M	33.3M	508M	400.9M	191.2M	292.9M
Operating margin	-37.6%	-27.1%	11.2%	22.2%	14.3%	5.48%	42.2%	36%	21.6%	30.2%
Non-operating income, net	-120.1M	-14.4M	3.9M	6.5M	-7.6M	-123.7M	58.5M	115.4M	21.4M	32.6M
Pretax income	-220.7M	-127.9M	-2.3M	84.8M	37.4M	-137.5M	527.6M	462.2M	112.8M	223.8M
Income tax	189K	-155K	56K	232K	237K	131K	389K	379K	541K	548K
Net income	-220.8M	-127.7M	-2.3M	84.5M	37.2M	-137.7M	527.2M	461.8M	112.3M	223.2M
Net margin	-116.1%	-49.7%	-0.51%	12.9%	5.27%	-22.6%	43.8%	41.5%	12.7%	23%
EBITDA	-28.1M	-10.9M	134.1M	245.7M	198.9M	141.3M	657.1M	567.8M	337.1M	430.3M
EPS	-7.3	-1.34	-0.02	0.59	0.26	-0.96	2.74	2.3	0.56	1.12
Diluted EPS	-7.3	-1.34	-0.02	0.59	0.26	-0.96	2.73	2.29	0.56	1.12

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Revenue	316.7M	282M	249.6M	196.5M	213.4M	221.7M	254.2M	246.7M	250.1M	260.6M	211M	141.9M
Cost of revenue	164.9M	197.5M	172.2M	174.1M	164.6M	173.2M	164M	155M	159.1M	165.7M	171.4M	155.9M
Gross profit	151.8M	84.6M	77.3M	22.4M	48.8M	48.5M	90.3M	91.7M	91M	94.9M	39.6M	-14M
Gross margin	47.9%	30%	31%	11.4%	22.8%	21.9%	35.5%	37.2%	36.4%	36.4%	18.8%	-9.86%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.5M	4.8M	5M	4.2M	5.2M	4.4M	4.9M	7.4M	5.1M	5.3M	6.5M	5.4M
Operating expenses	5.5M	4.8M	5M	4.2M	5.2M	4.4M	4.9M	7.4M	5.1M	5.3M	6.5M	5.4M
Operating income	146.3M	79.8M	72.4M	18.2M	43.6M	44.1M	85.3M	84.3M	85.9M	89.7M	33.1M	-19.3M
Operating margin	46.2%	28.3%	29%	9.27%	20.4%	19.9%	33.6%	34.2%	34.3%	34.4%	15.7%	-13.6%
Non-operating income, net	29.3M	39.1M	13.8M	-6.3M	14M	13.2M	555K	8.6M	2M	-7.6M	29.6M	-2.3M
Pretax income	163.8M	104.6M	68.5M	-8.8M	34.9M	28.8M	57.9M	65.4M	62.5M	56.4M	39.4M	-43.9M
Income tax	30K	35K	279K	30K	30K	30K	451K	50K	50K	50K	398K	245K
Net income	163.7M	104.6M	68.2M	-8.8M	34.9M	28.7M	57.5M	65.4M	62.5M	56.3M	39M	-44.1M
Net margin	51.7%	37.1%	27.3%	-4.49%	16.4%	13%	22.6%	26.5%	25%	21.6%	18.5%	-31.1%
EBITDA	191.8M	119M	107.9M	56M	82.6M	79.4M	119.1M	116.5M	119M	126M	65.4M	14.1M
EPS	0.82	0.52	0.34	-0.04	0.17	0.14	0.29	0.33	0.31	0.28	0.2	-0.22
Diluted EPS	0.81	0.52	0.34	-0.04	0.17	0.14	0.29	0.33	0.31	0.28	0.2	-0.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Market cap	—	—	—	—	—	—	—	—	—	—	4.8B
Enterprise value	—	—	—	—	—	—	—	—	—	—	6B
Shares outstanding	30.2M	95.2M	125M	144.1M	143.5M	143.4M	192.4M	200.7M	199.9M	199.9M	199.9M

Valuation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
P/E	—	—	—	—	—	—	—	—	—	—	14
P/S	—	—	—	—	—	—	—	—	—	—	4.93
P/B	—	—	—	—	—	—	—	—	—	—	2.56
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	14
EV/Sales	—	—	—	—	—	—	—	—	—	—	6.23
Earnings yield	—	—	—	—	—	—	—	—	—	—	7.14%
FCF yield	—	—	—	—	—	—	—	—	—	—	23%
PEG	—	—	—	—	—	—	—	—	—	—	-0.08

Profitability

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Gross margin	-28.6%	-21.8%	13.1%	24%	16.4%	7.25%	43.9%	37.9%	23.7%	32.8%	-9.86%
Operating margin	-37.6%	-27.1%	11.2%	22.2%	14.3%	5.48%	42.2%	36%	21.6%	30.2%	33.6%
Net margin	-116.1%	-49.7%	-0.51%	12.9%	5.27%	-22.6%	43.8%	41.5%	12.7%	23%	32.8%
ROE	-19.1%	-10.3%	-0.16%	5.55%	2.46%	-10.1%	27.3%	24.1%	5.84%	11.7%	11.7%
ROA	-10.2%	-5.41%	-0.08%	2.86%	1.25%	-5.06%	15.3%	14.2%	3.22%	6.61%	6.61%
ROIC	-3.57%	-3.32%	2.08%	5.68%	3.72%	1.36%	16.1%	13.2%	5.81%	9.27%	5.94%
Return on tangible assets	-10.2%	-5.41%	-0.08%	2.86%	1.25%	-5.06%	15.3%	14.2%	3.22%	6.61%	3.35%

Financial health

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Current ratio	2.54	6.88	2.45	0.85	1.42	1.18	1.49	1.41	1.23	1.22	0.81
Quick ratio	2.36	6.47	2.34	0.8	1.3	1.07	1.31	1.2	1.05	1.06	0.81
Debt / equity	0.83	0.87	0.87	0.89	0.88	0.91	0.74	0.65	0.76	0.73	0.01
Debt / assets	0.44	0.46	0.45	0.46	0.45	0.46	0.41	0.38	0.42	0.41	0.43
Net debt / EBITDA	-30.1	-78.4	7.28	4.23	5.89	7.66	1.86	1.95	4.02	2.91	4.12
Interest coverage	-7.81	-2.04	0.96	2.13	1.63	-1.9	14.2	10.2	2.15	3.2	2.24
Effective tax rate	0%	0%	0%	0.27%	0.63%	0%	0.07%	0.08%	0.48%	0.24%	0.65%

Per share

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Revenue per share	6.29	2.7	3.68	4.55	4.92	4.24	6.26	5.55	4.43	4.84	4.84
EPS (basic)	-7.3	-1.34	-0.02	0.59	0.26	-0.96	2.74	2.3	0.56	1.12	1.12
EPS (diluted)	-7.3	-1.34	-0.02	0.59	0.26	-0.96	2.73	2.29	0.56	1.12	1.12
Book value per share	38.3	13	12	10.6	10.5	9.54	10	9.55	9.61	9.5	9.16
FCF per share	-17.7	-3.05	-0.53	0.2	0.8	0.8	0.6	2.2	-1.06	1.32	0.87
Cash per share	3.88	2.3	2.6	2.2	1.16	1.09	1.03	0.68	0.58	0.65	0.54
Capex per share	3.21	1.78	0.2	1	0.31	0.18	2.03	0.33	1.91	0.04	0.32

Capital allocation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Capex / revenue	51.1%	66.1%	5.51%	21.9%	6.25%	4.16%	32.5%	5.97%	43.2%	0.85%	7.39%
Capex / operating cash flow	-68%	-535.2%	26.9%	78.6%	34.4%	135.8%	65.9%	11.2%	160.3%	2.24%	25.1%
Payout ratio	0%	0%	0%	76.8%	125.4%	-5.2%	60.8%	102.1%	89.1%	107.5%	184.7%
Dividend yield	—	—	—	—	—	—	—	—	—	—	0.85%

Yield

0.85%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.05

ex-dividend Jun 5, 2025

Payout ratio

185%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 5, 2025	$0.05
Mar 11, 2025	$0.15
Dec 9, 2024	$0.30
Sep 11, 2024	$0.30

Period	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Revenue	$316.7M	$282M	$249.6M	$196.5M	$213.4M	$221.7M	$254.2M	$246.7M	$250.1M	$260.6M	$211M	$141.9M
YoY change	+14.9%	-27.2%	-34.6%	-25.9%	-32.6%	-21.4%	+1.86%	+25.6%	+17.2%	+17.6%	-17%	-42.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Cash & short-term investments	117.2M	219.5M	325.3M	317.4M	166.9M	156.8M	198.7M	137M	116.4M	129.1M
Receivables	9.6M	14.8M	23.4M	27.6M	45.6M	22.7M	28.8M	14.9M	29.8M	25.5M
Inventory	15.2M	18M	20.1M	28.2M	28.2M	25.2M	43.4M	45.4M	40.9M	37.5M
Total current assets	203.7M	299.9M	444.5M	461.2M	331.9M	284.5M	369.4M	299.1M	278.9M	286.5M
Property, plant & equipment	-58M	-114.9M	-183.7M	-273.1M	-117.2M	-322.2M	-437.1M	-535.8M	-650.7M	-770.4M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.2B	2.4B	2.9B	3B	3B	2.7B	3.5B	3.3B	3.5B	3.4B
Accounts payable	2.5M	2.9M	5.4M	7.8M	12.4M	18.4M	6.5M	7.1M	9.5M	11.8M
Short-term debt	36.1M	4.9M	114.9M	477.4M	119.7M	128.1M	141.5M	116.8M	131.5M	135.1M
Total current liabilities	80M	43.6M	181.7M	541.5M	233.4M	241.7M	248.1M	211.6M	226.2M	234.4M
Long-term debt	925.6M	1.1B	1.2B	879.1M	1.2B	1.1B	1.3B	1.1B	1.3B	1.2B
Total liabilities	1B	1.1B	1.4B	1.4B	1.5B	1.4B	1.5B	1.3B	1.6B	1.5B
Shareholders' equity	1.2B	1.2B	1.5B	1.5B	1.5B	1.4B	1.9B	1.9B	1.9B	1.9B
Total debt	961.8M	1.1B	1.3B	1.4B	1.3B	1.2B	1.4B	1.2B	1.5B	1.4B
Net debt	859.2M	863M	992.1M	1.1B	1.2B	1.1B	1.2B	1.1B	1.4B	1.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Cash & short-term investments	165.3M	129.3M	137M	118.4M	106.5M	97.5M	116.4M	144.7M	99.5M	116.2M	129.1M	106.7M
Receivables	28.1M	—	14.9M	—	30.5M	—	29.8M	—	30M	—	25.5M	—
Inventory	47.9M	—	45.4M	—	51.7M	—	40.9M	—	40.9M	—	37.5M	—
Total current assets	355.1M	324.3M	299.1M	279.7M	272.8M	281M	278.9M	314.5M	284.5M	307M	286.5M	289.6M
Property, plant & equipment	-470.6M	114.7M	-535.8M	94.2M	-579.7M	98.7M	-650.7M	73.9M	-714.1M	65.2M	-770.4M	108.8M
Goodwill & intangibles	—	—	—	—	—	—	—	—	3.5M	—	—	—
Total assets	3.4B	3.3B	3.3B	3.3B	3.5B	3.5B	3.5B	3.5B	3.5B	3.4B	3.4B	3.4B
Accounts payable	5.2M	—	7.1M	—	11.2M	—	9.5M	—	9.4M	—	11.8M	—
Short-term debt	126.3M	127.3M	116.8M	121.8M	130.3M	145.5M	131.5M	136.7M	138.2M	137.8M	135.1M	233.4M
Total current liabilities	230.2M	230.5M	211.6M	244.8M	243.3M	260.6M	226.2M	250.7M	243.4M	252.4M	234.4M	355.7M
Long-term debt	1.2B	1.2B	1.1B	1.2B	1.3B	1.4B	1.3B	1.3B	1.3B	1.3B	1.2B	1.2B
Total liabilities	1.4B	1.4B	1.3B	1.4B	1.6B	1.7B	1.6B	1.6B	1.5B	1.5B	1.5B	1.6B
Shareholders' equity	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.8B
Total debt	1.3B	1.3B	1.2B	1.3B	1.5B	1.5B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B
Net debt	1.2B	1.2B	1.1B	1.2B	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Net income	-220.8M	-127.7M	-2.3M	84.5M	37.2M	-137.7M	527.2M	461.8M	112.3M	223.2M
Depreciation & amortization	52.7M	63.4M	78.1M	92.1M	93.8M	111.3M	123.7M	129.8M	135.5M	141.6M
Stock-based compensation	-10K	86K	576K	537K	482K	264K	620K	566K	273K	0
Change in working capital	-5M	-5.1M	-8.8M	-21.9M	-19.2M	36.4M	-51.7M	4.7M	-11.4M	-1.7M
Operating cash flow	-142.8M	-31.7M	94.1M	183M	128.3M	18.6M	593.7M	594.2M	238.7M	366.3M
Capital expenditure	-97.1M	-169.7M	-25.4M	-143.9M	-44.1M	-25.3M	-391M	66.5M	-382.7M	-8.2M
Investing cash flow	112.5M	-175.6M	-35.2M	-141.3M	-73.2M	-19.2M	-390.1M	72.8M	-381.8M	-8.2M
Dividends paid	0	0	0	-64.9M	-46.6M	-7.2M	-320.7M	-471.7M	-100M	-239.9M
Share repurchases	—	0	0	-1.9M	-5.5M	0	0	-3.3M	-8.4M	-5.7M
Financing cash flow	-37.3M	308.7M	28.6M	-44.7M	-294.7M	-109.6M	-136.1M	-649M	95.3M	-344.5M
Net change in cash	-67.6M	101.4M	87.5M	-3.1M	-239.7M	-110.3M	67.5M	18M	-47.8M	13.6M
Free cash flow	-533.8M	-290.3M	-65.8M	28.3M	114.3M	115.4M	115.4M	442.4M	-211.2M	263.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Net income	163.7M	104.6M	68.2M	-8.8M	34.9M	28.7M	57.5M	65.4M	62.5M	56.3M	39M	-44.1M
Depreciation & amortization	32.5M	32.5M	32.4M	31.5M	32.6M	35.3M	36.2M	35.1M	35.2M	35.8M	35.6M	31.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	197.6M	137.7M	96.9M	24.6M	67.2M	64.5M	93.6M	102M	98.4M	92.3M	75.3M	-11.6M
Capital expenditure	36.9M	36.5M	-5.5M	-124.3M	-184.6M	-88.5M	14.7M	-12.2M	-25.5M	-4.4M	33.9M	0
Investing cash flow	37.8M	36.6M	-6.5M	-123.3M	-184.6M	-88.5M	14.7M	-12.2M	-25.5M	-4.4M	33.9M	0
Dividends paid	-100.4M	-120.5M	-70.3M	-40.1M	-20M	-19.9M	-20M	-59.9M	-60M	-60M	-60M	-29.9M
Share repurchases	0	0	—	-509K	-6.9M	-904K	-1K	0	0	0	-5.7M	0
Financing cash flow	-140.7M	-171.3M	-111M	32M	123.1M	33.5M	-93.4M	-74.9M	-95.8M	-81.8M	-92.1M	-15.8M
Net change in cash	94.7M	3M	-20.6M	-66.8M	5.7M	9.5M	14.9M	15M	-22.9M	6.1M	17.2M	-27.3M
Free cash flow	140.9M	73.5M	105.7M	-63.1M	-182.6M	-55.9M	90.4M	87.9M	51.4M	75.6M	48.9M	-3.3M

Golden Ocean Group Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history