SFL Corporation Ltd. (SFL) 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 %
Q2 26	$0.08	$0.24	+200.0%	—	$193.5M	—
Q1 26	$0.02	$0.08	+300.0%	—	$172.9M	—
Q4 25	—	$0.04	—	—	$170.7M	—
Q3 25	-$0.01	$0.07	+800.0%	—	$175.2M	—
Q2 25	-$0.03	$0.01	+133.3%	—	$187.6M	—
Q1 25	-$0.03	$0.03	+200.0%	—	$185.3M	—
Q4 24	$0.15	$0.13	-13.3%	—	$225M	—
Q3 24	$0.37	$0.36	-2.7%	—	$252.7M	—
Q2 24	—	$0.16	—	—	$187.2M	—
Q1 24	$0.27	$0.36	+33.3%	—	$226.8M	—
Q4 23	$0.13	$0.25	+92.3%	—	$206.6M	—
Q3 23	$0.19	$0.27	+42.1%	—	$201.8M	—
Q2 23	$0.03	$0.08	+166.7%	—	$156.6M	—
Q1 23	$0.1	$0.09	-10.0%	—	$171.1M	—
Q4 22	$0.29	$0.43	+48.3%	—	$194.2M	—
Q3 22	$0.24	$0.39	+62.5%	—	$163.2M	—

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 %
FY25	—	-$0.2	—	—	$718.8M	—
FY24	—	$1.01	—	—	$891.6M	—
FY23	—	$0.67	—	—	$738.1M	—
FY22	—	$1.6	—	—	$656M

Total revenue

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

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$410M	$357.2M	$386.8M	$399.5M	$400.4M	$494.7M	$656M	$738.1M	$891.6M	$718.8M
YoY change	+1.28%	-12.9%	+8.27%	+3.29%	+0.22%	+23.6%	+32.6%	+12.5%	+20.8%	-19.4%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	410M	357.2M	386.8M	399.5M	400.4M	494.7M	656M	738.1M	891.6M	718.8M
Cost of revenue	230.3M	219.9M	232.6M	250.8M	266.9M	295.1M	393M	507.8M	582.5M	536.8M
Gross profit	179.7M	137.3M	154.2M	148.7M	133.5M	199.6M	263.1M	230.3M	309.1M	182M
Gross margin	43.8%	38.4%	39.9%	37.2%	33.3%	40.4%	40.1%	31.2%	34.7%	25.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9.1M	7.4M	9.2M	10.2M	11.4M	13M	15.2M	15.6M	20.6M	18.3M
Operating expenses	6.5M	5.7M	7.3M	7.4M	6.8M	8.6M	9.4M	7.6M	10.2M	5M
Operating income	173.2M	131.6M	146.9M	141.3M	124.9M	191.7M	254.2M	223.2M	298.5M	177.5M
Operating margin	42.3%	36.8%	38%	35.4%	31.2%	38.8%	38.8%	30.2%	33.5%	24.7%
Non-operating income, net	22.9M	18.8M	-6.3M	16.3M	-298.9M	46.8M	51.2M	9.8M	6.9M	-39.9M
Pretax income	146.4M	101.2M	73.6M	89.2M	-224.4M	164.3M	202.8M	87.3M	141.3M	-24.5M
Income tax	—	—	0	0	0	0	0	3.3M	10.6M	1.9M
Net income	146.4M	101.2M	73.6M	89.2M	-224.4M	164.3M	202.8M	83.9M	130.7M	-26.4M
Net margin	35.7%	28.3%	19%	22.3%	-56%	33.2%	30.9%	11.4%	14.7%	-3.68%
EBITDA	315.8M	279M	302.4M	341.9M	325.4M	350.4M	452.4M	459.3M	556M	427.8M
EPS	1.57	1.06	0.7	0.83	-2.04	1.35	1.6	0.67	1.01	-0.2
Diluted EPS	1.57	1.06	0.7	0.83	-2.04	1.35	1.6	0.67	1.01	-0.2

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	201.8M	206.6M	226.8M	187.2M	252.7M	225M	185.3M	187.6M	175.2M	170.7M	172.9M	193.5M
Cost of revenue	138.4M	132.8M	138.1M	123.3M	156.3M	164.8M	136.7M	147M	125.8M	127.2M	122M	128.6M
Gross profit	63.4M	73.8M	88.7M	63.9M	96.5M	60.2M	48.6M	40.6M	49.4M	43.4M	50.9M	64.9M
Gross margin	31.4%	35.7%	39.1%	34.1%	38.2%	26.7%	26.2%	21.7%	28.2%	25.5%	29.4%	33.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.3M	3.8M	5.5M	5.4M	4.9M	4.8M	5.3M	4.4M	3.9M	4.7M	7.6M	6.9M
Operating expenses	1.7M	1.7M	3.2M	3M	2.9M	1.2M	3.8M	4.4M	3.9M	4.7M	6M	-297K
Operating income	62M	71.8M	85.4M	60.9M	93.6M	58.6M	44.8M	40.5M	48.2M	43.5M	44.9M	65.2M
Operating margin	30.8%	34.8%	37.7%	32.5%	37%	26%	24.2%	21.6%	27.5%	25.5%	25.9%	33.7%
Non-operating income, net	5.4M	-2.9M	346K	905K	524K	5.1M	-33.8M	4.1M	1.1M	-10.4M	14.1M	-655K
Pretax income	31.6M	32.4M	48.1M	22.3M	47.6M	23.3M	-31.1M	1.9M	8.5M	-3.9M	26.7M	34.2M
Income tax	2.3M	1M	2.8M	1.7M	3.1M	3.1M	792K	467K	-133K	756K	630K	400K
Net income	29.3M	31.4M	45.3M	20.6M	44.5M	20.2M	-31.9M	1.5M	8.6M	-4.7M	26.1M	33.8M
Net margin	14.5%	15.2%	20%	11%	17.6%	8.98%	-17.2%	0.78%	4.93%	-2.73%	15.1%	17.5%
EBITDA	67.2M	79.4M	148.3M	125.5M	156.2M	126M	113.3M	104.8M	110.7M	108.9M	105.9M	130.2M
EPS	—	0.25	0.36	—	0.34	0.15	-0.24	0.01	0.07	-0.04	0.2	0.25
Diluted EPS	—	0.25	0.36	—	0.34	0.15	-0.24	0.01	0.07	-0.04	0.2	0.25

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.4B	1.5B	—	1.6B	684.3M	—	1.2B	1.4B	1.3B	1B	1.8B
Enterprise value	2.9B	3B	—	4B	2.7B	—	3.6B	3.8B	4B	3.5B	4B
Shares outstanding	93.5M	95.6M	105.9M	107.6M	109M	122.1M	126.8M	126.2M	129.4M	133.1M	133.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.48	14.6	—	17.5	—	—	5.77	17	10.1	—	53.4
P/S	3.39	4.15	—	3.92	1.71	—	1.78	1.93	1.48	1.45	2.5
P/B	1.22	1.24	—	1.41	0.86	—	1.07	1.37	1.17	1.08	1.72
EV/EBITDA	9.13	10.7	—	11.7	8.18	—	8.06	8.32	7.24	8.07	9.51
EV/Sales	7.03	8.34	—	10	6.65	—	5.56	5.17	4.51	4.8	5.67
Earnings yield	10.5%	6.83%	—	5.7%	—	—	17.3%	5.89%	9.88%	—	1.87%
FCF yield	3.02%	6.49%	—	-0.04%	22.9%	—	-21.2%	5.52%	-20.8%	18.9%	9.46%
PEG	—	—	—	—	—	—	—	—	—	—	0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	43.8%	38.4%	39.9%	37.2%	33.3%	40.4%	40.1%	31.2%	34.7%	25.3%	33.5%
Operating margin	42.3%	36.8%	38%	35.4%	31.2%	38.8%	38.8%	30.2%	33.5%	24.7%	33.7%
Net margin	35.7%	28.3%	19%	22.3%	-56%	33.2%	30.9%	11.4%	14.7%	-3.68%	8.96%
ROE	12.9%	8.47%	6.24%	8.06%	-28.2%	16.7%	18.6%	8.08%	11.6%	-2.75%	6.25%
ROA	4.98%	3.36%	1.9%	2.3%	-7.26%	4.75%	5.25%	2.25%	3.18%	-0.73%	3.38%
ROIC	—	—	4.21%	3.98%	4.5%	5.94%	7.12%	6.25%	7.21%	5.26%	5.96%
Return on tangible assets	4.98%	3.36%	1.9%	2.3%	-7.26%	4.75%	5.25%	2.25%	3.18%	-0.73%	1.82%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.17	0.92	1.02	1.07	0.62	0.63	0.28	0.31	0.38	0.36	0.38
Quick ratio	1.14	0.91	1	1.05	0.6	0.6	0.27	0.3	0.36	0.35	0.38
Debt / equity	1.48	1.46	2.21	2.45	2.79	2.46	2.45	2.47	2.52	2.67	2.3
Debt / assets	0.57	0.58	0.67	0.7	0.72	0.7	0.69	0.69	0.69	0.71	0.68
Net debt / EBITDA	4.73	5.37	7.64	7.14	6.08	6.41	5.48	5.22	4.86	5.64	4.97
Interest coverage	3.04	2.12	1.71	1.65	-0.66	2.82	2.84	1.53	1.79	0.86	1.4
Effective tax rate	—	—	0%	0%	0%	0%	0%	3.81%	7.52%	0%	2.52%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.39	3.74	3.65	3.71	3.67	4.05	5.17	5.85	6.89	5.4	5.35
EPS (basic)	1.57	1.06	0.7	0.83	-2.04	1.35	1.6	0.67	1.01	-0.2	-0.2
EPS (diluted)	1.57	1.06	0.7	0.83	-2.04	1.35	1.6	0.67	1.01	-0.2	0.24
Book value per share	12.1	12.5	11.1	10.3	7.3	8.04	8.61	8.23	8.72	7.22	7.47
FCF per share	0.45	1.01	-8.85	-0.01	1.44	-2.36	-1.95	0.62	-2.13	1.48	1.62
Cash per share	1.93	2.58	2.82	2.54	2.24	1.37	1.54	1.35	1.07	1.16	0.85
Capex per share	1.38	0.26	9.05	2.33	0.83	3.26	4.09	0.86	4.81	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	31.4%	7.01%	247.8%	62.7%	22.7%	80.4%	79.1%	14.7%	69.8%	—	—
Capex / operating cash flow	52.6%	12.3%	489.2%	97%	-298.4%	113.4%	128.5%	33.3%	176.8%	—	—
Payout ratio	114.9%	151.1%	202.7%	168.9%	-48.7%	47.2%	55%	146.5%	106%	-473.3%	362.5%
Dividend yield	12.1%	10.3%	—	9.63%	16%	—	9.54%	8.64%	10.5%	12%	6.85%

Yield

6.85%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.22

ex-dividend Sep 9, 2026

Payout ratio

363%

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
Sep 9, 2026	$0.22
May 27, 2026	$0.22
Mar 12, 2026	$0.20

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$201.8M	$206.6M	$226.8M	$187.2M	$252.7M	$225M	$185.3M	$187.6M	$175.2M	$170.7M	$172.9M	$193.5M
YoY change	+23.6%	+6.35%	+32.5%	+19.6%	+25.3%	+8.91%	-18.3%	+0.22%	-30.7%	-24.1%	-6.69%	+3.16%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	180.9M	246.9M	298.6M	273.6M	244.3M	166.8M	195.6M	170.6M	138.3M	155M
Receivables	3.5M	12.6M	3M	4.6M	6.7M	11.1M	20M	41.2M	36.8M	11.6M
Inventory	5.1M	5.1M	8.5M	7.9M	8.8M	10.1M	16.4M	11.7M	17.4M	13.8M
Total current assets	278.4M	317.7M	413.6M	390.5M	356.4M	250.3M	297M	298.1M	316M	259.2M
Property, plant & equipment	1.8B	1.8B	2.3B	3B	-533M	-617.1M	-862M	-1B	-975.3M	-700.1M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.9B	3B	3.9B	3.9B	3.1B	3.5B	3.9B	3.7B	4.1B	3.6B
Accounts payable	1.2M	487K	1.9M	3.4M	1.2M	1.8M	7.9M	30.3M	34.3M	7.3M
Short-term debt	178.5M	322.9M	334.9M	321.9M	533.8M	354M	974.9M	852.3M	689M	605.9M
Total current liabilities	239M	343.7M	404.1M	365.8M	576.5M	400.3M	1.1B	969.2M	827.9M	710.3M
Long-term debt	1.5B	1.4B	2.3B	2.4B	1.7B	2.1B	1.7B	1.7B	2.2B	2B
Total liabilities	1.8B	1.8B	2.7B	2.8B	2.3B	2.5B	2.8B	2.7B	3B	2.7B
Shareholders' equity	1.1B	1.2B	1.2B	1.1B	795.7M	982.3M	1.1B	1B	1.1B	960.9M
Total debt	1.7B	1.7B	2.6B	2.7B	2.2B	2.4B	2.7B	2.6B	2.8B	2.6B
Net debt	1.6B	1.6B	2.4B	2.5B	2B	2.3B	2.5B	2.4B	2.7B	2.4B

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	124.3M	170.6M	180.4M	229.8M	205.5M	138.3M	177.6M	158.7M	281.7M	155M	133.8M	118.1M
Receivables	34.8M	41.2M	116.2M	125.6M	147.2M	36.8M	—	21M	13.8M	11.6M	23.1M	23.8M
Inventory	12.3M	11.7M	—	—	—	17.4M	—	—	—	13.8M	—	—
Total current assets	229M	298.1M	321.7M	381.1M	373.3M	316M	327.3M	283.7M	380.6M	259.2M	255.3M	251.4M
Property, plant & equipment	-947.6M	-1B	-839.6M	-516.7M	-514.9M	-975.3M	165.9M	-779.8M	-650.1M	-700.1M	-743.2M	-791.4M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	3.7B	3.7B	3.8B	3.9B	4.1B	4.1B	4B	4B	3.9B	3.6B	3.6B	3.5B
Accounts payable	16.5M	30.3M	—	—	—	34.3M	—	—	—	7.3M	—	—
Short-term debt	595M	852.3M	982.6M	962.5M	617.9M	689M	623.5M	825.2M	813.1M	605.9M	723.3M	575.5M
Total current liabilities	712.4M	969.2M	1.1B	1.1B	747.1M	827.9M	723.6M	942.5M	904.2M	710.3M	804.3M	661.4M
Long-term debt	1.9B	1.7B	1.6B	1.7B	2.2B	2.2B	2.3B	2B	1.9B	2B	1.8B	1.8B
Total liabilities	2.6B	2.7B	2.7B	2.8B	3B	3B	3B	2.9B	2.9B	2.7B	2.6B	2.5B
Shareholders' equity	1B	1B	1.1B	1B	1.1B	1.1B	1.1B	1B	991.6M	960.9M	964.8M	1B
Total debt	2.5B	2.6B	2.6B	2.7B	2.8B	2.8B	2.9B	2.8B	2.8B	2.6B	2.5B	2.4B
Net debt	2.4B	2.4B	2.4B	2.5B	2.7B	2.7B	2.7B	2.7B	2.5B	2.4B	2.4B	2.3B

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	146.4M	101.2M	73.6M	89.2M	-224.4M	164.3M	202.8M	83.9M	130.7M	-26.4M
Depreciation & amortization	94.3M	88.2M	104.1M	116.4M	111.3M	138.3M	187.8M	214.1M	239.2M	235M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-5.4M	3.6M	5.7M	-454K	13M	-2.7M	-15.4M	4.8M	-31.7M	7.7M
Operating cash flow	244.7M	204.1M	196M	258M	-30.4M	350.7M	404.1M	325M	351.9M	267.1M
Capital expenditure	-128.6M	25.1M	-958.6M	-250.4M	90.9M	-397.7M	-519.2M	-108.2M	-622.1M	—
Investing cash flow	39.4M	48.4M	-866.6M	-169.9M	176.3M	-379.1M	-496.2M	-103.9M	-617.5M	0
Dividends paid	-168.3M	-152.9M	-149.3M	-150.7M	-109.4M	-77.6M	-111.6M	-123M	-138.5M	-125.1M
Share repurchases	—	—	—	—	—	0	0	-10.2M	—	-10M
Financing cash flow	-606.6M	-314.8M	-53.8M	-297.7M	-1.1B	-276.4M	-432.9M	-1B	-436.3M	-722.2M
Net change in cash	-322.4M	-62.4M	-724.4M	-209.6M	-910.1M	-304.8M	-525M	-822.1M	-701.8M	-455.1M
Free cash flow	41.9M	96.1M	-936.7M	-684K	156.4M	-288M	-247.4M	78.7M	-275M	196.7M

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	8.6M	-4.7M	26.1M	33.8M
Depreciation & amortization	57.2M	—	56.9M	58.1M	62M	62.2M	60.9M	59M	56.9M	58.9M	54.5M	58.4M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	57.2M	—	56.9M	58.1M	62M	62.2M	60.9M	59M	66.8M	74.6M	34.1M	88.3M
Capital expenditure	—	-63.6M	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	-61M	—	—	—	—	—	—	0	—	—	—
Dividends paid	—	-31.7M	—	—	—	—	—	—	-26.5M	-26.6M	-26.6M	-29.7M
Share repurchases	—	0	—	—	—	—	—	—	0	0	0	—
Financing cash flow	—	-106.4M	—	—	—	—	—	—	-89.5M	-223.9M	-98.2M	-149.4M
Net change in cash	57.2M	-167.3M	56.9M	58.1M	62M	62.2M	60.9M	59M	-22.7M	-149.4M	-64.1M	-61.1M
Free cash flow	—	17.3M	—	—	—	—	—	—	48.6M	70.4M	26.7M	72.1M

SFL Corporation 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