SFL Corporation Ltd. SFL

EnergyOil & Gas Related Equipment and ServicesBermuda

Last close 12.95 USD on Nov 1, 2026, +75.4% year to date

Quant rating

Quant rating B Rank 44 of 113 in Energy

Growth B 22 of 113
Valuation C 72 of 113
Quality C 69 of 113
Revisions C 48 of 113
Momentum B 44 of 113

Wall Street consensus Buy (2.00)Average target 13.32 USD +2.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.9B
Enterprise value: 4.2B
52-week range: 7.22 – 13.98
3-year range: 6.84 – 14.43
Dividend yield: 6.80%
Beta (5 years): 0.51
Shares outstanding: 150M
Next earnings: Nov 4, 2026

About the company

SFL Corporation Ltd. is a Bermuda-based company, which is primarily engaged in the ownership and operation of vessels and offshore related assets, and involved in the charter, purchase, and sale of assets. The Company is involved in ship ownership and chartering, with a diversified asset base across maritime, shipping, and offshore sectors. Its assets include approximately 18 tankers, 15 dry bulk carriers, 29 container vessels, two drilling rigs, and seven car carriers. Its vessels include SFL Yangtze, SFL Yukon, SFL Sara, SFL Kate, SFL Humber, SFL Hudson, Arabian Sea, Thor Highway, Odin Highway, Maersk Pelepas, Maersk Phuket Maersk, Linus, SFL Puma, SFL Panther, Semi-submersible, SFL Albany, SFL Fraser, among others. It also holds partial ownership in approximately four leased-in container vessels. Its subsidiaries include SFL Management AS, SFL UK Management Ltd, SFL Management (Bermuda) Limited, SFL Management (Singapore) Pte. Ltd., among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	733	904	752	670	513	–
Revenue growth	−18.9%	20.2%	12.2%	30.6%	9.0%	9.2%
EPS (basic, normalized)	0.11	1.01	0.72	1.60	1.35	–
EPS growth	−89.1%	40.3%	−55.0%	18.5%	–	–
Gross margin	58.8%	62.0%	75.9%	71.9%	69.5%	67.6%
Net margin	−3.6%	14.4%	11.2%	30.2%	32.0%	16.9%
ROE	−2.5%	12.1%	7.9%	19.6%	18.5%	11.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	118
Current ratio	0.38x
Long-term debt (mil)	1,809
Net debt (mil)	2,266
Total equity (mil)	1,035
Net debt / equity	2.19x
Net debt / EBITDA	5.41x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	733	−18.9%	5.7x	419	−24.6%	10.1x	0.11	−89.1%	117.7x
2026	715	−2.4%	5.9x	436	+4.1%	9.7x	0.42	+279.1%	31.1x
2027	788	+10.3%	5.3x	491	+12.7%	8.6x	0.71	+70.3%	18.2x
2028	858	+8.8%	4.9x	542	+10.3%	7.8x	1.02	+43.6%	12.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	715	0.0%	+5.4%	+5.7%	0.42	0.0%	+103.4%	+308.8%
2027	788	0.0%	+2.7%	+4.5%	0.71	0.0%	+3.7%	+69.1%
2028	858	0.0%	+1.6%	+0.8%	1.02	0.0%	+1.5%	−1.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	229	191	255	229	187	193	178	176	174	201
Sales mean (mil)	214	184	247	218	186	186	177	168	171	174
Surprise	+7.2%	+3.8%	+3.6%	+5.1%	+0.3%	+3.4%	+0.8%	+4.7%	+2.0%	+15.7%
EPS reported	0.36	0.16	0.34	0.15	0.02	−0.02	0.06	0.05	0.20	0.25
EPS mean	0.27	0.00	0.41	0.17	−0.03	−0.02	−0.09	0.02	0.01	0.09
Surprise	+35.8%	+6,300.0%	−16.0%	−9.1%	−166.7%	0.0%	−166.7%	+108.3%	+1,900.0%	+194.1%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SFL SFL Corporation Ltd.	1.9B	5.41x	−3.6%	1.88x	31.1x	18.2x	9.7x	8.6x
FRO Frontline PLC	12.7B	–	–	4.01x	5.8x	9.6x	5.3x	7.7x
DTM DT Midstream, Inc.	12.7B	2.80x	35.5%	2.63x	26.8x	24.7x	13.2x	12.5x
SOBO South Bow Corporation	7.5B	5.09x	21.8%	2.82x	19.8x	19.3x	12.1x	11.7x
AM Antero Midstream Corporation	10.1B	2.80x	34.7%	4.59x	20.1x	16.8x	11.0x	10.0x
KNTK Kinetik Holdings Inc.	9.2B	8.11x	9.4%	−7.75x	42.7x	29.9x	16.2x	14.4x
Mean		4.84x	19.5%	1.36x	24.4x	19.8x	11.2x	10.8x
Median		5.09x	21.8%	2.73x	23.4x	18.8x	11.6x	10.9x

Technical analysis

1M+0.9%
3M+8.6%
1Y+92.5%
3Y+58.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SFL Corporation Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	733	904	752	670	513	471
Cost of revenue	302	343	181	188	157	156
Gross profit	431	561	571	482	357	315
Selling, general & administrative expenses	18.3	20.6	15.6	15.2	13.0	11.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	235	239	214	188	138	111
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	41.3	−5.4	−11.3	−13.2	−37.5	329
Other operating expenses	0	0	113	16.7	0	0
Operating income	137	307	240	275	243	−136
Net interest income (expense)	−163	−168	−155	−71.4	−80.3	−96.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.2	2.2	1.9	−1.3	1.8	8.2
Net income before taxes	−24.5	141	87.3	203	164	−224
Provision for taxes	1.9	10.6	3.3	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−26.4	131	83.9	203	164	−224
Extraordinary items	–	–	–	–	–	–
Net income	−26.4	131	83.9	203	164	−224
EBIT, normalized	178	301	229	262	205	193
EBITDA, normalized	413	541	443	450	344	304
Basic EPS, normalized	0.11	1.01	0.72	1.60	1.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SFL Corporation Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	155	173	191	211	167	244
Receivables	18.5	42.0	74.0	50.4	58.6	91.8
Total inventory	13.8	17.4	11.7	16.4	10.1	8.8
Prepaid expenses	9.2	13.9	16.5	17.1	6.4	2.6
Other current assets	62.7	69.3	4.6	1.9	8.3	9.0
Total current assets	259	316	298	297	250	356
Property, plant & equipment	3,304	3,715	3,314	3,359	2,944	1,938
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	15.8	16.4	51.6	120	198	649
Note receivable	45.0	45.0	45.0	45.0	45.0	124
Other long-term assets	14.4	15.8	22.5	40.2	22.3	25.4
Total assets	3,638	4,108	3,731	3,861	3,459	3,093
Liabilities
Accounts payable	7.3	34.3	30.3	7.9	1.8	1.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	51.9	51.4	39.2	27.2	19.8	21.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	606	689	852	975	354	534
Other current liabilities	45.1	53.1	47.5	46.6	24.8	20.4
Total current liabilities	710	828	969	1,057	400	577
Long-term debt	1,961	2,150	1,714	1,699	2,059	1,688
Minority interest	–	–	–	–	–	–
Other liabilities	6.4	1.1	9.0	14.4	17.2	32.7
Total liabilities	2,677	2,979	2,692	2,770	2,477	2,298
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.5	1.5	1.4	1.4	1.4	1.3
Additional paid-in capital	1,011	1,134	1,043	1,041	1,083	1,071
Retained earnings (accumulated deficit)	−26.4	0	1.0	40.0	−92.7	−257
Treasury stock	−20.2	−10.2	−10.2	–	–	–
Other equity	−4.5	3.2	4.5	8.7	−9.2	−19.3
Total equity	961	1,128	1,039	1,091	982	796
Total liabilities & shareholders' equity	3,638	4,108	3,731	3,861	3,459	3,093

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SFL Corporation Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−26.4	131	83.9	203	164	−224
Depreciation, depletion & amortization	235	239	214	188	138	111
Deferred taxes	–	–	–	–	–	–
Non-cash items	45.5	12.5	18.9	−22.5	−2.8	374
Changes in working capital	13.1	−12.4	26.2	−13.0	−6.3	15.3
Cash from operations	267	370	343	355	294	276
Investing activities
Capital expenditures	−70.5	−645	−264	−602	−582	−55.0
Other investing cash flows	259	27.4	161	103	193	231
Cash from investing	188	−618	−104	−499	−389	176
Financing activities
Financing cash flow items	−20.6	−163	−239	−7.1	−8.0	−21.0
Cash dividends paid	−125	−138	−123	−112	−77.6	−109
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−293	519	99.6	297	111	−301
Cash from financing	−439	217	−262	178	25.0	−431
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	16.3	−30.9	−22.9	34.4	−70.4	21.4
Free cash flow	197	−275	78.7	−247	−288	221

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.