Global Ship Lease, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Global Ship Lease, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	167	159	157	261	283	448	646	675	711	766
General and administrative	6.22	5.37	9.22	8.82	8.35	13.2	18.5	18.2	17.1	22.1
Operating income	-20.7	-15.4	-10.3	112	105	238	354	343	379	435
Interest expense	44.8	59.4	48.7	75	65.4	5.76	21.5	44.8	40.7	39
Interest income	0.2	0.49	1.43	1.79	0.96	0.45	2.51	9.78	16.7	19.2
Other non-operating income	-44.4	-58.9	-47	-71.7	-63.1	-66	-61.3	-38.3	-25.5	-18.7
Pre-tax income	-65	-74.2	-57.3	39.8	41.6	172	293	305	354	416
Income tax	0.05	0.04	0.06	0	0.05	0.06	-0.05	0.45	0	0
Income from continuing operations				39.8	41.6	171	293
Net income	-65.1	-74.3	-57.4	39.8	41.6	171	293	305	354	416
EBITDA	22.1	22.6	25.2	155	152	299	435	435	479	557

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	54.2	73.3	82.1	138	80.8	67.3	120	139	141	274
Receivables	0.03	0.07	1.93	2.35	2.53	3.22	3.68	4.74	12.5	49.9
Inventory		0.74	5.77	5.6	6.32	11.4	12.2	15.8	18.9	14.6
Other current assets	1.15	0.22	0.7	0.46	3.04	8.34	8.84	14.1	23	19.8
Total current assets	56.9	77.4	99	162	98.6	143	237	296	301	627
Property, plant and equipment	719	587	1,113	1,156	1,141	1,683	1,623	1,664	1,885	1,963
Intangible assets	0.94	0.7	5.4	1.47	0
Other non-current assets	0.2	0	0.95	0	0	14	31	23.9	20.2	10.8
Total assets	776	676	1,233	1,352	1,274	1,994	2,106	2,172	2,373	2,861
Accounts payable	0.96	1.49	9.59	9.05	10.6	13.2	22.8	17.6	26.3	61.9
Accrued liabilities	11.7	8.79	15.4	22.9	19.1	32.2	36	28.5	46.9	47.7
Deferred revenue	1.94	2.18	3.12	9.99	5.62	8.5	12.6	40.3	44.7	48.9
Short-term debt		40	64.1	87.5	76.7	190	190	193	145	148
Total current liabilities	48.7	55.3	95.5	130	112	245	262	280	264	307
Long-term debt		359	813	809	693	880	745	619	539	542
Total liabilities	447	424	917	945	809	1,282	1,140	987	910	1,060
Total debt		399	877	913	782	1,086	950	823	691	695
Paid-in capital	387	387	512	566	586	698	688	677	681	694
Retained earnings	-58.4	-136	-196	-159	-122	13.5	246	488	774	1,105
Other comprehensive income					0	0.23	31.5	19.3	8.62	1.78
Shareholders' equity	329	252	316	406	465	713	966	1,184	1,463	1,801
Total equity	329	252	316	406	465	713	966	1,184	1,463	1,801
Total liabilities and equity	776	676	1,233	1,352	1,274	1,994	2,106	2,172	2,373	2,861

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-65.1	-74.3	-57.4	39.8	41.6	171	293	305	354	416
Depreciation and amortization	42.8	38	35.5	43.9	47	61.6	81.3	91.7	100	122
Stock-based compensation	0.28	0.27	0.05	1.72	2	3.51	10.1	10.2	8.7	14
Change in inventory	0.06	-0.19	-2.25	0.17	-0.72	-5.09	-0.83	-3.53	-3.14	4.31
Cash from operations	71.7	66.9	47.7	93.4	104	248	327	375	430	528
Capital expenditures	0	0	-11.4	-9.53	-4.09	-4.61	-5.46	-19.6	-12.8	-14.2
Cash from investing	-6.94	-4.9	24.2	-99.9	-39.6	-463	-9.88	-152	-255	-352
Debt issued					0	0	350	0	0
Debt repaid		0	0	-263	-44.4	-153	-277	0	-292	-70.4
Stock issued		0	0	50.7	-0.07	67.5	0	0	0.45	-0.33
Dividends paid				0	0	-27.9	-50.5	-53.2	-58.4	-76.1
Cash from financing	-64.1	-42.9	-55.2	64.1	-120	318	-243	-212	-209	-84.7
Net change in cash	0.65	19	16.8	57.6	-55.4	103	74.3	10.8	-33.1	91.7
Free cash flow	71.7	66.9	36.3	83.9	100	243	322	355	417	514
Interest paid	43.1	43.2	42.4	70.6	59.8	49.5	51.5	68	55.4	46.8
Income taxes paid	0.05	0.05	0.08	0	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $44.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	56.8%	Operating income / revenue.
EBITDA margin	72.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	54.3%	Pre-tax income / revenue.
Net margin	54.3%	Net income / revenue.
FCF margin	67.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	68.9%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.9%	Net income / average total assets.
Return on invested capital (ROIC)	20.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	15.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	29.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	58.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	38.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	23.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	38.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	31.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.04x	Current assets / current liabilities.
Quick ratio	1.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.89x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.3%	Total debt / total assets.
Liabilities / assets	37.1%	Total liabilities / total assets.
Net debt	$420.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	11.2x	Operating income / interest expense.
Working capital	$320.2M	Current assets - current liabilities.
Tangible book value	$1.80B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	0.40x	Revenue / average property, plant and equipment.
Receivables turnover	24.6x	Revenue / average receivables.
Days sales outstanding	15 days	365 x average receivables / revenue.
FCF conversion	123.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	18.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	14.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.59B	Share price x shares outstanding.
Enterprise value	$2.01B	Market cap + total debt - cash - short-term investments.
P/E	3.82x	Market cap / net income. Only when net income is positive.
P/S	2.08x	Market cap / revenue.
P/B	0.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.88x	Market cap / tangible book value, when positive.
P/FCF	3.10x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.01x	Market cap / cash from operations, when positive.
EV/Sales	2.63x	Enterprise value / revenue.
EV/EBIT	4.63x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.61x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3.92x	Enterprise value / free cash flow, when both are positive.
FCF yield	32.3%	Free cash flow / market cap.
Earnings yield	26.2%	Net income / market cap (the inverse of P/E).
Dividend yield	4.8%	Dividends paid over the period / market cap.
Shareholder yield	4.8%	(Dividends paid + share buybacks) / market cap.

What was Global Ship Lease, Inc.'s revenue in fiscal 2025?

Global Ship Lease, Inc. reported revenue of $766.5M for fiscal 2025, 7.8% higher than the year before.

Was Global Ship Lease, Inc. profitable in fiscal 2025?

Yes. Net income was $416.5M, a net margin of 54.3%.

How much free cash flow did Global Ship Lease, Inc. generate in fiscal 2025?

Cash from operations of $528.3M minus capital expenditures of $14.2M left free cash flow of $514.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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