SFL Corp Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SFL Corp Ltd. 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	413	381	419	459	471	513	670	752	904	733
Operating expenses	245	227	306	321	611	310	408	531	603	589
Operating income	168	155	118	138	-138	243	275	240	307	137
Interest expense							117	167	183	181
Other non-operating income	-2.09	-2.68	10.4	-12.8	-25.9	6.68	15.5	-0.49	1.84	2.19
Pre-tax income	119	77.4	59	72.1	-229	164	203	87.3	141	-24.5
Income tax						0	0	3.32	10.6	1.88
Net income	146	101	73.6	89.2	-224	164	203	83.9	131	-26.4
EBITDA	262	243	222	254	-26.9	381	463	454	546	372
EPS, basic	1.57	1.06	0.70	0.83	-2.06	1.35	1.60	0.67	1.01	-0.20
EPS, diluted	1.50	1.03	0.69	0.83	-2.06	1.30	1.53	0.66	1.01	-0.20
Shares, basic (weighted)	93.5	95.6	106	108	109	122	127	126	129	133
Shares, diluted (weighted)	108	103	108	108	109	139	137	127	130	133
Dividend per share							0.88	0.97	1.07	0.94

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	62.4	153	211	200	215	146	188	165	135	151
Receivables	3.55	12.6	2.98	4.58	6.67	11.1	20	41.2	36.8	11.6
Inventory	5.08	5.13	8.55	7.93	8.81	10.1	16.4	11.7	17.4	13.8
Other current assets								29.3	66	53.2
Total current assets	278	318	414	390	356	250	297	298	316	259
Property, plant and equipment		1,763	1,560
Other non-current assets			30.8	64.2	22	18.5	13.5	8.91	0.29	0.29
Total assets	2,937	3,012	3,878	3,885	3,093	3,459	3,861	3,731	4,108	3,638
Accounts payable	1.23	0.49	1.95	3.45	1.25	1.77	7.89	30.3	34.3	7.35
Accrued liabilities	13.8	13.4	12.5	17.1	21.1	19.8	27.2	39.2	51.4	51.9
Deferred revenue	4.33	3.94	7.56	10	15.2	0.12	1.59	5.32	0.35	0
Short-term debt	175	314	267	253	485	303	921	433	689	606
Total current liabilities	239	344	404	366	577	400	1,057	969	828	710
Long-term debt	1,378	1,190	1,170	1,355	1,164	1,586	1,280	1,714	2,150	1,961
Other non-current liabilities	125	3.96	3.29	0	0	0	0	0	0.97	0.28
Total liabilities	1,803	1,817	2,698	2,779	2,298	2,477	2,770	2,692	2,979	2,677
Total debt	1,580	1,523	1,460	1,627	1,663	1,904	2,214	2,164	2,862	2,584
Paid-in capital	283	404	469	469	531	621	617	618	716	718
Retained earnings	256	204	29.5	0	-257	-92.7	40	0.96	0	-26.4
Treasury stock							0	-10.2	-10.2	-20.2
Other comprehensive income		-94.6	-0.22	-13	-19.3	-9.19	8.71	4.5	3.21	-4.52
Shareholders' equity	1,134	1,195	1,180	1,106	796	982	1,091	1,039	1,128	961
Total equity	1,134	1,195	1,180	1,106	796	982	1,091	1,039	1,128	961
Total liabilities and equity	2,937	3,012	3,878	3,885	3,093	3,459	3,861	3,731	4,108	3,638
Shares outstanding	102	111	119	119	128	139	139	137	146	145

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	146	101	73.6	89.2	-224	164	203	83.9	131	-26.4
Depreciation and amortization	94.3	88.2	104	116	111	138	188	214	239	235
Change in receivables	-1.49	-9.03	9.61	-1.61	-2.35	-4.07	-9.03	-20.9	4.3	25.3
Change in inventory	-0.03	-0.04	-3.42	0.61	-0.87	-1.32	-6.27	4.67	-5.66	3.6
Cash from operations	230	178	201	250	276	294	355	343	370	267
Purchases of investments			0	-2.28	-1.29	-1.35	0	0
Sales and maturities of investments			0	82.8	23.7	9.61	15	0	0
Cash from investing	39.4	48.4	-867	-170	176	-389	-499	-104	-618	188
Stock issued	0.32	0.09	0	0	61.5	89.3	0	0	96.3
Share buybacks						0	0	-10.2		-10
Dividends paid	-168	-153	-149	-151	-109	-77.6	-112	-123	-138	-125
Cash from financing	-277	-135	725	-89.2	-431	25	178	-262	217	-439
Net change in cash	-7.79	90.7	59.3	-9.38	21.4	-70.4	34.4	-22.9	-30.9	16.3
Interest paid	65.2	88.2	105	72.3	131	96.8	110	149	161	162
Income taxes paid							0	1.99	8.29	2.83

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $12.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.6%	Operating income / revenue.
EBITDA margin	50.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.3%	Pre-tax income / revenue.
Net margin	-3.6%	Net income / revenue.
Operating cash flow margin	36.4%	Cash from operations / revenue.
Return on equity (ROE)	-2.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.7%	Net income / average total assets.
Return on invested capital (ROIC)	3.0%	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%.
D&A / revenue	32.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-18.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-55.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-20.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-31.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-120.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-119.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-27.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.1%	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	-0.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-12.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-14.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.2%	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	3.8%	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	-11.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.0%	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	3.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.36x	Current assets / current liabilities.
Quick ratio	0.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.69x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	71.0%	Total debt / total assets.
Liabilities / assets	73.6%	Total liabilities / total assets.
Net debt	$2.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.55x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.76x	Operating income / interest expense.
Working capital	-$451.1M	Current assets - current liabilities.
Tangible book value	$960.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Receivables turnover	30.3x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.20	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.51	Revenue / diluted weighted shares.
Operating cash flow per share	$2.01	Cash from operations / diluted weighted shares.
Book value per share	$6.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.65	Tangible book value / shares outstanding.
Cash per share	$1.04	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.94	Dividend declared per common share (paid, when declared is not tagged).

Valuation

Metric	Value	How it is calculated
Market cap	$1.85B	Share price x shares outstanding.
Enterprise value	$4.28B	Market cap + total debt - cash - short-term investments.
P/S	2.52x	Market cap / revenue.
P/B	1.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.92x	Market cap / tangible book value, when positive.
P/OCF	6.92x	Market cap / cash from operations, when positive.
EV/Sales	5.84x	Enterprise value / revenue.
EV/EBIT	31.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-1.4%	Net income / market cap (the inverse of P/E).
Dividend yield	6.8%	Dividends paid over the period / market cap.
Shareholder yield	7.3%	(Dividends paid + share buybacks) / market cap.

What was SFL Corp Ltd.'s revenue in fiscal 2025?

SFL Corp Ltd. reported revenue of $733.0M for fiscal 2025, 18.9% lower than the year before.

Was SFL Corp Ltd. profitable in fiscal 2025?

No. It reported a net loss of $26.4M.

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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