SFL Corporation Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red light here is about financing, not about the share price. What carries is documented: $3.7 billion of contracted charter revenue with a remaining term of 6.3 years, 68 percent of it with investment-grade customers, utilization of 97 to 100 percent across every shipping segment, and $267.1 million of operating cash flow in 2025. The level is nevertheless decided one line further down: interest expense of $180.5 million exceeded the entire operating income of $136.7 million in 2025 — earnings no longer covered the company's own interest, and the year ended with a loss of $26.4 million. On top of that come $742.8 million of contractual payments due within one year against $288 million of available liquidity and $848.1 million of outstanding yard payments, while the annual report expressly gives no assurance that all facilities will be refinanced in time on acceptable terms. The balance sheet is not exhausted — the equity ratio of 26 percent sits above the covenant floor of 20 percent, and the first quarter of 2026 was back in the black at $26.1 million — but a landlord whose earnings no longer carry its own interest burden while it must refinance hundreds of millions depends on the capital markets, not on its own business alone. Hence red. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
SFL Corporation is the landlord of the seas: 24 employees, a $3.6 billion balance sheet, $3.7 billion of contractually committed rental income and a dividend streak unbroken since 2004. The streak is real — it merely conceals that the rate was cut by a quarter in the autumn of 2025 and that 2025 closed with a $26.4 million loss, because interest expense of $180.5 million exceeded the entire operating income. Whoever invests here is buying a high payout funded from cash flow, with leverage — and the task of refinancing $742.8 million within a year and raising $848.1 million for newbuildings. Not investment advice.
Backlog & tenant quality
A fixed-rate charter backlog of $3.7 billion with a weighted remaining term of 6.3 years (March 31, 2026), 68 percent of it with investment-grade customers; utilization of 97 to 100 percent across all shipping segments in the first quarter of 2026 (6-K of May 12, 2026).
Dividend record
89 consecutive quarterly dividends since the 2004 NYSE listing, most recently raised to $0.22 per share (6-K of May 12, 2026) — but cut from $0.27 to $0.20 in the autumn of 2025 (down 25.9 percent), and the $125.1 million paid in 2025 came out of $267.1 million of operating cash flow, not out of profit (20-F 2025, Item 8.A).
Interest burden & leverage
Interest expense of $180.5 million against operating income of $136.7 million in 2025 — producing a net loss of $26.4 million; total debt including leases of $2,584.1 million against equity of $960.9 million (December 31, 2025), with bond coupons between 7.25 and 8.875 percent (20-F 2025, Item 5).
Refinancing & capital commitments
$742.8 million of contractual payments within one year (December 31, 2025) against $288 million of available liquidity (March 31, 2026), plus $848.1 million of outstanding yard payments for five newbuildings due in 2028; the annual report expressly gives no assurance that all facilities will be refinanced in time on acceptable terms (20-F 2025, Item 5.B).
Energy segment (drilling rigs)
Drilling revenue down 59 percent to $96.3 million in 2025 because the semi-submersible rig Hercules was warm stacked in Norway; a $16.4 million segment loss in the first quarter of 2026 at 50 percent utilization. The new Canadian contract worth roughly $170 million does not start until the first quarter of 2027 (6-K of March 6, 2026).
Concentration & owner proximity
Five customers accounted for roughly 71 percent of 2025 revenue (Maersk alone 26 percent) — high credit quality, but high dependence. Largest shareholder Hemen Holding, at 17.8 percent (March 11, 2026), is also a counterparty: in 2024 SFL bought three product tankers from entities related to Hemen for $234.9 million (20-F 2025, Items 4 and 7).
Worth Noting
SFL landed on the research list at rank 29 of 81 U.S. hits in our in-house Big Earnings Surprise scanner (as of July 25, 2026, RS rating 78). The scanner lists are recalculated daily, so the rank quoted is a snapshot.
SFL is a foreign private issuer and reports on Form 20-F and Form 6-K — there is no Form 10-Q. Every quarterly figure in this analysis comes from 6-K exhibits, most recently those of May 12 and May 13, 2026 (as of March 31, 2026); no later filings existed up to the July 25, 2026 data cut-off.
Reporting and trading currency are identical (US dollars), even though the company is domiciled in Bermuda and its management works out of Norway. The renaming from Ship Finance International Limited to SFL Corporation Ltd. took place in September 2019 — the ticker was unchanged.
Price and market-capitalization figures (roughly $1.5 billion) are as of July 25, 2026, cross-checked against the 132,992,784 EPS-relevant shares in the interim statements as of March 31, 2026; analyses are evergreen, and daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SFL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 6.80 $ to 13.80 $ · Last price: 13.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Marine Shipping
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| SFL Corporation Ltd SFL | 1.7 | 55.7 | 9.6 | 60.5 | 25.9 | -19.3 | 84.2 |
| Kirby Corporation KEX | 7.4 | 20.9 | 10.8 | 33.2 | 13.3 | 3.0 | 67.5 |
| Matson Inc MATX | 7.1 | 17.1 | 9.0 | 23.0 | 7.8 | -2.3 | 123.3 |
| Hafnia Limited HAFN | 4.9 | 10.8 | 5.5 | 31.9 | 22.3 | -18.1 | 77.2 |
| ZIM Integrated Shipping Services Ltd ZIM | 3.7 | 38.0 | 3.8 | 31.0 | -1.0 | -18.1 | 112.0 |
| Star Bulk Carriers Corp SBLK | 3.6 | 12.5 | 8.2 | 47.3 | 39.7 | -17.6 | 71.6 |
| Okeanis Eco Tankers Corp. ECO | 3.4 | 8.0 | 6.7 | 51.7 | 75.0 | -0.4 | 234.7 |
| Danaos Corporation DAC | 3.1 | 5.5 | 3.7 | 70.8 | 48.4 | 2.8 | 73.6 |
| Navios Maritime Partners LP NMM | 2.7 | 7.9 | 4.1 | 90.3 | 34.3 | 0.8 | 92.0 |
| Median of companies shown | 3.6 | 12.5 | 6.7 | 47.3 | 25.9 | -2.3 | 84.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 413 | 168 | 146 | 1.57 | 230 | 1,134 | 2,937 |
| 2017 | 381 | 155 | 101 | 1.06 | 178 | 1,195 | 3,012 |
| 2018 | 419 | 118 | 74 | 0.70 | 201 | 1,180 | 3,878 |
| 2019 | 456 | 138 | 89 | 0.83 | 250 | 1,106 | 3,885 |
| 2020 | 400 | -138 | -224 | -2.06 | 276 | 796 | 3,093 |
| 2021 | 495 | 243 | 164 | 1.18 | 294 | 982 | 3,459 |
| 2022 | 656 | 275 | 203 | 1.48 | 355 | 1,091 | 3,861 |
| 2023 | 738 | 240 | 84 | 0.66 | 343 | 1,039 | 3,731 |
| 2024 | 892 | 307 | 131 | 1.01 | 370 | 1,128 | 4,108 |
| 2025 | 720 | 137 | -26 | -0.20 | 290 | 961 | 3,638 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.16 | 100.00 | 187 | 15.20 | 11.00 | 124 | 2 |
| 2024: Q3 | 0.36 | 33.30 | 253 | 24.40 | 17.60 | 81 | -225 |
| 2024: Q4 | 0.13 | -35.00 | 225 | 7.30 | 9.00 | 102 | -25 |
| 2025: Q1 | 0.03 | -91.70 | 185 | -18.30 | -17.20 | 79 | 59 |
| 2025: Q2 | 0.01 | -93.80 | 189 | 0.70 | 0.80 | 70 | 42 |
| 2025: Q3 | 0.07 | -80.60 | 175 | -30.70 | 4.90 | 67 | 49 |
| 2025: Q4 | 0.04 | -69.20 | 171 | -24.10 | -2.70 | 75 | 70 |
| 2026: Q1 | 0.08 | 166.70 | 175 | -5.80 | 14.90 | 34 | 27 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Dividends
Earnings & Surprises
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.30 | 0.07 – 0.43 | 724 | 102.9% | 4 |
| 12/31/2027 | 0.64 | 0.38 – 0.96 | 762 | 110.6% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -5.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $217.8M |
|---|---|
| Market cap | $1.73B |
| Free cash flow in year ten | $128.8M |
| Terminal value as a share of market value | 39.1% |
For comparison: over the past five years free cash flow grew by 7.0% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
SFL vermietet Schiffe und Bohranlagen mit 24 Beschäftigten; in den geprüften Berichten (20-F 2025 und 2024, sechs 6-K-Meldungen) gibt es keinen KI-Umsatz und keinen KI-Einsatz im Kerngeschäft — die einzige Erwähnung im 20-F 2025 stellt ausdrücklich fest, dass Künstliche Intelligenz nur „in begrenztem Umfang“ genutzt und nicht in die Kernprozesse eingebunden ist.
View the full file — quotes, sources, reviewed filings
„Additionally, artificial intelligence technologies, including generative artificial intelligence, continue to evolve rapidly. While we currently use such technologies in a limited capacity to support certain aspects of our operations, they are not integrated into our core business processes."
Darüber hinaus entwickeln sich Technologien der Künstlichen Intelligenz, einschließlich generativer Künstlicher Intelligenz, weiterhin rasch. Zwar setzen wir solche Technologien derzeit in begrenztem Umfang zur Unterstützung bestimmter Bereiche unseres Geschäftsbetriebs ein, sie sind jedoch nicht in unsere Kerngeschäftsprozesse eingebunden.
20-F · 2026-03-16 · View SEC filing
„We may choose to expand our use of artificial intelligence in the future; however, given the pace of technological development, we cannot fully assess the potential impact these technologies may have on our industry or our business at this time."
Wir könnten uns künftig entscheiden, unseren Einsatz Künstlicher Intelligenz auszuweiten; angesichts des Tempos der technologischen Entwicklung können wir derzeit jedoch nicht vollständig einschätzen, welche Auswirkungen diese Technologien auf unsere Branche oder unser Geschäft haben könnten.
20-F · 2026-03-16 · View SEC filing
Filings Reviewed: 20-F 2026-03-16 · 20-F 2025-03-17 · 6-K 2026-05-13 · 6-K 2026-05-12 · 6-K 2026-04-30 · 6-K 2026-03-06 · 6-K 2025-12-19
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 3.2%
- More than 10% revenue growth is expected for the coming year -76.8%
- Share count grows by less than 3% a year -1.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 11.2%
- Gross margin at 40% or higher and without meaningful erosion 58.1%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 5.7 x EBITDA
- Operating cash flow covers the profits of the last three years 815 m
- Return on capital at 15% or higher, or up versus two years ago 4.7%
- Insiders hold at least 10% or are net buyers 17.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.4%
- Exp. sales growth 3Y > 5% 2.9%
- EBIT growth 10Y > 5% -2.3%
- Exp. EBIT growth 3Y > 5% 2.9%
- Net debt < 4x EBIT 17.6x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -2.8%
- ROCE > 15% 4.7%
- Expected return > 10% 15.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
SFL Corporation Ltd., a maritime and offshore asset owning and chartering company, engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The company operates in various sectors of the maritime, and shipping and offshore industries, including oil transportation, dry bulk shipments, oil products transportation, container transportation, car transportation, and drilling rigs. As of December 31, 2025, the company owned 17 tankers, two dry bulk carriers, 21 container vessels, seven car carriers, and two drilling rigs. It primarily operates in Bermuda, Canada, Cyprus, Liberia, Namibia, Norway, Singapore, the United Kingdom, and the Marshall Islands. SFL Corporation Ltd. was formerly known as Ship Finance International Limited and changed its name to SFL Corporation Ltd. in September 2019. The company was incorporated in 2003 and is based in Hamilton, Bermuda.
- Employees
- 24
- Headquarters
- Hamilton, Bermuda
- Address
- Par-la-Ville Place, HM 08 Hamilton, Bermuda
- Phone
- 441 295 9500
- Website
- sflcorp.com
- IPO Date
- 06/17/2004
- ISIN
- BMG7738W1064
Management
| Name | Title | Birth Year |
|---|---|---|
| Ole Bjarte Hjertaker | CEO of SFL Management AS & Director | 1967 |
| Aksel C. Olesen | Chief Financial Officer of SFL Management AS | 1976 |
| Trym Otto Sjølie | Chief Operating Officer | – |
| Thecla Panagides | Chief Accounting Officer | – |
| Espen Nilsen Gjosund | Vice President of Investor Relations | – |
| Jannicke Eilertsen | Compliance Officer | – |
| Mikkel Storm Weum | Senior Vice President of Business Development | 1987 |
| André Reppen | Senior VP & Chief Treasurer of SFL Management AS | 1982 |
| James Ayers | Company Secretary | 1982 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.