Global Ship Lease Inc Financials

GSL

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Global Ship Lease Inc (GSL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GSL FY2025 2026-04-22

Internal cash generation is steadily deleveraging the company, turning a previously tight balance sheet into a far more liquid one.

From FY2023 to FY2025, operating cash flow climbed from $375M to $528M, outpacing the rise in reported profit. Because long-term debt still sat near $542M while cash nearly doubled to $274M, growth looks increasingly self-funded rather than dependent on new borrowing.

Operating margin reached 56.8% in FY2025 while SG&A was just $22M, showing that corporate overhead is small relative to the earnings base. That helps explain why moderate revenue growth can still produce a larger jump in operating income: the model has strong fixed-cost absorption once assets are in service.

The balance-sheet posture is much less levered than a few years ago, with debt-to-equity down to 0.3x in FY2025 from 1.2x in FY2021. Liquidity improved at the same time, as the current ratio rose to 2.0x and retained earnings reached $1.1B, suggesting profits were kept inside the business as a financing source.

Financial Health Signals

Financial Health Score 77/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Global Ship Lease Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Global Ship Lease Inc has an operating margin of 56.8%, meaning the company retains $57 of operating profit per $100 of revenue. This strong profitability earns a score of 99/100, reflecting efficient cost management and pricing power. This is up from 53.3% the prior year.

Growth

Global Ship Lease Inc's revenue grew 7.8% year-over-year to $766.5M, a solid pace of expansion. This earns a growth score of 56/100.

Leverage

Global Ship Lease Inc has a moderate D/E ratio of 0.30. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity

Global Ship Lease Inc's current ratio of 2.04 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Global Ship Lease Inc earns a strong 23.1% return on equity (ROE), meaning it generates $23 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 88/100. This is down from 24.2% the prior year.

Altman Z-Score Grey Zone

2.33

Global Ship Lease Inc scores 2.33, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Global Ship Lease Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.27x

For every $1 of reported earnings, Global Ship Lease Inc generates $1.27 in operating cash flow ($528.3M OCF vs $416.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

11.2x

Global Ship Lease Inc earns $11.2 in operating income for every $1 of interest expense ($435.1M vs $39.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$766.5M

YoY+7.8%

5Y CAGR+22.1%

10Y CAGR+16.6%

Global Ship Lease Inc generated $766.5M in revenue in fiscal year 2025. This represents an increase of 7.8% from the prior year.

EBITDA

$557.1M

YoY+16.3%

5Y CAGR+29.7%

10Y CAGR+24.1%

Global Ship Lease Inc's EBITDA was $557.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.3% from the prior year.

Net Income

$416.5M

YoY+17.8%

5Y CAGR+58.6%

Global Ship Lease Inc reported $416.5M in net income in fiscal year 2025. This represents an increase of 17.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$273.9M

YoY+93.7%

5Y CAGR+27.7%

10Y CAGR+17.7%

Global Ship Lease Inc held $273.9M in cash against $541.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

36M

YoY+1.3%

Global Ship Lease Inc had 36M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

56.8%

YoY+3.4pp

5Y CAGR+19.7pp

10Y CAGR+45.1pp

Global Ship Lease Inc's operating margin was 56.8% in fiscal year 2025, reflecting core business profitability. This is up 3.4 percentage points from the prior year.

Net Margin

54.3%

YoY+4.6pp

5Y CAGR+39.6pp

10Y CAGR+71.9pp

Global Ship Lease Inc's net profit margin was 54.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.6 percentage points from the prior year.

Return on Equity

23.1%

YoY-1.0pp

5Y CAGR+14.2pp

10Y CAGR+30.4pp

Global Ship Lease Inc's ROE was 23.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

GSL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$766.5M+7.8%	$711.1M+5.4%	$674.8M+4.5%	$645.6M+44.1%	$448.0M+58.4%	$282.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$22.1M+28.9%	$17.1M-6.0%	$18.2M-1.7%	$18.5M+39.9%	$13.2M+58.6%	$8.3M
Operating Income	$435.1M+14.8%	$379.1M+10.5%	$343.2M-3.1%	$354.2M+49.1%	$237.5M+126.7%	$104.8M
Interest Expense	$39.0M-4.2%	$40.7M-9.3%	$44.8M+108.4%	$21.5M+273.2%	$5.8M-91.2%	$65.4M
Income Tax	$0-100.0%	$1K-99.8%	$448K+996.0%	-$50K-189.3%	$56K+14.3%	$49K
Net Income	$416.5M+17.8%	$353.6M+16.1%	$304.5M+4.0%	$292.9M+70.8%	$171.5M+312.6%	$41.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GSL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.9B+20.6%	$2.4B+9.3%	$2.2B+3.1%	$2.1B+5.6%	$2.0B+56.5%	$1.3B
Current Assets	$627.0M+108.1%	$301.2M+1.9%	$295.7M+24.7%	$237.0M+65.4%	$143.4M+45.4%	$98.6M
Cash & Equivalents	$273.9M+93.7%	$141.4M+2.0%	$138.6M+15.4%	$120.1M+78.6%	$67.3M-16.7%	$80.8M
Inventory	$14.6M-22.8%	$18.9M+19.9%	$15.8M+28.8%	$12.2M+7.2%	$11.4M+80.7%	$6.3M
Accounts Receivable	$49.9M+299.1%	$12.5M+163.7%	$4.7M+28.7%	$3.7M+14.4%	$3.2M+27.2%	$2.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1B+16.5%	$909.8M-7.9%	$987.4M-13.4%	$1.1B-11.1%	$1.3B+58.3%	$809.5M
Current Liabilities	$306.8M+16.2%	$264.0M-5.9%	$280.4M+7.1%	$261.8M+6.9%	$244.8M+118.1%	$112.2M
Long-Term Debt	$541.6M+0.5%	$538.8M-13.0%	$619.2M-16.8%	$744.6M-15.4%	$880.1M+27.0%	$692.8M
Total Equity	$1.8B+23.1%	$1.5B+23.6%	$1.2B+22.5%	$966.5M+35.6%	$712.6M+53.3%	$464.7M
Retained Earnings	$1.1B+42.8%	$773.8M+58.5%	$488.1M+98.1%	$246.4M+1725.4%	$13.5M+111.1%	-$121.8M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$2.9B+8.3%	$2.6B+11.4%	$2.4B+7.8%	$2.2B+1.4%	$2.2B-1.0%	$2.2B+4.1%	$2.1B-1.2%	$2.1B
Current Assets	$627.0M+10.7%	$566.3M+88.0%	$301.2M-19.3%	$373.3M+26.2%	$295.7M+32.5%	$223.2M-5.8%	$237.0M-9.2%	$261.2M
Cash & Equivalents	$273.9M-34.1%	$415.6M+194.0%	$141.4M-17.5%	$171.3M+23.5%	$138.6M+64.1%	$84.5M-29.7%	$120.1M-33.7%	$181.2M
Inventory	$14.6M-19.2%	$18.1M-4.4%	$18.9M+21.4%	$15.6M-1.2%	$15.8M+17.7%	$13.4M+9.5%	$12.2M+2.4%	$12.0M
Accounts Receivable	$49.9M+73.4%	$28.8M+130.1%	$12.5M+7.3%	$11.6M+145.7%	$4.7M+52.5%	$3.1M-15.6%	$3.7M+6.1%	$3.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1B+6.0%	$1.0B+9.9%	$909.8M+4.4%	$871.5M-11.7%	$987.4M-11.9%	$1.1B-1.7%	$1.1B-12.1%	$1.3B
Current Liabilities	$306.8M+8.8%	$281.9M+6.8%	$264.0M+0.4%	$263.0M-6.2%	$280.4M-3.3%	$289.9M+10.8%	$261.8M-20.2%	$328.2M
Long-Term Debt	$541.6M-11.8%	$614.0M+14.0%	$538.8M0.0%	$539.0M-12.9%	$619.2M-12.5%	$707.7M-5.0%	$744.6M-10.6%	$833.2M
Total Equity	$1.8B+9.6%	$1.6B+12.3%	$1.5B+9.9%	$1.3B+12.4%	$1.2B+10.5%	$1.1B+10.9%	$966.5M+15.8%	$834.4M
Retained Earnings	$1.1B+15.9%	$953.0M+23.2%	$773.8M+21.5%	$636.8M+30.5%	$488.1M+32.9%	$367.3M+49.1%	$246.4M+114.0%	$115.1M

GSL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$528.3M+22.8%	$430.1M+14.7%	$375.0M+14.5%	$327.5M+32.1%	$248.0M+137.4%	$104.4M
Capital Expenditures	N/A	$6.8M	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	$423.3M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$351.9M-38.2%	-$254.6M-67.5%	-$152.0M-1438.0%	-$9.9M+97.9%	-$463.0M-1069.4%	-$39.6M
Financing Cash Flow	-$84.7M+59.4%	-$208.6M+1.7%	-$212.2M+12.8%	-$243.3M-176.4%	$318.4M+364.9%	-$120.2M
Dividends Paid	$76.1M+30.2%	$58.4M+9.7%	$53.2M+5.4%	$50.5M+80.7%	$27.9M	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GSL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	56.8%+3.4pp	53.3%+2.5pp	50.9%-4.0pp	54.9%+1.8pp	53.0%+16.0pp	37.0%
Net Margin	54.3%+4.6pp	49.7%+4.6pp	45.1%-0.3pp	45.4%+7.1pp	38.3%+23.6pp	14.7%
Return on Equity	23.1%-1.0pp	24.2%-1.5pp	25.7%-4.6pp	30.3%+6.2pp	24.1%+15.1pp	8.9%
Return on Assets	14.6%-0.3pp	14.9%+0.9pp	14.0%+0.1pp	13.9%+5.3pp	8.6%+5.3pp	3.3%
Current Ratio	2.04+0.9	1.14+0.1	1.05+0.1	0.91+0.3	0.59-0.3	0.88
Debt-to-Equity	0.30-0.1	0.37-0.2	0.52-0.2	0.77-0.5	1.24-0.3	1.49
FCF Margin	N/A	59.5%	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.04+0.0	2.01+0.9	1.14-0.3	1.42+0.4	1.05+0.3	0.77-0.1	0.91+0.1	0.80
Debt-to-Equity	0.30-0.1	0.370.0	0.37-0.0	0.40-0.1	0.52-0.1	0.66-0.1	0.77-0.2	1.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Global Ship Lease Inc's annual revenue?

Global Ship Lease Inc (GSL) reported $766.5M in total revenue for fiscal year 2025. This represents a 7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Global Ship Lease Inc's revenue growing?

Global Ship Lease Inc (GSL) revenue grew by 7.8% year-over-year, from $711.1M to $766.5M in fiscal year 2025.

Is Global Ship Lease Inc profitable?

Yes, Global Ship Lease Inc (GSL) reported a net income of $416.5M in fiscal year 2025, with a net profit margin of 54.3%.

What is Global Ship Lease Inc's EBITDA?

Global Ship Lease Inc (GSL) had EBITDA of $557.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Global Ship Lease Inc have?

As of fiscal year 2025, Global Ship Lease Inc (GSL) had $273.9M in cash and equivalents against $541.6M in long-term debt.

What is Global Ship Lease Inc's operating margin?

Global Ship Lease Inc (GSL) had an operating margin of 56.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Global Ship Lease Inc's net profit margin?

Global Ship Lease Inc (GSL) had a net profit margin of 54.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Global Ship Lease Inc's return on equity (ROE)?

Global Ship Lease Inc (GSL) has a return on equity of 23.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Global Ship Lease Inc's operating cash flow?

Global Ship Lease Inc (GSL) generated $528.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Global Ship Lease Inc's total assets?

Global Ship Lease Inc (GSL) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Global Ship Lease Inc have outstanding?

Global Ship Lease Inc (GSL) had 36M shares outstanding as of fiscal year 2025.

What is Global Ship Lease Inc's current ratio?

Global Ship Lease Inc (GSL) had a current ratio of 2.04 as of fiscal year 2025, which is generally considered healthy.

What is Global Ship Lease Inc's debt-to-equity ratio?

Global Ship Lease Inc (GSL) had a debt-to-equity ratio of 0.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Global Ship Lease Inc's return on assets (ROA)?

Global Ship Lease Inc (GSL) had a return on assets of 14.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Global Ship Lease Inc's Altman Z-Score?

Global Ship Lease Inc (GSL) has an Altman Z-Score of 2.33, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Global Ship Lease Inc's Piotroski F-Score?

Global Ship Lease Inc (GSL) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Global Ship Lease Inc's earnings high quality?

Global Ship Lease Inc (GSL) has an earnings quality ratio of 1.27x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Global Ship Lease Inc cover its interest payments?

Global Ship Lease Inc (GSL) has an interest coverage ratio of 11.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Global Ship Lease Inc?

Global Ship Lease Inc (GSL) scores 77 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.