Seapeak (SEAL-PA) Financials
Newest figures come from the 20-F for FY2025, filed Mar 18, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SEAL-PA SEC filings page.
Seapeak LLC (SEAL-PA) reported $637.0M in revenue for fiscal year 2025, down 10.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 (20-F and 6-K reports).
Cash generation is far stronger than reported profit, while tight short-term liquidity and shrinking revenue show a financing-sensitive business.
Operating profit returned to$130.9M in FY2025 even as revenue fell10.4% , pointing to a below-gross-profit swing rather than sales momentum. Gross margin barely changed between FY2024 and FY2025, reinforcing that the disruption was concentrated after gross profit rather than in the core revenue economics.
Long-term debt fell
Operating cash flow was
Financial Health Signals
We do not publish a peer-relative financial health score for Seapeak LLC, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Seapeak LLC passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
Seapeak LLC reported $9.6M of net income while generating $272.9M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Seapeak LLC earns $0.79 in operating income for every $1 of interest expense ($130.9M vs $165.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Seapeak LLC generated $637.0M in revenue in fiscal year 2025. This represents a decrease of 10.4% from the prior year.
Seapeak LLC's EBITDA was $274.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 470.7% from the prior year.
Seapeak LLC reported $9.6M in net income in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Seapeak LLC generated $211.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 53.8% from the prior year.
Seapeak LLC held $122.9M in cash against $595.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Seapeak LLC's operating margin was 20.5% in fiscal year 2025, reflecting core business profitability. This is up 33.9 percentage points from the prior year.
Seapeak LLC's net profit margin was 1.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 18.9 percentage points from the prior year.
Seapeak LLC's ROE was 0.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Seapeak LLC invested $61.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 76.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
SEAL-PA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F | FY1120-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $637.0M-10.4% | $710.7M-2.2% | $726.8M+16.4% | $624.5M+4.5% | $597.8M+1.1% | $591.1M-1.7% | $601.3M+17.7% | $510.8M+18.0% | $432.7M+9.1% | $396.4M | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $34.5M+18.4% | $29.1M-5.9% | $30.9M+21.4% | $25.5M-37.9% | $41.0M+52.5% | $26.9M+19.5% | $22.5M-21.0% | $28.5M+57.2% | $18.1M-5.5% | $19.2M-23.6% | $25.1M+5.3% | $23.9M+16.7% | $20.4M+7.8% | $19.0M+18.6% | $16.0M |
| Operating Income | $130.9Mn/m | -$94.5M-130.0% | $315.3M+77.8% | $177.3M-28.0% | $246.5M+9.0% | $226.1M-24.4% | $299.3M+102.5% | $147.8M-0.6% | $148.6M-3.0% | $153.2M-15.5% | $181.4M-1.3% | $183.8M+4.2% | $176.4M+19.3% | $147.8M-14.8% | $173.5M |
| EBITDA | $274.9M+470.7% | $48.2M-89.6% | $461.0M+50.7% | $305.8M-18.9% | $377.3M+6.0% | $355.8M-18.4% | $436.0M+60.2% | $272.2M+7.1% | $254.2M+2.2% | $248.7M-9.1% | $273.6M-1.6% | $277.9M+1.4% | $274.2M+10.5% | $248.3M-6.6% | $265.9M |
| Interest Expense | $165.3M-7.3% | $178.4M-4.8% | $187.5M+36.7% | $137.1M+15.6% | $118.6M-10.7% | $132.8M-19.3% | $164.5M+28.2% | $128.3M+58.5% | $80.9M+37.5% | $58.8M+36.0% | $43.3M-28.4% | $60.4M+8.5% | $55.7M+2.8% | $54.2M+8.7% | $49.9M |
| Income Tax | $3.1Mn/m | -$2.5M-124.3% | $10.2M+24.8% | $8.2M+18.9% | $6.9M+97.2% | $3.5M-53.3% | $7.5M+132.7% | $3.2M+289.9% | $824K-15.3% | $973K-64.3% | $2.7M-64.0% | $7.6M+46.8% | $5.2M+725.0% | $625K-20.0% | $781K |
| Net Income | $9.6Mn/m | -$123.5M-140.6% | $304.5M+17.6% | $259.0M | N/A | $107.3M-39.2% | $176.4M+595.1% | $25.4M-25.3% | $34.0M-75.8% | $140.5M-30.1% | $200.9M-2.2% | $205.4M+2.1% | $201.2M+62.7% | $123.7M+37.7% | $89.8M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
SEAL-PA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F | FY1120-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.1B-4.5% | $5.4B-5.0% | $5.7B-1.9% | $5.8B+20.2% | $4.8B-1.1% | $4.9B-10.3% | $5.4B+0.5% | $5.4B+7.3% | $5.0B+16.3% | $4.3B+6.5% | $4.1B+2.7% | $3.9B-6.5% | $4.2B+11.5% | $3.8B+5.5% | $3.6B |
| Current Assets | $298.9M+3.1% | $290.1M-5.6% | $307.2M-30.2% | $440.0M+102.4% | $217.4M-17.0% | $262.1M-49.0% | $513.9M+60.9% | $319.3M-8.5% | $349.1M+0.8% | $346.4M+104.7% | $169.3M-17.7% | $205.7M-6.9% | $221.0M+7.9% | $204.7M+40.1% | $146.1M |
| Cash & Equivalents | $122.9M-20.0% | $153.7M-8.7% | $168.4M-21.9% | $215.7M+134.3% | $92.1M-55.5% | $206.8M+29.0% | $160.2M+7.5% | $149.0M-39.0% | $244.2M+93.6% | $126.1M+23.1% | $102.5M-35.8% | $159.6M+14.5% | $139.5M+22.8% | $113.6M+21.3% | $93.6M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Accounts Receivable | $30.6M+5.4% | $29.1M-7.1% | $31.3M-38.3% | $50.7M+11.4% | $45.5M+496.3% | $7.6M-43.3% | $13.5M-35.3% | $20.8M-13.5% | $24.1M-4.6% | $25.2M+14.2% | $22.1M+96.0% | $11.3M-43.2% | $19.8M+48.0% | $13.4M-3.7% | $13.9M |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Goodwill | $37.3M0.0% | $37.3M-7.4% | $40.3M0.0% | $40.3M+15.7% | $34.8M0.0% | $34.8M0.0% | $34.8M0.0% | $34.8M-2.2% | $35.6M0.0% | $35.6M0.0% | $35.6M0.0% | $35.6M0.0% | $35.6M0.0% | $35.6M0.0% | $35.6M |
| Total Liabilities | $2.9B-4.0% | $3.1B+2.9% | $3.0B-12.4% | $3.4B+18.7% | $2.9B-7.7% | $3.1B-12.0% | $3.5B+0.9% | $3.5B+13.4% | $3.1B+21.7% | $2.5B+1.1% | $2.5B+4.6% | $2.4B-13.5% | $2.8B+9.7% | $2.5B+3.4% | $2.4B |
| Current Liabilities | $706.6M+48.0% | $477.4M+8.5% | $440.1M-45.2% | $803.5M+119.0% | $366.8M-29.6% | $521.3M-17.6% | $632.5M+79.6% | $352.1M-57.8% | $833.7M+122.1% | $375.4M+7.6% | $348.8M+7.9% | $323.4M+12.3% | $288.0M+4.1% | $276.6M+9.2% | $253.3M |
| Non-Current Liabilities | $2.2B-13.6% | $2.6B+2.0% | $2.5B-2.3% | $2.6B+4.0% | $2.5B-3.2% | $2.6B-10.8% | $2.9B-7.9% | $3.2B+39.7% | $2.3B+4.2% | $2.2B+0.1% | $2.2B+4.0% | $2.1B-16.5% | $2.5B+10.3% | $2.3B+2.7% | $2.2B |
| Long-Term Debt | $595.9M-32.5% | $882.4M-8.1% | $960.2M+3.6% | $927.3M-24.2% | $1.2B+0.2% | $1.2B-15.1% | $1.4B-21.6% | $1.8B+47.2% | $1.2B-22.3% | $1.6B-11.1% | $1.8B+3.0% | $1.7B+4.1% | $1.7B+26.6% | $1.3B+7.8% | $1.2B |
| Total Equity | $2.2B-5.1% | $2.3B-13.8% | $2.7B+13.4% | $2.4B+22.4% | $1.9B+10.5% | $1.7B-7.0% | $1.9B-0.3% | $1.9B-2.5% | $1.9B+8.7% | $1.8B+15.1% | $1.5B-0.2% | $1.5B+7.2% | $1.4B+15.1% | $1.3B+12.6% | $1.1B |
Not reported in any period shown, so not listed: Inventory, Retained Earnings.
SEAL-PA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F | FY1120-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $272.9M-31.0% | $395.3M+9.0% | $362.7M+31.0% | $276.8M+39.2% | $198.9M-67.6% | $613.5M+105.2% | $298.9M+127.8% | $131.2M-40.0% | $218.8M+12.5% | $194.4M-18.9% | $239.7M+25.4% | $191.1M+4.1% | $183.5M-4.4% | $192.0M+57.3% | $122.0M |
| Depreciation & Amortization | $144.0M+0.9% | $142.7M-2.1% | $145.7M+13.4% | $128.5M-1.8% | $130.8M+0.8% | $129.8M-5.1% | $136.8M+10.0% | $124.4M+17.8% | $105.5M+10.5% | $95.5M+3.6% | $92.3M-2.0% | $94.1M-3.8% | $97.9M-2.6% | $100.5M+8.7% | $92.4M |
| Stock-Based Compensation | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $95K |
| Capital Expenditures | $61.3M-76.2% | $257.7M+74.2% | $148.0M+37.0% | $108.0M+157.4% | $42.0M+300.4% | $10.5M-89.3% | $97.9M-85.7% | $686.1M-3.2% | $708.6M+104.9% | $345.8M+80.1% | $192.0M+1.6% | $188.9M-48.7% | $368.2M | N/A | N/A |
| Free Cash Flow | $211.6M+53.8% | $137.6M-35.9% | $214.7M+27.2% | $168.8M+7.6% | $156.9M-74.0% | $603.0M+200.0% | $201.0Mn/m | -$555.0Mn/m | -$489.9Mn/m | -$151.4M-417.1% | $47.8M+2030.2% | $2.2Mn/m | -$184.6M | N/A | N/A |
| Investing Cash Flow | N/A | -$200.1Mn/m | -$70.4Mn/m | -$280.1Mn/m | -$31.0Mn/m | -$1.5Mn/m | -$158.8Mn/m | -$632.9Mn/m | -$766.4Mn/m | -$343.2Mn/m | -$212.5M | N/A | N/A | -$202.4Mn/m | -$116.6M |
| Financing Cash Flow | N/A | -$191.6Mn/m | -$373.8M-393.9% | $127.2Mn/m | -$283.8Mn/m | -$607.4Mn/m | -$109.7M-128.5% | $385.1M-40.2% | $644.0M+261.7% | $178.0Mn/m | -$84.4M | N/A | N/A | $30.4M+323.4% | $7.2M |
| Dividends Paid | $125.1M-54.5% | $275.1M+267.1% | $74.9M+192.7% | $25.6M-79.4% | $124.2M+19.0% | $104.4M+26.7% | $82.4M+17.1% | $70.3M+24.2% | $56.6M+24.6% | $45.5M-82.2% | $255.5M+6.2% | $240.5M+11.7% | $215.4M+10.0% | $195.9M+22.9% | $159.4M |
| Share Buybacks | N/A | N/A | N/A | $0n/m | $0-100.0% | $15.6M-39.2% | $25.7M+579.6% | $3.8Mn/m | $0n/m | $0 | N/A | N/A | N/A | N/A | N/A |
SEAL-PA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F | FY1320-F | FY1220-F | FY1120-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.5%+33.9pp | -13.3%-56.7pp | 43.4%+15.0pp | 28.4%-12.8pp | 41.2%+3.0pp | 38.3%-11.5pp | 49.8%+20.8pp | 28.9%-5.4pp | 34.4%-4.3pp | 38.6% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 1.5%+18.9pp | -17.4%-59.3pp | 41.9%+0.4pp | 41.5% | N/A | 18.1%-11.2pp | 29.3%+24.4pp | 5.0%-2.9pp | 7.8%-27.6pp | 35.4% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 0.4%+5.8pp | -5.4%-16.7pp | 11.4%+0.4pp | 11.0% | N/A | 6.1%-3.3pp | 9.4%+8.1pp | 1.4%-0.4pp | 1.8%-6.1pp | 7.9%-5.1pp | 13.0%-0.3pp | 13.3%-0.7pp | 13.9%+4.1pp | 9.9%+1.8pp | 8.1% |
| Return on Assets | 0.2%+2.5pp | -2.3%-7.7pp | 5.4%+0.9pp | 4.5% | N/A | 2.2%-1.0pp | 3.3%+2.8pp | 0.5%-0.2pp | 0.7%-2.6pp | 3.3%-1.7pp | 5.0%-0.2pp | 5.2%+0.4pp | 4.8%+1.5pp | 3.3%+0.8pp | 2.5% |
| Current Ratio | 0.42-0.2x | 0.61-0.1x | 0.70+0.2x | 0.550.0x | 0.59+0.1x | 0.50-0.3x | 0.81-0.1x | 0.91+0.5x | 0.42-0.5x | 0.92+0.4x | 0.49-0.2x | 0.64-0.1x | 0.770.0x | 0.74+0.2x | 0.58 |
| Debt-to-Equity | 0.27-0.1x | 0.380.0x | 0.360.0x | 0.39-0.2x | 0.63-0.1x | 0.70-0.1x | 0.77-0.2x | 0.97+0.3x | 0.64-0.3x | 0.90-0.3x | 1.170.0x | 1.130.0x | 1.16+0.1x | 1.060.0x | 1.11 |
| Liabilities-to-Equity | 1.350.0x | 1.33+0.2x | 1.11-0.3x | 1.440.0x | 1.49-0.3x | 1.78-0.1x | 1.880.0x | 1.86+0.3x | 1.60+0.2x | 1.43-0.2x | 1.63+0.1x | 1.55-0.4x | 1.92-0.1x | 2.02-0.2x | 2.20 |
| Asset Turnover | 0.120.0x | 0.130.0x | 0.130.0x | 0.110.0x | 0.120.0x | 0.120.0x | 0.110.0x | 0.090.0x | 0.090.0x | 0.09 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | 33.2%+13.9pp | 19.4%-10.2pp | 29.5%+2.5pp | 27.0%+0.8pp | 26.2% | 102.0% | 33.4% | -108.7% | -113.2% | -38.2% | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Note: The current ratio is below 1.0 (0.42), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Seapeak LLC Ranks
Frequently Asked Questions
Seapeak LLC (SEAL-PA) reported $637.0M in total revenue for fiscal year 2025. This represents a -10.4% 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.
Seapeak LLC (SEAL-PA) revenue declined by 10.4% year-over-year, from $710.7M to $637.0M in fiscal year 2025.
Yes, Seapeak LLC (SEAL-PA) reported a net income of $9.6M in fiscal year 2025, with a net profit margin of 1.5%.
Seapeak LLC (SEAL-PA) had EBITDA of $274.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Seapeak LLC (SEAL-PA) had $122.9M in cash and equivalents against $595.9M in long-term debt.
Seapeak LLC (SEAL-PA) had an operating margin of 20.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Seapeak LLC (SEAL-PA) had a net profit margin of 1.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Seapeak LLC (SEAL-PA) has a return on equity of 0.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Seapeak LLC (SEAL-PA) generated $211.6M in free cash flow during fiscal year 2025. This represents a 53.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Seapeak LLC (SEAL-PA) generated $272.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Seapeak LLC (SEAL-PA) had $5.1B in total assets as of fiscal year 2025, including both current and long-term assets.
Seapeak LLC (SEAL-PA) invested $61.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Seapeak LLC (SEAL-PA) had a current ratio of 0.42 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Seapeak LLC (SEAL-PA) had a debt-to-equity ratio of 0.27 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Seapeak LLC (SEAL-PA) had a liabilities-to-equity ratio of 1.35 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Seapeak LLC (SEAL-PA) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Seapeak LLC (SEAL-PA) has a Piotroski F-Score of 5 out of 7 computable signals; 2 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.
Seapeak LLC (SEAL-PA) reported $9.6M of net income while generating $272.9M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. 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.
Seapeak LLC (SEAL-PA) has an interest coverage ratio of 0.79x, meaning it can struggle to 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.