Sfl Corporation Ltd Financials

SFL

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows Sfl Corporation Ltd (SFL) 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).

Financial Health Signals

Financial Profile 55/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Sfl Corporation Ltd has an operating margin of 33.9%, meaning the company retains $34 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 31.9% the prior year.

Growth

Sfl Corporation Ltd's revenue surged 20.2% year-over-year to $904.4M, reflecting rapid business expansion. This strong growth earns a score of 86/100.

Leverage

Sfl Corporation Ltd has a moderate D/E ratio of 1.91. This balance of debt and equity financing earns a leverage score of 41/100.

Liquidity

Sfl Corporation Ltd's current ratio of 0.38 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Returns

Sfl Corporation Ltd's ROE of 11.6% shows moderate profitability relative to equity, earning a score of 46/100. This is up from 8.1% the prior year.

Altman Z-Score Distress

0.59

Sfl Corporation Ltd scores 0.59, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Sfl Corporation Ltd passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.83x

For every $1 of reported earnings, Sfl Corporation Ltd generates $2.83 in operating cash flow ($369.9M OCF vs $130.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.7x

Sfl Corporation Ltd earns $1.7 in operating income for every $1 of interest expense ($306.7M vs $183.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$904.4M

YoY+20.2%

5Y CAGR+14.5%

10Y CAGR+10.7%

Sfl Corporation Ltd generated $904.4M in revenue in fiscal year 2024. This represents an increase of 20.2% from the prior year.

EBITDA

$545.9M

YoY+20.2%

5Y CAGR+16.5%

10Y CAGR+9.9%

Sfl Corporation Ltd's EBITDA was $545.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.2% from the prior year.

Free Cash Flow

N/A

Net Income

$130.7M

YoY+55.7%

5Y CAGR+7.9%

10Y CAGR+0.6%

Sfl Corporation Ltd reported $130.7M in net income in fiscal year 2024. This represents an increase of 55.7% from the prior year.

EPS (Diluted)

$1.01

YoY+53.0%

5Y CAGR+4.0%

10Y CAGR-2.0%

Sfl Corporation Ltd earned $1.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 53.0% from the prior year.

Cash & Debt

$134.6M

YoY-18.7%

5Y CAGR-7.6%

10Y CAGR+10.2%

Sfl Corporation Ltd held $134.6M in cash against $2.2B in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.07

YoY+10.3%

Sfl Corporation Ltd paid $1.07 per share in dividends in fiscal year 2024. This represents an increase of 10.3% from the prior year.

Shares Outstanding

146M

YoY+6.0%

5Y CAGR+4.1%

10Y CAGR+4.5%

Sfl Corporation Ltd had 146M shares outstanding in fiscal year 2024. This represents an increase of 6.0% from the prior year.

Gross Margin

N/A

Operating Margin

33.9%

YoY+2.0pp

5Y CAGR+3.9pp

10Y CAGR-10.4pp

Sfl Corporation Ltd's operating margin was 33.9% in fiscal year 2024, reflecting core business profitability. This is up 2.0 percentage points from the prior year.

Net Margin

14.4%

YoY+3.3pp

5Y CAGR-5.0pp

10Y CAGR-23.1pp

Sfl Corporation Ltd's net profit margin was 14.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.3 percentage points from the prior year.

Return on Equity

11.6%

YoY+3.5pp

5Y CAGR+3.5pp

10Y CAGR+0.9pp

Sfl Corporation Ltd's ROE was 11.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

SFL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$904.4M+20.2%	$752.3M+12.2%	$670.4M+30.6%	$513.4M+9.0%	$471.0M+2.7%	$458.8M
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	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$306.7M+27.7%	$240.2M-12.8%	$275.5M+13.4%	$242.8M+275.7%	-$138.2M-200.3%	$137.8M
Interest Expense	$183.0M+9.6%	$167.0M+42.3%	$117.3M	N/A	N/A	N/A
Income Tax	$10.6M+219.9%	$3.3M	$0	$0	N/A	N/A
Net Income	$130.7M+55.7%	$83.9M-58.6%	$202.8M+23.4%	$164.3M+173.2%	-$224.4M-351.7%	$89.2M
EPS (Diluted)	$1.01+53.0%	$0.66-56.9%	$1.53+17.7%	$1.30+163.1%	$-2.06-348.2%	$0.83

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
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

SFL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$4.1B+10.1%	$3.7B-3.4%	$3.9B+11.6%	$3.5B+11.8%	$3.1B-20.4%	$3.9B
Current Assets	$316.0M+6.0%	$298.1M+0.4%	$297.0M+18.6%	$250.3M-29.8%	$356.4M-8.7%	$390.5M
Cash & Equivalents	$134.6M-18.7%	$165.5M-12.1%	$188.4M+29.3%	$145.6M-32.4%	$215.4M+8.0%	$199.5M
Inventory	$17.4M+48.2%	$11.7M-28.5%	$16.4M+61.9%	$10.1M+14.9%	$8.8M+11.0%	$7.9M
Accounts Receivable	$36.8M-10.6%	$41.2M+105.9%	$20.0M+79.7%	$11.1M+67.0%	$6.7M+45.5%	$4.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.0B+10.7%	$2.7B-2.8%	$2.8B+11.8%	$2.5B+7.8%	$2.3B-17.3%	$2.8B
Current Liabilities	$827.9M-14.6%	$969.2M-8.3%	$1.1B+163.9%	$400.3M-30.6%	$576.5M+57.6%	$365.8M
Long-Term Debt	$2.2B+25.5%	$1.7B+33.9%	$1.3B-19.3%	$1.6B+36.3%	$1.2B-14.1%	$1.4B
Total Equity	$1.1B+8.6%	$1.0B-4.8%	$1.1B+11.1%	$982.3M+23.5%	$795.7M-28.1%	$1.1B
Retained Earnings	$0-100.0%	$960K-97.6%	$40.0M+143.2%	-$92.7M+63.9%	-$257.1M	$0

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Total Assets	$4.0B-3.8%	$4.1B+10.1%	$3.7B-2.0%	$3.8B-1.4%	$3.9B+7.6%	$3.6B+3.8%	$3.5B+8.3%	$3.2B
Current Assets	$283.7M-10.2%	$316.0M+6.0%	$298.1M-7.2%	$321.0M+8.1%	$297.0M-10.3%	$331.0M+32.2%	$250.3M-49.6%	$496.8M
Cash & Equivalents	$155.8M+15.8%	$134.6M-18.7%	$165.5M-17.9%	$201.5M+7.0%	$188.4M-15.8%	$223.8M+53.7%	$145.6M-60.8%	$371.9M
Inventory	N/A	$17.4M+48.2%	$11.7M-23.2%	$15.3M-6.8%	$16.4M+15.0%	$14.3M+40.9%	$10.1M-8.7%	$11.1M
Accounts Receivable	$21.0M-43.0%	$36.8M-10.6%	$41.2M+20.0%	$34.3M+71.6%	$20.0M+85.7%	$10.8M-3.2%	$11.1M+46.5%	$7.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.9B-1.2%	$3.0B+10.7%	$2.7B-2.3%	$2.8B-0.5%	$2.8B+8.9%	$2.5B+2.7%	$2.5B+8.0%	$2.3B
Current Liabilities	$942.5M+13.8%	$827.9M-14.6%	$969.2M+64.6%	$588.9M-44.3%	$1.1B+22.8%	$860.2M+114.9%	$400.3M-13.0%	$460.2M
Long-Term Debt	$2.0B-7.3%	$2.2B+25.5%	$1.7B-2.7%	$1.8B+37.7%	$1.3B+6.4%	$1.2B-24.2%	$1.6B+20.9%	$1.3B
Total Equity	$1.0B-10.6%	$1.1B+8.6%	$1.0B-1.1%	$1.1B-3.7%	$1.1B+4.3%	$1.0B+6.5%	$982.3M+9.0%	$901.3M
Retained Earnings	N/A	$0-100.0%	$960K-60.3%	$2.4M-94.0%	$40.0M	$0+100.0%	-$92.7M+55.0%	-$206.1M

SFL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$369.9M+7.8%	$343.1M-3.4%	$355.1M+21.0%	$293.6M+6.2%	$276.5M+10.7%	$249.7M
Capital Expenditures	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
Investing Cash Flow	-$617.5M-494.4%	-$103.9M+79.2%	-$499.1M-28.3%	-$389.1M-320.6%	$176.3M+203.8%	-$169.9M
Financing Cash Flow	$216.7M+182.7%	-$262.1M-246.9%	$178.4M+613.0%	$25.0M+105.8%	-$431.4M-383.6%	-$89.2M
Dividends Paid	$138.5M+12.6%	$123.0M+10.2%	$111.6M+43.9%	$77.6M-29.1%	$109.4M-27.4%	$150.7M
Share Buybacks	N/A	$10.2M	$0	$0	N/A	N/A

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
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

SFL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	33.9%+2.0pp	31.9%-9.2pp	41.1%-6.2pp	47.3%+76.6pp	-29.3%-59.4pp	30.0%
Net Margin	14.4%+3.3pp	11.2%-19.1pp	30.3%-1.8pp	32.0%+79.7pp	-47.6%-67.1pp	19.4%
Return on Equity	11.6%+3.5pp	8.1%-10.5pp	18.6%+1.8pp	16.7%	N/A	8.1%
Return on Assets	3.2%+0.9pp	2.3%-3.0pp	5.3%+0.5pp	4.8%+12.0pp	-7.3%-9.6pp	2.3%
Current Ratio	0.38+0.1	0.31+0.0	0.28-0.3	0.630.0	0.62-0.4	1.07
Debt-to-Equity	1.91+0.3	1.65+0.5	1.17-0.4	1.61+0.2	1.46+0.2	1.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
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	0.30-0.1	0.38+0.1	0.31-0.2	0.55+0.3	0.28-0.1	0.38-0.2	0.63-0.5	1.08
Debt-to-Equity	1.97+0.1	1.91+0.3	1.65-0.0	1.68+0.5	1.17+0.0	1.15-0.5	1.61+0.2	1.46
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.38), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Sfl Corporation Ltd's annual revenue?

Sfl Corporation Ltd (SFL) reported $904.4M in total revenue for fiscal year 2024. This represents a 20.2% 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 Sfl Corporation Ltd's revenue growing?

Sfl Corporation Ltd (SFL) revenue grew by 20.2% year-over-year, from $752.3M to $904.4M in fiscal year 2024.

Is Sfl Corporation Ltd profitable?

Yes, Sfl Corporation Ltd (SFL) reported a net income of $130.7M in fiscal year 2024, with a net profit margin of 14.4%.

What is Sfl Corporation Ltd's earnings per share (EPS)?

Sfl Corporation Ltd (SFL) reported diluted earnings per share of $1.01 for fiscal year 2024. This represents a 53.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Sfl Corporation Ltd's EBITDA?

Sfl Corporation Ltd (SFL) had EBITDA of $545.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Sfl Corporation Ltd have?

As of fiscal year 2024, Sfl Corporation Ltd (SFL) had $134.6M in cash and equivalents against $2.2B in long-term debt.

What is Sfl Corporation Ltd's operating margin?

Sfl Corporation Ltd (SFL) had an operating margin of 33.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Sfl Corporation Ltd's net profit margin?

Sfl Corporation Ltd (SFL) had a net profit margin of 14.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Sfl Corporation Ltd pay dividends?

Yes, Sfl Corporation Ltd (SFL) paid $1.07 per share in dividends during fiscal year 2024.

What is Sfl Corporation Ltd's return on equity (ROE)?

Sfl Corporation Ltd (SFL) has a return on equity of 11.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Sfl Corporation Ltd's operating cash flow?

Sfl Corporation Ltd (SFL) generated $369.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Sfl Corporation Ltd's total assets?

Sfl Corporation Ltd (SFL) had $4.1B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Sfl Corporation Ltd have outstanding?

Sfl Corporation Ltd (SFL) had 146M shares outstanding as of fiscal year 2024.

What is Sfl Corporation Ltd's current ratio?

Sfl Corporation Ltd (SFL) had a current ratio of 0.38 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Sfl Corporation Ltd's debt-to-equity ratio?

Sfl Corporation Ltd (SFL) had a debt-to-equity ratio of 1.91 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sfl Corporation Ltd's return on assets (ROA)?

Sfl Corporation Ltd (SFL) had a return on assets of 3.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Sfl Corporation Ltd's Altman Z-Score?

Sfl Corporation Ltd (SFL) has an Altman Z-Score of 0.59, placing it in the Distress Zone (elevated bankruptcy 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 Sfl Corporation Ltd's Piotroski F-Score?

Sfl Corporation Ltd (SFL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sfl Corporation Ltd's earnings high quality?

Sfl Corporation Ltd (SFL) has an earnings quality ratio of 2.83x, 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 Sfl Corporation Ltd cover its interest payments?

Sfl Corporation Ltd (SFL) has an interest coverage ratio of 1.7x, 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.

How financially healthy is Sfl Corporation Ltd?

Sfl Corporation Ltd (SFL) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.