Latest Ratios: P/E Ratio -54.6x · EV/EBITDA 10.2x · ROE -2.5%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.0B | $1.3B | $1.4B | $1.3B | $1.1B | $684M | $1.6B | $1.1B | $1.5B | $1.4B |
| Enterprise Value | $3.9B | $3.5B | $4.0B | $3.8B | $3.8B | $3.4B | $2.7B | $4.1B | $3.5B | $2.8B | $3.0B |
| P/E Ratio → | -54.65 | — | 10.12 | 17.09 | 9.71 | 14.82 | — | — | 15.04 | 14.62 | 9.46 |
| P/S Ratio | 2.02 | 1.44 | 1.49 | 1.93 | 1.93 | 2.30 | 1.71 | 3.43 | 2.66 | 3.89 | 3.36 |
| P/B Ratio | 1.51 | 1.08 | 1.18 | 1.37 | 1.16 | 1.16 | 0.86 | 1.42 | 0.94 | 1.24 | 1.22 |
| P/FCF | 6.62 | 4.73 | — | 18.15 | — | — | 4.37 | — | — | 15.41 | 33.11 |
| P/OCF | 5.01 | 3.58 | 3.59 | 4.16 | 3.57 | 3.87 | 2.48 | 6.27 | 5.55 | 8.33 | 6.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.80 | 4.52 | 5.19 | 5.72 | 6.88 | 6.79 | 8.98 | 8.39 | 7.44 | 7.27 |
| EV / EBITDA | 10.18 | 9.09 | 7.39 | 8.43 | 8.10 | 8.93 | — | 16.12 | 15.85 | 11.67 | 11.44 |
| EV / EBIT | 28.31 | 19.42 | 12.57 | 15.18 | 11.72 | 13.36 | — | 20.71 | 19.81 | 14.78 | 13.75 |
| EV / FCF | — | 15.73 | — | 48.66 | — | — | 17.37 | — | — | 29.47 | 71.58 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.1% | 58.1% | 34.7% | 31.2% | 40.1% | 40.4% | 33.3% | 70.5% | 44.4% | 42.3% | 44.2% |
| Operating Margin | 19.0% | 19.0% | 34.4% | 32.5% | 42.0% | 49.1% | -34.5% | 30.2% | 28.1% | 40.6% | 40.7% |
| Net Profit Margin | -3.7% | -3.7% | 14.7% | 11.4% | 30.9% | 33.2% | -56.0% | 19.6% | 17.6% | 26.6% | 35.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.5% | -2.5% | 12.1% | 7.9% | 19.6% | 18.5% | -23.6% | 7.8% | 6.2% | 8.7% | 12.3% |
| ROA | -0.7% | -0.7% | 3.3% | 2.2% | 5.5% | 5.0% | -6.4% | 2.3% | 2.1% | 3.4% | 4.9% |
| ROIC | 2.8% | 2.8% | 6.3% | 5.1% | 6.1% | 6.0% | -3.2% | 2.9% | 2.9% | 4.4% | 4.5% |
| ROCE | 4.4% | 4.4% | 10.2% | 8.6% | 9.4% | 8.7% | -4.6% | 3.9% | 3.8% | 5.8% | 6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.67 | 2.67 | 2.52 | 2.47 | 2.45 | 2.46 | 2.83 | 2.47 | 2.21 | 1.26 | 1.48 |
| Debt / EBITDA | 6.75 | 6.75 | 5.20 | 5.65 | 5.77 | 6.33 | — | 10.74 | 11.77 | 6.20 | 6.38 |
| Net Debt / Equity | — | 2.51 | 2.40 | 2.31 | 2.28 | 2.31 | 2.55 | 2.29 | 2.03 | 1.13 | 1.42 |
| Net Debt / EBITDA | 6.35 | 6.35 | 4.95 | 5.28 | 5.37 | 5.95 | — | 9.96 | 10.82 | 5.56 | 6.15 |
| Debt / FCF | — | 11.00 | — | 30.51 | — | — | 12.99 | — | — | 14.05 | 38.47 |
| Interest Coverage | — | — | 1.75 | 1.53 | 2.73 | 2.82 | -0.66 | 1.36 | 1.56 | 2.12 | 3.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.36 | 0.36 | 0.38 | 0.31 | 0.28 | 0.63 | 0.62 | 1.07 | 1.02 | 0.92 | 1.17 |
| Quick Ratio | 0.36 | 0.36 | 0.36 | 0.30 | 0.27 | 0.60 | 0.60 | 1.05 | 1.00 | 0.91 | 1.14 |
| Cash Ratio | 0.22 | 0.22 | 0.17 | 0.18 | 0.19 | 0.42 | 0.41 | 0.63 | 0.74 | 0.72 | 0.76 |
| Asset Turnover | — | 0.20 | 0.22 | 0.20 | 0.17 | 0.14 | 0.13 | 0.12 | 0.11 | 0.13 | 0.14 |
| Inventory Turnover | — | — | 33.50 | 43.30 | 23.97 | 29.14 | 30.30 | 16.94 | 27.22 | 42.91 | 45.31 |
| Days Sales Outstanding | — | 3.52 | 61.23 | 51.79 | 46.21 | 47.97 | 13.11 | 21.60 | 50.92 | 9.22 | 17.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.6% | 12.0% | 10.4% | 8.6% | 8.8% | 6.8% | 16.0% | 9.6% | 13.4% | 10.3% | 12.1% |
| Payout Ratio | — | — | 106.0% | 146.5% | 55.0% | 47.2% | — | 168.9% | 202.7% | 151.1% | 114.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 9.9% | 5.9% | 10.3% | 6.7% | — | — | 6.6% | 6.8% | 10.6% |
| FCF Yield | 15.1% | 21.1% | — | 5.5% | — | — | 22.9% | — | — | 6.5% | 3.0% |
| Buyback Yield | 0.7% | 1.0% | 10.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.3% | 13.0% | 20.4% | 9.3% | 8.8% | 6.8% | 16.0% | 9.6% | 13.4% | 10.3% | 12.1% |
| Shares Outstanding | — | $133M | $130M | $127M | $137M | $139M | $109M | $108M | $106M | $96M | $93M |
High Leverage and Liquidity
Based on current market data, SFL trades at a forward P/E of 33.97, which appears to incorporate a significant risk premium compared to historical averages, as investors weigh the sustainability of the 8.9% dividend yield against the company's recent negative net margin performance and earnings volatility.
The elevated forward P/E multiple suggests that the market is pricing in a recovery in earnings power, yet the negative TTM P/E of -52.65 highlights the current disconnect between accounting losses and cash-generating potential. Investors should monitor whether the valuation gap relative to peers like Teekay Tankers reflects a structural discount for SFL's offshore exposure or a temporary mispricing of its diversified leasing model.
As reported in recent financial statements, SFL's ROIC has remained consistently low, hovering near 1.0% over the last ten quarters, which indicates that the company is struggling to generate returns on its massive asset base that exceed its cost of capital in the current environment.
The persistent compression in ROIC suggests that the company's capital-intensive strategy is not currently creating value for shareholders, likely due to the drag from legacy offshore assets and high interest expenses. This trend warrants further investigation into whether management's fleet renewal strategy can eventually drive returns toward a more sustainable level as older, less efficient vessels are phased out.
According to quarterly filings, SFL's asset turnover has remained stagnant at approximately 0.05, reflecting the company's heavy reliance on long-term, capital-intensive leasing contracts that do not prioritize rapid asset rotation or high-velocity working capital cycles typical of more operational-focused maritime businesses.
The lack of consistent data for DIO and DPO suggests that the company's working capital management is secondary to its primary role as a financial lessor. The variability in DSO, which has fluctuated between 4 and 61 days, may indicate lumpy cash collection patterns that could complicate short-term liquidity planning during periods of sector-wide stress.
Based on reported figures, SFL's debt-to-EBITDA ratio has trended upward, reaching 28.30 in 2025Q4, which indicates that the company's leverage is becoming increasingly difficult to service relative to its operating cash flow, potentially limiting its ability to pursue new growth opportunities or fleet modernization.
The interest coverage ratio, which has frequently dipped near or below 1.0x, suggests that the company is operating with a very thin margin of safety regarding its debt obligations. Investors should be cautious, as this level of leverage leaves little room for error if charter rates decline or if refinancing costs rise in the current interest rate environment.
The P/E ratio is frequently misapplied to SFL, as it fails to account for the significant non-cash depreciation charges inherent in a capital-intensive maritime leasing business, which often masks the company's true economic earnings and cash-generating capacity for dividend distributions.
Analysts should instead focus on cash flow-based metrics, such as the ratio of operating cash flow plus principal repayments to total debt, to better assess the company's solvency. Relying on P/E multiples in this context obscures the underlying financial health by penalizing the company for accounting-driven impairments that do not necessarily impact its ability to meet contractual obligations.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying SFL stock.
SFL Corporation Ltd.'s current P/E ratio is -54.6x. The historical average is 10.1x.
SFL Corporation Ltd.'s current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
SFL Corporation Ltd.'s return on equity (ROE) is -2.5%. The historical average is 18.0%.
Based on historical data, SFL Corporation Ltd. is trading at a P/E of -54.6x. Compare with industry peers and growth rates for a complete picture.
SFL Corporation Ltd.'s current dividend yield is 8.60%.
SFL Corporation Ltd. has 58.1% gross margin and 19.0% operating margin. Operating margin between 10-20% is typical for established companies.
SFL Corporation Ltd.'s Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.