Gulf Marine Services PLC (GB:GMS)
LSE:GMS
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Gulf Marine Services
(LSE:GMS)
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Rating:68Neutral
Price Target:
20.50 p
▲(8.70% Upside)
Action:Downgraded
Date:04/17/26
The score is primarily supported by improving financial strength (deleveraging, sustained profitability, and generally positive free cash flow), but is held back by the 2025 net-income decline and a sharp drop in 2025 free cash flow. Technical indicators are mixed and valuation appears mid-range, providing limited additional upside to the overall score.
Positive Factors
Deleveraging / Stronger Balance Sheet
Steady debt reduction and rising equity materially improve financial flexibility, lowering refinancing risk and enabling the company to absorb cyclical downturns or fund selective vessel investment. This structural de-risking supports more durable operations and strategic optionality over 2–6 months.
Negative Factors
2025 Net Income Decline
Earnings deterioration despite revenue growth signals margin compression or rising non-operating costs. If structural (higher fixed costs, charter expenses, or financing costs), this can erode profitability sustainability and limit retained earnings available for reinvestment or further deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging / Stronger Balance Sheet
Steady debt reduction and rising equity materially improve financial flexibility, lowering refinancing risk and enabling the company to absorb cyclical downturns or fund selective vessel investment. This structural de-risking supports more durable operations and strategic optionality over 2–6 months.
Read all positive factors
Gulf Marine Services (GMS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£237.35M
Dividend YieldN/A
Average Volume (3M)3.11M
Price to Earnings (P/E)16.4
Beta (1Y)1.72
Revenue Growth8.82%
EPS Growth-55.40%
CountryUK
Employees727
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.02
Shares Outstanding1,152,166,000
10 Day Avg. Volume2,043,588
30 Day Avg. Volume3,111,596
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)0.71
Price to Sales (P/S)1.55
P/FCF Ratio5.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)£186.74M
Gulf Marine Services Business Overview & Revenue Model
Company Description
Gulf Marine Services PLC (GMS), through its various subsidiaries, operates self-propelled, self-elevating support vessels (SESVs) throughout the United Arab Emirates, Saudi Arabia, Qatar, the United Kingdom, and continental Europe. Its operational...
How the Company Makes Money
GMS makes money primarily by contracting its fleet of self-propelled, self-elevating support vessels to customers (typically offshore energy operators and their contractors) under charter or vessel-services agreements. Revenue is generated from da...
Gulf Marine Services Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 192.06M | 167.49M | 151.60M | 133.16M | 115.13M |
| Gross Profit | 80.05M | 89.64M | 69.62M | 60.53M | 60.63M |
| EBITDA | 115.25M | 101.41M | 106.80M | 76.47M | 81.35M |
| Net Income | 19.29M | 37.98M | 41.34M | 25.33M | 31.00M |
Balance Sheet | |||||
| Total Assets | 700.18M | 683.14M | 668.33M | 658.82M | 674.40M |
| Cash, Cash Equivalents and Short-Term Investments | 27.77M | 40.01M | 8.71M | 12.71M | 8.64M |
| Total Debt | 214.63M | 240.38M | 279.30M | 331.61M | 382.45M |
| Total Liabilities | 277.76M | 300.44M | 338.05M | 371.25M | 411.69M |
| Stockholders Equity | 418.86M | 379.70M | 327.57M | 285.59M | 260.80M |
Cash Flow | |||||
| Free Cash Flow | 50.94M | 94.70M | 81.39M | 76.25M | 29.00M |
| Operating Cash Flow | 76.74M | 103.56M | 94.40M | 82.56M | 40.51M |
| Investing Cash Flow | -25.79M | -8.77M | -12.79M | -6.30M | -11.50M |
| Financing Cash Flow | -63.45M | -63.45M | -85.22M | -72.26M | -24.54M |
Gulf Marine Services Technical Analysis
Positive
18.86
Price Trends
19.42
Positive
20.13
Positive
18.51
Positive
Market Momentum
0.04
Negative
62.44
Neutral
77.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GMS, the sentiment is Positive. The current price of 18.86 is below the 20-day moving average (MA) of 19.25, below the 50-day MA of 19.42, and above the 200-day MA of 18.51, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 62.44 is Neutral, neither overbought nor oversold. The STOCH value of 77.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:GMS.
Gulf Marine Services Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | £366.01M | 11.31 | 21.84% | 0.38% | 20.92% | 11.45% | |
74 Outperform | £694.08M | 31.38 | 3.49% | 2.22% | -5.70% | ― | |
68 Neutral | £237.35M | 16.44 | 4.61% | ― | 8.82% | -55.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
49 Neutral | £15.66M | 20.58 | ― | ― | ― | ― | |
48 Neutral | £3.91M | -2.86 | -12.73% | ― | -84.98% | 35.48% |
* Energy Sector Average
GB:GMS
Gulf Marine Services
20.60
1.08
5.53%
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GB:AT
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Gulf Marine Services Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Gulf Marine Services Weathers Gulf Disruption as Backlog and Fleet Expansion Underpin Outlook
Negative
May 8, 2026
Gulf Marine Services reported a weaker first quarter as war-related disruptions in the Gulf forced the precautionary evacuation of four vessels in a Gulf Cooperation Council state, cutting fleet utilisation to 74% and driving a 10% year-on-year re...
Business Operations and StrategyFinancial Disclosures
Gulf Marine Services Enters Africa and Latin America With New Contracts and Services
Positive
May 5, 2026
Gulf Marine Services has secured two major contracts that mark its operational entry into Africa and Latin America and support its strategy of global expansion. The first deal deploys its newly acquired vessel on a 170-day firm plus options charte...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Gulf Marine Services Publishes 2025 Results and Sets Date for 2026 AGM
Neutral
Apr 30, 2026
Gulf Marine Services has published its 2025 Annual Report and Accounts, along with the notice and proxy materials for its 2026 annual general meeting, on its website, with hard copies to be mailed to shareholders who opted for paper delivery. In l...
Business Operations and StrategyRegulatory Filings and Compliance
Gulf Marine Services shifts registered office to new London address
Neutral
Apr 24, 2026
Gulf Marine Services PLC has changed its registered office address in the UK to Ground Floor, Heritage House, 2-14 Shortlands, London, W6 8DJ, effective 24 April 2026. The move updates the formal corporate domicile location for the London-listed o...
Business Operations and StrategyDividendsFinancial Disclosures
Gulf Marine Services Delivers Strong 2025 Growth but Withholds Dividend Amid Gulf Tensions
Negative
Apr 14, 2026
Gulf Marine Services reported its fifth consecutive year of double-digit growth in 2025, with revenue up 12% to $188.1 million and adjusted EBITDA also rising 12% to $112.9 million, driven by higher day rates and the addition of a leased large ves...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.