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Gulf Marine Services
(LSE:GMS)
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Rating:67Neutral
Price Target:
20.50 p
▲(11.66% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily supported by improving multi-year fundamentals (revenue growth, sustained profitability, and deleveraging), but is held back by the 2025 step-down in net income and a sharp decline in free cash flow. Technicals are neutral with only mild support from trading above key moving averages, and valuation is reasonable on P/E but lacks dividend-yield support.
Positive Factors
Consistent multi-year revenue growth
Sustained revenue expansion from 2021–2025, including ~10% growth in 2025, indicates durable demand for SESV charters and strengthens recurring day-rate cash flows. Multi-year top-line growth supports scale, pricing leverage on longer contracts and resilience across oilfield cycles.
Negative Factors
2025 net income step-down
A meaningful decline in net income in 2025 despite revenue growth signals pressure on margins from rising costs, one-off items, or elevated finance/exceptional charges. If persistent, this erodes profitability resilience and weakens free cash flow conversion over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent multi-year revenue growth
Sustained revenue expansion from 2021–2025, including ~10% growth in 2025, indicates durable demand for SESV charters and strengthens recurring day-rate cash flows. Multi-year top-line growth supports scale, pricing leverage on longer contracts and resilience across oilfield cycles.
Read all positive factors
Gulf Marine Services (GMS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£230.43M
Dividend YieldN/A
Average Volume (3M)3.11M
Price to Earnings (P/E)16.7
Beta (1Y)1.59
Revenue Growth8.82%
EPS Growth-55.40%
CountryUK
Employees746
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)£191.80M
Gulf Marine Services Business Overview & Revenue Model
Company Description
Gulf Marine Services PLC, together with its subsidiaries, operates self-propelled self-elevating support vessels (SESVs) in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Europe. It operates through K-Class Vessels, S-Class Vess...
How the Company Makes Money
GMS makes money primarily by chartering its self-propelled self-elevating support vessels (SESVs) to offshore energy operators and contractors under commercial charter arrangements. Revenue is typically earned through day-rate (or period) charter ...
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 Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £348.20M | 10.71 | 21.84% | 0.30% | 20.92% | 11.45% | |
67 Neutral | £230.43M | 16.65 | 4.61% | ― | 8.82% | -55.40% | |
67 Neutral | £708.96M | 33.09 | 3.49% | 2.04% | -5.70% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
49 Neutral | £13.34M | 17.51 | 7.41% | ― | ― | ― | |
47 Neutral | £3.91M | -2.86 | -14.51% | ― | -84.98% | 35.48% |
* Energy Sector Average
GB:GMS
Gulf Marine Services
20.45
1.25
6.51%
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Gulf Marine Services Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Gulf Marine Services Converts Bridge Loan and Expands Working Capital for Growth
Positive
Aug 4, 2026
Gulf Marine Services has converted a US$37.4m bridge loan, drawn in January 2026 to fund a new vessel, into a five-year term loan within its existing syndicated lending arrangements with HSBC, First Abu Dhabi Bank and Commercial Bank of Dubai, kee...
Business Operations and Strategy
Gulf Marine Services Wins Four-Year Offshore Charter in Brazil
Positive
Jul 16, 2026
Gulf Marine Services has secured a four-year charter for one of its newest self-elevating accommodation units, to be deployed offshore Brazil for an international offshore accommodation services provider. The 1,461-day contract, with delivery sche...
Business Operations and StrategyStock BuybackShareholder Meetings
Gulf Marine Services Wins Shareholder Backing for Full AGM Agenda
Positive
Jun 18, 2026
Gulf Marine Services reported that shareholders approved all resolutions at its Annual General Meeting in Abu Dhabi, including the 2025 annual report and accounts, the directors’ remuneration report, and the reappointment of key board member...
Business Operations and StrategyFinancial Disclosures
Gulf Marine Services Restores Gulf Fleet and Reaffirms 2026 Earnings Guidance
Positive
Jun 16, 2026
Gulf Marine Services said all four support vessels that had been temporarily evacuated from a Gulf state amid geopolitical tensions have now returned to work on their original contracts. The company is keeping its 2026 adjusted EBITDA guidance at ...
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...
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.