Gulf Marine Services PLC (GB:GMS)
LSE:GMS
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Gulf Marine Services
(LSE:GMS)
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Rating:74Outperform
Price Target:
26.00 p
▲(37.86% Upside)
Action:ReiteratedDate:01/11/26
The score is driven primarily by solid financial performance (strong revenue growth, high margins, and robust free cash flow) and a relatively low P/E valuation. Technicals are supportive due to a clear uptrend, but the score is tempered by overbought momentum signals (high RSI and Stoch) that increase the risk of a short-term reversal.
Positive Factors
Revenue Growth
Consistent double‑digit top‑line growth across 2023–24 signals durable demand for GMS's SESV charter model. Steady revenue expansion supports utilization, long‑term contract renewals and underpins reinvestment capacity and predictable cash generation over coming quarters.
Negative Factors
Earnings Per Share Weakness
A nearly 20% decline in EPS despite revenue growth suggests pressures such as one‑off items, higher interest, tax, or dilution from capital actions. Persistent EPS weakness can undermine per‑share returns and signals risks to long‑term investor value if not reversed by margin or share count improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Consistent double‑digit top‑line growth across 2023–24 signals durable demand for GMS's SESV charter model. Steady revenue expansion supports utilization, long‑term contract renewals and underpins reinvestment capacity and predictable cash generation over coming quarters.
Read all positive factors
Gulf Marine Services (GMS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£216.61M
Dividend YieldN/A
Average Volume (3M)3.11M
Price to Earnings (P/E)19.8
Beta (1Y)1.37
Revenue Growth7.05%
EPS Growth-19.81%
CountryUK
Employees727
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,152,166,000
10 Day Avg. Volume2,043,588
30 Day Avg. Volume3,111,596
Financial Highlights & Ratios
PEG Ratio-0.46
Price to Book (P/B)0.52
Price to Sales (P/S)1.19
P/FCF Ratio2.10
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)0.05
Revenue Forecast (FY)£194.91M
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, Saudi Arabia, Qatar, the United Kingdom, and rest of Europe. It operates through K-Class Vessels,...
How the Company Makes Money
Gulf Marine Services generates revenue primarily through the chartering of its self-elevating support vessels to clients in the offshore oil and gas industry, as well as to the renewable energy sector. The company's revenue model is based on long-...
Gulf Marine Services Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 173.84M | 167.49M | 151.60M | 133.16M | 115.13M | 102.49M |
| Gross Profit | 86.10M | 89.64M | 69.62M | 60.53M | 60.63M | -55.53M |
| EBITDA | 100.63M | 101.41M | 106.80M | 76.47M | 81.35M | 44.83M |
| Net Income | 34.80M | 37.98M | 41.34M | 25.33M | 31.00M | -124.30M |
Balance Sheet | ||||||
| Total Assets | 670.00M | 683.14M | 668.33M | 658.82M | 674.40M | 654.44M |
| Cash, Cash Equivalents and Short-Term Investments | 14.96M | 40.01M | 8.71M | 12.71M | 8.64M | 3.80M |
| Total Debt | 198.83M | 240.38M | 279.30M | 331.61M | 382.45M | 415.73M |
| Total Liabilities | 263.39M | 300.44M | 338.05M | 371.25M | 411.69M | 447.58M |
| Stockholders Equity | 403.52M | 379.70M | 327.57M | 285.59M | 260.80M | 205.17M |
Cash Flow | ||||||
| Free Cash Flow | 84.14M | 94.70M | 81.39M | 76.25M | 29.00M | 31.05M |
| Operating Cash Flow | 99.13M | 103.56M | 94.40M | 82.56M | 40.51M | 44.27M |
| Investing Cash Flow | -15.43M | -8.77M | -12.79M | -6.30M | -11.50M | -12.35M |
| Financing Cash Flow | -76.18M | -63.45M | -85.22M | -72.26M | -24.54M | -36.52M |
Gulf Marine Services Technical Analysis
Neutral
18.86
Price Trends
20.90
Negative
19.13
Negative
18.56
Positive
Market Momentum
-0.71
Negative
48.73
Neutral
82.28
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GMS, the sentiment is Neutral. The current price of 18.86 is above the 20-day moving average (MA) of 18.02, below the 50-day MA of 20.90, and above the 200-day MA of 18.56, indicating a neutral trend. The MACD of -0.71 indicates Negative momentum. The RSI at 48.73 is Neutral, neither overbought nor oversold. The STOCH value of 82.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | £216.61M | 19.82 | 8.89% | ― | 7.05% | -19.81% | |
74 Outperform | £717.61M | 18.63 | 3.49% | 2.22% | 11.60% | -126.25% | |
73 Outperform | £349.82M | 7.75 | 21.84% | 0.38% | 32.36% | 19.01% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
53 Neutral | £17.98M | -34.95 | ― | ― | ― | ― | |
46 Neutral | £3.75M | 118.61 | -12.73% | ― | ― | ― |
* Energy Sector Average
GB:GMS
Gulf Marine Services
18.80
3.64
24.01%
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Gulf Marine Services Corporate Events
Business Operations and StrategyFinancial Disclosures
Gulf Marine Services Wins Major Middle East Contract Extension, Backlog Rises to $700m
Positive
Jan 28, 2026
Gulf Marine Services has secured a variation order from a major Middle Eastern national oil company extending an existing contract for two vessels by up to six additional years, including options, lifting its contract backlog to US$700 million. Th...
Business Operations and StrategyPrivate Placements and FinancingProduct-Related Announcements
Gulf Marine Services Buys First New Vessel in a Decade to Support Growth Push
Positive
Jan 26, 2026
Gulf Marine Services has agreed to acquire a new mid-class self-elevating support vessel, its first vessel purchase in a decade, expanding its fleet to 15 units and positioning the group to capture strong offshore energy demand while advancing its...
Business Operations and Strategy
Gulf Marine Services Secures New Two‑Year Extension for GCC Support Vessel
Positive
Jan 5, 2026
Gulf Marine Services has secured a two‑year extension, comprising one firm year and a one‑year option, to an existing contract for a mid‑size support vessel operating in the Gulf Cooperation Council region, separate from a simila...
Business Operations and Strategy
Gulf Marine Services Lifts Backlog to $607m with GCC Vessel Contract Extension
Positive
Dec 30, 2025
Gulf Marine Services has secured a two‑year contract extension, comprising one firm year plus a one‑year option, for one of its mid‑size vessels currently operating in the GCC region, lifting its order backlog to $607 million. Th...
Business Operations and Strategy
Gulf Marine Services Wins New Middle East Contract and Upgrades Backlog Duration
Positive
Dec 24, 2025
Gulf Marine Services has secured a new contract for one of its Large-class vessels in the Middle East, running for a total of two years including options, underscoring strong ongoing demand for its SESV fleet and further bolstering its contract ba...
Business Operations and Strategy
Gulf Marine Services Wins European Deal, Lifting Contract Backlog to $540m
Positive
Dec 23, 2025
Gulf Marine Services has secured a new European contract for two of its Large-class self-elevating support vessels, covering a total of 985 vessel days to support offshore operations in the region. The award lifts the group’s contracted back...
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.