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SFL Corporation
(NYSE:SFL)
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Rating:63Neutral
Price Target:
$11.00
▼(-0.63% Downside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by elevated leverage and uneven earnings/revenue momentum despite supportive operating cash generation. Technicals are strong (uptrend above major moving averages) but look overbought. Valuation is helped by a moderate P/E and high dividend yield, while the latest call was broadly constructive (firm near-term outlook, backlog quality, dividend increase) but flagged meaningful financing and utilization risks.
Positive Factors
Large charter backlog with high-quality counterparties
A $3.7 billion charter backlog with roughly two‑thirds investment‑grade counterparties provides multi‑year contracted cash flow visibility and reduces counterparty credit risk, underpinning predictable revenue streams and supporting stable charter cash generation over the medium term.
Negative Factors
Elevated leverage constraining flexibility
High leverage (debt/equity ~2.5–2.7x) amplifies refinancing and interest‑rate risk in a capital‑intensive, cyclical industry. It limits capacity to absorb downturns, raises fixed financing costs versus peers, and increases vulnerability to cash‑flow timing or earnings volatility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Large charter backlog with high-quality counterparties
A $3.7 billion charter backlog with roughly two‑thirds investment‑grade counterparties provides multi‑year contracted cash flow visibility and reduces counterparty credit risk, underpinning predictable revenue streams and supporting stable charter cash generation over the medium term.
Read all positive factors
SFL Corporation Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down where revenue actually comes from—different types of shipping, asset leasing, or investment income—revealing which businesses are growing and which are lagging. Shifts in segment mix can change profit margins and risk profile, helping investors assess sustainability of earnings and future growth drivers.
Breaks down where revenue actually comes from—different types of shipping, asset leasing, or investment income—revealing which businesses are growing and which are lagging. Shifts in segment mix can change profit margins and risk profile, helping investors assess sustainability of earnings and future growth drivers.
Data provided by:
The Fly
The FlySFL Corporation (SFL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.52B
Dividend Yield12.24%
Average Volume (3M)1.48M
Price to Earnings (P/E)43.0
Beta (1Y)0.63
Revenue Growth-16.39%
EPS Growth-44.25%
CountryUS
Employees24
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.23
Shares Outstanding144,757,920
10 Day Avg. Volume1,560,975
30 Day Avg. Volume1,476,154
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)1.08
Price to Sales (P/S)1.44
P/FCF Ratio4.73
Enterprise Value/Market Cap2.51
Enterprise Value/Revenue5.41
Enterprise Value/Gross Profit15.77
Enterprise Value/Ebitda8.57
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.26
Revenue Forecast (FY)$676.40M
SFL Corporation Business Overview & Revenue Model
Company Description
SFL Corporation Ltd., a maritime and offshore asset owning and chartering company, engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The company operates in various sec...
How the Company Makes Money
SFL primarily makes money by owning maritime (and historically, offshore) assets and contracting them out to customers under charter and lease agreements, generating contracted cash flows. The core revenue stream is charter hire/lease income paid ...
SFL Corporation Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call conveyed multiple strong positives: stable adjusted EBITDA (~$108M), return to GAAP profitability (~$26M), a high-quality $3.7B backlog with two-thirds investment-grade counterparties, opportunistic capture of elevated tanker spot rates (very high TCEs and Q2 coverage), successful opportunistic bond tap at improved implied yield, and ongoing deleveraging and liquidity coverage. Key challenges highlighted include GAAP revenue timing/recognition volatility, lower energy utilization while Hercules is warm-stacked, remaining newbuilding capex (~$850M) to finance, and near-term bond redemption considerations. On balance, the favorable operational results, high-quality backlog and financial actions outweigh the medium-term financing and timing risks.Positive Updates
Dividend Increase and Long Dividend Track Record
Declared 89th consecutive quarterly cash dividend of $0.22 per share, a 10% increase from prior quarter; annualized dividend yield ~7.5% at current prices; total dividends returned since 2004 exceed $3.0 billion (over $30 per share).
Negative Updates
GAAP Revenue Recognition Discrepancy and Quarter-on-Quarter Comparison
Reported total U.S. GAAP operating revenues of approximately $100 million compared to ~$175.5 million in Q4 2025 (quarterly comparability affected by lease accounting, timing and low-to-discharge recognition for spot voyages), creating headline volatility in GAAP revenue presentation.
Read all updates
Q1-2026 Updates
Positive
Negative
Dividend Increase and Long Dividend Track Record
Declared 89th consecutive quarterly cash dividend of $0.22 per share, a 10% increase from prior quarter; annualized dividend yield ~7.5% at current prices; total dividends returned since 2004 exceed $3.0 billion (over $30 per share).
Read all positive updates
Company Guidance
Management guided to a very firm Q2 driven by a strong spot market while reiterating a long‑term, charter‑led strategy: Q1 key metrics were revenues ~$174m (gross charter hire ~$177m), adjusted EBITDA ~$108m (12‑month EBITDA $443m), GAAP net income $26m ($0.20/share), and declared a 10% higher quarterly dividend of $0.22/share (89th consecutive dividend; ~7.5% annualized yield); charter backlog stands at ~$3.7bn (>2/3 investment‑grade counterparties) and the Hercules rig contract adds ~400 days (~$170m) from 2027; fleet = 57 assets (30 container, 16 tankers, 7 car carriers, 2 dry bulk, 2 chemical, 2 rigs), 4.6k operating days in Q1 with utilization: containers 100%, car carriers 100%, tankers/dry bulk 99%, energy 50%; Q1 gross charter hire by segment: container ~$81m, car carriers ~$26m, tankers ~$46m, dry bulk ~$2m, energy ~$23m; shipping OpEx ~$42m, total OpEx & G&A ~$69m; cash ~$128m plus ~$160m undrawn (~>$280m liquidity); Q1 schedule loan amortization ~$56m (> $220m annualized); book equity ratio ~27%; remaining newbuilding capex ~ $850m; opportunistic financing included a $75m 2030 bond tap at 103.5% (implied ~6.8% yield).SFL Corporation Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
41
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 708.94M | 719.75M | 891.62M | 738.13M | 655.65M | 494.70M |
| Gross Profit | 243.14M | 417.98M | 309.14M | 230.32M | 262.68M | 199.64M |
| EBITDA | 447.17M | 421.39M | 560.09M | 466.23M | 507.93M | 393.06M |
| Net Income | 31.52M | -26.43M | 130.65M | 83.94M | 202.77M | 164.34M |
Balance Sheet | ||||||
| Total Assets | 3.56B | 3.64B | 4.11B | 3.73B | 3.86B | 3.46B |
| Cash, Cash Equivalents and Short-Term Investments | 133.78M | 154.97M | 138.29M | 170.60M | 195.65M | 166.83M |
| Total Debt | 2.50B | 2.57B | 2.84B | 2.57B | 2.67B | 2.41B |
| Total Liabilities | 2.59B | 2.68B | 2.98B | 2.69B | 2.77B | 2.48B |
| Stockholders Equity | 964.83M | 960.86M | 1.13B | 1.04B | 1.09B | 982.33M |
Cash Flow | ||||||
| Free Cash Flow | 187.79M | 219.66M | -275.00M | 78.67M | -247.37M | -288.03M |
| Operating Cash Flow | 245.62M | 290.14M | 369.86M | 343.09M | 355.13M | 293.60M |
| Investing Cash Flow | 226.05M | 165.09M | -617.50M | -103.89M | -499.09M | -389.05M |
| Financing Cash Flow | -518.06M | -438.96M | 216.70M | -262.06M | 178.37M | 25.02M |
SFL Corporation Technical Analysis
Negative
11.07
Price Trends
11.36
Negative
10.77
Negative
9.11
Positive
Market Momentum
-0.14
Positive
37.17
Neutral
33.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SFL, the sentiment is Negative. The current price of 11.07 is below the 20-day moving average (MA) of 11.09, below the 50-day MA of 11.36, and above the 200-day MA of 9.11, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 37.17 is Neutral, neither overbought nor oversold. The STOCH value of 33.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SFL.
SFL Corporation Risk Analysis
SFL Corporation disclosed 58 risk factors in its most recent earnings report. SFL Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SFL Corporation Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $1.96B | 5.86 | 10.67% | 0.39% | 5.87% | 8.14% | |
79 Outperform | $1.36B | 3.58 | 21.99% | 6.16% | 7.07% | -0.61% | |
74 Outperform | $1.91B | 8.91 | ― | 6.50% | 32.94% | 128.18% | |
65 Neutral | $1.74B | 5.25 | 16.80% | 2.94% | -59.07% | 10.43% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $1.52B | 42.99 | 3.21% | 12.24% | -16.39% | -44.25% | |
58 Neutral | $1.03B | 64.92 | <0.01% | 4.04% | 2.22% | -63.61% |
* Industrials Sector Average
SFL
SFL Corporation
10.20
2.50
32.47%
CMRE
Costamare
14.02
5.36
61.89%
GNK
Genco Shipping
24.78
12.24
97.59%
GSL
Global Ship Lease
37.60
13.14
53.73%
NMM
Navios Maritime Partners
70.07
32.70
87.51%
ECO
Okeanis Eco Tankers Corp.
50.12
30.76
158.90%
SFL Corporation Corporate Events
SFL Corporation Files Q1 2026 Unaudited Results on Form 6-K
May 13, 2026
SFL Corporation has filed its Form 6-K for May 2026, furnishing unaudited condensed interim financial statements and management’s discussion and analysis for the quarter ended March 31, 2026. The filing integrates these first-quarter results...
SFL Corporation Lifts Dividend on Strong Q1 2026 Results and New Rig Contract
May 12, 2026
SFL Corporation reported preliminary results for the quarter ended March 31, 2026, highlighting total operating revenues of $174 million, adjusted EBITDA of $108 million and U.S. GAAP net income of $26 million, or $0.20 per share. The board declar...
SFL Corporation Shareholders Reaffirm Board but Reject New Preference Share Authorization at 2026 AGM
May 12, 2026
SFL Corporation reported that its 2026 Annual General Meeting of shareholders took place on May 11, 2026, in Hamilton, Bermuda, where the audited consolidated financial statements for the year ended December 31, 2025, were presented. Shareholders ...
SFL Corporation Raises $75 Million in Tap of 2030 Sustainability-Linked Bonds
Apr 30, 2026
On April 29, 2026, SFL Corporation Ltd. announced it had successfully completed a USD 75 million tap issue of its outstanding senior unsecured sustainability-linked bonds maturing in 2030. Priced at 103.5% of par, the transaction lifts the total s...
SFL Corporation Sets May 11, 2026 AGM With Key Capital Flexibility Proposal
Apr 8, 2026
SFL Corporation has scheduled its 2026 Annual General Meeting for May 11, 2026, in Hamilton, Bermuda, with April 1, 2026 set as the record date for shareholders eligible to attend and vote. The company has made its 2025 Annual Report on Form 20-F ...
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.