SFL Corporation

SFL

Marine Shipping · Industrials

Price

$11.11

-0.18 (-1.59%)

Market Cap

$1.48B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−4.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 139.4M (2021) → 133.1M (2025)

SFL Corporation is a shipping and offshore company that owns a large fleet of vessels it rents out to other businesses. Its fleet includes oil tankers, dry bulk carriers, container ships, and offshore drilling rigs. Customers are typically large energy companies and shipping operators who need vessels for months or years at a time.

SFL makes money by leasing its vessels under long-term contracts, which provides relatively steady rental income. The company operates globally, with vessels working across major shipping routes and energy markets worldwide. Its main competitive advantage is a diversified fleet paired with long-term charters that lock in revenue — but that model also creates risk, because when contracts expire, SFL must re-lease vessels in a market where rates can drop sharply. Rising interest rates and an aging fleet are additional pressures the company faces as it looks to renew and expand its asset base.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on SFL in the last 12 months.

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Score breakdown

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Quality

Gross Margin

30.1%

Modest — 30.1% gross margin

Operating Margin

25.7%

Excellent — 25.7% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-16.6%

Shrinking sales (-16.6% YoY)

EPS YoY

-41.2%

Earnings shrinking (-41.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

779%

Turns 779% of profit into real cash

FCF Margin

26.5%

Converts sales into free cash efficiently (26.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

2.59

Heavy debt load (2.59)

Interest Cover

1.32x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

46.1x

Expensive — P/E 46.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+11.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (46.1 → 34.2)

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Dividends

Dividend Yield

7.74%

Healthy income — 7.74% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-24.1%

Dividend cut (-24.1% YoY) — warning sign

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