SFL (SFL)
Market Price (11/8/2026): $10.95 | Market Cap: $1.7 BilSector: Industrials | Industry: Marine Transportation
SFL (SFL)
Market Price (11/8/2026): $10.95Market Cap: $1.7 BilSector: IndustrialsIndustry: Marine Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 13% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Global Logistics & Maritime Trade, and Energy Infrastructure & Transition. Themes include Maritime Shipping & Transport, and Offshore Energy Logistics & Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -3.4%, 3Y Excs Rtn is -43% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 143% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.7% Key risksSFL key risks include [1] substantial financial leverage and a significant debt burden that strains cash flow and forced a dividend reduction, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 13% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Global Logistics & Maritime Trade, and Energy Infrastructure & Transition. Themes include Maritime Shipping & Transport, and Offshore Energy Logistics & Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -3.4%, 3Y Excs Rtn is -43% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 143% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.7% |
| Key risksSFL key risks include [1] substantial financial leverage and a significant debt burden that strains cash flow and forced a dividend reduction, Show more. |
Qualitative Assessment
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SFL (SFL) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Adjusted EBITDA declined in fiscal Q3 2026, compounded by an idle rig. Although SFL surpassed analyst expectations for both earnings and revenue in its fiscal Q3 2026 results, reported on November 4, 2026, its adjusted EBITDA decreased to $122 million from $130 million in fiscal Q2 2026. This decline was primarily attributed to lower spot tanker revenue recognition and elevated costs associated with preparing its harsh-environment rig, Hercules, which remained idle during fiscal Q3 2026 and weighed on the quarter's financial performance.
2. Quarterly dividend significantly reduced from previous quarter. SFL declared a quarterly cash dividend of $0.22 per share for fiscal Q3 2026, payable around December 28, 2026. This represented a substantial decrease of $0.22 per share from the $0.44 per share dividend paid for fiscal Q2 2026, announced on August 26, 2026. The halving of the dividend from the prior quarter, despite a positive earnings beat, likely contributed to negative investor sentiment.
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SFL (SFL) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Adjusted EBITDA declined in fiscal Q3 2026, compounded by an idle rig. Although SFL surpassed analyst expectations for both earnings and revenue in its fiscal Q3 2026 results, reported on November 4, 2026, its adjusted EBITDA decreased to $122 million from $130 million in fiscal Q2 2026. This decline was primarily attributed to lower spot tanker revenue recognition and elevated costs associated with preparing its harsh-environment rig, Hercules, which remained idle during fiscal Q3 2026 and weighed on the quarter's financial performance.
2. Quarterly dividend significantly reduced from previous quarter. SFL declared a quarterly cash dividend of $0.22 per share for fiscal Q3 2026, payable around December 28, 2026. This represented a substantial decrease of $0.22 per share from the $0.44 per share dividend paid for fiscal Q2 2026, announced on August 26, 2026. The halving of the dividend from the prior quarter, despite a positive earnings beat, likely contributed to negative investor sentiment.
3. Negative outlook for container shipping rates in 2027. Macroeconomic factors and industry forecasts painted a challenging picture for the container shipping sector. Freight intelligence platform Xeneta, in early November 2026, projected global container shipping spot rates to fall by as much as 30% and long-term rates by 5% in 2027, using a fiscal Q3 2026 baseline. This anticipated decline is driven by a projected 6.8% increase in global fleet capacity significantly outpacing a demand growth forecast of 2.5% to 4%, further exacerbated by the return of service networks to the Red Sea/Suez Canal, which releases additional vessel capacity.
4. Sequential revenue decline in the tanker segment. SFL's tanker segment experienced a decrease in revenue, falling to $56 million in fiscal Q3 2026 from $62 million in fiscal Q2 2026. This decline was mainly due to the timing of voyage revenue recognition for two Suezmax tankers operating in the spot market.
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Stock Movement Drivers
Fundamental Drivers
The -9.6% change in SFL stock from 7/31/2026 to 11/7/2026 was primarily driven by a -67.2% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.12 | 10.96 | -9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 706 | 729 | 3.2% |
| Net Income Margin (%) | 4.5% | 12.7% | 184.6% |
| P/E Multiple | 51.1 | 16.8 | -67.2% |
| Shares Outstanding (Mil) | 133 | 142 | -6.1% |
| Cumulative Contribution | -9.6% |
Market Drivers
7/31/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SFL | -9.6% | |
| Market (SPY) | -1.6% | 24.0% |
| Sector (XLI) | -9.5% | 17.1% |
Fundamental Drivers
The -1.5% change in SFL stock from 4/30/2026 to 11/7/2026 was primarily driven by a -6.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.12 | 10.96 | -1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 719 | 729 | 1.4% |
| P/S Multiple | 2.1 | 2.1 | 3.5% |
| Shares Outstanding (Mil) | 133 | 142 | -6.2% |
| Cumulative Contribution | -1.5% |
Market Drivers
4/30/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SFL | -1.5% | |
| Market (SPY) | 2.6% | 12.6% |
| Sector (XLI) | -6.6% | 7.8% |
Fundamental Drivers
The 59.2% change in SFL stock from 10/31/2025 to 11/7/2026 was primarily driven by a 214.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.89 | 10.96 | 59.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 851 | 729 | -14.3% |
| Net Income Margin (%) | 4.0% | 12.7% | 214.8% |
| P/E Multiple | 26.6 | 16.8 | -37.1% |
| Shares Outstanding (Mil) | 133 | 142 | -6.2% |
| Cumulative Contribution | 59.2% |
Market Drivers
10/31/2025 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SFL | 59.2% | |
| Market (SPY) | 8.7% | 18.0% |
| Sector (XLI) | 5.8% | 16.7% |
Fundamental Drivers
The 33.6% change in SFL stock from 10/31/2023 to 11/7/2026 was primarily driven by a 95.9% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.20 | 10.96 | 33.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 687 | 729 | 6.1% |
| Net Income Margin (%) | 17.7% | 12.7% | -28.3% |
| P/E Multiple | 8.6 | 16.8 | 95.9% |
| Shares Outstanding (Mil) | 127 | 142 | -10.4% |
| Cumulative Contribution | 33.6% |
Market Drivers
10/31/2023 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SFL | 33.6% | |
| Market (SPY) | 81.9% | 32.4% |
| Sector (XLI) | 72.0% | 29.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SFL Return | 40% | 24% | 35% | -1% | -14% | 48% | 192% |
| Peers Return | 22% | 104% | 50% | 0% | 47% | 91% | 946% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| SFL Win Rate | 58% | 58% | 67% | 58% | 50% | 55% | |
| Peers Win Rate | 58% | 71% | 58% | 42% | 71% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| SFL Max Drawdown | -24% | -20% | -18% | -28% | -34% | -20% | |
| Peers Max Drawdown | -34% | -27% | -24% | -37% | -27% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TK, INSW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | SFL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.1% | -18.8% |
| % Gain to Breakeven | 30.1% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.4% | -7.8% |
| % Gain to Breakeven | 19.6% | 8.5% |
| Time to Breakeven | 574 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.5% | -6.7% |
| % Gain to Breakeven | 22.7% | 7.1% |
| Time to Breakeven | 90 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.6% | -33.7% |
| % Gain to Breakeven | 94.6% | 50.9% |
| Time to Breakeven | 789 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.5% | 23.8% |
| Time to Breakeven | 141 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.6% | -3.7% |
| % Gain to Breakeven | 18.5% | 3.9% |
| Time to Breakeven | 32 days | 6 days |
In The Past
SFL's stock fell -23.1% during the 2025 US Tariff Shock. Such a loss loss requires a 30.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | SFL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.1% | -18.8% |
| % Gain to Breakeven | 30.1% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.6% | -33.7% |
| % Gain to Breakeven | 94.6% | 50.9% |
| Time to Breakeven | 789 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.5% | 23.8% |
| Time to Breakeven | 141 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.4% | -12.2% |
| % Gain to Breakeven | 50.2% | 13.9% |
| Time to Breakeven | 75 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -39.1% | -6.8% |
| % Gain to Breakeven | 64.3% | 7.3% |
| Time to Breakeven | 328 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.1% | -17.9% |
| % Gain to Breakeven | 47.4% | 21.8% |
| Time to Breakeven | 221 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.2% | -53.4% |
| % Gain to Breakeven | 494.7% | 114.4% |
| Time to Breakeven | 605 days | 1085 days |
In The Past
SFL's stock fell -23.1% during the 2025 US Tariff Shock. Such a loss loss requires a 30.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SFL (SFL)
SFL Corporation Ltd. (SFL) is a maritime and offshore asset owning and chartering company. Its core business revolves around acquiring, operating, and then chartering out a diversified fleet of vessels and offshore drilling units to clients globally. The company primarily secures medium to long-term charter agreements, which form the basis of its revenue model.
SFL's main "products" are the various types of assets it makes available for lease. As of late 2021, its extensive portfolio included crude oil tankers, dry bulk carriers, container vessels, car carriers, chemical tankers, and oil product tankers. Beyond traditional shipping, the company also owns and charters out offshore assets, specifically a jack-up drilling rig and an ultra-deepwater drilling unit.
The company serves a broad array of customers within the global shipping and offshore industries. Its vessels support the transportation of critical commodities such as oil, chemicals, containers, automobiles, and dry bulk goods. Additionally, its drilling rigs cater to the energy sector, facilitating offshore oil and gas exploration and production. SFL's operations span various international maritime jurisdictions, including Bermuda, Cyprus, Norway, Singapore, and the United Kingdom.
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Here are 1-3 brief analogies to describe SFL Corporation Ltd.:
Imagine a giant, diversified Hertz or Enterprise Rent-A-Car, but instead of cars, SFL owns and leases out a global fleet of cargo ships, oil tankers, and offshore drilling rigs.
SFL is like Ryder System, but for the high seas – they own and charter out a vast collection of commercial vessels and drilling rigs to other companies worldwide.
Think of SFL as a United Rentals, but for massive maritime equipment – they own and lease out a diverse fleet of cargo ships, oil tankers, and drilling rigs to companies globally.
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- Vessel and Offshore Asset Chartering: SFL provides the service of chartering out various types of vessels and offshore drilling units on medium and long-term contracts.
- Crude Oil Tanker Chartering: Leasing crude oil tankers for the global transportation of crude oil.
- Dry Bulk Carrier Chartering: Leasing dry bulk carriers for the transportation of unpackaged bulk cargoes like grain, coal, and iron ore.
- Container Vessel Chartering: Leasing container vessels for the global shipment of goods in standardized containers.
- Car Carrier Chartering: Leasing specialized car carriers for the sea transportation of vehicles.
- Chemical Tanker Chartering: Leasing chemical tankers designed for the transportation of various liquid chemicals.
- Oil Product Tanker Chartering: Leasing oil product tankers for the transportation of refined petroleum products.
- Drilling Rig Chartering: Leasing jack-up and ultra-deepwater drilling units for offshore oil and gas exploration and production activities.
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Ole B. Hjertaker, Chief Executive Officer
Ole B. Hjertaker has served as the Chief Executive Officer of SFL Management AS since July 2009. Prior to this role, he was the Chief Financial Officer from September 2006 to July 2009, also serving as Interim Chief Financial Officer between July 2009 and January 2011. Before joining SFL, Mr. Hjertaker was employed in the Corporate Finance division of DNB Markets, a prominent shipping and offshore bank. He possesses extensive corporate and investment banking experience, primarily within the maritime and transportation industries. Mr. Hjertaker holds a Master of Science degree from the Norwegian School of Economics and Business Administration. He also currently serves as a chairman of NorAm Drilling and a director of Frontline plc.
Aksel C. Olesen, Chief Financial Officer
Aksel C. Olesen was appointed Chief Financial Officer of SFL, effective January 1, 2019. Before his tenure at SFL, he spent 12 years at Pareto Securities in various positions within its investment banking division, including serving as Head of Investment Banking Asia in Singapore from 2011 to 2014 and most recently as Head of Shipping and Offshore Project Finance. Mr. Olesen began his career at the shipping company Kristian Jebsens Rederi, where he worked as part of the legal, business development, and finance team. He holds a Law Degree from the University of Bergen.
Trym Otto Sjølie, Chief Operating Officer
André Reppen, Chief Treasurer and Senior Vice President
André Reppen holds an MBA in Finance and the Authorised Financial Analyst title from the Norwegian School of Economics and Business Administration. Prior to joining SFL in 2008, he worked at PwC in the Shipping and Financial Services department, serving as a transaction and corporate structuring advisor. Mr. Reppen is also a CEFA charterholder.
Mikkel Storm Weum, Senior Vice President, Business Development
Mikkel Storm Weum holds a Master's degree in Naval Architecture from Newcastle University and a Master of Science in Shipping Trade and Finance from Cass Business School, City University in London. Before joining SFL, he served as Vice President, Head of Commercial in Teekay Offshore, focusing on Shuttle Tankers and Floating Offshore storage (FSO) activities. His professional experience includes vessel design, new build project management, business development, and chartering.
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Here are the key risks to SFL Corporation Ltd. (SFL):
- High Debt Load and Dividend Sustainability: SFL carries a substantial debt load, reported at approximately $2.76 billion as of the third quarter of 2025. This significant leverage, coupled with upcoming debt maturities, creates financial strain and demands close monitoring of interest rates and cash flow. Concerns about the company's ability to service this debt and generate sufficient free cash flow have led to recent dividend cuts and raised questions among investors regarding the sustainability of future dividends, impacting shareholder returns and investor confidence.
- Weakness in the Offshore Drilling Segment and Market Volatility: A key vulnerability for SFL is its legacy offshore drilling segment. Specifically, the Hercules drilling rig remained idle or "warm-stacked" throughout the first three quarters of 2025, acting as a significant drag on the company's overall performance and profitability. The offshore drilling sector is highly susceptible to market uncertainty and oil price volatility, leading to prolonged periods of inactivity, excess supply of rigs, and intensified competition. While SFL's diversified fleet is generally a strength, this struggling segment highlights specific pockets of operational and market risk.
- Exposure to Cyclical Shipping Markets and Geopolitical Risks: SFL operates across various sectors of the maritime and offshore industries, including oil, chemical, container, car transportation, and dry bulk shipments. This diversification exposes the company to the inherent cyclicality and volatility of these markets, which are influenced by global trade flows, freight rates, and vessel values. Furthermore, operating internationally across multiple jurisdictions (e.g., Bermuda, Cyprus, Liberia, Norway, Singapore, the United Kingdom, and the Marshall Islands) subjects SFL to macroeconomic trends, geopolitical tensions, and regulatory changes, which can impact capital allocation, supply chains, and overall demand for shipping and offshore services.
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The global shift towards decarbonization and the green energy transition poses an emerging threat to SFL Corporation Ltd. As demand for fossil fuels declines due to climate change initiatives and the adoption of renewable energy sources, the long-term utility and value of SFL's crude oil tankers, oil product tankers, chemical tankers (to the extent they transport fossil fuel derivatives), and offshore drilling rigs could diminish. This trend could lead to reduced charter rates, asset impairments, or the premature obsolescence of a significant portion of the company's fleet, mirroring how industries and technologies become less relevant with fundamental market shifts.
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The addressable markets for SFL Corporation Ltd.'s main products and services are global. The estimated sizes for these markets are as follows:
- Crude Oil Tankers and Oil Product Tankers: The global oil tanker chartering market, which includes both crude oil and refined petroleum products, reached an estimated USD 20.7 billion in 2024 and is projected to grow to approximately USD 29.5 billion by 2033.
- Dry Bulk Carriers: The global dry bulk shipping market size was estimated at USD 168.5 billion in 2025.
- Container Vessels: The global container shipping market size was valued at approximately USD 12.19 billion (USD 12,196.65 million) in 2025 and is expected to reach USD 27.68 billion (USD 27,677.55 million) by 2033.
- Car Carriers: The global car carrier market size was estimated at USD 55.15 billion in 2024.
- Jack-Up Drilling Rigs: The global jack-up rigs market size was valued at USD 3.03 billion in 2024.
- Ultra-Deepwater Drilling Units: The global deepwater and ultra-deepwater drilling market was valued at USD 15.9 billion in 2024 and is projected to reach USD 19.8 billion by 2030.
- Chemical Tankers: The global chemical tanker market was valued at approximately USD 35.2 billion in 2024 and is estimated to reach USD 46.7 billion by 2030.
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Expected Drivers of Future Revenue Growth for SFL Corporation Ltd. (SFL)
SFL Corporation Ltd. is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Fleet Renewal and Expansion, particularly in Container Vessels and Tankers: SFL has committed to significant capital expenditures, including $850 million for new container vessels with deliveries expected through 2028. Additionally, the company has invested in newer Suezmax tankers, strengthening its position in the tanker market. This strategy focuses on expanding its fleet and acquiring more modern, efficient vessels that can command higher charter rates and enhance operational performance.
- Re-employment of the "Hercules" Drilling Rig: SFL's management is optimistic about securing new employment for its harsh environment drilling rig, "Hercules," which was idle as of Q4 2025. This optimism is based on strengthening offshore drilling fundamentals, including industry consolidation and improving day rates and contract durations. Securing a new contract for "Hercules" would introduce a substantial new revenue stream.
- Strategic Asset Management and Optimization: SFL actively manages its diversified fleet through strategic transactions, such as selling older, less efficient vessels and acquiring newer ones. For instance, the company reported selling two older Suezmax tankers and investing in two newer, 2020-built Suezmax tankers, which are now trading on the spot market and generating higher net cash flow. This approach allows SFL to continuously optimize its fleet for better earnings potential and adapt to favorable market conditions across its various segments.
- Leveraging a Strong and Stable Charter Backlog: SFL maintains a substantial fixed revenue backlog, reported at $3.7 billion as of Q4 2025 and $4.2 billion as of Q2 2025, with approximately two-thirds contracted to investment-grade counterparties. This robust backlog provides significant cash flow visibility and a stable foundation for revenue. As existing contracts are renewed or new long-term agreements are secured at potentially higher rates, this backlog will continue to be a consistent driver of revenue.
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Share Repurchases
- SFL Corporation Ltd. announced a share repurchase program in August 2025, authorizing the repurchase of up to $100 million worth of its shares, which is set to continue until June 2026.
- In the first quarter of 2025, the company initiated a $10 million share buyback at an average price of $7.98 per share.
- As of March 31, 2025, SFL reported cash paid for shares repurchased totaling $4.062 million, corresponding to 494,158 shares.
Share Issuance
- On July 23, 2024, SFL announced its intention to offer and sell 8,000,000 common shares through an underwritten public offering, with an option for underwriters to purchase an additional 1,200,000 shares. The net proceeds were intended for general corporate purposes, including vessel acquisitions.
- For the three months ended March 31, 2025, 22,060 shares were issued.
- For the three months ended March 31, 2024, 207,146 shares were issued.
Inbound Investments
- In the first quarter of 2025, SFL issued a $150 million senior unsecured, sustainability-linked bond with a 7.75% coupon, maturing in 2030.
Outbound Investments
- SFL invested $23 million in two 2020-built Suezmax tankers in the fourth quarter of 2025.
Capital Expenditures
- As of December 31, 2025, SFL had approximately $850 million in remaining capital expenditures for five 16,800 TEU container vessels under construction, with scheduled deliveries in 2028. These expenditures are expected to be financed through pre- and post-delivery credit facilities.
- Since 2023, SFL has invested approximately $100 million in vessel efficiency upgrades. Total investments for vessel retrofits and upgrades, including LNG dual-fuel capability, have reached nearly $110 million since 2023.
- As of March 31, 2025, there were $35 million in remaining capital expenditures primarily for efficiency upgrades on existing container vessels.
Peer Outperformance in Marine Transportation
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation ← | 5 | 28.7% | 33.1% | 105.5% | MATX 153% · KEX 106% |
| Construction & Engineering | 28 | -21.4% | 94.6% | 93.8% | FIX 949% · STRL 830% · AGX 565% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 9.1% | 66.9% | 93.0% | ALSN 256% · WAB 210% · CAT 195% |
| Aerospace & Defense | 54 | -2.0% | 55.8% | 55.7% | ATI 891% · FTAI 850% · HWM 525% |
| Trading Companies & Distributors | 19 | 11.5% | 30.9% | 31.6% | DXPE 298% · AIT 187% · URI 180% |
| Industrial Machinery & Supplies & Components | 71 | 1.0% | 48.0% | 28.8% | CRS 795% · MLI 302% · SYM 266% |
| Rail Transportation | 7 | 33.7% | 68.7% | 25.2% | CSX 48% · UNP 36% · NSC 25% |
| Diversified Support Services | 34 | 15.7% | 38.0% | 15.8% | CXW 200% · OPLN 134% · CACI 113% |
| Building Products | 34 | -7.3% | 6.0% | 12.8% | MOD 760% · GFF 339% · TT 132% |
| Cargo Ground Transportation | 16 | 27.7% | 11.3% | 2.2% | XPO 270% · R 245% · ARCB 19% |
| Industrial Conglomerates | 17 | 14.5% | 6.5% | -0.6% | CSW 99% · CSL 70% · DD 67% |
| Office Services & Supplies | 10 | 19.6% | 22.1% | -2.5% | PBI 157% · HNI 37% · MSA 18% |
| Electrical Components & Equipment | 39 | -7.8% | 57.6% | -5.3% | POWL 1454% · VRT 565% · BE 441% |
| Data Processing & Outsourced Services | 6 | -10.2% | 1.5% | -13.8% | EXLS 57% · BR 20% · G -10% |
| Research & Consulting Services | 13 | 0.5% | -16.2% | -24.2% | HURN 210% · FCN 36% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 14.8% | -3.9% | -25.5% | DE 102% · TTC 15% · AGCO 3% |
| Environmental & Facilities Services | 29 | -22.8% | 26.6% | -27.0% | GEO 191% · CLH 168% · RSG 98% |
| Security & Alarm Services | 9 | -47.2% | 31.9% | -27.5% | BCO 65% |
| Passenger Airlines | 11 | 4.0% | 69.0% | -34.4% | LTM 3140% · UAL 114% · DAL 105% |
| Air Freight & Logistics | 12 | -31.2% | -9.4% | -40.2% | FDX 75% · EXPD 56% · CHRW 50% |
| Human Resource & Employment Services | 22 | 22.1% | -13.7% | -42.8% | ADP 48% · FA 24% · PAYX 10% |
| Passenger Ground Transportation | 3 | -22.5% | 38.6% | -58.0% | UBER 45% · CAR -58% · LYFT -68% |
| Airport Services | 4 | -42.8% | -66.1% | -87.0% | JOBY -40% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can SFL Stock Recover If Markets Fall? | 10/17/2025 | |
| SFL Dip Buy Analysis | 07/10/2025 | |
| Time To Buy SFL Stock? | 05/16/2025 | |
| SFL (SFL) Valuation Ratios Comparison | 05/15/2025 | |
| SFL Total Shareholder Return (TSR): 12.9% in 2024 and 29.7% 3-yr compounded annual returns (above peer average) | 03/07/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.67 |
| Mkt Cap | 1.5 |
| Rev LTM | 1,520 |
| Op Inc LTM | 516 |
| FCF LTM | 445 |
| FCF 3Y Avg | 288 |
| CFO LTM | 701 |
| CFO 3Y Avg | 558 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.7% |
| Rev Chg 3Y Avg | 21.3% |
| Rev Chg Q | 82.1% |
| QoQ Delta Rev Chg LTM | 22.8% |
| Op Inc Chg LTM | 9.7% |
| Op Inc Chg 3Y Avg | 77.1% |
| Op Mgn LTM | 33.9% |
| Op Mgn 3Y Avg | 32.6% |
| QoQ Delta Op Mgn LTM | 4.8% |
| CFO/Rev LTM | 46.1% |
| CFO/Rev 3Y Avg | 40.0% |
| FCF/Rev LTM | 28.8% |
| FCF/Rev 3Y Avg | 24.2% |
Price Behavior
| Market Price | $10.96 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 06/17/2004 | |
| Distance from 52W High | -20.3% | |
| 50 Days | 200 Days | |
| DMA Price | $12.77 | $11.24 |
| DMA Trend | up | up |
| Distance from DMA | -14.2% | -2.5% |
| 3M | 1YR | |
| Volatility | 35.2% | 31.4% |
| Downside Capture | 53.65 | 4.46 |
| Upside Capture | 21.92 | 59.07 |
| Correlation (S&P 500) | 29.0% | 17.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.36 | 0.31 | 0.28 | 0.08 | 0.33 | 0.64 |
| Up Beta | 0.14 | 0.97 | -0.06 | 0.11 | 0.21 | 0.61 |
| Down Beta | 2.34 | 1.41 | 1.09 | 0.46 | 0.73 | 0.97 |
| Up Capture | -57% | 8% | 29% | 10% | 53% | 22% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 24 | 34 | 67 | 141 | 393 |
| Down Capture | -30% | -40% | -7% | -34% | -29% | 71% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 18 | 28 | 53 | 103 | 335 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SFL | |
|---|---|---|---|---|
| SFL | 59.7% | 31.4% | 1.50 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | 16.3% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 17.6% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 2.1% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | 11.9% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 15.5% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 9.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SFL | |
|---|---|---|---|---|
| SFL | 17.1% | 30.6% | 0.54 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 33.3% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 33.7% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 10.7% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 30.6% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 27.8% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SFL | |
|---|---|---|---|---|
| SFL | 8.1% | 33.9% | 0.32 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 48.1% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 43.8% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 5.9% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 34.5% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 41.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 10.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/26/2026 | 6-K |
| 03/31/2026 | 05/13/2026 | 6-K |
| 12/31/2025 | 03/16/2026 | 20-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 09/11/2025 | 6-K |
| 03/31/2025 | 05/14/2025 | 6-K |
| 12/31/2024 | 03/17/2025 | 20-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/21/2024 | 6-K |
| 03/31/2024 | 05/28/2024 | 6-K |
| 12/31/2023 | 03/14/2024 | 20-F |
| 09/30/2023 | 11/29/2023 | 6-K |
| 06/30/2023 | 08/31/2023 | 6-K |
| 03/31/2023 | 05/15/2023 | 6-K |
| 12/31/2022 | 03/16/2023 | 20-F |
| 09/30/2022 | 11/25/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/26/2026 | 6-K |
| 03/31/2026 | 05/13/2026 | 6-K |
| 12/31/2025 | 03/16/2026 | 20-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 09/11/2025 | 6-K |
| 03/31/2025 | 05/14/2025 | 6-K |
| 12/31/2024 | 03/17/2025 | 20-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/21/2024 | 6-K |
| 03/31/2024 | 05/28/2024 | 6-K |
| 12/31/2023 | 03/14/2024 | 20-F |
| 09/30/2023 | 11/29/2023 | 6-K |
| 06/30/2023 | 08/31/2023 | 6-K |
| 03/31/2023 | 05/15/2023 | 6-K |
| 12/31/2022 | 03/16/2023 | 20-F |
| 09/30/2022 | 11/25/2022 | 6-K |
| 06/30/2022 | 08/31/2022 | 6-K |
| 03/31/2022 | 05/13/2022 | 6-K |
| 12/31/2021 | 03/24/2022 | 20-F |
| 09/30/2021 | 11/19/2021 | 6-K |
| 06/30/2021 | 08/27/2021 | 6-K |
| 03/31/2021 | 05/13/2021 | 6-K |
| 12/31/2020 | 03/22/2021 | 20-F |
| 09/30/2020 | 11/16/2020 | 6-K |
| 06/30/2020 | 08/31/2020 | 6-K |
| 03/31/2020 | 05/29/2020 | 6-K |
| 12/31/2019 | 03/27/2020 | 20-F |
| 09/30/2019 | 11/21/2019 | 6-K |
Investor Activity (13F)
Updated Nov 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Marine Transportation Resources |
| The Maritime Executive |
| MarineLink |
| gCaptain |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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