Tearsheet

SFL (SFL)

Market Price (12/24/2025): $7.68 | Market Cap: $1.0 Bil
Sector: Industrials | Industry: Marine Transportation

SFL (SFL)

Market Price (12/24/2025): $7.68
Market Cap: $1.0 Bil
Sector: Industrials
Industry: Marine Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%, FCF Yield is 12%	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -66%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 243%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg QQuarterly Revenue Change % is -31%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%		Key risks SFL key risks include [1] substantial financial leverage and a significant debt burden that strains cash flow and forced a dividend reduction, Show more.
3	Low stock price volatility Vol 12M is 36%
4	Megatrend and thematic drivers Megatrends include Global Logistics & Maritime Trade, and Energy Infrastructure & Transition. Themes include Maritime Shipping & Transport, and Offshore Energy Logistics & Infrastructure.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%, FCF Yield is 12%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
3	Low stock price volatility Vol 12M is 36%
4	Megatrend and thematic drivers Megatrends include Global Logistics & Maritime Trade, and Energy Infrastructure & Transition. Themes include Maritime Shipping & Transport, and Offshore Energy Logistics & Infrastructure.
5	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -66%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 243%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg QQuarterly Revenue Change % is -31%
8	Key risks SFL key risks include [1] substantial financial leverage and a significant debt burden that strains cash flow and forced a dividend reduction, Show more.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022	2021
Share Price CYE	$7.68	$9.13	$9.21	$6.84	$5.54
Market Cap CYE ($ Bil)	1.0	1.2	1.2	0.9	0.7
Total Debt ($ Bil)	2.8	2.8	2.6	2.7	2.4
Total Cash ($ Bil)	0.3	0.1	0.2	0.2	0.2
Enterprise Value ($ Bil)	3.5	4.0	3.8	3.6	3.1
Valuation Ratios
P/S TTM	1.3	1.5	1.9	1.8	2.0
P/EBIT TTM	5.4	4.1	5.6	3.7	3.9
P/E TTM	-645.2	10.1	17.0	5.8	6.1
P/FCF TTM	8.2	-4.8	18.1	-4.7	-3.5
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.9	11.9	11.2	9.1	12.3
P/E TTM (Sector)	17.1	16.5	15.4	12.1	16.2
P/FCF TTM (Sector)	13.5	13.3	12.1	8.5	14.0

	12/24/25	2024	2023
Share Price CYE	$7.68	$9.13	$9.21
Market Cap CYE ($ Bil)	1.0	1.2	1.2
Total Debt ($ Bil)	2.8	2.8	2.6
Total Cash ($ Bil)	0.3	0.1	0.2
Enterprise Value ($ Bil)	3.5	4.0	3.8
Valuation Ratios
P/S TTM	1.3	1.5	1.9
P/EBIT TTM	5.4	4.1	5.6
P/E TTM	-645.2	10.1	17.0
P/FCF TTM	8.2	-4.8	18.1
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4
P/EBIT TTM (Sector)	12.9	11.9	11.2
P/E TTM (Sector)	17.1	16.5	15.4
P/FCF TTM (Sector)	13.5	13.3	12.1

	SFL	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.8
Rev Chg Q	-30.7%	7.3%
Rev Chg LTM	-11.5%	6.1%
Rev Chg 3Y Avg	5.9%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	24.8%	18.8%
CFO/Rev LTM	41.1%	20.4%
Net Inc Mgn	-0.2%	13.1%
VALUATION	LOW
P/S	1.3	3.2
P/CFO	3.2	15.7
P/FCF	8.2	20.6
P/E	-645.2	23.5
STABILITY	POOR
Debt/Equity	2.71	0.21
Cash/Assets	0.07	0.07

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Metric	Value	Date	Source
Fixed Rate Charter Backlog	approximately $4.2 billion	6302025	Link
Weighted Remaining Charter Term	6.7 years	6302025	Link
Number of Vessels	60	6302025	Link
Container Fleet Size	30	8212025	Link
Dry Bulk Fleet Size	14	8212025	Link
Car Carrier Fleet Size	7	8192025	Link

Recent
12/12/2025	Dividend	Amount: $0.20 Payment On: 12/29/2025
Upcoming
2/11/2026	Earnings Release	Rev: $168 Mil (E) EPS: $-0.00 (E)

SFL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points regarding the stock movement of SFL by -0.7% for the approximate time period from August 31, 2025, to December 24, 2025: 1. Minor market corrections and profit-taking could have contributed to a slight downturn.

2. SFL's fleet optimization strategy, which included the sale of two Suezmax tankers and the mutual termination of charters for two others, while strategically positive, might have led to short-term investor re-evaluation or minor uncertainties regarding the immediate impact of debt repayment and termination fees.

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Stock Movement Drivers

Fundamental Drivers

The -0.3% change in SFL stock from 9/23/2025 to 12/23/2025 was primarily driven by a -9.1% change in the company's Total Revenues ($ Mil).

	9232025	12232025	Change
Stock Price ($)	7.70	7.68	-0.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	850.57	773.06	-9.11%
P/S Multiple	1.20	1.32	9.64%
Shares Outstanding (Mil)	132.79	132.75	0.03%
Cumulative Contribution			-0.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
SFL	-0.3%
Market (SPY)	3.7%	27.2%
Sector (XLI)	2.6%	13.4%

Fundamental Drivers

The -5.2% change in SFL stock from 6/24/2025 to 12/23/2025 was primarily driven by a -9.1% change in the company's Total Revenues ($ Mil).

	6242025	12232025	Change
Stock Price ($)	8.10	7.68	-5.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	850.15	773.06	-9.07%
P/S Multiple	1.28	1.32	3.36%
Shares Outstanding (Mil)	133.92	132.75	0.88%
Cumulative Contribution			-5.18%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
SFL	-5.2%
Market (SPY)	13.7%	23.9%
Sector (XLI)	8.7%	12.5%

Fundamental Drivers

The -14.0% change in SFL stock from 12/23/2024 to 12/23/2025 was primarily driven by a -11.5% change in the company's Total Revenues ($ Mil).

	12232024	12232025	Change
Stock Price ($)	8.93	7.68	-13.98%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	873.22	773.06	-11.47%
P/S Multiple	1.35	1.32	-2.21%
Shares Outstanding (Mil)	131.90	132.75	-0.64%
Cumulative Contribution			-13.98%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
SFL	-14.0%
Market (SPY)	16.7%	40.2%
Sector (XLI)	19.1%	37.0%

Fundamental Drivers

The 10.1% change in SFL stock from 12/24/2022 to 12/23/2025 was primarily driven by a 16.0% change in the company's Total Revenues ($ Mil).

	12242022	12232025	Change
Stock Price ($)	6.98	7.68	10.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	666.42	773.06	16.00%
P/S Multiple	1.33	1.32	-0.67%
Shares Outstanding (Mil)	126.79	132.75	-4.70%
Cumulative Contribution			9.81%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
SFL	-19.7%
Market (SPY)	48.4%	37.5%
Sector (XLI)	42.3%	35.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SFL Return	-52%	40%	24%	35%	-1%	-16%	-7%
Peers Return	-35%	56%	49%	33%	5%	51%	219%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
SFL Win Rate	25%	58%	58%	67%	58%	50%
Peers Win Rate	37%	60%	60%	56%	48%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
SFL Max Drawdown	-55%	0%	-2%	-6%	-6%	-28%
Peers Max Drawdown	-61%	-3%	-17%	-12%	-8%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CMRE, TK, INSW, GNK.
[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] 2025 data is for the year up to 12/23/2025 (YTD)

How Low Can It Go

Unique Key	Event	SFL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-24.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	33.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	99 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-59.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	149.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-32.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	47.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-87.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	700.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to GNK, PANL, KEX, MATX, CMRE

In The Past

SFL's stock fell -24.8% during the 2022 Inflation Shock from a high on 5/24/2021. A -24.8% loss requires a 33.0% gain to breakeven.

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About SFL (SFL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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 is also involved in the charter, purchase, and sale of assets. In addition, it operates in various sectors of the maritime, and shipping and offshore industries, including oil, chemical, oil product, container, and car transportation, as well as dry bulk shipments and drilling rigs. As of December 31, 2021, the company owned six crude oil tankers, 15 dry bulk carriers, 35 container vessels, two car carriers, one jack-up drilling rig, one ultra-deepwater drilling unit, two chemical tankers, and four oil product tankers. It primarily operates in Bermuda, Cyprus, Liberia, Norway, Singapore, the United Kingdom, and the Marshall Islands. The company was formerly known as Ship Finance International Limited and changed its name to SFL Corporation Ltd. in September 2019. SFL Corporation Ltd. was incorporated in 2003 and is based in Hamilton, Bermuda.

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Here are a few analogies to describe SFL Corporation Ltd. succinctly:

Imagine an AerCap or Air Lease Corporation, but for a diverse fleet of ships (tankers, container ships, bulk carriers) instead of airplanes.
It's like a GATX, but for ocean-going vessels instead of railcars.
Think of it as a global version of Ryder, but leasing and managing a fleet of commercial ships rather than trucks and land vehicles.

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SFL Corporation Ltd. (SFL) Major Services:

Container Vessel Chartering: Providing container ships under long-term charters for the global transportation of containerized goods.
Tanker Chartering: Offering crude oil and product tankers under long-term charters for the seaborne transportation of liquid hydrocarbons.
Dry Bulk Vessel Chartering: Supplying dry bulk carriers on long-term charters for the global shipment of commodities like iron ore, coal, and grain.
Car Carrier Chartering: Leasing specialized car carrier vessels under long-term charters for the worldwide transportation of vehicles.

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SFL Corporation Ltd. (SFL) sells primarily to other companies, specifically global shipping and logistics companies that charter its vessels on long-term contracts.

Its major customers include:

A.P. Møller - Mærsk A/S (Symbol: MAERSK-B.CO)
Evergreen Marine Corporation (Taiwan) Ltd. (Symbol: 2603.TW)
Hapag-Lloyd AG (Symbol: HLAG.DE)

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Ole B. Hjertaker, Chief Executive Officer

Mr. Hjertaker served as Chief Financial Officer of SFL from 2006 to 2009 before becoming Chief Executive Officer in July 2009. He holds a Master of Science degree from the Norwegian School of Economics and Business Administration. Prior to joining SFL, he was employed in the Corporate Finance division of DNB Markets, a prominent shipping and offshore bank, accumulating extensive corporate and investment banking experience primarily within the maritime and transportation industries. Mr. Hjertaker also serves as a chairman of NorAm Drilling and a director of Frontline. SFL was initially established as a captive financing arm for Frontline in 2004.

Aksel C. Olesen, Chief Financial Officer

Mr. Olesen was appointed Chief Financial Officer effective January 1, 2019. He holds a Law Degree from the University of Bergen. Before joining SFL, Mr. Olesen spent 12 years at Pareto Securities, working in various positions within its investment banking division, including Head of Investment Banking Asia in Singapore from 2011 to 2014 and most recently as Head of Shipping and Offshore Project Finance. He began his career at the shipping company Kristian Jebsens Rederi as part of the legal, business development, and finance team.

Trym Otto Sjølie, Chief Operating Officer

Mr. Sjølie brings 25 years of experience in the shipping industry, encompassing diverse capacities such as asset management, technical and operational management, chartering, and engineering. Prior to SFL, he served as the Managing Director of a shipping fund with a fleet across multiple asset classes. He also worked for Höegh Autoliners, a leading car carrier operator, from 1998 to 2010. Mr. Sjølie holds an MSc degree in Marine Engineering and Naval Architecture from the Norwegian University of Science and Technology (NTNU) and an MMa Degree from BI Norwegian Business School.

André Reppen, Chief Treasurer & Senior Vice President

Mr. Reppen holds an MBA in Finance and the Authorised Financial Analyst title from the Norwegian School of Economics and Business Administration. Before joining SFL in 2008, he worked for PwC in the Shipping and Financial Services department as a transaction and corporate structuring advisor. Mr. Reppen is also a CEFA charterholder.

Thecla Panagides, Chief Accounting Officer

Ms. Panagides serves as the Chief Accounting Officer for SFL.

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The key risks to SFL's business predominantly stem from its financial structure and the inherent volatility of the industries in which it operates.

High Financial Leverage and Debt Burden: SFL operates with substantial financial leverage, carrying a significant debt load that strains its cash flow and overall financial health. The company's liquidity ratios are low, indicating potential difficulty in meeting short-term obligations. This financial pressure notably led to a reduction in its quarterly cash dividend in 2025. Furthermore, SFL has experienced substantial negative free cash flow, making its debt management riskier. As of December 2024, SFL had US$2.14 billion in debt, with net debt around US$2.00 billion, posing a considerable risk to the business.
Cyclicality and Volatility of the Shipping and Offshore Industries: SFL's business is deeply embedded in the highly unpredictable and volatile shipping and offshore sectors. This inherent cyclicality impacts the company's revenue generation, fleet employment, and profitability. Revenue growth for SFL is tied to fleet expansion or contract renegotiations rather than short-term spot market fluctuations. A slowdown in the drilling sector, for instance, has negatively affected near-term profitability, particularly with assets like the Hercules drilling rig remaining idle. The uncertain market conditions make it challenging to replace expiring contracts or secure new employment opportunities for vessels and rigs.
Interest Rate Volatility: A significant portion of SFL's credit facilities is subject to variable interest rates. Consequently, an increase in interest rates would lead to higher debt service obligations, even if the borrowed amount remains constant. This scenario would adversely affect SFL's profitability and reduce the cash available for servicing its indebtedness.

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SFL Corporation Ltd. (SFL) operates within several key maritime and offshore segments, owning and chartering a diverse fleet of vessels. The addressable markets for their main products and services are as follows:

Dry Bulk Shipping: The global dry bulk shipping market was valued at approximately USD 4.06 billion in 2024 and is projected to reach USD 5.78 billion by 2032, growing at a CAGR of 4.5%. Other estimates for the global dry bulk shipping market size include USD 11.36 billion in 2024, expected to grow to USD 15.26 billion in 2029 with a CAGR of 6.2%. Another source stated the market was valued at USD 162.6 billion in 2023 and is estimated to register a CAGR of over 4% between 2024 and 2032. The market size in terms of volume is estimated to reach 6,735 million tons by 2030, growing at a 3.04% CAGR from 5,735 million tons in 2025. Asia-Pacific held the largest revenue share in this market in 2024.
Tanker Shipping (Crude Oil and Product Tankers): The global tanker shipping market size is forecast to increase by USD 19.95 billion, at a CAGR of 8.9% between 2024 and 2029. The overall tanker shipping market size was valued at USD 237.6 billion in 2024 and is projected to reach USD 273.9 billion by 2032, growing at a CAGR of 2.9%.
Chemical Tanker Shipping: The global chemical tanker shipping market size was estimated at USD 34.65 billion in 2023 and is projected to reach USD 46.14 billion by 2030, growing at a CAGR of 4.2% from 2024 to 2030. Other estimates indicate a market size of USD 36.15 million in 2024, projected to reach USD 54.70 million by 2034, with a CAGR of 4.23%. North America held the largest market share in 2023 and 2024 for chemical tanker shipping.
Container Shipping (Container Vessels and Shipping Containers): The global container shipping market size is estimated at USD 119.65 billion in 2025 and is expected to reach USD 139.45 billion by 2030, at a CAGR of 3.11%. The global shipping container market is estimated to attain a valuation of US$ 9,104.2 million in 2024 and is forecast to reach US$ 14,549.7 million by 2034, with a projected CAGR of 4.8%. Other projections for the global shipping container market include USD 10.60 billion in 2024, reaching approximately USD 15.01 billion by 2034, with a CAGR of 3.54%. The Asia-Pacific region is expected to lead the global shipping container market.
Car Carrier Market: The global car carrier market size was valued at USD 51.28 billion in 2024 and is expected to reach USD 91.45 billion by 2032, at a CAGR of 7.5%. Other estimates for the global car carrier market include USD 13.2 billion in 2022, estimated to reach $26.9 billion by 2032, growing at a CAGR of 7.5%. Another source valued the global car carrier market at USD 9.52 billion in 2024, with revenue expected to grow to USD 11.79 billion by 2032, at a CAGR of 2.7%. North America dominated the car carrier market with the largest revenue share of 37.8% in 2024. However, Asia Pacific is expected to hold the highest share in the global Car Carrier Market.
Offshore Drilling (Offshore Assets/Drilling Rigs): The global offshore drilling market size was valued at USD 40.04 billion in 2024 and is projected to be worth USD 43.78 billion in 2025, reaching USD 69.34 billion by 2032, exhibiting a CAGR of 6.79%. The global offshore drilling rigs market size is USD 73.25 billion in 2024 and is expected to grow with a CAGR of 6.86% from 2024 to 2031. Another report valued the global offshore drilling market at USD 39.61 billion in 2024, projected to reach USD 86.09 billion by 2034, growing at a CAGR of 8.07% from 2025 to 2034. Asia Pacific dominated the global market with a share of 45.65% in 2024, or 43% in 2024.

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Here are 3-5 expected drivers of future revenue growth for SFL over the next 2-3 years:

Maintaining a Strong Fixed-Rate Charter Backlog: SFL benefits from a substantial fixed-rate charter backlog, which currently stands at approximately $4 billion. This backlog, with a weighted average term of 6.5 years and a significant portion with investment-grade customers, provides strong cash-flow visibility and a stable foundation for earnings. The consistency of these long-term contracts ensures a predictable revenue stream.
Fleet Modernization and Efficiency Upgrades: SFL is actively investing in fleet optimization, which includes the sale of older vessels and nearly $100 million in fuel-efficiency and cargo optimization upgrades on modern vessels. These initiatives are expected to enhance operational performance, improve environmental sustainability, boost future cash flows, and have already added approximately $1.2 billion to the charter backlog.
Securing New Employment for Idle Assets: The company is optimistic about securing new employment for its Hercules drilling rig in the coming year, which is currently the only asset not on profitable employment. Bringing this asset into profitable operation would directly contribute to increased revenue.
Strategic Fleet Renewal and Expansion: SFL is focused on fleet renewal, including investments in newbuilding projects and LNG-capable vessels. This strategy aims to meet the rising global demand for greener and more reliable shipping, positioning the company favorably in the competitive maritime industry and driving future revenue growth through a modern, efficient fleet.

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Share Repurchases

SFL Corporation Ltd. authorized an equity buyback plan for $100 million of its shares as of August 2025.
SFL's Shares Buyback Ratio for the quarter ending June 2025 was 0.55%, and for the fiscal year ending December 2024, it was -6.56%.

Share Issuance

The number of SFL Corporation's outstanding shares increased by 5.64% in one year, reaching 132.74 million shares outstanding.
SFL's quarterly shares outstanding were 0.133 billion for June 2025, 0.134 billion for March 2025, and 0.13 billion for December 2024.

Capital Expenditures

Capital expenditures for SFL were -$480.77 million in the last 12 months (ending Q3 2025).
Annual capital expenditures were $519 million in 2024, $398 million in 2023, $65 million in 2022, $211 million in 2021, and -$72 million in 2020.
SFL's diverse fleet, including tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, suggests ongoing investments to maintain and grow its asset base.

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Boeing

ETN (9.7%)

Eaton

RTX (9.4%)

RTX

Higher Op Mgn LTM (Value for SFL: 24.8%)

TDG (47.4%)

TransDigm

UNP (40.6%)

Union Pacific

CSX (34.2%)

CSX

ITW (26.2%)

Illinois Tool Works

ADP (26.2%)

Automatic Data Processing

Higher CFO/Rev LTM (Value for SFL: 41.1%)

AL (60.2%)

Air Lease

ESP (59.4%)

Espey Manufacturing & Electronics

HQI (44.5%)

HireQuest

VRSK (44.5%)

Verisk Analytics

GATX (41.6%)

GATX

Higher FCF/Rev LTM (Value for SFL: 16.1%)

UNP (24.5%)

Union Pacific

ADP (20.1%)

Automatic Data Processing

UBER (17.5%)

Uber Technologies

PH (16.9%)

Parker Hannifin

CTAS (16.1%)

Cintas

Higher Total Yield (Value for SFL: 12.9%)

FLR (51.1%)

Fluor

GFL (23.1%)

GFL Environmental

AL (15.6%)

Air Lease

TDG (15.3%)

TransDigm

RHI (14.3%)

Robert Half

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SFL: 5.9% | 1.3x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SFL: 5.9% | 5.3x)

IBKR (48.1% | 3.5x)

Interactive Brokers

RCI (11.8% | 4.1x)

Rogers Communications

JEF (14.6% | 2.9x)

Jefferies Financial

PR (48.7% | 4.9x)

Permian Resources

BIPC (30.2% | 2.5x)

Brookfield Infrastructure

Higher Rev Chg LTM (Value for SFL: -11.5%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for SFL: 5.9%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for SFL: 24.8%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for SFL: 41.1%)

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

Higher FCF/Rev LTM (Value for SFL: 16.1%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for SFL: 12.9%)

CMCSA (25.4%)

Comcast

VZ (18.5%)

Verizon Communications

MO (15.8%)

Altria

PFE (13.8%)

Pfizer

ENB (13.7%)

Enbridge

		Best Bets In Industrials Sector
	SFL	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	-645.2	19.9	33.1	25.7	10.3	38.4	37.5	36.9	30.6	69.5	35.9
P/EBIT	5.4	9.6	22.6	17.7	5.2	38.5	26.9	18.2	14.9	20.6	27.7
What You Get
Rev Chg Q	-30.7%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	-11.5%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	5.9%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	-6.2%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Can SFL Stock Recover If Markets Fall?	Return
2	SFL Dip Buy Analysis
3	Time To Buy SFL Stock?	Buy or Fear
4	SFL (SFL) Valuation Ratios Comparison	Financials
5	SFL Total Shareholder Return (TSR): 12.3% in 2024 and 29.3% 3-yr compounded annual returns (above peer average)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to SFL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.7%	17.7%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.4%	4.4%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.3%	6.3%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.2%	2.2%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	6.3%	6.3%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for SFL

Peers to compare with:

Financials

	SFL	CMRE	TK	INSW	GNK	Median
Name	SFL	Costamare	Teekay	Internat.	Genco Sh.
Mkt Price	7.68	15.66	9.17	47.87	18.57	15.66
Mkt Cap	1.0	1.9	0.8	2.4	0.8	1.0
Rev LTM	773	2,085	1,220	770	331	773
Op Inc LTM	192	448	333	228	4	228
FCF LTM	124	272	392	71	-23	124
FCF 3Y Avg	-56	254	398	314	33	254
CFO LTM	317	522	467	328	46	328
CFO 3Y Avg	346	472	432	550	90	432

Growth & Margins

	SFL	CMRE	TK	INSW	GNK	Median
Name	SFL	Costamare	Teekay	Internat.	Genco Sh.
Rev Chg LTM	-11.5%	47.5%	-16.7%	-23.6%	-24.6%	-16.7%
Rev Chg 3Y Avg	5.9%	23.7%	26.9%	16.7%	-15.6%	16.7%
Rev Chg Q	-30.7%	-0.3%	-24.4%	-12.8%	-19.5%	-19.5%
QoQ Delta Rev Chg LTM	-9.1%	-0.0%	-6.3%	-3.6%	-5.5%	-5.5%
Op Mgn LTM	24.8%	21.5%	27.3%	29.6%	1.2%	24.8%
Op Mgn 3Y Avg	30.5%	27.3%	27.7%	45.7%	10.6%	27.7%
QoQ Delta Op Mgn LTM	-3.1%	-0.3%	-2.8%	-1.7%	-5.1%	-2.8%
CFO/Rev LTM	41.1%	25.1%	38.3%	42.6%	13.9%	38.3%
CFO/Rev 3Y Avg	44.0%	30.1%	32.7%	54.7%	22.4%	32.7%
FCF/Rev LTM	16.1%	13.0%	32.1%	9.2%	-7.0%	13.0%
FCF/Rev 3Y Avg	-6.2%	16.1%	29.9%	29.6%	7.6%	16.1%

Valuation

	SFL	CMRE	TK	INSW	GNK	Median
Name	SFL	Costamare	Teekay	Internat.	Genco Sh.
Mkt Cap	1.0	1.9	0.8	2.4	0.8	1.0
P/S	1.3	0.9	0.7	3.1	2.4	1.3
P/EBIT	5.4	4.2	1.9	9.3	216.1	5.4
P/E	-645.2	5.9	6.0	10.9	-113.5	5.9
P/CFO	3.2	3.6	1.7	7.2	17.5	3.6
Total Yield	12.9%	20.2%	16.8%	16.0%	4.5%	16.0%
Dividend Yield	13.1%	3.2%	0.0%	6.8%	5.4%	5.4%
FCF Yield 3Y Avg	-2.3%	16.1%	52.5%	13.5%	5.1%	13.5%
D/E	2.7	0.8	0.1	0.3	0.2	0.3
Net D/E	2.4	0.5	-0.8	0.2	0.1	0.2

Returns

	SFL	CMRE	TK	INSW	GNK	Median
Name	SFL	Costamare	Teekay	Internat.	Genco Sh.
1M Rtn	-4.5%	7.5%	-10.4%	-10.7%	3.7%	-4.5%
3M Rtn	-0.3%	27.6%	4.7%	0.7%	-2.8%	0.7%
6M Rtn	-5.2%	76.1%	19.5%	32.2%	44.6%	32.2%
12M Rtn	-14.0%	64.2%	57.8%	52.1%	39.2%	52.1%
3Y Rtn	10.1%	152.8%	161.9%	77.7%	44.4%	77.7%
1M Excs Rtn	-9.2%	2.8%	-15.0%	-15.3%	-0.9%	-9.2%
3M Excs Rtn	-3.5%	20.6%	1.3%	-1.7%	-5.5%	-1.7%
6M Excs Rtn	-19.1%	59.3%	6.0%	15.1%	26.6%	15.1%
12M Excs Rtn	-29.4%	51.8%	48.0%	40.5%	25.5%	40.5%
3Y Excs Rtn	-66.2%	79.7%	84.3%	-5.1%	-26.0%	-5.1%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/12/2025	3/17/2025	3/14/2024	3/16/2023	3/24/2022	3/22/2021	3/27/2020
Key Financials
Total Revenue	773	892	738	656	495	400	400
EBITDA	429	560	466	508	393	22	343
Operating Income	192	298	223	254	192	125	141
Net Income	-2	131	84	203	164	-224	89
EPS	-0.01	1.01	0.67	1.60	1.35	-2.06	0.83
Growth Rates
Total Revenue Growth	-11.5%	20.8%	12.6%	32.5%	23.6%	0.2%	3.3%
EBITDA Growth	-23.2%	20.1%	-8.2%	29.2%	1662.9%	-93.5%	21.7%
Operating Income Growth	-38.5%	33.8%	-12.1%	32.4%	53.5%	-11.6%	-3.8%
Net Income Growth	-101.1%	55.7%	-58.6%	23.4%	173.2%	-351.7%	21.1%
Margins
EBITDA Margin	55.5%	62.8%	63.2%	77.5%	79.5%	5.6%	85.7%
Operating Income Margin	24.8%	33.5%	30.2%	38.7%	38.8%	31.2%	35.4%
Net Income Margin	-0.2%	14.7%	11.4%	30.9%	33.2%	-56.0%	22.3%
Cash & Debt
Total Cash	282	138	171	196	167	244	274
Total Debt	2,761	2,839	2,566	2,674	2,413	2,222	2,715
Net Debt / (Cash)	2,479	2,701	2,395	2,478	2,247	1,978	2,441
Cash Flows
Net Cash from Operations	317	370	343	355	294	276	250
Free Cash from Operations	124	-275	79	-247	-288	156	-1
Returns to Shareholders
Dividends	133	138	123	112	78	109	151
Share Repurchases	-0	-0	10	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/12/2025	9/11/2025	5/14/2025	3/17/2025	11/7/2024	8/21/2024	5/28/2024	3/14/2024	11/29/2023	8/31/2023	5/15/2023	3/16/2023
Key Financials Quarterly
Total Revenue	175	188	185	225	253	187	227	207	202	159	171	194
Ebitda	111	108	79	130	156	126	148	129	127	107	104	90
Operating Income	48	41	45	59	94	61	85	73	62	41	48	72
Net Income	9	1	-32	20	45	21	45	31	29	17	6	48
EPS	0.07	0.01	-0.24	0.15	0.34	0.16	0.36	0.25	0.24	0.13	0.05	0.38
Key Financials TTM
Total Revenue TTM	773	851	850	892	873	822	794	738	725	687	682	708
Ebitda TTM	429	474	491	560	559	529	510	466	428	379	404	434
Operating Income TTM	192	238	258	298	312	280	261	223	223	224	246	273
Net Income TTM	-2	34	53	131	142	127	123	84	101	122	162	204
Growth Rates Quarterly
Total Revenue Growth	-30.7%	0.2%	-18.3%	8.9%	25.3%	18.0%	32.5%	6.6%	23.6%	3.5%	-13.5%	27.5%
EBITDA Growth	-28.7%	-13.8%	-46.7%	1.2%	23.3%	17.9%	42.1%	42.5%	62.9%	-19.2%	-22.4%	-39.1%
Operating Income Growth	-48.6%	-33.2%	-47.6%	-19.3%	52.0%	46.7%	79.7%	0.3%	-1.9%	-34.4%	-36.1%	14.0%
Net Income Growth	-80.6%	-92.9%	-170.4%	-35.6%	51.9%	21.9%	615.4%	-35.3%	-41.3%	-70.5%	-86.9%	-39.5%
Margins Quarterly
EBITDA Margin	63.5%	57.8%	42.6%	58.0%	61.8%	67.2%	65.2%	62.4%	62.7%	67.2%	60.8%	46.7%
Operating Income Margin	27.5%	21.6%	24.2%	26.0%	37.1%	32.4%	37.7%	35.1%	30.6%	26.1%	27.8%	37.3%
Net Income Margin	4.9%	0.8%	-17.2%	9.0%	17.6%	11.0%	20.0%	15.2%	14.5%	10.7%	3.7%	25.0%
Cash & Debt
Total Cash	282	159	178	138	206	230	180	171	124	207	185	196
Total Debt	2,761	2,818	2,876	2,839	2,822	2,674	2,613	2,566	2,499	2,556	2,605	2,674
Net Debt / (Cash)	2,479	2,660	2,699	2,701	2,617	2,445	2,433	2,395	2,375	2,349	2,420	2,478
Cash Flows Quarterly
FCF from Operations	67	70	79	102	81	124	63	81	31	150	81	109
Cash Flows TTM
FCF from Operations TTM	317	331	385	370	349	300	325	343	371	419	355	382
Returns to Shareholders Quarterly
Dividends	27	36	36	35	36	34	33	32	30	30	30	29
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	5	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	5.6%	3.3%	4.8%	5.3%	9.3%	6.5%	9.2%	8.2%	6.7%	4.9%	5.4%	8.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.5%	5.3%	5.9%	7.2%	7.8%	7.6%	7.1%	6.3%	6.4%	6.6%	7.0%	7.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	752	670	513	471	459
Total	752	670	513	471	459

Price Behavior

Price Behavior

Market Price	$7.68
Market Cap ($ Bil)	1.0
First Trading Date	06/17/2004
Distance from 52W High	-22.7%
	50 Days	200 Days
DMA Price	$7.59	$7.82
DMA Trend	down	up
Distance from DMA	1.2%	-1.7%
	3M	1YR
Volatility	32.1%	36.3%
Downside Capture	105.16	82.86
Upside Capture	85.28	55.38
Correlation (SPY)	26.9%	40.2%

SFL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.58	0.60	0.58	0.68	0.72	0.74
Up Beta	-1.43	-0.93	-0.39	0.10	0.70	0.64
Down Beta	1.39	0.87	0.86	0.97	0.87	0.89
Up Capture	204%	116%	67%	58%	39%	37%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	21	30	62	122	381
Down Capture	35%	70%	73%	95%	82%	93%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	21	33	61	118	343

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of SFL With Other Asset Classes (Last 1Y)
	SFL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-12.3%	20.4%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	36.1%	18.8%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	-0.30	0.85	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		36.9%	40.2%	11.2%	41.8%	28.1%	22.1%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of SFL With Other Asset Classes (Last 5Y)
	SFL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.9%	13.8%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	31.4%	17.2%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.47	0.64	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		36.4%	33.8%	15.9%	35.4%	28.1%	13.9%

Based On 10-Year Data

		Comparison of SFL With Other Asset Classes (Last 10Y)
	SFL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.2%	13.5%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	34.8%	19.9%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.19	0.60	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		50.4%	45.8%	4.9%	39.2%	42.1%	10.3%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	4,116,168
Short Interest: % Change Since 11152025	-10.7%
Average Daily Volume	1,130,319
Days-to-Cover Short Interest	3.64
Basic Shares Quantity	132,745,000
Short % of Basic Shares	3.1%

Returns Analyses

	Title
0	Can SFL Stock Recover If Markets Fall?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11122025	6-K 9/30/2025
6302025	9112025	6-K 6/30/2025
3312025	5142025	6-K 3/31/2025
12312024	3172025	20-F 12/31/2024
9302024	11072024	6-K 9/30/2024
6302024	8212024	6-K 6/30/2024
3312024	5282024	6-K 3/31/2024
12312023	3142024	20-F 12/31/2023
9302023	11292023	6-K 9/30/2023
6302023	8312023	6-K 6/30/2023
3312023	5152023	6-K 3/31/2023
12312022	3162023	20-F 12/31/2022
9302022	11252022	6-K 9/30/2022
6302022	8312022	6-K 6/30/2022
3312022	5132022	6-K 3/31/2022
12312021	3242022	20-F 12/31/2021

Insider Activity

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7	FinViz

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SFL (SFL)

Market Price (12/24/2025): $7.68 | Market Cap: $1.0 BilSector: Industrials | Industry: Marine Transportation

SFL (SFL)

Market Price (12/24/2025): $7.68Market Cap: $1.0 BilSector: IndustrialsIndustry: Marine Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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About SFL (SFL)

SFL Corporation Ltd. (SFL) Major Services:

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Better Bets than SFL (SFL)

INDUSTRY: Marine Transportation

Higher Rev Chg 3Y Avg | Lower P/S (Values for SFL: 5.9% | 1.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SFL: 5.9% | 5.3x)

Higher Rev Chg LTM (Value for SFL: -11.5%)

Higher Rev Chg 3Y Avg (Value for SFL: 5.9%)

Higher Op Mgn LTM (Value for SFL: 24.8%)

Higher FCF/Rev LTM (Value for SFL: 16.1%)

Higher Total Yield (Value for SFL: 12.9%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for SFL: 5.9% | 1.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SFL: 5.9% | 5.3x)

Higher Rev Chg LTM (Value for SFL: -11.5%)

Higher Rev Chg 3Y Avg (Value for SFL: 5.9%)

Higher Op Mgn LTM (Value for SFL: 24.8%)

Higher CFO/Rev LTM (Value for SFL: 41.1%)

Higher FCF/Rev LTM (Value for SFL: 16.1%)

Higher Total Yield (Value for SFL: 12.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SFL: 5.9% | 1.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SFL: 5.9% | 5.3x)

Higher Rev Chg LTM (Value for SFL: -11.5%)

Higher Rev Chg 3Y Avg (Value for SFL: 5.9%)

Higher Op Mgn LTM (Value for SFL: 24.8%)

Higher CFO/Rev LTM (Value for SFL: 41.1%)

Higher FCF/Rev LTM (Value for SFL: 16.1%)

Higher Total Yield (Value for SFL: 12.9%)

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Market Price (12/24/2025): $7.68 | Market Cap: $1.0 Bil
Sector: Industrials | Industry: Marine Transportation

Market Price (12/24/2025): $7.68
Market Cap: $1.0 Bil
Sector: Industrials
Industry: Marine Transportation