SFL Corp Ltd. key statistics and ratios

In fiscal 2025, SFL Corp Ltd. had return on equity of -2.5%, an operating margin of 18.6%, debt equal to 268.9% of equity and a current ratio of 0.36. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

SFL Corp Ltd.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	60.6%	68.8%	55.1%	64.9%	43.3%	44.3%	40.8%	40.7%	40.6%	28.1%	30.0%	−29.3%	47.3%	41.1%	31.9%	33.9%	18.6%
Net margin	55.8%	53.8%	44.4%	58.1%	32.9%	37.5%	49.4%	35.5%	26.6%	17.6%	19.4%	−47.6%	32.0%	30.2%	11.2%	14.4%	−3.6%
Return on equity	25.7%	21.0%	15.6%	20.1%	8.2%	10.5%	16.8%	12.3%	8.7%	6.2%	7.8%	−23.6%	18.5%	19.6%	7.9%	12.1%	−2.5%
Return on assets	6.3%	5.6%	4.5%	6.3%	3.0%	4.0%	6.6%	4.9%	3.4%	2.1%	2.3%	−6.4%	5.0%	5.5%	2.2%	3.3%	−0.7%
Asset turnover	0.11	0.10	0.10	0.11	0.09	0.11	0.13	0.14	0.13	0.12	0.12	0.14	0.16	0.18	0.20	0.23	0.19
Current ratio	0.71	1.13	1.11	1.23	0.68	1.59	1.57	1.17	0.92	1.02	1.07	0.62	0.63	0.28	0.31	0.38	0.36
Debt to equity	285.0%	232.0%	222.9%	184.1%	145.7%	150.2%	134.2%	139.3%	127.4%	123.8%	147.1%	209.1%	193.8%	202.9%	208.2%	253.6%	268.9%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	—	—	—	—	—	2.3x	1.4x	1.7x	0.8x
Effective tax rate	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	3.8%	7.5%	—
Dividends ÷ net income	39.2%	70.7%	93.5%	81.8%	122.3%	123.9%	81.0%	114.9%	151.1%	202.7%	168.9%	—	47.2%	55.0%	146.5%	106.0%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · December 31, 2025

What it owns · $3.6bn

Short-term assets $259mLonger-term assets $3.4bn

What it owes, and who funded it · $3.6bn

Short-term liabilities $710mLonger-term liabilities $2.0bnShareholders' equity $961m

Short-term assets cover short-term liabilities $259m of assets due within a year against $710m of liabilities due within a year.
Short-term assets cover long-term liabilities $259m short-term assets against $2.0bn of longer-dated liabilities.
More cash than debt $151m of cash against $2.6bn of debt.
Debt below 40% of shareholders' equity Debt is 267% of equity.
Debt burden no higher than five years ago Debt to equity moved from 146% to 267% over five years.
A year's operating cash flow covers at least 20% of debt $267m of operating cash flow against $2.6bn of debt.
Operating profit covers interest at least five times over Operating income of $137m against $181m of interest.

From SFL Corp Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

Moderate moat

How hard SFL's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 3 / 20

Net income has been a median 3.4% of total assets over 5 years.
Durability 16 / 20

Operating margin has been a median 43.3%; its worst year was 18.6%.
Cash conversion 20 / 20

Free cash flow was positive in 5 of 5 years, at a median 27.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (65 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from SFL Corp Ltd.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to SFL Corp Ltd.