SFL Corporation Ltd.
SFL Industrials Marine Shipping
SFL Corporation Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $733.0 million, down 18.9% from fiscal 2024. In the quarter to June 2026, revenue grew 4.25%, EPS grew 2,400.0%, free cash flow fell 18.3% and total debt fell 15.4%, each against the same quarter a year earlier.
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SFL Corporation Ltd. (SFL) Altman Z-score
SFL Corporation Ltd.'s Altman Z-score for fiscal 2025 is 0.40, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.40 | (0.12) |
| FY2023 | 0.52 | 0.08 |
| FY2022 | 0.44 | (0.09) |
| FY2021 | 0.53 | 0.55 |
| FY2020 | −0.02 | (0.49) |
| FY2018 | 0.47 | (0.40) |
| FY2017 | 0.87 | (0.06) |
| FY2016 | 0.93 | (0.09) |
| FY2015 | 1.02 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.12) | — | −0.15 | |
| Retained earnings / total assets | (0.01) | — | −0.01 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 0.39 | — | 0.23 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Distress zone | 0.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.21 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ECO Okeanis Eco Tankers Corp. compare | 2.4× |
| DAC Danaos Corporation compare | 2.4× |
| GSL Global Ship Lease, Inc. compare | 2.2× |
| CMRE Costamare Inc. compare | 1.7× |
| GNK Genco Shipping & Trading Limited compare | 1.7× |
| SBLK Star Bulk Carriers Corp. compare | 1.3× |
| CCEC Capital Clean Energy Carriers Corp. compare | 0.7× |
| SFL SFL Corporation Ltd. | 0.4× |
| NMM Navios Maritime Partners LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets