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) Beneish M-score
SFL Corporation Ltd.'s Beneish M-score for fiscal 2025 is −3.37; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.37 | (0.59) |
| FY2024 | −2.78 | 0.16 |
| FY2023 | −2.94 | (0.57) |
| FY2022 | −2.36 | 0.57 |
| FY2021 | −2.93 | 0.62 |
| FY2020 | −3.55 | (0.77) |
| FY2019 | −2.79 | (0.76) |
| FY2018 | −2.03 | 0.58 |
| FY2017 | −2.61 | 0.47 |
| FY2016 | −3.08 | 0.00 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.54 | — | 0.50 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index | 1.21 | — | 0.49 | |
| Sales growth index | 0.81 | — | 0.72 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.08) | — | −0.38 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.37 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SFL SFL Corporation Ltd. | −3.4× |
| GNK Genco Shipping & Trading Limited compare | −3.2× |
| NMM Navios Maritime Partners LP compare | −2.7× |
| DAC Danaos Corporation compare | −2.6× |
| SBLK Star Bulk Carriers Corp. compare | −2.5× |
| CMRE Costamare Inc. compare | −2.4× |
| CCEC Capital Clean Energy Carriers Corp. compare | −1.8× |
| GSL Global Ship Lease, Inc. compare | 0.0× |
| ECO Okeanis Eco Tankers Corp. compare | 1.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI