Global Ship Lease, Inc. GSL
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
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Dividend yield—
Diluted EPS—
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $766.5M | $711.1M | $674.8M | $645.6M | $448.0M | $282.8M | $261.1M | $157.1M | $159.3M | $166.8M |
| SG&A | $22.1M | $17.1M | $18.2M | $18.5M | $13.2M | $8.3M | $8.8M | $9.2M | $5.4M | $6.2M |
| Total operating expenses | — | — | — | — | — | — | — | — | $174.3M | $187.0M |
| Operating income | $435.1M | $379.1M | $343.2M | $354.2M | $237.5M | $104.8M | $111.6M | -$10.3M | -$15.4M | -$20.7M |
| Interest expense | — | — | — | $21.5M | $5.8M | — | — | — | $59.4M | $44.8M |
| Pre-tax income | $416.5M | $353.6M | $304.9M | $292.9M | $171.6M | $41.6M | $39.8M | -$57.3M | -$74.2M | -$65.0M |
| Income tax | $0 | $1.0K | $448.0K | $50.0K | $56.0K | $49.0K | $3.0K | $55.0K | $40.0K | $46.0K |
| Net income | $416.5M | $353.6M | $304.5M | $292.9M | $171.5M | $41.6M | $39.8M | -$57.4M | -$74.3M | -$65.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $273.9M | $141.4M | $280.7M | $269.9M | $195.6M | $92.3M | $147.6M | $90.1M | $73.3M | $54.2M |
| Receivables | $49.9M | $12.5M | $4.7M | $3.7M | $3.2M | $2.5M | $2.4M | $1.9M | $72.0K | $29.0K |
| Inventory | $14.6M | $18.9M | $15.8M | $12.2M | $11.4M | $6.3M | $5.6M | $5.8M | $742.0K | — |
| Total current assets | $627.0M | $301.2M | $295.7M | $237.0M | $143.4M | $98.6M | $161.9M | $99.0M | $77.4M | $56.9M |
| Property, plant and equipment | $1.96B | $1.88B | $1.66B | $1.62B | $1.68B | $1.14B | $1.16B | $1.11B | $586.5M | $719.1M |
| Other intangibles | — | — | — | — | — | $0 | $1.5M | $5.4M | $700.0K | $937.0K |
| Total assets | $2.86B | $2.37B | $2.17B | $2.11B | $1.99B | $1.27B | $1.35B | $1.23B | $675.9M | $776.3M |
| Accounts payable | $61.9M | $26.3M | $17.6M | $22.8M | $13.2M | $10.6M | $9.1M | $9.6M | $1.5M | $963.0K |
| Short-term debt | $147.6M | $145.3M | $193.3M | $189.8M | $190.3M | $76.7M | $87.5M | $64.1M | $40.0M | — |
| Total current liabilities | $306.8M | $264.0M | $280.4M | $261.8M | $244.8M | $112.2M | $129.6M | $95.5M | $55.3M | $48.7M |
| Long-term debt | $541.6M | $538.8M | $619.2M | $744.6M | $880.1M | $692.8M | $809.4M | $813.1M | $358.5M | — |
| Total liabilities | $1.06B | $909.8M | $987.4M | $1.14B | $1.28B | $809.5M | $945.4M | $917.1M | $424.3M | $447.4M |
| Retained earnings | $1.10B | $773.8M | $488.1M | $246.4M | $13.5M | -$121.8M | -$159.4M | -$196.1M | -$135.7M | -$58.4M |
| Total equity | $1.80B | $1.46B | $1.18B | $966.5M | $712.6M | $464.7M | $406.4M | $316.4M | $251.6M | $328.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $528.3M | $430.1M | $375.0M | $327.5M | $248.0M | $104.4M | $93.4M | $47.7M | $66.9M | $71.7M |
| Depreciation and amortisation | $122.0M | $100.0M | $91.7M | $81.3M | $61.6M | $47.0M | $43.9M | $35.5M | $38.0M | $42.8M |
| Stock-based compensation | $14.0M | $8.7M | $10.2M | $10.1M | $3.5M | $2.0M | $1.7M | $50.0K | $272.0K | $283.0K |
| Capital expenditure | $14.2M | $12.8M | $19.6M | $5.5M | $4.6M | $4.1M | $9.5M | $239.0K | $255.0K | $0 |
| Investing cash flow | -$351.9M | -$254.6M | -$152.0M | -$9.9M | -$463.0M | -$39.6M | -$99.9M | $24.2M | -$4.9M | -$6.9M |
| Financing cash flow | -$84.7M | -$208.6M | -$212.2M | -$243.3M | $318.4M | -$120.2M | $64.1M | -$55.2M | -$42.9M | -$64.1M |
| Dividends paid | $76.1M | $58.4M | $53.2M | $50.5M | $27.9M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-009637.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $166.8M | $159.3M | $157.1M | $261.1M | $282.8M | $448.0M | $645.6M | $674.8M | $711.1M | $766.5M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$65.1M | -$74.3M | -$57.4M | $39.8M | $41.6M | $171.5M | $292.9M | $304.5M | $353.6M | $416.5M |
Others in SIC 4412
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|---|---|---|---|---|
| LPG | DORIAN LPG LTD. | $2.31B | 11.9x | 36.3% |
| GNK | GENCO SHIPPING & TRADING LTD | $1.12B | — | -19.1% |
| PANL | Pangaea Logistics Solutions Ltd. | $519.9M | 26.5x | 17.8% |
| SMHI | SEACOR Marine Holdings Inc. | $234.2M | — | -16.0% |
| FRO | Frontline plc | — | — | -8.8% |
| TK | TEEKAY CORP LTD | — | — | -22.2% |
| TEN | TSAKOS ENERGY NAVIGATION LTD | — | — | -0.7% |
| CCEC | Capital Clean Energy Carriers Corp. | — | — | — |