SFL Corporation Ltd. (SFL) Balance Sheet
SFL balance sheet, 2025
December 31, 2025 · U.S. dollars$3.64B assets = $2.68B liabilities + $960.9M equity
Both columns are drawn to the same scale: what SFL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SFL financial health
Current ratio0.36
Tight · current assets cover current liabilities 0.36×
Debt / equity2.67
High leverage · $2.67 of debt for each $1 of equity
Equity / assets26.4%
Balanced · of assets funded by shareholders
Cash / debt6.0%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
SFL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.94B2016 | $3.64B2025 | +2.4%/yr | |
| Total liabilities | $1.80B2016 | $2.68B2025 | +4.5%/yr | |
| Shareholders’ equity | $1.13B2016 | $960.9M2025 | −1.8%/yr | |
| Cash & short-term investments | $180.9M2016 | $155.0M2025 | −1.7%/yr | |
| Total debt | $1.68B2016 | $2.57B2025 | +4.9%/yr | |
| Net cash (debt) | −$1.49B2016 | −$2.41B2025 | −$917.1M | |
| Working capital | $39.5M2016 | −$451.1M2025 | −$490.6M | |
| Book value per share | $12.132016 | $7.222025 | −5.6%/yr | |
| Current ratio | 1.172016 | 0.362025 | −0.80 | |
| Debt / equity | 1.482016 | 2.672025 | +1.19 | |
| Shares outstanding | 93.5M2016 | 133.1M2025 | +4.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SFL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
SFL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
SFL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SFL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $155.0M | $138.3M | $170.6M | $195.6M | $166.8M | $235.2M | $230.3M | $298.6M | $246.9M | $180.9M |
| Cash & equivalents | $150.8M | $134.6M | $165.5M | $188.4M | $145.6M | $215.4M | $199.5M | $211.4M | $153.1M | $62.4M |
| Short-term investments | $4.1M | $3.7M | $5.1M | $7.3M | $21.2M | $19.8M | $30.3M | $87.2M | $93.8M | $118.5M |
| Receivables | $6.9M | $149.6M | $104.7M | $83.0M | $65.0M | $14.4M | $27.0M | $58.4M | $9.6M | $19.7M |
| Inventory | $13.8M | $17.4M | $11.7M | $16.4M | $10.1M | $8.8M | $7.9M | $8.5M | $5.1M | $5.1M |
| Other current assets | $83.5M | $10.8M | $11.0M | $1.9M | $8.3M | $98.0M | $125.2M | $48.0M | $56.1M | $72.8M |
| Total current assets | $259.2M | $316.0M | $298.1M | $297.0M | $250.3M | $356.4M | $390.5M | $413.6M | $317.7M | $278.4M |
| Property, plant & equipment (net) | $3.30B | $3.55B | $3.23B | $3.26B | $2.89B | $1.94B | $2.12B | $3.07B | $2.35B | $2.29B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $15.8M | $16.4M | $16.5M | $16.5M | $16.6M | $649.4M | $42.2M | $25.1M | $10.7M | $130,000 |
| Other non-current assets | $59.4M | $223.1M | $188.7M | $286.6M | $305.7M | $149.3M | $1.33B | $367.2M | $335.1M | $364.4M |
| Total assets | $3.64B | $4.11B | $3.73B | $3.86B | $3.46B | $3.09B | $3.89B | $3.88B | $3.01B | $2.94B |
| Liabilities | ||||||||||
| Accounts payable | $7.3M | $34.3M | $30.3M | $7.9M | $1.8M | $1.2M | $3.4M | $1.9M | $487,000 | $1.2M |
| Short-term debt | $605.9M | $689.0M | $852.3M | $974.9M | $354.0M | $535.4M | $328.0M | $380.0M | $322.9M | $178.5M |
| Deferred revenue | — | $23.7M | $32.0M | $27.2M | $21.5M | $15.2M | $10.0M | $7.6M | $3.9M | $4.3M |
| Total current liabilities | $710.3M | $827.9M | $969.2M | $1.06B | $400.3M | $576.5M | $365.8M | $404.1M | $343.7M | $239.0M |
| Long-term debt | $1.96B | $2.15B | $1.71B | $1.70B | $2.06B | $1.69B | $2.39B | $2.27B | $1.19B | $1.38B |
| Lease obligations | — | $0 | $419.3M | $473.0M | $524.2M | $573.1M | $1.11B | $1.17B | $239.6M | $122.4M |
| Other long-term liabilities | $6.4M | $1.1M | $9.0M | $14.4M | $17.2M | $32.7M | $20.6M | $19.5M | $283.2M | $186.3M |
| Total liabilities | $2.68B | $2.98B | $2.69B | $2.77B | $2.48B | $2.30B | $2.78B | $2.70B | $1.82B | $1.80B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.5M | $1.5M | $1.4M | $1.4M | $1.4M | $1.3M | $1.2M | $1.2M | $1.1M | $1.0M |
| Retained earnings (deficit) | −$26.4M | $0 | $960,000 | $40.0M | −$92.7M | −$257.1M | $0 | $29.5M | $203.9M | $255.6M |
| Accumulated other comprehensive income | −$4.5M | $3.2M | $4.5M | $8.7M | −$9.2M | −$19.3M | −$13.0M | −$220,000 | −$94.4M | −$85.8M |
| Total shareholders' equity | $960.9M | $1.13B | $1.04B | $1.09B | $982.3M | $795.7M | $1.11B | $1.18B | $1.19B | $1.13B |
| Key figures | ||||||||||
| Total debt | $2.57B | $2.84B | $2.57B | $2.67B | $2.41B | $2.25B | $2.73B | $2.61B | $1.50B | $1.68B |
| Net cash (debt) | −$2.41B | −$2.70B | −$2.40B | −$2.48B | −$2.25B | −$2.01B | −$2.50B | −$2.31B | −$1.26B | −$1.49B |
| Working capital | −$451.1M | −$511.8M | −$671.1M | −$759.6M | −$150.0M | −$220.1M | $24.7M | $9.5M | −$26.1M | $39.5M |
| Tangible book value | $960.9M | $1.13B | $1.04B | $1.09B | $982.3M | $795.7M | $1.11B | $1.18B | $1.19B | $1.13B |
| Book value per share | $7.22 | $8.68 | $8.21 | $7.94 | $7.05 | $7.30 | $10.27 | $11.14 | $12.50 | $12.13 |
| Shares outstanding | 133.1M | 130.0M | 126.6M | 137.4M | 139.4M | 109.0M | 107.7M | 105.9M | 95.6M | 93.5M |
| Current ratio | 0.36 | 0.38 | 0.31 | 0.28 | 0.63 | 0.62 | 1.07 | 1.02 | 0.92 | 1.17 |
| Quick ratio | 0.23 | 0.35 | 0.28 | 0.26 | 0.58 | 0.43 | 0.70 | 0.88 | 0.75 | 0.84 |
| Debt / equity | 2.67 | 2.52 | 2.47 | 2.45 | 2.46 | 2.83 | 2.47 | 2.21 | 1.26 | 1.48 |
| Equity / assets | 26.4% | 27.5% | 27.9% | 28.3% | 28.4% | 25.7% | 28.5% | 30.4% | 39.7% | 38.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $118.1M | $133.8M | $155.0M | $281.7M | $158.7M | $177.6M | $138.3M | $168.4M | $190.7M | $180.4M | $170.6M | $124.2M |
| Cash & equivalents | $113.1M | $127.6M | $150.8M | $278.2M | $155.8M | $173.9M | $134.6M | $163.8M | $186.1M | $168.2M | $165.5M | $118.0M |
| Short-term investments | $5.0M | $6.2M | $4.1M | $3.4M | $2.9M | $3.7M | $3.7M | $4.6M | $4.7M | $12.3M | $5.1M | $6.2M |
| Receivables | $11.9M | $8.6M | $6.9M | $19.8M | $12.0M | $30.2M | $149.6M | $150.6M | $130.1M | $123.0M | $104.7M | $25.4M |
| Inventory | $0 | $0 | $13.8M | $0 | $0 | $0 | $17.4M | $0 | $0 | $1 | $11.7M | $12.3M |
| Other current assets | $121.5M | $112.9M | $83.5M | $79.1M | $113.0M | $119.4M | $10.8M | $54.3M | $60.3M | $18.3M | $11.0M | $67.1M |
| Total current assets | $251.4M | $255.3M | $259.2M | $380.6M | $283.7M | $327.3M | $316.0M | $373.3M | $381.1M | $321.7M | $298.1M | $229.0M |
| Property, plant & equipment (net) | $2.99B | $3.22B | $3.30B | $3.39B | $3.59B | $3.63B | $3.55B | $3.65B | $3.38B | $3.35B | $3.23B | $3.31B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $15.6M | $15.7M | $15.8M | $16.0M | $16.1M | $16.3M | $16.4M | $16.5M | $16.5M | $49.6M | $16.5M | $53.6M |
| Other non-current assets | $256.2M | $64.5M | $59.4M | $60.4M | $60.5M | $58.9M | $223.1M | $62.5M | $84.8M | $58.8M | $188.7M | $82.0M |
| Total assets | $3.52B | $3.56B | $3.64B | $3.85B | $3.95B | $4.03B | $4.11B | $4.10B | $3.87B | $3.78B | $3.73B | $3.67B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | $7.3M | — | — | — | $34.3M | — | — | $123.0M | $30.3M | $16.5M |
| Short-term debt | $575.5M | $723.3M | $605.9M | $813.1M | $825.2M | $623.5M | $689.0M | $617.9M | $962.5M | $982.6M | $852.3M | $595.0M |
| Deferred revenue | — | — | — | — | — | — | $23.7M | — | — | — | $32.0M | −$16.5M |
| Total current liabilities | $661.4M | $804.3M | $710.3M | $904.2M | $942.5M | $723.6M | $827.9M | $747.1M | $1.11B | $1.09B | $969.2M | $712.4M |
| Long-term debt | $1.81B | $1.78B | $1.96B | $1.95B | $1.99B | $2.25B | $2.15B | $2.20B | $1.71B | $1.63B | $1.71B | $1.90B |
| Lease obligations | — | — | — | — | — | — | $0 | $222.7M | $391.6M | $405.5M | $419.3M | $433.0M |
| Other long-term liabilities | $10.1M | $7.6M | $6.4M | $7.4M | $6.8M | $3.5M | $1.1M | $8.5M | $5.8M | $3.3M | $9.0M | $12.0M |
| Total liabilities | $2.48B | $2.59B | $2.68B | $2.86B | $2.94B | $2.98B | $2.98B | $2.96B | $2.83B | $2.73B | $2.69B | $2.63B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.4M | $1.05B | $1.4M | $1.4M |
| Retained earnings (deficit) | — | — | −$26.4M | −$21.8M | −$30.4M | −$31.9M | $0 | $8.1M | — | $13.3M | $960,000 | $1.3M |
| Accumulated other comprehensive income | — | — | −$4.5M | −$4.7M | −$4.2M | −$1.0M | $3.2M | $269,999 | $1.3M | $2.7M | $4.5M | $8.0M |
| Total shareholders' equity | $1.04B | $964.8M | $960.9M | $991.6M | $1.01B | $1.05B | $1.13B | $1.14B | $1.04B | $1.05B | $1.04B | $1.04B |
| Key figures | ||||||||||||
| Total debt | $2.38B | $2.50B | $2.57B | $2.76B | $2.82B | $2.88B | $2.84B | $2.82B | $2.67B | $2.61B | $2.57B | $2.50B |
| Net cash (debt) | −$2.27B | −$2.37B | −$2.41B | −$2.48B | −$2.66B | −$2.70B | −$2.70B | −$2.65B | −$2.48B | −$2.43B | −$2.40B | −$2.38B |
| Working capital | −$410.0M | −$549.0M | −$451.1M | −$523.6M | −$658.8M | −$396.3M | −$511.8M | −$373.8M | −$732.3M | −$771.9M | −$671.1M | −$483.4M |
| Tangible book value | $1.04B | $964.8M | $960.9M | $991.6M | $1.01B | $1.05B | $1.13B | $1.14B | $1.04B | $1.05B | $1.04B | $1.04B |
| Book value per share | $7.69 | $7.26 | $7.24 | $7.47 | $7.60 | $7.86 | $8.42 | $8.65 | $8.23 | $8.34 | $8.27 | $8.29 |
| Shares outstanding | 134.6M | 132.8M | 132.8M | 132.8M | 132.8M | 133.9M | 133.9M | 131.8M | 125.9M | 125.9M | 125.7M | 125.8M |
| Current ratio | 0.38 | 0.32 | 0.36 | 0.42 | 0.30 | 0.45 | 0.38 | 0.50 | 0.34 | 0.29 | 0.31 | 0.32 |
| Quick ratio | 0.20 | 0.18 | 0.23 | 0.33 | 0.18 | 0.29 | 0.35 | 0.43 | 0.29 | 0.28 | 0.28 | 0.21 |
| Debt / equity | 2.30 | 2.59 | 2.67 | 2.78 | 2.79 | 2.74 | 2.52 | 2.48 | 2.58 | 2.49 | 2.47 | 2.40 |
| Equity / assets | 29.4% | 27.1% | 26.4% | 25.8% | 25.5% | 26.1% | 27.5% | 27.8% | 26.8% | 27.8% | 27.9% | 28.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
SFL financial position
At the end of fiscal 2025 (December 31, 2025), SFL had total assets of $3.6 billion (down 11.4% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $960.9 million. It held $155.0 million in cash and short-term investments against $2.6 billion of debt, net debt of $2.4 billion. Its current ratio was 0.36. In the latest quarter (ended June 30, 2026) total assets were $3.5 billion and equity $1.0 billion.
Related: SFL income statement, SFL cash flow statement, SFL key metrics. See the SFL stock overview for the latest quote and news.
SFL balance sheet FAQ
What are SFL's total assets?
SFL reported total assets of $3.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.1 billion a year earlier.
How much debt does SFL have?
SFL had $2.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.67.
How much cash does SFL have?
SFL held $155.0 million in cash and short-term investments at the end of fiscal 2025; with $2.6 billion of debt that is net debt of $2.4 billion.
What is SFL's book value?
SFL's shareholders' equity (book value) was $960.9 million at the end of fiscal 2025, or $7.22 per share.
What is SFL's current ratio?
SFL had current assets of $259.2 million and current liabilities of $710.3 million, a current ratio of 0.36 (current liabilities exceed current assets).