Global Ship Lease, Inc. (GSL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+356.5%

$185.12

vs $40.55 price

Levered DCF

$178.49

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.32

Grey zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	3.07×	2.25×	2.38×	2.15×	4.93×	5.13×	6.09×	-0.64×
P/B	0.69×	0.53×	0.59×	0.63×	1.13×	0.46×	0.26×	0.12×
P/S	1.63×	1.09×	1.05×	1.01×	2×	0.76×	0.41×	0.23×
EV / EBITDA	2.8×	2.66×	3.11×	3.24×	6.57×	5.85×	5.39×	32.6×
Gross margin	53.6%	55.4%	55.8%	55.4%	49.1%	43.0%	46.1%	45.1%
Operating margin	50.7%	53.7%	51.5%	58.6%	59.0%	37.1%	42.7%	-6.5%
Net margin	54.3%	50.1%	45.7%	48.5%	42.6%	14.7%	15.3%	-36.5%
Current ratio	2.04×	1.14×	1.05×	0.91×	0.59×	0.88×	1.25×	1.04×
Debt / equity	0.38×	0.47×	0.69×	1×	1.75×	1.66×	2.21×	2.77×
Interest coverage	9.98×	9.32×	7.66×	4.7×	3.43×	1.6×	1.49×	-0.21×
Dividend yield	6.8%	8.8%	9.0%	9.9%	4.5%	1.9%	2.9%	8.3%
Payout ratio	20.6%	19.2%	20.6%	20.5%	21.1%	9.6%	7.7%	-5.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.1%	24.2%	25.7%	30.3%	24.1%	8.9%	9.8%	-18.1%
Return on invested capital	14.4%	16.8%	16.4%	17.1%	12.0%	8.4%	8.5%	-0.9%
Return on assets	14.6%	14.9%	14.0%	13.9%	8.6%	3.3%	2.9%	-4.7%
Free cash flow yield	28.7%	24.3%	31.7%	52.2%	29.4%	27.2%	-5.3%	90.6%
Earnings yield	33.3%	45.9%	43.4%	48.1%	21.3%	19.5%	37.3%	-155.4%
Enterprise value	$1.6B	$1.3B	$1.4B	$1.5B	$2B	$901.1M	$865.8M	$832.1M
Net debt / EBITDA	0.63×	1.1×	1.53×	1.89×	3.91×	4.47×	4.72×	31.15×
Cash conversion cycle (days)	-25	14	4	-7	12	-3	5	-3