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Gulf Marine Services
(LSE:GMS)
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Rating:64Neutral
Price Target:
20.00 p
▲(9.89% Upside)
Action:Reiterated
Date:10/23/26
The score is primarily supported by improving fundamentals (revenue growth and deleveraging), but it is meaningfully constrained by the 2025 step-down in net income and free cash flow. Technicals show strong near-term momentum but overbought signals, while valuation is a major headwind due to the extremely high P/E.
Positive Factors
Consistent Revenue Growth
Consistent revenue expansion indicates sustained demand for GMS’s offshore marine support services and provides a stronger base for future utilization. Continued growth can support operating leverage, reinforce customer relationships, and improve the company’s ability to fund fleet needs and reduce debt.
Negative Factors
2025 Net Income Decline
The decline in net income despite continued revenue growth signals that profitability is not yet consistently converting from the top line into earnings. Margin pressure or higher costs below the operating line could limit earnings durability and weaken the benefit of future revenue expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Consistent revenue expansion indicates sustained demand for GMS’s offshore marine support services and provides a stronger base for future utilization. Continued growth can support operating leverage, reinforce customer relationships, and improve the company’s ability to fund fleet needs and reduce debt.
Read all positive factors
Gulf Marine Services (GMS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£209.92M
Dividend Yield2.17%
Average Volume (3M)1.95M
Price to Earnings (P/E)486.3
Beta (1Y)1.47
Revenue Growth0.13%
EPS Growth-99.20%
CountryUK
Employees746
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,152,166,000
10 Day Avg. Volume3,376,728
30 Day Avg. Volume1,951,676
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)0.71
Price to Sales (P/S)1.55
P/FCF Ratio5.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)£183.15M
Gulf Marine Services Business Overview & Revenue Model
Company Description
Gulf Marine Services PLC, together with its subsidiaries, operates self-propelled self-elevating support vessels (SESVs) in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Europe. It operates through K-Class Vessels, S-Class Vess...
Gulf Marine Services Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 179.45M | 192.06M | 167.49M | 151.60M | 133.16M | 115.13M |
| Gross Profit | 34.78M | 80.05M | 89.64M | 69.62M | 60.53M | 60.63M |
| EBITDA | 68.42M | 115.25M | 101.41M | 106.80M | 76.47M | 81.35M |
| Net Income | 557.22K | 19.29M | 37.98M | 41.34M | 25.33M | 31.00M |
Balance Sheet | ||||||
| Total Assets | 712.38M | 700.18M | 683.14M | 668.33M | 658.82M | 674.40M |
| Cash, Cash Equivalents and Short-Term Investments | 16.44M | 27.77M | 40.01M | 8.71M | 12.71M | 8.64M |
| Total Debt | 228.96M | 214.63M | 240.38M | 279.30M | 331.61M | 382.45M |
| Total Liabilities | 302.33M | 277.76M | 300.44M | 338.05M | 371.25M | 411.69M |
| Stockholders Equity | 406.44M | 418.86M | 379.70M | 327.57M | 285.59M | 260.80M |
Cash Flow | ||||||
| Free Cash Flow | 8.72M | 50.94M | 94.70M | 81.39M | 76.25M | 29.00M |
| Operating Cash Flow | 78.35M | 76.74M | 103.56M | 94.40M | 82.56M | 40.51M |
| Investing Cash Flow | -68.63M | -25.79M | -8.77M | -12.79M | -6.30M | -11.50M |
| Financing Cash Flow | -7.22M | -63.45M | -63.45M | -85.22M | -72.26M | -24.54M |
Gulf Marine Services Technical Analysis
Negative
18.20
Price Trends
18.42
Negative
18.59
Negative
19.44
Negative
Market Momentum
0.14
Negative
48.66
Neutral
29.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GMS, the sentiment is Negative. The current price of 18.2 is above the 20-day moving average (MA) of 18.19, below the 50-day MA of 18.42, and below the 200-day MA of 19.44, indicating a neutral trend. The MACD of 0.14 indicates Negative momentum. The RSI at 48.66 is Neutral, neither overbought nor oversold. The STOCH value of 29.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:GMS.
Gulf Marine Services Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £491.53M | 15.18 | 19.41% | 0.21% | 9.38% | 8.07% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | £599.04M | 19.05 | 5.11% | 2.49% | -12.20% | ― | |
64 Neutral | £209.92M | 486.31 | 0.14% | 2.17% | 0.13% | -99.20% | |
49 Neutral | £13.92M | 18.27 | 7.41% | 5.06% | ― | ― | |
43 Neutral | £3.83M | -2.21 | -20.05% | ― | -59.32% | 33.59% |
* Energy Sector Average
GB:GMS
Gulf Marine Services
18.22
2.04
12.61%
GB:HTG
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414.00
74.59
21.97%
GB:CSC
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36.00
1.50
4.35%
GB:THAL
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23.00
-3.50
-13.21%
GB:AT
Ashtead Technology Holdings PLC
607.00
267.94
79.02%
Gulf Marine Services Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Gulf Marine Services lifts revenue and backlog but defers payouts amid Gulf conflict
Neutral
Oct 20, 2026
Gulf Marine Services reported a 10% rise in adjusted revenue to $151.8m for the first nine months of 2026, driven by higher average day rates and the deployment of a newly acquired mid-class vessel in Latin America. Adjusted EBITDA held steady at ...
Business Operations and StrategyDividendsFinancial Disclosures
Gulf Marine Services hit by Gulf conflict but backs 2026 earnings rebound
Negative
Sep 7, 2026
Gulf Marine Services reported weaker interim results for the six months to 30 June 2026, as conflict in the Gulf forced temporary evacuation of four vessels and cut utilisation to 75%, driving a 3% fall in adjusted revenue to $84.1m and a 14% drop...
Business Operations and Strategy
Gulf Marine Services Secures One-Year Extension with GCC National Oil Company
Positive
Sep 3, 2026
Gulf Marine Services has secured a one-year extension for a Small-class self-elevating support vessel with a major national oil company in the GCC, confirming the exercise of an option under a contract originally signed in 2022. The deal, which re...
Business Operations and Strategy
Gulf Marine Services Wins GCC Vessel Contract Extension, Backlog Hits $659m
Positive
Aug 17, 2026
Gulf Marine Services, a leading provider of self-propelled, self-elevating support vessels to the offshore energy industry, has secured a 183-day contract extension for one of its Small-class vessels in the Gulf Cooperation Council region. The dea...
Business Operations and StrategyPrivate Placements and Financing
Gulf Marine Services Converts Bridge Loan and Expands Working Capital for Growth
Positive
Aug 4, 2026
Gulf Marine Services has converted a US$37.4m bridge loan, drawn in January 2026 to fund a new vessel, into a five-year term loan within its existing syndicated lending arrangements with HSBC, First Abu Dhabi Bank and Commercial Bank of Dubai, kee...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.