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GOLDEN OCEAN GROUP LTD (GOGL) Stock Fundamental Analysis

NASDAQ:GOGL - Nasdaq - BMG396372051 - Common Stock - Currency: USD

8.62  +0.19 (+2.25%)

After market: 8.62 0 (0%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to GOGL. GOGL was compared to 36 industry peers in the Marine Transportation industry. There are concerns on the financial health of GOGL while its profitability can be described as average. GOGL has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

In the past year GOGL was profitable.
GOGL had a positive operating cash flow in the past year.
Of the past 5 years GOGL 4 years were profitable.
GOGL had a positive operating cash flow in each of the past 5 years.
GOGL Yearly Net Income VS EBIT VS OCF VS FCFGOGL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M

1.2 Ratios

GOGL's Return On Assets of 3.35% is in line compared to the rest of the industry. GOGL outperforms 47.22% of its industry peers.
GOGL's Return On Equity of 6.23% is in line compared to the rest of the industry. GOGL outperforms 52.78% of its industry peers.
The Return On Invested Capital of GOGL (4.92%) is comparable to the rest of the industry.
GOGL had an Average Return On Invested Capital over the past 3 years of 7.46%. This is below the industry average of 9.49%.
Industry RankSector Rank
ROA 3.35%
ROE 6.23%
ROIC 4.92%
ROA(3y)8%
ROA(5y)6.84%
ROE(3y)13.89%
ROE(5y)11.79%
ROIC(3y)7.46%
ROIC(5y)7.19%
GOGL Yearly ROA, ROE, ROICGOGL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20

1.3 Margins

The Profit Margin of GOGL (13.16%) is comparable to the rest of the industry.
GOGL's Profit Margin has improved in the last couple of years.
With a Operating Margin value of 21.92%, GOGL perfoms like the industry average, outperforming 52.78% of the companies in the same industry.
GOGL's Operating Margin has improved in the last couple of years.
With a Gross Margin value of 42.48%, GOGL perfoms like the industry average, outperforming 47.22% of the companies in the same industry.
GOGL's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 21.92%
PM (TTM) 13.16%
GM 42.48%
OM growth 3Y-10.52%
OM growth 5Y16.22%
PM growth 3Y-19.28%
PM growth 5Y34.33%
GM growth 3Y-6.9%
GM growth 5Y1.39%
GOGL Yearly Profit, Operating, Gross MarginsGOGL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

2

2. Health

2.1 Basic Checks

GOGL has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for GOGL remains at a similar level compared to 1 year ago.
The number of shares outstanding for GOGL has been increased compared to 5 years ago.
The debt/assets ratio for GOGL has been reduced compared to a year ago.
GOGL Yearly Shares OutstandingGOGL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
GOGL Yearly Total Debt VS Total AssetsGOGL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

Based on the Altman-Z score of 1.16, we must say that GOGL is in the distress zone and has some risk of bankruptcy.
GOGL has a Altman-Z score of 1.16. This is comparable to the rest of the industry: GOGL outperforms 58.33% of its industry peers.
GOGL has a debt to FCF ratio of 8.36. This is a slightly negative value and a sign of low solvency as GOGL would need 8.36 years to pay back of all of its debts.
GOGL's Debt to FCF ratio of 8.36 is fine compared to the rest of the industry. GOGL outperforms 63.89% of its industry peers.
GOGL has a Debt/Equity ratio of 0.66. This is a neutral value indicating GOGL is somewhat dependend on debt financing.
GOGL has a worse Debt to Equity ratio (0.66) than 61.11% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.66
Debt/FCF 8.36
Altman-Z 1.16
ROIC/WACC0.66
WACC7.41%
GOGL Yearly LT Debt VS Equity VS FCFGOGL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B 1.5B

2.3 Liquidity

GOGL has a Current Ratio of 0.81. This is a bad value and indicates that GOGL is not financially healthy enough and could expect problems in meeting its short term obligations.
GOGL has a Current ratio of 0.81. This is amonst the worse of the industry: GOGL underperforms 80.56% of its industry peers.
A Quick Ratio of 0.81 indicates that GOGL may have some problems paying its short term obligations.
GOGL has a Quick ratio of 0.81. This is in the lower half of the industry: GOGL underperforms 75.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.81
Quick Ratio 0.81
GOGL Yearly Current Assets VS Current LiabilitesGOGL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M 500M

2

3. Growth

3.1 Past

GOGL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -38.71%.
Measured over the past years, GOGL shows a very strong growth in Earnings Per Share. The EPS has been growing by 30.14% on average per year.
Looking at the last year, GOGL shows a decrease in Revenue. The Revenue has decreased by -7.73% in the last year.
Measured over the past years, GOGL shows a small growth in Revenue. The Revenue has been growing by 6.53% on average per year.
EPS 1Y (TTM)-38.71%
EPS 3Y-23.79%
EPS 5Y30.14%
EPS Q2Q%-166.67%
Revenue 1Y (TTM)-7.73%
Revenue growth 3Y-6.98%
Revenue growth 5Y6.53%
Sales Q2Q%-27.85%

3.2 Future

Based on estimates for the next years, GOGL will show a very negative growth in Earnings Per Share. The EPS will decrease by -13.94% on average per year.
Based on estimates for the next years, GOGL will show a decrease in Revenue. The Revenue will decrease by -3.10% on average per year.
EPS Next Y-53.1%
EPS Next 2Y-3.3%
EPS Next 3Y-13.93%
EPS Next 5YN/A
Revenue Next Year-17.68%
Revenue Next 2Y-4.37%
Revenue Next 3Y-3.1%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
GOGL Yearly Revenue VS EstimatesGOGL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M 1B
GOGL Yearly EPS VS EstimatesGOGL Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 2 -2

4

4. Valuation

4.1 Price/Earnings Ratio

GOGL is valuated correctly with a Price/Earnings ratio of 15.12.
GOGL's Price/Earnings ratio is in line with the industry average.
Compared to an average S&P500 Price/Earnings ratio of 27.69, GOGL is valued a bit cheaper.
Based on the Price/Forward Earnings ratio of 8.23, the valuation of GOGL can be described as reasonable.
Based on the Price/Forward Earnings ratio, GOGL is valued a bit cheaper than 61.11% of the companies in the same industry.
GOGL is valuated cheaply when we compare the Price/Forward Earnings ratio to 37.36, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 15.12
Fwd PE 8.23
GOGL Price Earnings VS Forward Price EarningsGOGL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

61.11% of the companies in the same industry are cheaper than GOGL, based on the Enterprise Value to EBITDA ratio.
63.89% of the companies in the same industry are more expensive than GOGL, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 9.96
EV/EBITDA 9.21
GOGL Per share dataGOGL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8

4.3 Compensation for Growth

GOGL's earnings are expected to decrease with -13.94% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.5
EPS Next 2Y-3.3%
EPS Next 3Y-13.93%

6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 9.58%, GOGL is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 7.25, GOGL pays a better dividend. On top of this GOGL pays more dividend than 91.67% of the companies listed in the same industry.
GOGL's Dividend Yield is rather good when compared to the S&P500 average which is at 2.34.
Industry RankSector Rank
Dividend Yield 9.58%

5.2 History

On average, the dividend of GOGL grows each year by 29.94%, which is quite nice.
GOGL has paid a dividend for at least 10 years, which is a reliable track record.
The dividend of GOGL decreased recently.
Dividend Growth(5Y)29.94%
Div Incr Years1
Div Non Decr Years1
GOGL Yearly Dividends per shareGOGL Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

GOGL pays out 184.66% of its income as dividend. This is not a sustainable payout ratio.
GOGL's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP184.66%
EPS Next 2Y-3.3%
EPS Next 3Y-13.93%
GOGL Yearly Income VS Free CF VS DividendGOGL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M
GOGL Dividend Payout.GOGL Dividend Payout, showing the Payout Ratio.GOGL Dividend Payout.PayoutRetained Earnings

GOLDEN OCEAN GROUP LTD

NASDAQ:GOGL (7/24/2025, 4:10:04 PM)

After market: 8.62 0 (0%)

8.62

+0.19 (+2.25%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryMarine Transportation
Earnings (Last)05-21 2025-05-21/amc
Earnings (Next)08-29 2025-08-29/amc
Inst Owners34.43%
Inst Owner Change-0.17%
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap1.72B
Analysts76.36
Price Target8.44 (-2.09%)
Short Float %5.41%
Short Ratio2.4
Dividend
Industry RankSector Rank
Dividend Yield 9.58%
Yearly Dividend1.2
Dividend Growth(5Y)29.94%
DP184.66%
Div Incr Years1
Div Non Decr Years1
Ex-Date06-05 2025-06-05 (0.05)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-31.88%
Min EPS beat(2)-36.86%
Max EPS beat(2)-26.9%
EPS beat(4)1
Avg EPS beat(4)-18.69%
Min EPS beat(4)-36.86%
Max EPS beat(4)2.68%
EPS beat(8)5
Avg EPS beat(8)14.66%
EPS beat(12)8
Avg EPS beat(12)15.76%
EPS beat(16)12
Avg EPS beat(16)18.49%
Revenue beat(2)2
Avg Revenue beat(2)15.93%
Min Revenue beat(2)15.19%
Max Revenue beat(2)16.68%
Revenue beat(4)3
Avg Revenue beat(4)8.72%
Min Revenue beat(4)-0.42%
Max Revenue beat(4)16.68%
Revenue beat(8)5
Avg Revenue beat(8)9.6%
Revenue beat(12)9
Avg Revenue beat(12)18.12%
Revenue beat(16)13
Avg Revenue beat(16)22.97%
PT rev (1m)-18.47%
PT rev (3m)-34.15%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-51.61%
EPS NY rev (1m)0%
EPS NY rev (3m)-38.69%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-10.69%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-7.76%
Valuation
Industry RankSector Rank
PE 15.12
Fwd PE 8.23
P/S 1.99
P/FCF 9.96
P/OCF 6.98
P/B 0.94
P/tB 0.94
EV/EBITDA 9.21
EPS(TTM)0.57
EY6.61%
EPS(NY)1.05
Fwd EY12.15%
FCF(TTM)0.87
FCFY10.04%
OCF(TTM)1.23
OCFY14.32%
SpS4.33
BVpS9.16
TBVpS9.16
PEG (NY)N/A
PEG (5Y)0.5
Profitability
Industry RankSector Rank
ROA 3.35%
ROE 6.23%
ROCE 6.23%
ROIC 4.92%
ROICexc 5.1%
ROICexgc 5.1%
OM 21.92%
PM (TTM) 13.16%
GM 42.48%
FCFM 19.99%
ROA(3y)8%
ROA(5y)6.84%
ROE(3y)13.89%
ROE(5y)11.79%
ROIC(3y)7.46%
ROIC(5y)7.19%
ROICexc(3y)7.79%
ROICexc(5y)7.57%
ROICexgc(3y)7.79%
ROICexgc(5y)7.57%
ROCE(3y)9.45%
ROCE(5y)9.1%
ROICexcg growth 3Y-16.84%
ROICexcg growth 5Y19.87%
ROICexc growth 3Y-16.84%
ROICexc growth 5Y19.87%
OM growth 3Y-10.52%
OM growth 5Y16.22%
PM growth 3Y-19.28%
PM growth 5Y34.33%
GM growth 3Y-6.9%
GM growth 5Y1.39%
F-Score5
Asset Turnover0.25
Health
Industry RankSector Rank
Debt/Equity 0.66
Debt/FCF 8.36
Debt/EBITDA 3.69
Cap/Depr 53.12%
Cap/Sales 8.52%
Interest Coverage 250
Cash Conversion 75.11%
Profit Quality 151.83%
Current Ratio 0.81
Quick Ratio 0.81
Altman-Z 1.16
F-Score5
WACC7.41%
ROIC/WACC0.66
Cap/Depr(3y)156.98%
Cap/Depr(5y)170.68%
Cap/Sales(3y)23.29%
Cap/Sales(5y)22.2%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-38.71%
EPS 3Y-23.79%
EPS 5Y30.14%
EPS Q2Q%-166.67%
EPS Next Y-53.1%
EPS Next 2Y-3.3%
EPS Next 3Y-13.93%
EPS Next 5YN/A
Revenue 1Y (TTM)-7.73%
Revenue growth 3Y-6.98%
Revenue growth 5Y6.53%
Sales Q2Q%-27.85%
Revenue Next Year-17.68%
Revenue Next 2Y-4.37%
Revenue Next 3Y-3.1%
Revenue Next 5YN/A
EBIT growth 1Y-26.42%
EBIT growth 3Y-16.77%
EBIT growth 5Y23.81%
EBIT Next Year7.16%
EBIT Next 3Y15.36%
EBIT Next 5YN/A
FCF growth 1Y-32.86%
FCF growth 3Y31.74%
FCF growth 5Y18.21%
OCF growth 1Y-46.05%
OCF growth 3Y-13.29%
OCF growth 5Y18.19%