Gulf Marine Services

GMS.L

Oil & Gas Equipment & Services · Energy

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Mixed

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Winston Score History

The full picture

Gulf Marine Services owns and operates self-elevating support vessels, which are large floating platforms with legs that can be lowered to the seabed to keep the vessel stable. These vessels are used by oil and gas companies in the Middle East and Southeast Asia to support offshore drilling, maintenance, and construction work on oil platforms. The company is one of the larger operators of this type of vessel in the Arabian Gulf region.

The company earns money by renting out its vessels to energy companies under day-rate contracts, meaning customers pay a fixed daily fee for as long as they use the vessel. Gulf Marine Services operates primarily in the Middle East, with the UAE being a key market, and its fleet of specialized vessels creates a meaningful barrier to entry since these assets are expensive to build. The main risk the business faces is that day rates and vessel utilization are closely tied to oil prices and capital spending decisions by national oil companies, making revenue cyclical and hard to predict.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-55.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

37.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£28M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Gulf Marine Services is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.8%

Modest — 32.8% gross margin

Profit after running costs

Operating Margin

26.0%

Excellent — 26.0% operating margin

Return on the money invested

ROCE

9.1%

Below par — 9.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+12.6%

Fast-growing sales (+12.6% YoY)

Profit growth

EPS YoY

-53.7%

Earnings shrinking (-53.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

430%

Turns 430% of profit into real cash

Spare cash per sale

FCF Margin

33.0%

Converts sales into free cash efficiently (33.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.43

Conservative — low debt load (0.43)

Covers its interest

Interest Cover

3.77x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.5x

no trend

Fair value — P/E 16.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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