Seapeak LLC
SEAL-PA, SEAL-PB · Water Transportation · EDGAR filings ↗
Grade
C58LNG/NGL shipping operator with contracted cash flows but pressured by impairments, declining revenue and sub-1x interest coverage.
Strengths
- Very high reported gross margin (98th pct) on long-term fixed-rate charters
- New 10-year investment-grade charters secured for two LNG newbuildings
Risks
- Interest coverage below 1x (0.79, 44th pct) and weak liquidity (current 0.42, 35th pct)
- Revenue down 10.4% with ~$67M+ of vessel impairments, restructuring costs and charter expiries in 2026-27 (incl. Yemen/Russia exposure)
Notable findings
- No interest coverageInterest coverage 0.79 (cannot cover interest)
- Weak liquidityCurrent ratio 0.42 (<1)
- Strong balance sheetStrong balance sheet — $123M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
98.1%
Operating margin
20.5%
Net margin
4.1%
Return on assets
0.5%
Revenue growth (QoQ)
2.1%
Net debt / EBITDA
1.7×
Interest coverage
0.8×
Current ratio
0.4×
EBITDA
$275M
Cash & investments
$123M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-18 | 2025-12-31 | 0001308106-26-000002 ↗ |
| 20-F | 2025-03-14 | 2024-12-31 | 0001628280-25-012765 ↗ |
| 20-F | 2024-03-22 | 2023-12-31 | 0001628280-24-012688 ↗ |
| 20-F | 2023-03-31 | 2022-12-31 | 0001628280-23-010204 ↗ |
| 20-F | 2022-04-04 | 2021-12-31 | 0001628280-22-008232 ↗ |
| 20-F | 2021-04-01 | 2020-12-31 | 0001628280-21-006328 ↗ |
| 20-F | 2020-04-09 | 2019-12-31 | 0001628280-20-004841 ↗ |
| 20-F | 2019-04-05 | 2018-12-31 | 0001628280-19-003955 ↗ |
| 20-F | 2018-04-16 | 2017-12-31 | 0001628280-18-004282 ↗ |
| 20-F | 2017-04-26 | 2016-12-31 | 0001628280-17-004290 ↗ |
| 20-F | 2016-04-27 | 2015-12-31 | 0001193125-16-559694 ↗ |
| 20-F | 2015-04-23 | 2014-12-31 | 0001193125-15-142266 ↗ |