Gulf Marine Services PLC (GMS) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Gulf Marine Services PLC £0.23, price £0.18, upside +27.8%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 4, 2026.
How to read this chart
60‑month range £0.0310 – £0.2460 · fair‑value band £0.1907 – £0.2623 · the £0.1772 price screens below the £0.2265 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 4, 2026.
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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 Vessels, and E-Class Vessels segments.
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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 Vessels, and E-Class Vessels segments. The company offers offshore construction and heavy lifting, accommodation and hotel, well intervention and work over operations, and manpower services for oil and gas industry; and platform maintenance and commissioning, turbine maintenance and commissioning, crane, and offshore crew transfer services to renewables industry. It is also involved in the marine contracting and general investment activities; operation of offshore barges; and ownership of barges. In addition, the company offers contract mobilization and demobilization services. Gulf Marine Services PLC was founded in 1977 and is based in Abu Dhabi, the United Arab Emirates.
Stock analysis
Gulf Marine Services PLC (GMS) currently trades at £0.1772, while our model-based Fair Value estimate is £0.2265, implying the stock looks roughly 21.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of £0.2700 per share, and 19 of the 24 models we run sit above the £0.1772 price.
Bear case: the Earnings-Based group reads lowest at £0.0900, and 5 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: £0.1907 (bear) to £0.2623 (bull), the price of £0.1772 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Gulf Marine Services PLC reported revenue of $192M in FY2025 versus $115M in FY2021, a compound +13.6%/yr. Reported net income was $19.3M in FY2025, compounding −11.2%/yr from FY2021.
Key figures
Market cap 204M GBX · P/S ratio 1.13 · Net margin 10.0% · Return on equity 0.2% · Return on assets (EBIT) 9.5% · Operating margin 20.8% · Revenue (TTM) $181M · Revenue growth (YoY) −8.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at 28%, GMS screens cheaper than that median.
Fair Value models
Bear £0.1907Fair Value £0.2265Bull £0.2623
Price £0.1772 · Upside +27.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+14.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
Start year 2020 (pandemic). Over 10 years: −1.3% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
−3.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−17.7% vs −19.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−72% → 34%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 9.0%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −4.1% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Equipment & Services · 183 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+27.8% · Top 25%
Profitability
Return on equity (TTM)0.2% · Below median
Return on assets4.8% · Above median
Net margin (TTM)0.1% · Below median
Operating margin (TTM)20.8% · Top 25%
Growth and dividend
Revenue growth−8.7% · Bottom 25%
Balance sheet
Debt / equity0.34× · Above median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
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Is Gulf Marine Services PLC (GMS) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of £0.2265 versus a price of £0.1772, about +28% upside (undervalued).
What is the fair value of GMS?
Our model-based fair value for Gulf Marine Services PLC is £0.2265 (as of Oct 4, 2026), built from audited fundamentals. The current price: £0.1772.
What is the quality score of GMS?
Gulf Marine Services PLC has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gulf Marine Services PLC (GMS)?
Our model-based price target is the fair value of £0.2265 (as of Oct 4, 2026) from 24 valuation models. Cautious scenario £0.1907, optimistic scenario £0.2623. It is a calculation from audited fundamentals, not an analyst target.
What is the Gulf Marine Services PLC stock forecast for 2026?
Our models put fair value at £0.2265, about +28% upside versus a price of £0.1772 (undervalued). Cautious scenario £0.1907, optimistic scenario £0.2623. The calculation is refreshed regularly with new filings.
What is the revenue of Gulf Marine Services PLC (GMS)?
Gulf Marine Services PLC reported trailing-twelve-month revenue of about $181M (latest available figure, as of Oct 4, 2026).
What growth is priced into Gulf Marine Services PLC (GMS)?
For today's price to be fair in a discounted-cash-flow model, Gulf Marine Services PLC would have to grow free cash flow by -1.8 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.4 % per year. As of Oct 4, 2026.
What discount rate (WACC) does the fair value of GMS use?
Our models discount Gulf Marine Services PLC at 12.1 %: a base by market capitalisation (micro), damped by beta 0.65, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Gulf Marine Services PLC that is -1.8 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Gulf Marine Services PLC (GMS) delivered so far?
Over the past 5 years revenue at Gulf Marine Services PLC grew +13.4 % a year. The price currently implies -1.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Gulf Marine Services PLC (GMS) growing?
The median revenue growth in the sector is +11.1 % a year. That is the yardstick for the growth priced into Gulf Marine Services PLC (-1.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gulf Marine Services PLC (GMS)?
The free-cash-flow yield on the price is 18.89 %: that much free cash flow Gulf Marine Services PLC produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gulf Marine Services PLC (GMS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gulf Marine Services PLC it is £0.2265 per share (as of Oct 4, 2026), against a price of £0.1772. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Gulf Marine Services PLC stock overvalued or undervalued in 2026?
As of Oct 4, 2026, GMS trades below its calculated fair value: price £0.1772, fair value £0.2265, a gap of about +28% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GMS?
No. The price is what the market pays today (£0.1772); the fair value is what the company's own numbers justify (£0.2265). For Gulf Marine Services PLC the two are £0.0493 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gulf Marine Services PLC worth?
The market values Gulf Marine Services PLC at about 204M GBX (market capitalisation, as of Oct 4, 2026). Per share that is £0.1772; our models calculate a fair value of £0.2265 per share.
What do the bullish and bearish scenarios say about GMS?
Our models span a range for Gulf Marine Services PLC: cautious scenario £0.1907, base £0.2265, optimistic £0.2623 per share (as of Oct 4, 2026, price £0.1772). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Gulf Marine Services PLC (GMS)?
Balance-sheet figures for Gulf Marine Services PLC (as of Oct 4, 2026): return on equity 0.2%, debt of 0.34 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is GMS from its 52-week high?
Gulf Marine Services PLC trades at £0.1772, about 27% below its 52-week high of £0.2415 and 21% above the low of £0.1470 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £0.2265 is for.
Which stocks are comparable to Gulf Marine Services PLC?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gulf Marine Services PLC stock attractive at the current price?
The data as of Oct 4, 2026: price £0.1772, calculated fair value £0.2265 (+28%), Quality Score 52/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GMS calculated?
We run Gulf Marine Services PLC through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £0.2265, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. Gulf Marine Services PLC currently trades 22 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gulf Marine Services PLC (GMS)?
The closing price on Oct 2, 2026 was £0.1772. Our model-based fair value is £0.2265, about +28% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gulf Marine Services PLC right now?
The price is below even our cautious bear case (£0.1907). The market is more pessimistic than our downside scenario. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Gulf Marine Services PLC (GMS) come from?
Earnings per share at Gulf Marine Services PLC grew −13.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share −9.5 %, EBIT margin +0.2 %, tax rate −1.9 %, residual (interest, one-offs) −3.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Gulf Marine Services PLC
How large is the market capitalisation of Gulf Marine Services PLC (GMS)?
The market capitalisation of Gulf Marine Services PLC is 204M GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Gulf Marine Services PLC (GMS)?
The price-to-sales ratio of Gulf Marine Services PLC is 1.13 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Gulf Marine Services PLC (GMS)?
The net margin of Gulf Marine Services PLC is 10.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gulf Marine Services PLC (GMS)?
The return on equity (ROE) of Gulf Marine Services PLC is 0.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gulf Marine Services PLC (GMS)?
On an EBIT basis the return on assets of Gulf Marine Services PLC is 9.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gulf Marine Services PLC (GMS)?
The operating margin of Gulf Marine Services PLC is 20.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gulf Marine Services PLC (GMS)?
Revenue at Gulf Marine Services PLC is growing −8.7% versus a year earlier (3y avg +13.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gulf Marine Services PLC (GMS)?
Earnings per share at Gulf Marine Services PLC are growing −53.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Gulf Marine Services PLC (GMS) carry?
The net debt of Gulf Marine Services PLC is $187M (fiscal year 2025, ≈ 3.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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