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Marine shipping · Industrials · Fiscal year ends Dec 31
DHT reported revenue of $498M in the fiscal year ended Dec 2025, down 12.8% from the year before. Operating income was $225M, an operating margin of 45.1%, and net income was $211M. Net debt was $350M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 296 | 454 | 561 | 572 | 498 |
| Operating income | 0.2 | 74.2 | 193 | 211 | 225 |
| Interest expense | 25.7 | 26.2 | 33.1 | 30.4 | 14.2 |
| Pre-tax income | −11.1 | 62.6 | 162 | 182 | 211 |
| Income tax | 0.4 | 0.6 | 0.6 | 0.6 | 0.4 |
| Net income | −11.5 | 62.0 | 161 | 181 | 211 |
| Diluted EPS | −0.07 | 0.37 | 0.99 | 1.12 | 1.31 |
| Diluted shares | 169 | 165 | 162 | 161 | 161 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 60.7 | 126 | 74.7 | 78.1 | 79.0 |
| Receivables | 30.4 | 59.5 | 75.8 | 53.7 | 53.3 |
| Inventory | – | – | 33.8 | 37.7 | 24.7 |
| Current assets | 132 | 236 | 200 | 202 | 209 |
| Goodwill | 0.0 | 1.4 | 1.4 | 1.4 | 1.4 |
| Total assets | 1,609 | 1,508 | 1,492 | 1,487 | 1,603 |
| Payables | 19.7 | 29.4 | 20.5 | 23.4 | 22.8 |
| Deferred revenue | 4.9 | 4.2 | 4.4 | 6.1 | 11.4 |
| Current liabilities | 41.9 | 64.4 | 56.6 | 110 | 74.7 |
| Short-term debt | 9.8 | 29.6 | 30.3 | 78.6 | 39.5 |
| Long-term debt | 513 | 367 | 398 | 331 | 389 |
| Total liabilities | 562 | 435 | 461 | 444 | 470 |
| Shareholders' equity | 1,047 | 1,068 | 1,027 | 1,038 | 1,133 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 60.6 | 128 | 251 | 299 | 277 |
| Capital expenditure | 0.0 | – | – | – | – |
| Free cash flow | 60.5 | – | – | – | – |
| Depreciation & amortisation | 129 | 123 | 109 | 112 | 106 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | – |
| Dividends paid | 22.1 | 19.7 | 187 | 161 | 119 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 53.5% | 23.4% | 2.0% | −12.8% |
| Operating income growth (YoY) | – | 36634.7% | 160.2% | 9.1% | 6.8% |
| EPS growth (YoY) | – | – | 167.6% | 13.1% | 17.0% |
| Operating margin | 0.1% | 16.3% | 34.4% | 36.8% | 45.1% |
| Net margin | −3.9% | 13.6% | 28.8% | 31.7% | 42.3% |
| Return on equityBlank when equity is negative | −1.1% | 5.8% | 15.7% | 17.5% | 18.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.0% | 5.1% | 13.5% | 15.3% | 14.7% |
| Free cash flow margin | 20.5% | – | – | – | – |
| Cash conversion (CFO ÷ net income) | −5.26x | 2.06x | 1.56x | 1.65x | 1.31x |
| Receivable days | 37 | 48 | 49 | 34 | 39 |
| Interest cover | 0.01x | 2.83x | 5.84x | 6.93x | 15.9x |
| Debt ÷ equity | 0.50x | 0.37x | 0.42x | 0.39x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 462 | 271 | 354 | 331 | 350 |
| Current ratio | 3.15x | 3.66x | 3.54x | 1.84x | 2.80x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.