DHT Holdings, Inc. (DHT) 10-Year Financial Performance & Capital Metrics

DHT • • Industrial / General

EnergyMidstream Oil & GasMarine TransportationCrude Oil Tanker Operators

AboutDHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.Show more

Revenue $572M +2.0%
EBITDA $323M +6.8%
Net Income $181M +12.4%
EPS (Diluted) 1.12 +13.1%
Gross Margin 54.84% +46.0%
EBITDA Margin 56.41% +4.7%
Operating Margin 36.84% +6.9%
Net Margin 31.72% +10.2%
ROE 17.49% +14.1%
ROIC 11.43% +7.7%
Debt/Equity 0.40 -4.9%
Interest Coverage 6.93 +18.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.7%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 35.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 21.7%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.26%

5Y1.34%

3Y24.56%

TTM-16.66%

Profit (Net Income) CAGR

10Y30.27%

5Y19.74%

3Y-

TTM23.58%

EPS CAGR

10Y20.06%

5Y17.04%

3Y-

TTM3.57%

ROCE

10Y Avg7.76%

5Y Avg10.5%

3Y Avg11.11%

Latest14.98%

Peer Comparison

Crude Oil Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DHTDHT Holdings, Inc.	2.14B	13.28	11.86	2%	41.18%	18.25%	9.44%	0.40
FROFrontline Ltd.	5.78B	25.95	11.64	13.77%	12.34%	9.37%		1.60
RBNERobin Energy Ltd.	9.23M	3.29	7.48	-56.64%	15.53%	4.38%	73.91%
TKTeekay Corporation	826.26M	9.69	6.82	-16.7%	18.53%	9.96%	47.42%	0.03
INSWInternational Seaways, Inc.	2.76B	55.78	6.65	-11.21%	28.26%	11.25%	9.51%	0.38
TNKTeekay Tankers Ltd.	1.79B	59.81	5.15	-16.58%	31%	16.77%	22.17%	0.04
TENTsakos Energy Navigation Limited	771.27M	25.60	5.09	-9.61%	20%	8.97%		1.00
TEN-PETsakos Energy Navigation Limited		26.77		-9.61%	18.73%	8.25%		0.78

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	365.11M	356.01M	355.05M	375.94M	535.07M	691.04M	295.85M	454.14M	560.56M	571.77M
Revenue Growth %	1.42%	-0.02%	-0%	0.06%	0.42%	0.29%	-0.57%	0.54%	0.23%	0.02%
Cost of Goods Sold+	207.36M	211.54M	282.49M	341.17M	381.41M	347M	298.85M	382.57M	350M	258.22M
COGS % of Revenue	0.57%	0.59%	0.8%	0.91%	0.71%	0.5%	1.01%	0.84%	0.62%	0.45%
Gross Profit+	157.76M	144.47M	72.56M	34.77M	153.66M	344.04M	-3M	71.58M	210.56M	313.56M
Gross Margin %	0.43%	0.41%	0.2%	0.09%	0.29%	0.5%	-0.01%	0.16%	0.38%	0.55%
Gross Profit Growth %	10.62%	-0.08%	-0.5%	-0.52%	3.42%	1.24%	-1.01%	24.88%	1.94%	0.49%
Operating Expenses+	21.61M	19.39M	17.18M	15.05M	14.79M	30.45M	-3.2M	-2.63M	17.45M	102.92M
OpEx % of Revenue	0.06%	0.05%	0.05%	0.04%	0.03%	0.04%	-0.01%	-0.01%	0.03%	0.18%
Selling, General & Admin	21.61M	19.39M	17.18M	15.05M	14.79M	17.89M	16.57M	16.89M	17.45M	18.94M
SG&A % of Revenue	0.06%	0.05%	0.05%	0.04%	0.03%	0.03%	0.06%	0.04%	0.03%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	12.56M	-19.77M	-19.51M	0	83.97M
Operating Income+	135.34M	40.51M	43.3M	16.3M	138.87M	313.59M	202K	74.2M	193.11M	210.64M
Operating Margin %	0.37%	0.11%	0.12%	0.04%	0.26%	0.45%	0%	0.16%	0.34%	0.37%
Operating Income Growth %	3.94%	-0.7%	0.07%	-0.62%	7.52%	1.26%	-1%	366.35%	1.6%	0.09%
EBITDA+	214.04M	124.85M	140.06M	119.77M	254.45M	437.84M	128.84M	197.46M	302.01M	322.52M
EBITDA Margin %	0.59%	0.35%	0.39%	0.32%	0.48%	0.63%	0.44%	0.43%	0.54%	0.56%
EBITDA Growth %	1.88%	-0.42%	0.12%	-0.14%	1.12%	0.72%	-0.71%	0.53%	0.53%	0.07%
D&A (Non-Cash Add-back)	78.7M	84.34M	96.76M	103.48M	115.58M	124.25M	128.64M	123.25M	108.9M	111.88M
EBIT	139.07M	44.42M	46.84M	7.37M	129.14M	305.59M	14.58M	88.76M	195.11M	212.47M
Net Interest Income+	-33.98M	-35.04M	-39.97M	-53.87M	-54.26M	-38.2M	-25.72M	-25.12M	-28.58M	-26.48M
Interest Income	141K	66K	140K	345K	1.08M	212K	6K	1.08M	4.49M	3.92M
Interest Expense	34.12M	35.07M	40.11M	54.21M	55.33M	38.41M	25.73M	26.2M	33.06M	30.4M
Other Income/Expense	-29.91M	-31.16M	-36.57M	-63.14M	-65.91M	-46.41M	-11.35M	-11.64M	-31.06M	-28.57M
Pretax Income+	105.43M	9.35M	6.73M	-46.84M	72.96M	267.18M	-11.15M	62.57M	162.05M	182.07M
Pretax Margin %	0.29%	0.03%	0.02%	-0.12%	0.14%	0.39%	-0.04%	0.14%	0.29%	0.32%
Income Tax+	128K	95K	131K	83K	131K	900K	360K	587K	649K	608K
Effective Tax Rate %	1%	0.99%	0.98%	1%	1.01%	1%	1.03%	0.98%	1%	1%
Net Income+	105.3M	9.26M	6.6M	-46.93M	73.68M	266.27M	-11.52M	61.52M	161.35M	181.38M
Net Margin %	0.29%	0.03%	0.02%	-0.12%	0.14%	0.39%	-0.04%	0.14%	0.29%	0.32%
Net Income Growth %	7.17%	-0.91%	-0.29%	-8.11%	2.57%	2.61%	-1.04%	6.34%	1.62%	0.12%
Net Income (Continuing)	105.3M	9.26M	5.8M	-46.93M	72.83M	266.28M	-11.51M	61.98M	161.4M	181.46M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	5K	19K	34K	5.01M	4.51M	4.46M
EPS (Diluted)+	1.04	0.10	0.05	-0.33	0.51	1.61	-0.07	0.37	0.99	1.12
EPS Growth %	4.78%	-0.9%	-0.5%	-7.6%	2.55%	2.16%	-1.04%	6.43%	1.68%	0.13%
EPS (Basic)	1.13	0.10	0.05	-0.33	0.51	1.71	-0.07	0.37	0.99	1.12
Diluted Shares Outstanding	112.1M	93.38M	124.54M	143.43M	168.16M	170.05M	169.09M	164.85M	162.36M	161.44M
Basic Shares Outstanding	92.79M	93.38M	124.54M	143.43M	143.44M	155.71M	169.09M	164.69M	162.18M	161.35M
Dividend Payout Ratio	0.47%	7.17%	3.53%	-	0.39%	0.81%	-	0.32%	1.16%	0.89%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	218.25M	178.5M	167.14M	193.32M	218.29M	118.28M	131.97M	235.59M	200.5M	201.89M
Cash & Short-Term Investments	166.78M	109.3M	77.29M	94.94M	67.36M	68.64M	60.37M	125.95M	74.74M	78.14M
Cash Only	166.78M	109.3M	77.29M	94.94M	67.36M	68.64M	60.37M	125.95M	74.74M	78.14M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	40.09M	34.46M	42.21M	60.2M	107.85M	30.06M	30.36M	59.47M	75.85M	53.72M
Days Sales Outstanding	40.08	35.33	43.39	58.44	73.57	15.88	37.46	47.79	49.39	34.29
Inventory	8.84M	7.91M	23.68M	32.21M	34.09M	11.85M	33.4M	33.07M	33.81M	37.69M
Days Inventory Outstanding	15.57	13.64	30.59	34.46	32.62	12.47	40.79	31.55	35.26	53.27
Other Current Assets	0	23.22M	20.76M	1.63M	4.15M	1.04M	1.68M	6.56M	2.55M	25.14M
Total Non-Current Assets+	1.21B	1.23B	1.56B	1.67B	1.61B	1.5B	1.48B	1.27B	1.29B	1.28B
Property, Plant & Equipment	1.2B	1.22B	1.56B	1.67B	1.6B	1.5B	1.47B	1.27B	1.29B	1.19B
Fixed Asset Turnover	0.30x	0.29x	0.23x	0.23x	0.33x	0.46x	0.20x	0.36x	0.43x	0.48x
Goodwill	0	0	0	0	0	0	0	1.36M	1.36M	1.36M
Intangible Assets	5.58M	4.36M	3.38M	2.41M	1.43M	452K	0	0	0	0
Long-Term Investments	2.98M	3.41M	3.99M	4.39M	4.77M	5.23M	5.41M	0	0	0
Other Non-Current Assets	1K	1K	-1K	1.03B	-1K	1K	2K	-1K	0	93.18M
Total Assets+	1.42B	1.4B	1.73B	1.86B	1.83B	1.62B	1.61B	1.51B	1.49B	1.49B
Asset Turnover	0.26x	0.25x	0.21x	0.20x	0.29x	0.43x	0.18x	0.30x	0.38x	0.38x
Asset Growth %	0.03%	-0.01%	0.23%	0.08%	-0.02%	-0.11%	-0.01%	-0.06%	-0.01%	-0%
Total Current Liabilities+	52.84M	74.31M	83.03M	123.7M	130.24M	47.93M	41.94M	64.37M	56.6M	109.61M
Accounts Payable	1.89M	3.56M	8.88M	10.88M	7.91M	2.81M	11.11M	14.58M	9.2M	10M
Days Payables Outstanding	3.32	6.15	11.48	11.65	7.57	2.96	13.57	13.91	9.6	14.14
Short-Term Debt	32.27M	57.52M	65.05M	93.81M	100.99M	3.4M	9.79M	29.63M	30.3M	78.65M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	930K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	8.4M	6.26M	6.52M	15.96M	17.43M	21.31M	8.71M	3.57M	7.98M	3.37M
Current Ratio	4.13x	2.40x	2.01x	1.56x	1.68x	2.47x	3.15x	3.66x	3.54x	1.84x
Quick Ratio	3.96x	2.30x	1.73x	1.30x	1.41x	2.22x	2.35x	3.15x	2.94x	1.50x
Cash Conversion Cycle	52.32	42.82	62.51	81.26	98.62	25.39	64.67	65.43	75.05	73.43
Total Non-Current Liabilities+	633.08M	644.42M	721.58M	878.49M	764.53M	465.12M	520.06M	370.61M	403.95M	334.27M
Long-Term Debt	630.2M	643.97M	721.15M	873.46M	750.59M	446.56M	512.51M	367.07M	398.43M	330.77M
Capital Lease Obligations	0	0	0	0	2.24M	0	2.66M	0	0	2.77M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.88M	442K	428K	5.03M	11.7M	18.56M	4.89M	3.54M	5.53M	727K
Total Liabilities	685.91M	718.73M	804.61M	1B	894.77M	513.05M	562M	434.99M	460.56M	443.89M
Total Debt+	662.47M	701.5M	786.2M	967.27M	850.97M	449.96M	525.58M	396.69M	430.14M	413.58M
Net Debt	495.69M	592.2M	708.91M	872.33M	783.62M	381.32M	465.21M	270.75M	355.4M	335.44M
Debt / Equity	0.90x	1.02x	0.85x	1.12x	0.91x	0.41x	0.50x	0.37x	0.42x	0.40x
Debt / EBITDA	3.10x	5.62x	5.61x	8.08x	3.34x	1.03x	4.08x	2.01x	1.42x	1.28x
Net Debt / EBITDA	2.32x	4.74x	5.06x	7.28x	3.08x	0.87x	3.61x	1.37x	1.18x	1.04x
Interest Coverage	3.97x	1.16x	1.08x	0.30x	2.51x	8.16x	0.01x	2.83x	5.84x	6.93x
Total Equity+	737.89M	685.01M	925.89M	861.67M	932.45M	1.11B	1.05B	1.07B	1.03B	1.04B
Equity Growth %	0.09%	-0.07%	0.35%	-0.07%	0.08%	0.19%	-0.06%	0.02%	-0.04%	0.01%
Book Value per Share	6.58	7.34	7.43	6.01	5.55	6.52	6.19	6.51	6.35	6.46
Total Shareholders' Equity	737.89M	685.01M	925.89M	861.67M	932.44M	1.11B	1.05B	1.07B	1.03B	1.04B
Common Stock	929K	934K	1.42M	1.43M	1.47M	1.71M	1.66M	1.63M	1.61M	1.6M
Retained Earnings	-147.94M	-205.19M	-222.09M	-285.38M	-240.16M	-188.71M	-222.41M	-180.66M	-206.48M	-186.32M
Treasury Stock	0	0	0	-1.36M	0	0	0	0	0	0
Accumulated OCI	6.67M	8.18M	5.76M	1.88M	1.6M	4.42M	4.07M	3.76M	3.77M	5.31M
Minority Interest	0	0	0	0	5K	19K	34K	5.01M	4.51M	4.46M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	173.96M	194.01M	101.82M	53.98M	155.96M	529.87M	60.56M	127.91M	251.41M	298.65M
Operating CF Margin %	0.48%	0.54%	0.29%	0.14%	0.29%	0.77%	0.2%	0.28%	0.45%	0.52%
Operating CF Growth %	4.68%	0.12%	-0.48%	-0.47%	1.89%	2.4%	-0.89%	1.11%	0.97%	0.19%
Net Income	105.3M	9.26M	6.6M	-46.93M	73.68M	266.28M	-11.51M	61.98M	161.35M	181.38M
Depreciation & Amortization	78.7M	84.34M	96.76M	103.48M	123.59M	124.25M	128.64M	123.25M	108.9M	111.88M
Stock-Based Compensation	6.91M	7.37M	4.95M	2.6M	2.53M	5.11M	4.35M	4.13M	3.23M	4.29M
Deferred Taxes	-3.17M	80.42M	9.12M	7.76M	0	19.44M	-31.93M	0	0	0
Other Non-Cash Items	7.52M	8M	6.34M	15.15M	8.71M	5.54M	2.55M	-33.02M	2.81M	-23.41M
Working Capital Changes	-21.3M	4.62M	-21.95M	-28.07M	-52.55M	109.26M	-31.54M	-28.44M	-24.89M	24.51M
Change in Receivables	-11.38M	7.75M	-9.87M	-25.42M	-47.65M	77.79M	-301K	-28.7M	-16.38M	22.13M
Change in Inventory	7.06M	938K	-15.77M	-9.99M	-1.87M	22.23M	-21.54M	327K	-738K	-3.88M
Change in Payables	-9M	-1.56M	5.41M	8.23M	0	-6.91M	1.51M	5.57M	-5.23M	-163K
Cash from Investing+	-118.34M	-213.03M	-441.39M	-188.16M	-53.37M	-26.72M	-86.51M	110.52M	-124.98M	-97.03M
Capital Expenditures	-144.97M	-235.51M	-553.22M	-234.97M	-53.88M	-27.55M	-174.61M	-10.14M	-128.23M	-97.03M
CapEx % of Revenue	0.4%	0.66%	1.56%	0.63%	0.1%	0.04%	0.59%	0.02%	0.23%	0.17%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26.5M	22.23M	111.42M	46.39M	513K	835K	1.03M	112.4M	3.26M	0
Cash from Financing+	-55.53M	-38.45M	307.57M	151.83M	-130.18M	-501.87M	17.97M	-173.34M	-177.76M	-197.91M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-49.19M	-66.36M	-23.33M	-11.49M	-28.68M	-214.67M	-22.08M	-19.68M	-186.67M	-161.4M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	2	1K	-1K	1K	-590K	1K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	29M	-41.5M	-451.41M	-180.98M	102.07M	502.32M	-114.04M	117.76M	123.18M	201.62M
FCF Margin %	0.08%	-0.12%	-1.27%	-0.48%	0.19%	0.73%	-0.39%	0.26%	0.22%	0.35%
FCF Growth %	1.11%	-2.43%	-9.88%	0.6%	1.56%	3.92%	-1.23%	2.03%	0.05%	0.64%
FCF per Share	0.26	-0.44	-3.62	-1.26	0.61	2.95	-0.67	0.71	0.76	1.25
FCF Conversion (FCF/Net Income)	1.65x	20.95x	15.42x	-1.15x	2.12x	1.99x	-5.26x	2.08x	1.56x	1.65x
Interest Paid	0	0	0	0	49.23M	0	0	0	0	31.26M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.91%	1.3%	0.82%	-5.25%	8.21%	26.09%	-1.07%	5.8%	15.33%	17.49%
Return on Invested Capital (ROIC)	8.45%	2.42%	2.23%	0.73%	6.04%	14.67%	0.01%	3.9%	10.61%	11.43%
Gross Margin	43.21%	40.58%	20.44%	9.25%	28.72%	49.79%	-1.01%	15.76%	37.56%	54.84%
Net Margin	28.84%	2.6%	1.86%	-12.48%	13.77%	38.53%	-3.89%	13.55%	28.78%	31.72%
Debt / Equity	0.90x	1.02x	0.85x	1.12x	0.91x	0.41x	0.50x	0.37x	0.42x	0.40x
Interest Coverage	3.97x	1.16x	1.08x	0.30x	2.51x	8.16x	0.01x	2.83x	5.84x	6.93x
FCF Conversion	1.65x	20.95x	15.42x	-1.15x	2.12x	1.99x	-5.26x	2.08x	1.56x	1.65x
Revenue Growth	142.14%	-2.49%	-0.27%	5.88%	42.33%	29.15%	-57.19%	53.5%	23.43%	2%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Voyage Charter Revenues	477.6M	508.38M	155.12M	374.59M	481.09M	485.19M
Voyage Charter Revenues Growth	-	6.44%	-69.49%	141.48%	28.43%	0.85%
Time Charter Revenues	57.47M	182.66M	140.73M	75.79M	74.99M	82.64M
Time Charter Revenues Growth	-	217.83%	-22.96%	-46.15%	-1.06%	10.20%
Other Shipping	-	-	-	-	-	-
Other Shipping Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

DHT Holdings, Inc. (DHT) has a price-to-earnings (P/E) ratio of 11.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

DHT Holdings, Inc. (DHT) reported $485.6M in revenue for fiscal year 2024. This represents a 385% increase from $100.1M in 2011.

DHT Holdings, Inc. (DHT) grew revenue by 2.0% over the past year. Growth has been modest.

Yes, DHT Holdings, Inc. (DHT) is profitable, generating $200.0M in net income for fiscal year 2024 (31.7% net margin).

Dividend & Returns

Yes, DHT Holdings, Inc. (DHT) pays a dividend with a yield of 7.53%. This makes it attractive for income-focused investors.

DHT Holdings, Inc. (DHT) has a return on equity (ROE) of 17.5%. This is reasonable for most industries.

DHT Holdings, Inc. (DHT) generated $152.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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