Hafnia Limited (HAFN) 10-Year Financial Performance & Capital Metrics

HAFN • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutHafnia Limited owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), Handy size, and Specialized segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies; and owns and operates 200 vessels. It provides ship owning, ship-management, investment, management, corporate support, and agency office services. In addition, the company provides integrated shipping platform, including technical management, commercial and chartering services, pool management, and large-scale bunker desk services. Hafnia Limited is based in Hamilton, Bermuda.Show more

Revenue $2.87B +7.4%
EBITDA $1.02B -5.2%
Net Income $774M -2.4%
EPS (Diluted) 1.50 -3.8%
Gross Margin 29.62% -25.6%
EBITDA Margin 35.59% -11.7%
Operating Margin 28.09% -12.5%
Net Margin 26.98% -9.1%
ROE 34.57% -7.6%
ROIC 18.94% +0.2%
Debt/Equity 0.50 -14.5%
Interest Coverage 13.31 +20.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 40.0%
✓Strong 5Y profit CAGR of 60.9%
✓FCF machine: 34.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 28.2%
✓Healthy 5Y average net margin of 21.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y28.17%

3Y53.7%

TTM-14.42%

Profit (Net Income) CAGR

10Y-

5Y60.86%

3Y-

TTM-45.51%

EPS CAGR

10Y-

5Y48.17%

3Y-

TTM-45.86%

ROCE

10Y Avg11.27%

5Y Avg17.22%

3Y Avg25.79%

Latest25.65%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	189.97M	350.16M	346.27M	829.27M	961.03M	790M	1.89B	2.67B	2.87B
Revenue Growth %	-	0.84%	-0.01%	1.39%	0.16%	-0.18%	1.39%	0.41%	0.07%
Cost of Goods Sold+	150.51M	321.62M	329.34M	663.11M	716.47M	770.64M	1.09B	1.61B	2.02B
COGS % of Revenue	0.79%	0.92%	0.95%	0.8%	0.75%	0.98%	0.58%	0.6%	0.7%
Gross Profit+	39.46M	28.54M	16.93M	166.16M	244.56M	19.36M	801.13M	1.06B	849.63M
Gross Margin %	0.21%	0.08%	0.05%	0.2%	0.25%	0.02%	0.42%	0.4%	0.3%
Gross Profit Growth %	-	-0.28%	-0.41%	8.81%	0.47%	-0.92%	40.38%	0.33%	-0.2%
Operating Expenses+	11.64M	-1.66M	-1.49M	19.58M	17.63M	41.86M	58.38M	205.22M	43.9M
OpEx % of Revenue	0.06%	-0%	-0%	0.02%	0.02%	0.05%	0.03%	0.08%	0.02%
Selling, General & Admin	11.64M	9.73M	0	31.93M	42.89M	41.86M	58.38M	25.69M	50.6M
SG&A % of Revenue	0.06%	0.03%	-	0.04%	0.04%	0.05%	0.03%	0.01%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	11.39M	-1.49M	12.36M	25.26M	0	0	179.53M	-6.7M
Operating Income+	27.83M	30.2M	18.42M	146.58M	226.93M	-22.49M	742.75M	857.95M	805.73M
Operating Margin %	0.15%	0.09%	0.05%	0.18%	0.24%	-0.03%	0.39%	0.32%	0.28%
Operating Income Growth %	-	0.09%	-0.39%	6.96%	0.55%	-1.1%	34.02%	0.16%	-0.06%
EBITDA+	75.24M	84.96M	71.87M	278.31M	398.94M	125.22M	947.96M	1.08B	1.02B
EBITDA Margin %	0.4%	0.24%	0.21%	0.34%	0.42%	0.16%	0.5%	0.4%	0.36%
EBITDA Growth %	-	0.13%	-0.15%	2.87%	0.43%	-0.69%	6.57%	0.14%	-0.05%
D&A (Non-Cash Add-back)	47.41M	54.76M	53.45M	131.73M	172M	147.71M	205.21M	218.99M	215.11M
EBIT	32.72M	30.31M	11.7M	149.55M	198.38M	-12.1M	849.36M	908.63M	777.21M
Net Interest Income+	-20.22M	-27.19M	-30.03M	-73.71M	-51.86M	-43.31M	-92.69M	-59.76M	-45.13M
Interest Income	587.89K	105.11K	241.57K	3.82M	2.21M	2.29M	1.54M	17.63M	15.41M
Interest Expense	20.8M	27.3M	30.27M	77.53M	54.07M	45.61M	94.23M	77.39M	60.55M
Other Income/Expense	-214.43M	-26.9M	-31.95M	-72.85M	-42.14M	-28.61M	-64.95M	-58.42M	-27.27M
Pretax Income+	11.91M	3.01M	-18.57M	72.02M	160.96M	-48.04M	720.04M	799.53M	778.45M
Pretax Margin %	0.06%	0.01%	-0.05%	0.09%	0.17%	-0.06%	0.38%	0.3%	0.27%
Income Tax+	1.08M	20.21K	22.56K	1.02M	2.92M	4.28M	6.55M	6.25M	4.42M
Effective Tax Rate %	0.64%	0.99%	1%	1%	0.92%	1.12%	1.04%	0.99%	0.99%
Net Income+	7.61M	2.99M	-18.59M	71.86M	148.78M	-54.04M	751.59M	793.27M	774.03M
Net Margin %	0.04%	0.01%	-0.05%	0.09%	0.15%	-0.07%	0.4%	0.3%	0.27%
Net Income Growth %	-	-0.61%	-7.21%	4.86%	1.07%	-1.36%	14.91%	0.06%	-0.02%
Net Income (Continuing)	10.83M	2.99M	-18.59M	71M	158.04M	-55.49M	713.49M	793.27M	774.03M
Discontinued Operations	-194.22M	0	0	0	0	0	0	0	0
Minority Interest	208.91M	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.07	0.03	-0.15	0.21	0.45	-0.15	1.51	1.56	1.50
EPS Growth %	-	-0.61%	-6.49%	2.4%	1.14%	-1.33%	11.07%	0.03%	-0.04%
EPS (Basic)	0.07	0.03	-0.15	0.21	0.45	-0.15	1.54	1.57	1.52
Diluted Shares Outstanding	109.63M	109.63M	122.49M	349.8M	364.36M	363.13M	489.08M	508.69M	515.11M
Basic Shares Outstanding	109.63M	109.63M	122.49M	347.05M	364.36M	363.13M	477.89M	505.14M	510.1M
Dividend Payout Ratio	-	-	-	-	0.66%	-	0.32%	0.69%	0.9%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	120.54M	113.18M	139.08M	334.82M	280.78M	342.54M	878.56M	930.07M	897.74M
Cash & Short-Term Investments	95.49M	41.37M	52.46M	91.61M	100.67M	99.95M	281.53M	221.86M	282.83M
Cash Only	95.49M	41.37M	52.46M	91.61M	100.67M	99.95M	281.53M	221.86M	282.83M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	13.35M	55.93M	58.47M	223.06M	158.92M	226.42M	483.58M	566.75M	486.41M
Days Sales Outstanding	25.66	58.3	61.63	98.18	60.36	104.61	93.41	77.43	61.89
Inventory	4.48M	14.56M	22.66M	6.99M	5.23M	6.65M	90.32M	107.38M	93.91M
Days Inventory Outstanding	10.87	16.52	25.11	3.85	2.66	3.15	30.29	24.37	16.98
Other Current Assets	0	9K	4K	2.74M	11.24M	251.68K	1.43M	12.86M	18.47M
Total Non-Current Assets+	1.04B	1.11B	1.17B	2.35B	2.26B	2.17B	3.08B	2.97B	2.79B
Property, Plant & Equipment	1.01B	1.11B	1.17B	2.31B	2.21B	2.08B	2.89B	2.77B	2.6B
Fixed Asset Turnover	0.19x	0.32x	0.30x	0.36x	0.44x	0.38x	0.65x	0.96x	1.10x
Goodwill	6M	0	0	0	0	0	0	0	0
Intangible Assets	635K	0	0	3.16M	4.42M	3.57M	2.6M	1.29M	508.68K
Long-Term Investments	1.94M	505K	3.16M	31.3M	52.23M	79.52M	192.19M	201.56M	193.63M
Other Non-Current Assets	26M	-58K	0	0	0	0	0	0	0
Total Assets+	1.16B	1.22B	1.31B	2.68B	2.54B	2.51B	3.96B	3.9B	3.69B
Asset Turnover	0.16x	0.29x	0.26x	0.31x	0.38x	0.32x	0.48x	0.68x	0.78x
Asset Growth %	-	0.05%	0.08%	1.04%	-0.05%	-0.01%	0.58%	-0.02%	-0.05%
Total Current Liabilities+	60.53M	202.75M	125.52M	320.22M	251.69M	315.41M	483.24M	659.23M	652.13M
Accounts Payable	1.73M	45.09M	48.52M	105.47M	70.52M	29.46M	41.69M	219.31M	192.93M
Days Payables Outstanding	4.2	51.17	53.77	58.06	35.92	13.95	13.98	49.76	34.88
Short-Term Debt	47.71M	157.63M	76.94M	213.33M	179.08M	248.06M	321.5M	266.54M	335.42M
Deferred Revenue (Current)	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	7.6M	-1.86M	34K	0	18K	35.87M	115.3M	165.3M	121.03M
Current Ratio	1.99x	0.56x	1.11x	1.05x	1.12x	1.09x	1.82x	1.41x	1.38x
Quick Ratio	1.92x	0.49x	0.93x	1.02x	1.09x	1.06x	1.63x	1.25x	1.23x
Cash Conversion Cycle	32.33	23.65	32.97	43.97	27.1	93.81	109.72	52.03	43.99
Total Non-Current Liabilities+	497.44M	619.19M	617.48M	1.24B	1.14B	1.08B	1.46B	1.02B	783.91M
Long-Term Debt	496.8M	614.24M	613.04M	1.05B	972.37M	937.52M	630.03M	397.33M	321.98M
Capital Lease Obligations	0	0	0	186.34M	155.84M	143.95M	831.41M	624.66M	461.93M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	639K	4.95M	4.44M	7.75M	15.97M	305.62K	0	0	0
Total Liabilities	557.97M	821.94M	743M	1.56B	1.4B	1.4B	1.94B	1.68B	1.44B
Total Debt+	544.52M	771.87M	689.98M	1.45B	1.31B	1.33B	1.78B	1.29B	1.12B
Net Debt	449.03M	730.5M	637.52M	1.36B	1.21B	1.23B	1.5B	1.07B	836.5M
Debt / Equity	0.90x	1.94x	1.21x	1.29x	1.14x	1.20x	0.88x	0.58x	0.50x
Debt / EBITDA	7.24x	9.08x	9.60x	5.20x	3.28x	10.62x	1.88x	1.20x	1.10x
Net Debt / EBITDA	5.97x	8.60x	8.87x	4.87x	3.02x	9.82x	1.58x	0.99x	0.82x
Interest Coverage	1.34x	1.11x	0.61x	1.89x	4.20x	-0.49x	7.88x	11.09x	13.31x
Total Equity+	603.61M	397.82M	571.08M	1.12B	1.15B	1.11B	2.02B	2.22B	2.26B
Equity Growth %	-	-0.34%	0.44%	0.96%	0.03%	-0.03%	0.82%	0.1%	0.02%
Book Value per Share	5.51	3.63	4.66	3.20	3.15	3.06	4.13	4.37	4.38
Total Shareholders' Equity	394.7M	397.82M	571.08M	1.12B	1.15B	1.11B	2.02B	2.22B	2.26B
Common Stock	339K	1.17M	1.96M	3.7M	3.7M	3.7M	5.06M	5.05M	1.09B
Retained Earnings	42.7M	-217.74M	-242.38M	-120.92M	-70.46M	-125.8M	383.53M	629.15M	703.35M
Treasury Stock	-258K	0	0	-500K	-13M	-12.82M	-12.73M	-17.9M	-53.3M
Accumulated OCI	-507K	50.48M	53.17M	-5.72M	-14.15M	5.14M	73.97M	27.54M	516.37M
Minority Interest	208.91M	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	99.9M	81.36M	59.67M	242.83M	398.47M	106.44M	770.89M	1.06B	1.03B
Operating CF Margin %	0.53%	0.23%	0.17%	0.29%	0.41%	0.13%	0.41%	0.4%	0.36%
Operating CF Growth %	-	-0.19%	-0.27%	3.07%	0.64%	-0.73%	6.24%	0.38%	-0.03%
Net Income	-186.61M	2.96M	-19.78M	71.73M	148.78M	-55.49M	751.59M	793.27M	774.03M
Depreciation & Amortization	59.58M	54.18M	56.87M	131.5M	156.44M	151.68M	209.22M	211.03M	215.11M
Stock-Based Compensation	0	0	0	823K	1.18M	3.15M	1.76M	2.82M	2.96M
Deferred Taxes	0	0	24K	1.01M	2.65M	4.39M	6.68M	6.25M	4.42M
Other Non-Cash Items	214.17M	25.52M	37.94M	73.66M	52.98M	46.74M	34.48M	-1.29M	-10.76M
Working Capital Changes	12.77M	-1.31M	-15.38M	-35.91M	36.45M	-44.02M	-232.84M	48.72M	44.6M
Change in Receivables	9.31M	-4.39M	-11.53M	-83.31M	70.73M	-37.46M	-259.62M	-139.17M	86.14M
Change in Inventory	-3.55M	-3.72M	-8.1M	21.11M	1.76M	-1.43M	-16.09M	-17.77M	13.55M
Change in Payables	0	0	0	0	0	0	0	0	0
Cash from Investing+	-51.65M	-117.82M	-16.99M	-282.43M	-50.56M	-47.88M	-179.13M	-31.68M	29.89M
Capital Expenditures	-111.67M	-117.92M	-17.25M	-278.57M	-47.58M	-26.66M	-447.13M	-184.39M	-49.6M
CapEx % of Revenue	0.59%	0.34%	0.05%	0.34%	0.05%	0.03%	0.24%	0.07%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	60.02M	104K	257K	-425K	-2.98M	-7.5M	270.13M	165.36M	78.87M
Cash from Financing+	-36M	40.62M	-31.59M	45.22M	-338.86M	-59.15M	-465.13M	-1.09B	-999.21M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-98.32M	0	-243.75M	-544.14M	-699.88M
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-20.64M	-27.44M	-30.57M	-65.51M	-37.23M	-38.34M	-93.13M	-85.18M	-49.84M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.77M	-36.56M	42.42M	-36.19M	349.88M	79.41M	323.51M	876.41M	980.74M
FCF Margin %	-0.06%	-0.1%	0.12%	-0.04%	0.36%	0.1%	0.17%	0.33%	0.34%
FCF Growth %	-	-2.11%	2.16%	-1.85%	10.67%	-0.77%	3.07%	1.71%	0.12%
FCF per Share	-0.11	-0.33	0.35	-0.10	0.96	0.22	0.66	1.72	1.90
FCF Conversion (FCF/Net Income)	13.12x	27.17x	-3.21x	3.38x	2.68x	-1.97x	1.03x	1.34x	1.33x
Interest Paid	0	0	0	0	0	0	0	0	41.68M
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.26%	0.6%	-3.84%	8.51%	13.13%	-4.79%	48.05%	37.43%	34.57%
Return on Invested Capital (ROIC)	1.98%	2.08%	1.18%	5.97%	7.05%	-0.72%	19.01%	18.91%	18.94%
Gross Margin	20.77%	8.15%	4.89%	20.04%	25.45%	2.45%	42.4%	39.79%	29.62%
Net Margin	4.01%	0.86%	-5.37%	8.67%	15.48%	-6.84%	39.77%	29.69%	26.98%
Debt / Equity	0.90x	1.94x	1.21x	1.29x	1.14x	1.20x	0.88x	0.58x	0.50x
Interest Coverage	1.34x	1.11x	0.61x	1.89x	4.20x	-0.49x	7.88x	11.09x	13.31x
FCF Conversion	13.12x	27.17x	-3.21x	3.38x	2.68x	-1.97x	1.03x	1.34x	1.33x
Revenue Growth	-	84.32%	-1.11%	139.48%	15.89%	-17.8%	139.19%	41.39%	7.37%

Revenue by Segment

	2024
Non lease component	40.33M
Non lease component Growth	-

Frequently Asked Questions

Valuation & Price

Hafnia Limited (HAFN) has a price-to-earnings (P/E) ratio of 3.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Hafnia Limited (HAFN) reported $2.36B in revenue for fiscal year 2024. This represents a 1144% increase from $190.0M in 2016.

Hafnia Limited (HAFN) grew revenue by 7.4% over the past year. This is steady growth.

Yes, Hafnia Limited (HAFN) is profitable, generating $433.8M in net income for fiscal year 2024 (27.0% net margin).

Dividend & Returns

Yes, Hafnia Limited (HAFN) pays a dividend with a yield of 23.31%. This makes it attractive for income-focused investors.

Hafnia Limited (HAFN) has a return on equity (ROE) of 34.6%. This is excellent, indicating efficient use of shareholder capital.

Hafnia Limited (HAFN) generated $717.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Hafnia Limited (HAFN) 10-Year Financial Performance & Capital Metrics

HAFN • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

Revenue $2.87B +7.4%
EBITDA $1.02B -5.2%
Net Income $774M -2.4%
EPS (Diluted) 1.50 -3.8%
Gross Margin 29.62% -25.6%
EBITDA Margin 35.59% -11.7%
Operating Margin 28.09% -12.5%
Net Margin 26.98% -9.1%
ROE 34.57% -7.6%
ROIC 18.94% +0.2%
Debt/Equity 0.50 -14.5%
Interest Coverage 13.31 +20.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 40.0%
✓Strong 5Y profit CAGR of 60.9%
✓FCF machine: 34.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 28.2%
✓Healthy 5Y average net margin of 21.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y28.17%

3Y53.7%

TTM-14.42%

Profit (Net Income) CAGR

10Y-

5Y60.86%

3Y-

TTM-45.51%

EPS CAGR

10Y-

5Y48.17%

3Y-

TTM-45.86%

ROCE

10Y Avg11.27%

5Y Avg17.22%

3Y Avg25.79%

Latest25.65%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	189.97M	350.16M	346.27M	829.27M	961.03M	790M	1.89B	2.67B	2.87B
Revenue Growth %	-	0.84%	-0.01%	1.39%	0.16%	-0.18%	1.39%	0.41%	0.07%
Cost of Goods Sold+	150.51M	321.62M	329.34M	663.11M	716.47M	770.64M	1.09B	1.61B	2.02B
COGS % of Revenue	0.79%	0.92%	0.95%	0.8%	0.75%	0.98%	0.58%	0.6%	0.7%
Gross Profit+	39.46M	28.54M	16.93M	166.16M	244.56M	19.36M	801.13M	1.06B	849.63M
Gross Margin %	0.21%	0.08%	0.05%	0.2%	0.25%	0.02%	0.42%	0.4%	0.3%
Gross Profit Growth %	-	-0.28%	-0.41%	8.81%	0.47%	-0.92%	40.38%	0.33%	-0.2%
Operating Expenses+	11.64M	-1.66M	-1.49M	19.58M	17.63M	41.86M	58.38M	205.22M	43.9M
OpEx % of Revenue	0.06%	-0%	-0%	0.02%	0.02%	0.05%	0.03%	0.08%	0.02%
Selling, General & Admin	11.64M	9.73M	0	31.93M	42.89M	41.86M	58.38M	25.69M	50.6M
SG&A % of Revenue	0.06%	0.03%	-	0.04%	0.04%	0.05%	0.03%	0.01%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	11.39M	-1.49M	12.36M	25.26M	0	0	179.53M	-6.7M
Operating Income+	27.83M	30.2M	18.42M	146.58M	226.93M	-22.49M	742.75M	857.95M	805.73M
Operating Margin %	0.15%	0.09%	0.05%	0.18%	0.24%	-0.03%	0.39%	0.32%	0.28%
Operating Income Growth %	-	0.09%	-0.39%	6.96%	0.55%	-1.1%	34.02%	0.16%	-0.06%
EBITDA+	75.24M	84.96M	71.87M	278.31M	398.94M	125.22M	947.96M	1.08B	1.02B
EBITDA Margin %	0.4%	0.24%	0.21%	0.34%	0.42%	0.16%	0.5%	0.4%	0.36%
EBITDA Growth %	-	0.13%	-0.15%	2.87%	0.43%	-0.69%	6.57%	0.14%	-0.05%
D&A (Non-Cash Add-back)	47.41M	54.76M	53.45M	131.73M	172M	147.71M	205.21M	218.99M	215.11M
EBIT	32.72M	30.31M	11.7M	149.55M	198.38M	-12.1M	849.36M	908.63M	777.21M
Net Interest Income+	-20.22M	-27.19M	-30.03M	-73.71M	-51.86M	-43.31M	-92.69M	-59.76M	-45.13M
Interest Income	587.89K	105.11K	241.57K	3.82M	2.21M	2.29M	1.54M	17.63M	15.41M
Interest Expense	20.8M	27.3M	30.27M	77.53M	54.07M	45.61M	94.23M	77.39M	60.55M
Other Income/Expense	-214.43M	-26.9M	-31.95M	-72.85M	-42.14M	-28.61M	-64.95M	-58.42M	-27.27M
Pretax Income+	11.91M	3.01M	-18.57M	72.02M	160.96M	-48.04M	720.04M	799.53M	778.45M
Pretax Margin %	0.06%	0.01%	-0.05%	0.09%	0.17%	-0.06%	0.38%	0.3%	0.27%
Income Tax+	1.08M	20.21K	22.56K	1.02M	2.92M	4.28M	6.55M	6.25M	4.42M
Effective Tax Rate %	0.64%	0.99%	1%	1%	0.92%	1.12%	1.04%	0.99%	0.99%
Net Income+	7.61M	2.99M	-18.59M	71.86M	148.78M	-54.04M	751.59M	793.27M	774.03M
Net Margin %	0.04%	0.01%	-0.05%	0.09%	0.15%	-0.07%	0.4%	0.3%	0.27%
Net Income Growth %	-	-0.61%	-7.21%	4.86%	1.07%	-1.36%	14.91%	0.06%	-0.02%
Net Income (Continuing)	10.83M	2.99M	-18.59M	71M	158.04M	-55.49M	713.49M	793.27M	774.03M
Discontinued Operations	-194.22M	0	0	0	0	0	0	0	0
Minority Interest	208.91M	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.07	0.03	-0.15	0.21	0.45	-0.15	1.51	1.56	1.50
EPS Growth %	-	-0.61%	-6.49%	2.4%	1.14%	-1.33%	11.07%	0.03%	-0.04%
EPS (Basic)	0.07	0.03	-0.15	0.21	0.45	-0.15	1.54	1.57	1.52
Diluted Shares Outstanding	109.63M	109.63M	122.49M	349.8M	364.36M	363.13M	489.08M	508.69M	515.11M
Basic Shares Outstanding	109.63M	109.63M	122.49M	347.05M	364.36M	363.13M	477.89M	505.14M	510.1M
Dividend Payout Ratio	-	-	-	-	0.66%	-	0.32%	0.69%	0.9%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	120.54M	113.18M	139.08M	334.82M	280.78M	342.54M	878.56M	930.07M	897.74M
Cash & Short-Term Investments	95.49M	41.37M	52.46M	91.61M	100.67M	99.95M	281.53M	221.86M	282.83M
Cash Only	95.49M	41.37M	52.46M	91.61M	100.67M	99.95M	281.53M	221.86M	282.83M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	13.35M	55.93M	58.47M	223.06M	158.92M	226.42M	483.58M	566.75M	486.41M
Days Sales Outstanding	25.66	58.3	61.63	98.18	60.36	104.61	93.41	77.43	61.89
Inventory	4.48M	14.56M	22.66M	6.99M	5.23M	6.65M	90.32M	107.38M	93.91M
Days Inventory Outstanding	10.87	16.52	25.11	3.85	2.66	3.15	30.29	24.37	16.98
Other Current Assets	0	9K	4K	2.74M	11.24M	251.68K	1.43M	12.86M	18.47M
Total Non-Current Assets+	1.04B	1.11B	1.17B	2.35B	2.26B	2.17B	3.08B	2.97B	2.79B
Property, Plant & Equipment	1.01B	1.11B	1.17B	2.31B	2.21B	2.08B	2.89B	2.77B	2.6B
Fixed Asset Turnover	0.19x	0.32x	0.30x	0.36x	0.44x	0.38x	0.65x	0.96x	1.10x
Goodwill	6M	0	0	0	0	0	0	0	0
Intangible Assets	635K	0	0	3.16M	4.42M	3.57M	2.6M	1.29M	508.68K
Long-Term Investments	1.94M	505K	3.16M	31.3M	52.23M	79.52M	192.19M	201.56M	193.63M
Other Non-Current Assets	26M	-58K	0	0	0	0	0	0	0
Total Assets+	1.16B	1.22B	1.31B	2.68B	2.54B	2.51B	3.96B	3.9B	3.69B
Asset Turnover	0.16x	0.29x	0.26x	0.31x	0.38x	0.32x	0.48x	0.68x	0.78x
Asset Growth %	-	0.05%	0.08%	1.04%	-0.05%	-0.01%	0.58%	-0.02%	-0.05%
Total Current Liabilities+	60.53M	202.75M	125.52M	320.22M	251.69M	315.41M	483.24M	659.23M	652.13M
Accounts Payable	1.73M	45.09M	48.52M	105.47M	70.52M	29.46M	41.69M	219.31M	192.93M
Days Payables Outstanding	4.2	51.17	53.77	58.06	35.92	13.95	13.98	49.76	34.88
Short-Term Debt	47.71M	157.63M	76.94M	213.33M	179.08M	248.06M	321.5M	266.54M	335.42M
Deferred Revenue (Current)	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	7.6M	-1.86M	34K	0	18K	35.87M	115.3M	165.3M	121.03M
Current Ratio	1.99x	0.56x	1.11x	1.05x	1.12x	1.09x	1.82x	1.41x	1.38x
Quick Ratio	1.92x	0.49x	0.93x	1.02x	1.09x	1.06x	1.63x	1.25x	1.23x
Cash Conversion Cycle	32.33	23.65	32.97	43.97	27.1	93.81	109.72	52.03	43.99
Total Non-Current Liabilities+	497.44M	619.19M	617.48M	1.24B	1.14B	1.08B	1.46B	1.02B	783.91M
Long-Term Debt	496.8M	614.24M	613.04M	1.05B	972.37M	937.52M	630.03M	397.33M	321.98M
Capital Lease Obligations	0	0	0	186.34M	155.84M	143.95M	831.41M	624.66M	461.93M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	639K	4.95M	4.44M	7.75M	15.97M	305.62K	0	0	0
Total Liabilities	557.97M	821.94M	743M	1.56B	1.4B	1.4B	1.94B	1.68B	1.44B
Total Debt+	544.52M	771.87M	689.98M	1.45B	1.31B	1.33B	1.78B	1.29B	1.12B
Net Debt	449.03M	730.5M	637.52M	1.36B	1.21B	1.23B	1.5B	1.07B	836.5M
Debt / Equity	0.90x	1.94x	1.21x	1.29x	1.14x	1.20x	0.88x	0.58x	0.50x
Debt / EBITDA	7.24x	9.08x	9.60x	5.20x	3.28x	10.62x	1.88x	1.20x	1.10x
Net Debt / EBITDA	5.97x	8.60x	8.87x	4.87x	3.02x	9.82x	1.58x	0.99x	0.82x
Interest Coverage	1.34x	1.11x	0.61x	1.89x	4.20x	-0.49x	7.88x	11.09x	13.31x
Total Equity+	603.61M	397.82M	571.08M	1.12B	1.15B	1.11B	2.02B	2.22B	2.26B
Equity Growth %	-	-0.34%	0.44%	0.96%	0.03%	-0.03%	0.82%	0.1%	0.02%
Book Value per Share	5.51	3.63	4.66	3.20	3.15	3.06	4.13	4.37	4.38
Total Shareholders' Equity	394.7M	397.82M	571.08M	1.12B	1.15B	1.11B	2.02B	2.22B	2.26B
Common Stock	339K	1.17M	1.96M	3.7M	3.7M	3.7M	5.06M	5.05M	1.09B
Retained Earnings	42.7M	-217.74M	-242.38M	-120.92M	-70.46M	-125.8M	383.53M	629.15M	703.35M
Treasury Stock	-258K	0	0	-500K	-13M	-12.82M	-12.73M	-17.9M	-53.3M
Accumulated OCI	-507K	50.48M	53.17M	-5.72M	-14.15M	5.14M	73.97M	27.54M	516.37M
Minority Interest	208.91M	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	99.9M	81.36M	59.67M	242.83M	398.47M	106.44M	770.89M	1.06B	1.03B
Operating CF Margin %	0.53%	0.23%	0.17%	0.29%	0.41%	0.13%	0.41%	0.4%	0.36%
Operating CF Growth %	-	-0.19%	-0.27%	3.07%	0.64%	-0.73%	6.24%	0.38%	-0.03%
Net Income	-186.61M	2.96M	-19.78M	71.73M	148.78M	-55.49M	751.59M	793.27M	774.03M
Depreciation & Amortization	59.58M	54.18M	56.87M	131.5M	156.44M	151.68M	209.22M	211.03M	215.11M
Stock-Based Compensation	0	0	0	823K	1.18M	3.15M	1.76M	2.82M	2.96M
Deferred Taxes	0	0	24K	1.01M	2.65M	4.39M	6.68M	6.25M	4.42M
Other Non-Cash Items	214.17M	25.52M	37.94M	73.66M	52.98M	46.74M	34.48M	-1.29M	-10.76M
Working Capital Changes	12.77M	-1.31M	-15.38M	-35.91M	36.45M	-44.02M	-232.84M	48.72M	44.6M
Change in Receivables	9.31M	-4.39M	-11.53M	-83.31M	70.73M	-37.46M	-259.62M	-139.17M	86.14M
Change in Inventory	-3.55M	-3.72M	-8.1M	21.11M	1.76M	-1.43M	-16.09M	-17.77M	13.55M
Change in Payables	0	0	0	0	0	0	0	0	0
Cash from Investing+	-51.65M	-117.82M	-16.99M	-282.43M	-50.56M	-47.88M	-179.13M	-31.68M	29.89M
Capital Expenditures	-111.67M	-117.92M	-17.25M	-278.57M	-47.58M	-26.66M	-447.13M	-184.39M	-49.6M
CapEx % of Revenue	0.59%	0.34%	0.05%	0.34%	0.05%	0.03%	0.24%	0.07%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	60.02M	104K	257K	-425K	-2.98M	-7.5M	270.13M	165.36M	78.87M
Cash from Financing+	-36M	40.62M	-31.59M	45.22M	-338.86M	-59.15M	-465.13M	-1.09B	-999.21M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-98.32M	0	-243.75M	-544.14M	-699.88M
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-20.64M	-27.44M	-30.57M	-65.51M	-37.23M	-38.34M	-93.13M	-85.18M	-49.84M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.77M	-36.56M	42.42M	-36.19M	349.88M	79.41M	323.51M	876.41M	980.74M
FCF Margin %	-0.06%	-0.1%	0.12%	-0.04%	0.36%	0.1%	0.17%	0.33%	0.34%
FCF Growth %	-	-2.11%	2.16%	-1.85%	10.67%	-0.77%	3.07%	1.71%	0.12%
FCF per Share	-0.11	-0.33	0.35	-0.10	0.96	0.22	0.66	1.72	1.90
FCF Conversion (FCF/Net Income)	13.12x	27.17x	-3.21x	3.38x	2.68x	-1.97x	1.03x	1.34x	1.33x
Interest Paid	0	0	0	0	0	0	0	0	41.68M
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.26%	0.6%	-3.84%	8.51%	13.13%	-4.79%	48.05%	37.43%	34.57%
Return on Invested Capital (ROIC)	1.98%	2.08%	1.18%	5.97%	7.05%	-0.72%	19.01%	18.91%	18.94%
Gross Margin	20.77%	8.15%	4.89%	20.04%	25.45%	2.45%	42.4%	39.79%	29.62%
Net Margin	4.01%	0.86%	-5.37%	8.67%	15.48%	-6.84%	39.77%	29.69%	26.98%
Debt / Equity	0.90x	1.94x	1.21x	1.29x	1.14x	1.20x	0.88x	0.58x	0.50x
Interest Coverage	1.34x	1.11x	0.61x	1.89x	4.20x	-0.49x	7.88x	11.09x	13.31x
FCF Conversion	13.12x	27.17x	-3.21x	3.38x	2.68x	-1.97x	1.03x	1.34x	1.33x
Revenue Growth	-	84.32%	-1.11%	139.48%	15.89%	-17.8%	139.19%	41.39%	7.37%

Revenue by Segment

	2024
Non lease component	40.33M
Non lease component Growth	-

Frequently Asked Questions

Valuation & Price

Hafnia Limited (HAFN) has a price-to-earnings (P/E) ratio of 3.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Hafnia Limited (HAFN) reported $2.36B in revenue for fiscal year 2024. This represents a 1144% increase from $190.0M in 2016.

Hafnia Limited (HAFN) grew revenue by 7.4% over the past year. This is steady growth.

Yes, Hafnia Limited (HAFN) is profitable, generating $433.8M in net income for fiscal year 2024 (27.0% net margin).

Dividend & Returns

Yes, Hafnia Limited (HAFN) pays a dividend with a yield of 23.31%. This makes it attractive for income-focused investors.

Hafnia Limited (HAFN) has a return on equity (ROE) of 34.6%. This is excellent, indicating efficient use of shareholder capital.

Hafnia Limited (HAFN) generated $717.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.