Cash conversion efficiency has weakened, with the operating cash flow to net income ratio falling to 0.60 in 2026Q1 as heavy capital expenditures led to a negative free cash flow of $64.2 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 316.18M | 276.65M | 298.65M | 251.41M | 127.91M | 60.56M | 529.87M | 155.96M | 53.98M | 101.82M | 194.01M | 173.96M | 30.62M | 23.13M | 21.19M | 44.33M | 34.27M | 54.6M | 64.88M | 49.36M | 54M | 99.1M | 87.99M | 41.27M | 20.29M | 11.43M |
| Operating CF Margin % | - | 55.64% | 52.23% | 44.85% | 28.16% | 20.47% | 76.68% | 29.15% | 14.36% | 28.68% | 54.5% | 47.65% | 20.31% | 26.58% | 21.8% | 44.28% | 38.21% | 53.23% | 56.61% | 60.62% | 62.21% | 95.72% | 64.71% | 62.35% | 52.24% | 31.22% |
| Operating CF Growth % | 54.52% | -7.37% | 18.79% | 96.56% | 111.2% | -88.57% | 239.76% | 188.89% | -46.98% | -47.52% | 11.52% | 468.12% | 32.39% | 9.14% | -52.2% | 29.37% | -37.25% | -15.84% | 31.44% | -8.58% | -45.51% | 12.63% | 113.19% | 103.43% | 77.56% | - |
| Net Income | 331.49M | 211.09M | 181.38M | 161.35M | 61.98M | -11.51M | 266.28M | 73.68M | -46.93M | 6.6M | 9.26M | 105.3M | 12.89M | -4.13M | -94.05M | -40.27M | 6.38M | 16.85M | 42.15M | 27.46M | 35.75M | 53.11M | 86.69M | 29.43M | 8.44M | 6.12M |
| Depreciation & Amortization | 104.75M | 106.37M | 111.88M | 108.9M | 123.25M | 128.64M | 124.25M | 123.59M | 103.48M | 96.76M | 84.34M | 78.7M | 47M | 26.94M | 32.4M | 30.53M | 28.39M | 31.01M | 26.14M | 17.44M | 17.07M | 18.41M | 17.81M | 0 | 0 | 0 |
| Stock-Based Compensation | 2.2M | 0 | 4.29M | 3.23M | 4.13M | 4.35M | 5.11M | 2.53M | 2.6M | 4.95M | 7.37M | 6.91M | 1.6M | 3.12M | 887K | 897K | 913K | 749K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -31.93M | 19.44M | 0 | 7.76M | 9.12M | 80.42M | -3.17M | -34.37M | -772K | 102.73M | 0 | 0 | -749K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -92.14M | -45.75M | -23.41M | 2.81M | -33.02M | 2.55M | 5.54M | 8.71M | 15.15M | 6.34M | 8M | 7.52M | 1.88M | 669K | -2.07M | 55.05M | -78K | 749K | 476K | 365K | 123K | -36K | 0 | 11.84M | 11.84M | 5.31M |
| Working Capital Changes | -30.05M | 4.94M | 24.51M | -24.89M | -28.44M | -31.54M | 109.26M | -52.55M | -28.07M | -21.95M | 4.62M | -21.3M | 1.63M | -2.7M | -18.7M | -1.87M | -1.34M | 6M | -3.88M | 4.1M | 1.05M | 27.58M | -16.51M | 0 | 0 | 0 |
| Change in Receivables | -33.34M | -406K | 22.13M | -16.38M | -28.7M | -301K | 77.79M | -47.65M | -25.42M | -9.87M | 7.75M | -11.38M | 1.53M | -3.08M | -8.85M | 0 | 0 | 8.79M | 0 | 2.46M | 1.5M | -5.51M | 0 | 0 | 0 | 0 |
| Change in Inventory | 2.79M | 13.01M | -3.88M | -738K | 327K | -21.54M | 22.23M | -1.87M | -9.99M | -15.77M | 938K | 7.06M | -6.89M | 791K | -3.62M | 0 | 0 | 0 | 0 | 0 | 0 | 23.08M | 0 | 0 | 0 | 0 |
| Change in Payables | -7.15M | -11.21M | -163K | -5.23M | 5.57M | 1.51M | -6.91M | 0 | 8.23M | 5.41M | -1.56M | -9M | 7.58M | -2.79M | 956K | 965K | -1.59M | 326K | 0 | 1.79M | -439K | 3.9M | 0 | 0 | 0 | 0 |
| Cash from Investing | -245.07M | -172.55M | -97.03M | -124.98M | 110.52M | -86.51M | -26.72M | -53.37M | -188.16M | -441.39M | -213.03M | -118.34M | -551.35M | -16.95M | 9.82M | -123.2M | -5.62M | -5.41M | -81.19M | -101.84M | 0 | -413.58M | -13.44M | -14.5M | -41.4M | -9.11M |
| Capital Expenditures | -447.12M | -309.94M | -97.03M | -128.23M | -10.14M | -174.61M | -27.55M | -53.88M | -234.97M | -553.22M | -235.51M | -144.97M | -295.12M | -39.18M | -3.84M | -123.2M | -5.6M | -5.41M | -81.19M | -92.7M | 0 | -413.58M | -13.44M | 0 | 0 | 0 |
| CapEx % of Revenue | 78.99% | 62.34% | 16.97% | 22.88% | 2.23% | 59.02% | 3.99% | 10.07% | 62.5% | 155.81% | 66.15% | 39.7% | 195.72% | 45.03% | 3.95% | 123.05% | 6.24% | 5.28% | 70.84% | 113.84% | - | 399.46% | 9.88% | - | - | - |
| Acquisitions | 94.9M | 137.39M | 0 | 0 | 8.27M | 87.06M | 0 | 0 | 409K | 415K | 242K | 120K | -256.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 107.14M | 0 | 0 | 3.26M | 112.4M | 1.03M | 835K | 513K | 46.39M | 111.42M | 22.23M | 26.5M | -1K | 22.23M | 13.66M | -123.2M | -21K | -5.41M | 0 | -9.14M | 0 | -51.72M | 0 | -14.5M | -41.4M | -9.11M |
| Cash from Financing | -25.37M | -103.36M | -197.91M | -177.76M | -173.34M | 17.97M | -501.87M | -130.18M | 151.83M | 307.57M | -38.45M | -55.53M | 561.34M | 47.81M | -2.33M | 62.93M | -42.74M | -35.55M | 64.96M | 45.17M | -52.21M | 330.37M | -74.55M | -26.78M | 21.11M | -2.31M |
| Debt Issued (Net) | 139.12M | 16.96M | -23.32M | 28.31M | -128.91M | 72.23M | -287.2M | -98.24M | 168.34M | 76.05M | 29.94M | -6.33M | 207.02M | -56.3M | -69.24M | 15.09M | -28M | -50M | 15.3M | 92.61M | 0 | 88.87M | -74.55M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | -13.2M | -18.81M | -24.76M | -32.18M | 0 | -3.25M | -5.03M | 0 | -2.03M | 0 | 0 | 106.06M | 75.94M | 67.54M | 0 | 38.4M | 91.43M | 0 | 0 | 178.18M | 0 | 0 | 0 | 0 |
| Dividends Paid | -157.65M | -118.91M | -161.4M | -186.67M | -19.68M | -22.08M | -214.67M | -28.68M | -11.49M | -23.33M | -66.36M | -49.19M | -6.01M | -1.19M | -9.04M | -19.71M | -14.74M | -23.95M | -41.9M | -47.44M | -52.21M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -13.2M | -18.81M | -24.76M | -32.18M | 0 | -3.25M | -5.03M | 254.84M | -2.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.83M | -1.41M | 1K | -590K | 1K | -1K | 1K | 2 | 0 | 0 | 0 | 0 | 360.34M | -771K | 0 | 0 | 0 | 0 | 134K | 0 | 0 | 63.32M | -30.16K | -26.78M | 21.11M | -2.31M |
| Net Change in Cash | 45.74M | 891K | 3.4M | -51.21M | 65.29M | -7.98M | 1.28M | -27.59M | 17.65M | -32M | -57.48M | 91K | 40.62M | 54.76M | 28.68M | -15.95M | -14.1M | 13.64M | 48.66M | -7.32M | 1.79M | 15.89M | 0 | 0 | 0 | 0 |
| Free Cash Flow | -130.94M | -33.29M | 201.62M | 123.18M | 117.76M | -114.04M | 502.32M | 102.07M | -180.98M | -451.41M | -41.5M | 29M | -264.5M | -16.05M | 17.35M | -78.87M | 28.67M | 49.19M | -16.3M | -43.34M | 54M | -314.48M | 74.55M | 41.27M | 20.29M | 11.43M |
| FCF Margin % | -23.13% | -6.7% | 35.26% | 21.97% | 25.93% | -38.55% | 72.69% | 19.08% | -48.14% | -127.14% | -11.66% | 7.94% | -175.41% | -18.44% | 17.85% | -78.78% | 31.97% | 47.96% | -14.23% | -53.22% | 62.21% | -303.74% | 54.83% | 62.35% | 52.24% | 31.22% |
| FCF Growth % | -177.46% | -116.51% | 63.68% | 4.6% | 203.26% | -122.7% | 392.11% | 156.4% | 59.91% | -987.73% | -243.11% | 110.96% | -1548.19% | -192.5% | 122% | -375.14% | -41.73% | 401.74% | 62.38% | -180.26% | 117.17% | -521.82% | 80.64% | 103.43% | 77.56% | - |
| FCF per Share | -0.81 | -0.21 | 1.25 | 0.76 | 0.71 | -0.67 | 2.95 | 0.61 | -1.26 | -3.62 | -0.44 | 0.26 | -3.61 | -0.91 | 1.44 | -15.08 | 7.05 | 12.74 | -5.43 | -17.31 | 21.59 | -125.77 | 29.81 | 16.51 | 8.11 | 4.57 |
| FCF Conversion (FCF/Net Income) | -0.39x | 1.31x | 1.65x | 1.56x | 2.08x | -5.26x | 1.99x | 2.12x | -1.15x | 15.42x | 20.95x | 1.65x | 2.38x | -5.61x | -0.23x | -1.10x | 5.37x | 3.24x | 1.54x | 1.80x | 1.51x | 1.87x | 1.01x | 1.40x | 2.40x | 1.87x |
| Interest Paid | 11.8M | 0 | 31.26M | 0 | 0 | 0 | 0 | 49.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensive fleet renewal
As reported in recent financial statements, DHT's operating cash flow to net income ratio has fluctuated significantly, reaching a low of 0.60 in 2026Q1, which suggests that reported earnings are increasingly decoupled from actual cash generation due to non-operating accounting adjustments and potential working capital timing differences.
The divergence between net income and operating cash flow warrants caution, as the 0.60 ratio in 2026Q1 indicates that a substantial portion of reported profits may not be translating into liquid inflows. Investors should monitor whether this trend reflects a structural shift in earnings quality or merely temporary accounting noise related to voyage-end recognition.
Based on the provided quarterly data, DHT's free cash flow trajectory has turned negative, with a deficit of $64.2 million in 2026Q1, marking a sharp reversal from the positive cash generation observed in previous periods as heavy capital expenditures began to outpace operating cash inflows.
The transition to negative free cash flow appears driven by aggressive capital allocation rather than operational failure. This trajectory suggests that the company is prioritizing long-term asset renewal, though it places immediate pressure on the sustainability of dividend distributions if the current spending pace persists.
According to recent SEC filings, DHT's capital expenditure intensity has surged, with the CapEx-to-revenue ratio reaching 87.4% in 2026Q1, a significant escalation from the 1.5% level seen in 2023Q4, indicating a major shift toward fleet modernization or significant vessel retrofitting programs.
This spike in capital intensity suggests that the company is actively reinvesting in its fleet to maintain competitive advantages, such as scrubber efficiency. While this may enhance long-term operational performance, the current level of spending appears to be a primary factor in the recent erosion of free cash flow.
As reported in financial statements, DHT has maintained consistent dividend payments despite the recent swing to negative free cash flow, with $66.0 million distributed in 2026Q1, which may indicate management's confidence in the company's underlying liquidity and the temporary nature of current capital expenditure requirements.
The decision to continue dividend payments while free cash flow is negative suggests a reliance on existing cash reserves or balance sheet strength. Analysts should investigate whether this payout policy remains prudent if the current high-CapEx environment continues to suppress net cash generation over the coming quarters.
Quick answers to the most common questions about buying DHT stock.
DHT Holdings, Inc. (DHT) generated $276.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DHT Holdings, Inc. (DHT) reported negative free cash flow of $33.3M in 2025, indicating capital requirements exceeded cash from operations.
DHT Holdings, Inc. (DHT) spent $309.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DHT Holdings, Inc. (DHT) returned $118.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.