Latest Ratios: P/E Ratio 16.2x · EV/EBITDA 13.7x · ROE 19.4%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $2.0B | $1.5B | $1.6B | $1.5B | $878M | $889M | $1.4B | $562M | $447M | $387M |
| Enterprise Value | $3.8B | $2.3B | $1.8B | $1.9B | $1.7B | $1.3B | $1.3B | $2.2B | $1.4B | $1.2B | $979M |
| P/E Ratio → | 16.24 | 9.32 | 8.29 | 9.91 | 24.00 | — | 3.25 | 16.24 | — | 71.80 | 41.40 |
| P/S Ratio | 6.89 | 3.95 | 2.62 | 2.84 | 3.22 | 2.97 | 1.29 | 2.60 | 1.50 | 1.26 | 1.09 |
| P/B Ratio | 3.02 | 1.73 | 1.44 | 1.54 | 1.36 | 0.84 | 0.80 | 1.49 | 0.65 | 0.48 | 0.56 |
| P/FCF | — | — | 7.44 | 12.93 | 12.43 | — | 1.77 | 13.64 | — | — | — |
| P/OCF | 12.39 | 7.10 | 5.02 | 6.34 | 11.44 | 14.49 | 1.68 | 8.93 | 10.42 | 4.39 | 1.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.65 | 3.21 | 3.48 | 3.82 | 4.54 | 1.84 | 4.07 | 3.82 | 3.26 | 2.75 |
| EV / EBITDA | 13.67 | 8.37 | 5.69 | 6.45 | 8.78 | 10.42 | 2.90 | 8.55 | 11.98 | 8.25 | 7.84 |
| EV / EBIT | 22.23 | 10.25 | 8.64 | 9.98 | 19.54 | 92.10 | 4.16 | 16.85 | 194.76 | 24.68 | 22.03 |
| EV / FCF | — | — | 9.10 | 15.82 | 14.73 | — | 2.53 | 21.32 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.2% | 38.2% | 54.8% | 37.6% | 15.8% | -1.0% | 49.8% | 28.7% | 9.2% | 20.4% | 40.6% |
| Operating Margin | 34.2% | 34.2% | 36.8% | 34.4% | 16.3% | 0.1% | 45.4% | 26.0% | 4.3% | 12.2% | 11.4% |
| Net Profit Margin | 42.5% | 42.5% | 31.7% | 28.8% | 13.5% | -3.9% | 38.5% | 13.8% | -12.5% | 1.9% | 2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | 17.5% | 15.3% | 5.8% | -1.1% | 26.1% | 8.2% | -5.3% | 0.8% | 1.3% |
| ROA | 13.7% | 13.7% | 12.2% | 10.8% | 3.9% | -0.7% | 15.4% | 4.0% | -2.6% | 0.4% | 0.7% |
| ROIC | 8.9% | 8.9% | 11.4% | 10.6% | 3.9% | 0.0% | 14.7% | 6.0% | 0.7% | 2.2% | 2.4% |
| ROCE | 11.7% | 11.7% | 15.0% | 13.4% | 4.9% | 0.0% | 19.2% | 8.1% | 1.0% | 2.9% | 3.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.40 | 0.42 | 0.37 | 0.50 | 0.41 | 0.91 | 1.12 | 0.85 | 1.02 |
| Debt / EBITDA | 1.55 | 1.55 | 1.28 | 1.42 | 2.01 | 4.08 | 1.03 | 3.34 | 8.08 | 5.61 | 5.62 |
| Net Debt / Equity | — | 0.31 | 0.32 | 0.34 | 0.25 | 0.44 | 0.34 | 0.84 | 1.01 | 0.77 | 0.86 |
| Net Debt / EBITDA | 1.27 | 1.27 | 1.04 | 1.18 | 1.37 | 3.61 | 0.87 | 3.08 | 7.28 | 5.06 | 4.74 |
| Debt / FCF | — | — | 1.66 | 2.89 | 2.30 | — | 0.76 | 7.68 | — | — | — |
| Interest Coverage | 15.92 | 15.92 | 6.99 | 5.90 | 3.39 | 0.57 | 7.96 | 2.33 | 0.14 | 1.17 | 1.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.80 | 2.80 | 1.84 | 3.54 | 3.66 | 3.15 | 2.47 | 1.68 | 1.56 | 2.01 | 2.40 |
| Quick Ratio | 2.47 | 2.47 | 1.50 | 2.94 | 3.15 | 2.35 | 2.22 | 1.41 | 1.30 | 1.73 | 2.30 |
| Cash Ratio | 1.06 | 1.06 | 0.71 | 1.32 | 1.96 | 1.44 | 1.43 | 0.52 | 0.77 | 0.93 | 1.47 |
| Asset Turnover | — | 0.31 | 0.38 | 0.38 | 0.30 | 0.18 | 0.43 | 0.29 | 0.20 | 0.21 | 0.25 |
| Inventory Turnover | 12.46 | 12.46 | 6.85 | 10.35 | 11.57 | 8.95 | 29.27 | 11.19 | 10.59 | 11.93 | 26.76 |
| Days Sales Outstanding | — | 39.16 | 34.29 | 49.39 | 47.79 | 37.46 | 15.88 | 73.57 | 58.44 | 43.39 | 35.33 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 6.1% | 10.8% | 11.7% | 1.3% | 2.5% | 24.1% | 2.1% | 2.0% | 5.2% | 17.2% |
| Payout Ratio | 56.3% | 56.3% | 89.0% | 115.7% | 32.0% | — | 80.6% | 38.9% | — | 353.3% | 716.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 10.7% | 12.1% | 10.1% | 4.2% | — | 30.8% | 6.2% | — | 1.4% | 2.4% |
| FCF Yield | — | — | 13.4% | 7.7% | 8.0% | — | 56.5% | 7.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.9% | 1.2% | 1.7% | 3.7% | 0.0% | 0.2% | 0.9% | 57.0% | 0.5% |
| Total Shareholder Yield | 3.5% | 6.1% | 11.6% | 12.9% | 3.0% | 6.2% | 24.1% | 2.3% | 2.9% | 62.2% | 17.7% |
| Shares Outstanding | — | $161M | $161M | $162M | $165M | $169M | $170M | $168M | $143M | $125M | $93M |
Includes 30+ ratios · 25 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DHT stock.
DHT Holdings, Inc.'s current P/E ratio is 16.2x. The historical average is 19.9x. This places it at the 69th percentile of its historical range.
DHT Holdings, Inc.'s current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.1x.
DHT Holdings, Inc.'s return on equity (ROE) is 19.4%. The historical average is 23.8%.
Based on historical data, DHT Holdings, Inc. is trading at a P/E of 16.2x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DHT Holdings, Inc.'s current dividend yield is 3.48% with a payout ratio of 56.3%.
DHT Holdings, Inc. has 38.2% gross margin and 34.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
DHT Holdings, Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Earnings quality from non-operating gains
Margin Divergence Masks Core Strength
Gross margin surged to 73.3% in 2026Q2 from 37.0% a year earlier, per the latest financials, while net margin of 69.6% fell below operating margin of 71.3%, suggesting non-operating items are no longer inflating earnings.
The sharp gross margin expansion reflects DHT's scrubber-fitted fleet capturing a wider Hi-5 spread, a structural advantage over peers. However, the historical pattern where net margin exceeded operating margin (e.g., 88.2% vs 57.7% in 2026Q1) indicates reliance on non-operating gains, which may not recur. Investors should focus on operating margin as the truer measure of core earning power, as it isolates the spread between TCE rates and voyage costs.
ROIC Inflects Sharply with Cycle
ROIC jumped to 9.5% in 2026Q2 from 3.4% a year earlier, as reported in the quarterly data, signaling a cyclical inflection in capital efficiency, though it remains below the cost of capital in trough quarters.
The ten-quarter trend shows ROIC oscillating between 2.3% and 9.5%, closely tracking spot rate cycles. The 2026Q2 surge is driven by margin expansion rather than asset turnover, which remains low at 0.16 due to the asset-heavy VLCC model. This suggests returns are highly sensitive to freight rates, and the current level may not be sustainable if the cycle peaks. ROE of 15.5% benefits from minimal leverage, amplifying the cyclicality.
Working Capital Efficiency Improves
Cash conversion cycle compressed to 33 days in 2026Q2 from 68 days in 2024Q1, per the quarterly data, driven by faster collections and lower inventory days, indicating improved working capital management.
DSO fell to 28 days from 48 days over the same period, reflecting tighter credit terms or a shift in charter mix. DPO rose to 29 days from 17 days, suggesting increased supplier leverage. The improvement in CCC is notable given the cyclical revenue swings, but the low asset turnover (0.16) remains a structural characteristic of the industry, limiting overall efficiency gains.
Minimal Debt Provides Strategic Flexibility
Debt-to-equity stands at 0.33 in 2026Q2, down from 0.41 in the prior quarter, per the balance sheet, with interest coverage of 32x, indicating a fortress balance sheet that can weather rate downturns.
The exceptionally low leverage is unusual for a capital-intensive shipping company and suggests management prioritizes balance sheet integrity over growth. Interest coverage of 32x provides ample cushion against rate volatility, and the low D/EBITDA of 1.88 implies minimal refinancing risk. However, this conservative posture may limit tax shields and could signal a lack of growth opportunities, which investors should monitor.
Liquidity Buffer Strengthens
Current ratio improved to 3.64 in 2026Q2 from 1.83 in 2026Q1, per the balance sheet, with cash more than doubling to $161.7M, indicating ample short-term coverage even under stress.
The quick ratio of 3.32 suggests minimal inventory dependence, typical of a service-oriented shipping business. The strong liquidity position, combined with low debt, provides a buffer against spot rate declines. However, the high fixed-cost structure means liquidity can erode quickly if rates fall, as seen in 2025Q1 when the current ratio was 1.59. The current strength is cyclical, not structural.
Misapplied Metric: Net Margin
Net margin is the most misapplied ratio for DHT, as it has repeatedly exceeded operating margin due to non-operating gains, per the income statement, obscuring core tanker earnings.
In 2026Q1, net margin was 88.2% versus operating margin of 57.7%, a divergence that suggests one-time gains from vessel sales or derivatives. Using net margin to assess profitability overstates the sustainability of earnings. Instead, investors should use operating margin or EBIT margin, which better reflect the spread between TCE rates and voyage costs. Additionally, adjusting for dry-docking costs and non-recurring items provides a clearer picture of recurring earning power.