Latest Ratios: P/E Ratio 4.5x · EV/EBITDA 8.6x · ROE 3.5%. (2001–2025 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 | $289M | $183M | $233M | $303M | $325M | $330M | $166M | $296M | $333M | $390M | $243M |
| Enterprise Value | $803M | $697M | $746M | $844M | $912M | $627M | $504M | $664M | $737M | $951M | $743M |
| P/E Ratio → | 4.54 | 15.09 | 33.33 | 6.91 | 2.87 | 6.38 | — | — | 4.97 | — | — |
| P/S Ratio | 1.34 | 0.86 | 1.02 | 1.15 | 1.12 | 1.54 | 0.98 | 1.34 | 1.47 | 2.41 | 2.13 |
| P/B Ratio | 0.51 | 0.37 | 0.46 | 0.62 | 0.67 | 0.84 | 0.39 | 0.52 | 0.53 | 0.62 | 0.23 |
| P/FCF | — | 4.14 | 4.30 | 8.20 | — | 5.23 | 15.79 | 6.35 | 4.48 | — | — |
| P/OCF | 6.09 | 3.86 | 2.97 | 4.41 | 2.09 | 4.02 | 9.98 | 5.98 | 4.32 | 16.66 | — |
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 | — | 3.27 | 3.27 | 3.22 | 3.14 | 2.93 | 2.97 | 3.01 | 3.26 | 5.87 | 6.50 |
| EV / EBITDA | 8.60 | 8.20 | 7.63 | 6.48 | 5.03 | 6.11 | — | 9.98 | 8.14 | — | — |
| EV / EBIT | 20.84 | 11.93 | 12.97 | 8.77 | 6.34 | 8.31 | — | 38.08 | 16.42 | — | — |
| EV / FCF | — | 15.73 | 13.79 | 22.85 | — | 9.93 | 47.84 | 14.24 | 9.92 | — | — |
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 | 34.8% | 34.8% | 38.3% | 43.2% | 57.8% | 43.6% | 16.1% | 30.7% | 31.4% | -14.9% | -58.7% |
| Operating Margin | 18.0% | 18.0% | 23.2% | 30.7% | 47.6% | 29.0% | -66.4% | 8.0% | 16.9% | -298.9% | -77.3% |
| Net Profit Margin | 8.3% | 8.3% | 5.6% | 19.0% | 41.1% | 26.8% | -79.1% | -4.8% | 7.3% | -316.1% | -143.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 3.5% | 2.6% | 10.2% | 27.0% | 14.0% | -26.9% | -1.8% | 2.6% | -60.9% | -14.4% |
| ROA | 1.5% | 1.5% | 1.1% | 4.2% | 11.8% | 6.7% | -13.8% | -0.9% | 1.4% | -35.1% | -9.4% |
| ROIC | 2.8% | 2.8% | 3.9% | 5.7% | 11.7% | 6.4% | -9.9% | 1.3% | 2.6% | -26.5% | -4.1% |
| ROCE | 3.3% | 3.3% | 4.9% | 7.5% | 15.1% | 7.8% | -12.4% | 1.7% | 3.4% | -35.1% | -5.2% |
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 | 1.27 | 1.27 | 1.26 | 1.31 | 1.36 | 1.08 | 0.98 | 0.83 | 0.85 | 0.96 | 0.57 |
| Debt / EBITDA | 7.48 | 7.48 | 6.53 | 4.94 | 3.66 | 4.13 | — | 7.14 | 5.87 | — | — |
| Net Debt / Equity | — | 1.02 | 1.02 | 1.11 | 1.20 | 0.75 | 0.79 | 0.64 | 0.64 | 0.90 | 0.47 |
| Net Debt / EBITDA | 6.04 | 6.04 | 5.25 | 4.16 | 3.24 | 2.89 | — | 5.53 | 4.46 | — | — |
| Debt / FCF | — | 11.59 | 9.49 | 14.66 | — | 4.70 | 32.05 | 7.89 | 5.44 | — | — |
| Interest Coverage | 1.44 | 1.44 | 1.28 | 1.95 | 5.82 | 3.33 | -5.16 | 0.62 | 1.59 | -19.49 | -7.41 |
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 | — | — | 2.58 | 2.14 | 1.23 | 2.19 | 2.02 | 2.09 | 1.13 | 1.73 | 1.47 |
| Quick Ratio | — | — | 2.52 | 2.08 | 1.19 | 2.09 | 1.95 | 2.01 | 1.09 | 1.65 | 1.40 |
| Cash Ratio | — | — | 2.35 | 1.91 | 0.93 | 1.95 | 1.35 | 1.64 | 1.01 | 0.50 | 1.25 |
| Asset Turnover | — | 0.18 | 0.19 | 0.22 | 0.25 | 0.25 | 0.19 | 0.21 | 0.19 | 0.13 | 0.07 |
| Inventory Turnover | — | — | 33.60 | 29.45 | 26.91 | 19.84 | 30.18 | 27.70 | 26.58 | 32.23 | 30.95 |
| Days Sales Outstanding | — | — | 10.81 | 8.38 | 7.98 | 6.45 | 13.83 | 13.04 | 4.76 | 197.49 | 19.18 |
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 | 1.8% | 2.5% | 12.5% | 13.7% | 24.6% | 2.7% | 3.5% | 1.9% | 1.7% | 1.5% | 2.4% |
| Payout Ratio | 26.0% | 26.0% | 227.6% | 83.1% | 67.0% | 15.4% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 22.0% | 6.6% | 3.0% | 14.5% | 34.9% | 15.7% | — | — | 20.1% | — | — |
| FCF Yield | — | 24.2% | 23.2% | 12.2% | — | 19.1% | 6.3% | 15.7% | 22.3% | — | — |
| Buyback Yield | 8.0% | 12.6% | 0.0% | 0.0% | 1.2% | 13.7% | 7.2% | 16.8% | 4.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.8% | 15.1% | 12.5% | 13.7% | 25.7% | 16.4% | 10.7% | 18.7% | 6.3% | 1.5% | 2.4% |
| Shares Outstanding | — | $110M | $119M | $102M | $83M | $85M | $86M | $95M | $105M | $96M | $80M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying DSX stock.
Diana Shipping Inc.'s current P/E ratio is 4.5x. The historical average is 10.0x. This places it at the 14th percentile of its historical range.
Diana Shipping Inc.'s current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
Diana Shipping Inc.'s return on equity (ROE) is 3.5%. The historical average is 9.1%.
Based on historical data, Diana Shipping Inc. is trading at a P/E of 4.5x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Diana Shipping Inc.'s current dividend yield is 1.79% with a payout ratio of 26.0%.
Diana Shipping Inc. has 34.8% gross margin and 18.0% operating margin. Operating margin between 10-20% is typical for established companies.
Diana Shipping Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Highest peer leverage amid fleet value erosion
Book Discount Offset by Earnings Volatility
Diana Shipping trades at 0.63x book value versus 0.86-1.41x for dry bulk peers, yet its trailing P/E of 26.09x sits near the top of the group, suggesting the cheapness on assets reflects fleet depreciation rather than a distressed equity valuation, per recent market data.
The 26.09x trailing P/E compressing to a 7.17x forward figure implies analysts expect earnings to roughly triple, which, given that 2026Q1's outsized net margin hinged on non-operating items, warrants scrutiny of whether the implied re-rating rests on repeatable charter economics or one-off gains. The 0.63x P/B discount to Star Bulk (1.41x) and Safe Bulkers (1.07x) appears less a value signal than a reflection of a $635M accumulated deficit and a shrinking net PP&E base that has fallen about $94M since 2024Q1.
Returns on Capital Drift Toward Zero
Diana Shipping's ROIC has decayed from 1.3% in 2024Q3 to 0.9% in 2026Q2, below every profitable peer except Genco, indicating the chartering fleet generates returns scarcely above its capital charge; as reported in SEC filings, ROE has likewise oscillated between 0.6% and 5.6%.
This is not compounding economics: ROIC moving inversely to the recent margin recovery suggests the driver is asset turnover stuck at 0.05x rather than margin expansion, meaning each dollar of vessel book value produces only a few cents of NOPAT. Because net PP&E is depreciating faster than reinvestment, the ROIC denominator may shrink mechanically, which could flatter returns without improving underlying fleet productivity — investors should monitor turnover alongside returns for that reason.
Debt Eases But Stays Peer-Leading
D/E has improved from 1.30x in 2025Q3 to 1.10x in 2026Q2, yet remains the highest among the four dry bulk comparables, while D/EBITDA of 19.96x and interest coverage of 3.16x per company-reported figures suggest debt service has grown more comfortable off depressed 2025Q4 levels.
The trajectory is directionally constructive, with total debt declining from $651.1M to $606.1M over three quarters alongside equity recovery to $551.5M, but 1.10x D/E versus Genco's 0.22x and Star Bulk's 0.50x points to a structurally heavier claim that limits flexibility if charter rates soften. The sharp D/EBITDA swing from 56.99x to 19.96x appears driven by EBITDA volatility rather than rapid repayment, and coverage of 3.16x should be tested against a full-cycle, not peak-quarter, earnings base before concluding the refinancing overhang has materially receded.
Structural Band Beneath Accounting Noise
Excluding the anomalous 60.1% gross margin in 2024Q4, Diana Shipping has held gross margins in a 32-39% band through 2026Q2's 36.2%, comparing favorably to Star Bulk and Genco; based on EDBL's reported figures, the operating margin of roughly 21% best reflects earning power.
Operating margin is the more reliable lens here: with SG&A pinned in the $8-9M range across all ten quarters, operating income has held in $7-17M, while net margin has swung from -4.9% to 53.3%, a divergence driven by non-operating items that inflates headline profitability. The read-through is that true earning power is moderate and commodity-exposed, with the 2026 margin improvement appearing genuine at the operating line but the reported net margin of 36.2% in 2026Q2 unlikely to be repeatable absent further vessel disposals or derivative gains.
Why the P/E Misleads on Dry Bulk
The P/E is the most misapplied metric for Diana Shipping, since 26.09x trailing versus 7.17x forward conflates vessel sale gains and derivative swings with recurring charter earnings, per recent financial statements; EV/EBITDA and P/B offer cleaner reads for an asset-heavy, earnings-non-recurring business model.
Because reported net income repeatedly decouples from operating income — 2026Q1's $29.1M net income on $11.3M of operating income being the clearest case — the P/E captures episodic balance-sheet events rather than the durability of charter cash flows, making any growth-based multiple like PEG meaningless here. Analysts should instead anchor on EV/EBITDA (10.64x trailing versus roughly 9.8x for Safe Bulkers and 13.1x for Star Bulk) and read P/B against vessel appraised values; a fair alternative diagnostic is net debt to normalized EBITDA, since fleet fair-value markdowns could compress book equity and mechanically worsen both P/B and leverage ratios simultaneously.