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HAFN logoHafnia Limited(HAFN)Earnings, Financials & Key Ratios

HAFN•NYSE
$8.82
$4.39B mkt cap·12.8× P/E·Price updated May 6, 2026
SectorIndustrialsIndustryMarine ShippingSub-IndustryOil and Product Tankers
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$2.35B-18.1%
  • EBITDA$544M-46.7%
  • Net Income$350M-54.8%
  • EPS (Diluted)0.69-54.0%
  • Gross Margin18.02%-39.2%
  • EBITDA Margin23.16%-34.9%
  • Operating Margin14.3%-49.1%
  • Net Margin14.89%-44.8%
  • ROE15.25%-55.9%
  • ROIC7.91%-58.2%
  • Debt/Equity0.49-1.4%
  • Interest Coverage5.62-57.8%
Technical→

HAFN Key Insights

Hafnia Limited (HAFN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 29.1%
  • ✓Strong 5Y profit CAGR of 18.6%
  • ✓FCF machine: 17.5% free cash flow margin
  • ✓Momentum leader: RS Rating 87 (top 13%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 21.9%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

HAFN Price & Volume

Hafnia Limited (HAFN) stock price & volume — 10-year historical chart

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HAFN Growth Metrics

Hafnia Limited (HAFN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years21.86%
3 Years6.83%
TTM-20.44%

Profit CAGR

10 Years-
5 Years18.64%
3 Years-22.51%
TTM-56.11%

EPS CAGR

10 Years-
5 Years8.92%
3 Years-22.98%
TTM-54.36%

Return on Capital

10 Years9.6%
5 Years18.13%
3 Years20.61%
Last Year10.66%

HAFN Recent Earnings

Hafnia Limited (HAFN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 12/12 qtrs (100%)
Q1 2026Latest
Feb 26, 2026
EPS
$0.22
Est $0.21
+3.1%
Revenue
$259M
Est $259M
+0.1%
Q4 2025
Dec 1, 2025
EPS
$0.18
Est $0.22
-18.2%
Revenue
$587M
Est $265M
+121.1%
Q3 2025
Aug 27, 2025
EPS
$0.15
Est $0.14
+7.1%
Revenue
$554M
Est $257M
+115.8%
Q2 2025
May 15, 2025
EPS
$0.13
Est $0.12
+8.3%
Revenue
$548M
Est $243M
+125.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 26, 2026
$0.22vs $0.21+3.1%
$259Mvs $259M+0.1%
Q4 2025Dec 1, 2025
$0.18vs $0.22-18.2%
$587Mvs $265M+121.1%
Q3 2025Aug 27, 2025
$0.15vs $0.14+7.1%
$554Mvs $257M+115.8%
Q2 2025May 15, 2025
$0.13vs $0.12+8.3%
$548Mvs $243M+125.2%
Based on last 12 quarters of dataView full earnings history →

HAFN Peer Comparison

Hafnia Limited (HAFN) competitors in Oil and Product Tankers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
STNG logoSTNGScorpio Tankers Inc.Direct Competitor4.27B82.5611.74-24.58%36.7%11.3%0.19
TRMD logoTRMDTORM plcDirect Competitor3.33B32.915.172.55%21.42%12.91%0.59
INSW logoINSWInternational Seaways, Inc.Direct Competitor4.24B85.7713.77-11.38%36.67%16.02%0.29
ASC logoASCArdmore Shipping CorporationDirect Competitor766.68M18.7921.35-23.56%13.22%6.37%0.20
FRO logoFROFrontline Ltd.Product Competitor8.39B37.7016.9113.77%12.34%9.37%1.60
DHT logoDHTDHT Holdings, Inc.Product Competitor3.05B18.9414.46-13.04%42.37%19.28%0.38
TK logoTKTeekay CorporationProduct Competitor1.14B13.629.59-16.7%7.95%4.04%0.03
TNK logoTNKTeekay Tankers Ltd.Product Competitor2.76B79.377.86-22.58%36.9%17.18%0.03

Compare HAFN vs Peers

Hafnia Limited (HAFN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs STNG

Most directly comparable listed peer for HAFN.

Scale Benchmark

vs FRO

Larger-name benchmark to compare HAFN against a more recognizable public peer.

Peer Set

Compare Top 5

vs STNG, TRMD, INSW, ASC

HAFN Income Statement

Hafnia Limited (HAFN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue346.48M368.39M827.86M874.1M811.22M1.93B2.67B2.87B2.35B
Revenue Growth %14.61%6.32%124.72%5.59%-7.19%137.49%38.68%7.37%-18.12%
Cost of Goods Sold318.24M326.13M646.54M634.98M623.64M1.09B1.82B2.02B1.93B
COGS % of Revenue91.85%88.53%78.1%72.64%76.88%56.38%68.11%70.38%81.98%
Gross Profit
28.24M▲ 0%
42.26M▲ 49.6%
181.31M▲ 329.1%
239.12M▲ 31.9%
187.57M▼ 21.6%
840.42M▲ 348.0%
852.14M▲ 1.4%
849.63M▼ 0.3%
423.2M▼ 50.2%
Gross Margin %8.15%11.47%21.9%27.36%23.12%43.62%31.89%29.62%18.02%
Gross Profit Growth %2.35%49.64%329.06%31.89%-21.56%348.05%1.39%-0.29%-50.19%
Operating Expenses-1.65M30.07M35.71M45.55M192.43M17.21M-5.81M43.9M87.37M
OpEx % of Revenue-0.48%8.16%4.31%5.21%23.72%0.89%-0.22%1.53%3.72%
Selling, General & Admin3.71M3.54M6.26M24.61M16.01M37.77M42.82M50.6M87.37M
SG&A % of Revenue1.07%0.96%0.76%2.82%1.97%1.96%1.6%1.76%3.72%
Research & Development000000000
R&D % of Revenue---------
Other Operating Expenses-5.36M26.52M29.45M20.95M176.42M-20.56M-48.62M-6.7M0
Operating Income
29.89M▲ 0%
12.19M▼ 59.2%
145.6M▲ 1094.3%
193.57M▲ 32.9%
-4.86M▼ 102.5%
823.21M▲ 17049.0%
857.95M▲ 4.2%
805.73M▼ 6.1%
335.83M▼ 58.3%
Operating Margin %8.63%3.31%17.59%22.14%-0.6%42.73%32.11%28.09%14.3%
Operating Income Growth %117.96%-59.21%1094.25%32.94%-102.51%17049%4.22%-6.09%-58.32%
EBITDA84.07M69.06M277.11M350.01M146.82M1.03B1.07B1.02B543.9M
EBITDA Margin %24.26%18.75%33.47%40.04%18.1%53.59%40.01%35.59%23.16%
EBITDA Growth %178.71%-17.86%301.27%26.31%-58.05%603.19%3.54%-4.5%-46.72%
D&A (Non-Cash Add-back)54.18M56.87M131.5M156.44M151.68M209.22M211.03M215.11M208.07M
EBIT29.25M11.75M139.76M198.38M-12.1M849.36M876.91M830.83M335.83M
Net Interest Income-27.19M-30.03M-73.71M-51.86M-43.31M-92.69M-59.76M-45.13M-45.91M
Interest Income105.11K241.57K3.82M2.21M2.29M1.54M17.63M15.41M13.89M
Interest Expense27.3M30.27M77.53M54.07M45.61M94.23M77.39M60.55M59.8M
Other Income/Expense-26.9M-31.95M-72.85M-42.14M-46.25M-64.95M-58.42M-27.27M16.4M
Pretax Income
2.98M▲ 0%
-19.76M▼ 762.3%
72.75M▲ 468.2%
151.43M▲ 108.2%
-51.1M▼ 133.7%
758.27M▲ 1583.8%
799.53M▲ 5.4%
778.45M▼ 2.6%
352.23M▼ 54.8%
Pretax Margin %0.86%-5.36%8.79%17.32%-6.3%39.36%29.93%27.14%15%
Income Tax20K24K1.01M2.65M4.39M6.68M6.25M4.42M2.57M
Effective Tax Rate %0.67%-0.12%1.4%1.75%-8.59%0.88%0.78%0.57%0.73%
Net Income
2.96M▲ 0%
-19.78M▼ 767.6%
71.73M▲ 462.6%
148.78M▲ 107.4%
-55.49M▼ 137.3%
751.59M▲ 1454.4%
793.27M▲ 5.5%
774.03M▼ 2.4%
349.66M▼ 54.8%
Net Margin %0.86%-5.37%8.67%17.02%-6.84%39.01%29.69%26.98%14.89%
Net Income Growth %101.59%-767.6%462.64%107.4%-137.3%1454.39%5.55%-2.43%-54.83%
Net Income (Continuing)2.96M-19.78M71.73M148.78M-55.49M751.59M793.27M774.03M349.66M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
0.03▲ 0%
-0.15▼ 649.5%
0.21▲ 240.0%
0.45▲ 114.3%
-0.15▼ 133.3%
1.51▲ 1106.7%
1.56▲ 3.3%
1.50▼ 3.8%
0.69▼ 54.0%
EPS Growth %-60.66%-649.45%240%114.29%-133.33%1106.67%3.31%-3.85%-54%
EPS (Basic)0.03-0.150.210.45-0.151.541.571.520.70
Diluted Shares Outstanding109.63M122.49M349.8M364.36M363.13M489.08M508.69M515.11M504.11M
Basic Shares Outstanding109.63M122.49M347.05M364.36M363.13M477.89M505.14M510.1M498.18M
Dividend Payout Ratio---66.08%-32.43%68.59%90.42%58.48%

HAFN Balance Sheet

Hafnia Limited (HAFN) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets113.18M139.08M334.82M280.78M342.54M878.56M930.07M897.74M843.87M
Cash & Short-Term Investments41.37M52.46M91.61M100.67M99.95M281.53M221.86M282.83M192.56M
Cash Only41.37M52.46M91.61M100.67M99.95M281.53M221.86M282.83M192.56M
Short-Term Investments000000000
Accounts Receivable55.93M58.47M223.06M158.92M226.42M483.58M566.75M486.41M521.91M
Days Sales Outstanding58.9257.9398.3566.36101.8791.6277.4361.8981.1
Inventory14.56M22.66M6.99M5.23M6.65M90.32M107.38M93.91M69.02M
Days Inventory Outstanding16.725.363.943.013.8930.3521.5416.9813.08
Other Current Assets9K4K2.74M11.24M251.68K1.43M12.86M18.47M60.39M
Total Non-Current Assets1.11B1.17B2.35B2.26B2.17B3.08B2.97B2.79B2.97B
Property, Plant & Equipment1.11B1.17B2.31B2.21B2.08B2.89B2.77B2.6B2.5B
Fixed Asset Turnover0.31x0.31x0.36x0.40x0.39x0.67x0.96x1.10x0.94x
Goodwill000000000
Intangible Assets003.16M4.42M3.57M2.6M1.29M508.68K0
Long-Term Investments505K3.16M31.3M52.23M79.52M192.19M201.56M193.63M469.15M
Other Non-Current Assets-58K00000000
Total Assets
1.22B▲ 0%
1.31B▲ 7.7%
2.68B▲ 104.0%
2.54B▼ 5.1%
2.51B▼ 1.4%
3.96B▲ 58.0%
3.9B▼ 1.5%
3.69B▼ 5.4%
3.81B▲ 3.2%
Asset Turnover0.28x0.28x0.31x0.34x0.32x0.49x0.68x0.78x0.62x
Asset Growth %5.01%7.73%104.04%-5.12%-1.42%58%-1.51%-5.37%3.22%
Total Current Liabilities202.75M125.52M320.22M251.69M315.41M483.24M659.23M652.13M551.61M
Accounts Payable45.09M48.52M105.47M70.52M29.46M41.69M219.31M192.93M354.12M
Days Payables Outstanding51.7254.359.5440.5417.2414.0143.9934.8867.12
Short-Term Debt157.63M76.94M213.33M179.08M248.06M321.5M266.54M335.42M192.31M
Deferred Revenue (Current)1.1M00000000
Other Current Liabilities-1.86M34K018K35.87M115.3M165.3M121.03M162.99K
Current Ratio0.56x1.11x1.05x1.12x1.09x1.82x1.41x1.38x1.53x
Quick Ratio0.49x0.93x1.02x1.09x1.06x1.63x1.25x1.23x1.40x
Cash Conversion Cycle23.928.9942.7528.8388.52107.9654.9843.9927.06
Total Non-Current Liabilities619.19M617.48M1.24B1.14B1.08B1.46B1.02B783.91M930.57M
Long-Term Debt614.24M613.04M1.05B972.37M937.52M630.03M397.33M321.98M899.4M
Capital Lease Obligations00186.34M155.84M143.95M831.41M624.66M461.93M47.05M
Deferred Tax Liabilities000000000
Other Non-Current Liabilities4.95M4.44M7.75M15.97M305.62K000-15.88M
Total Liabilities821.94M743M1.56B1.4B1.4B1.94B1.68B1.44B1.48B
Total Debt771.87M689.98M1.45B1.31B1.33B1.78B1.29B1.12B1.14B
Net Debt730.5M637.52M1.36B1.21B1.23B1.5B1.07B836.5M946.2M
Debt / Equity1.94x1.21x1.29x1.14x1.20x0.88x0.58x0.50x0.49x
Debt / EBITDA9.18x9.99x5.23x3.73x9.06x1.73x1.21x1.10x2.09x
Net Debt / EBITDA8.69x9.23x4.90x3.45x8.37x1.45x1.00x0.82x1.74x
Interest Coverage1.09x0.40x1.88x3.58x-0.11x8.74x11.09x13.31x5.62x
Total Equity
397.82M▲ 0%
571.08M▲ 43.6%
1.12B▲ 95.9%
1.15B▲ 2.6%
1.11B▼ 3.3%
2.02B▲ 81.7%
2.22B▲ 10.1%
2.26B▲ 1.6%
2.33B▲ 3.2%
Equity Growth %-34.09%43.55%95.86%2.64%-3.26%81.67%10.08%1.6%3.22%
Book Value per Share3.634.663.203.153.064.134.374.384.62
Total Shareholders' Equity397.82M571.08M1.12B1.15B1.11B2.02B2.22B2.26B2.33B
Common Stock1.17M1.96M3.7M3.7M3.7M5.06M5.05M1.09B1.09B
Retained Earnings-217.74M-242.38M-120.92M-70.46M-125.8M383.53M629.15M703.35M846.14M
Treasury Stock00-500K-13M-12.82M-12.73M-17.9M-53.3M-78.44M
Accumulated OCI50.48M53.17M-5.72M-14.15M5.14M73.97M27.54M516.37M468.72M
Minority Interest000000000

HAFN Cash Flow Statement

Hafnia Limited (HAFN) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations81.36M59.67M242.83M398.47M106.44M770.89M1.06B1.03B562M
Operating CF Margin %23.48%16.2%29.33%45.59%13.12%40.01%39.71%35.92%23.93%
Operating CF Growth %-18.56%-26.66%306.95%64.1%-73.29%624.26%37.61%-2.87%-45.46%
Net Income2.96M-19.78M71.73M148.78M-55.49M751.59M793.27M774.03M349.66M
Depreciation & Amortization54.18M56.87M131.5M156.44M151.68M209.22M211.03M215.11M208.07M
Stock-Based Compensation00823K1.18M3.15M1.76M2.82M2.96M0
Deferred Taxes024K1.01M2.65M4.39M6.68M6.25M4.42M0
Other Non-Cash Items25.52M37.94M73.66M52.98M46.74M34.48M-1.29M-10.76M-37.28M
Working Capital Changes-1.31M-15.38M-35.91M36.45M-44.02M-232.84M48.72M44.6M41.55M
Change in Receivables-4.39M-11.53M-83.31M70.73M-37.46M-259.62M-139.17M86.14M-15.8M
Change in Inventory-3.72M-8.1M21.11M1.76M-1.43M-16.09M-17.77M13.55M25.87M
Change in Payables0000000042.54M
Cash from Investing-117.82M-16.99M-282.43M-50.56M-47.88M-179.13M-31.68M29.89M-386.76M
Capital Expenditures-117.92M-17.25M-278.57M-47.58M-26.66M-447.13M-184.39M-49.6M-150.49M
CapEx % of Revenue34.03%4.68%33.65%5.44%3.29%23.21%6.9%1.73%6.41%
Acquisitions00-3.43M0-10.21M-1.81M-2.24M-857K77.75M
Investments---------
Other Investing104K257K-425K-2.98M-7.5M270.13M165.36M78.87M0
Cash from Financing40.62M-31.59M45.22M-338.86M-59.15M-465.13M-1.09B-999.21M-268.9M
Debt Issued (Net)41.21M-47.01M39.21M-190.67M-20.81M-226.04M-457.62M-200.33M491.24M
Equity Issued (Net)1000K1000K1000K-1000K01000K0-1000K-1000K
Dividends Paid000-98.32M0-243.75M-544.14M-699.88M-204.47M
Share Repurchases00-500K-12.64M000-49.16M-28.47M
Other Financing-27.44M-30.57M-65.51M-37.23M-38.34M-93.13M-85.18M-49.84M-527.21M
Net Change in Cash
4.16M▲ 0%
11.09M▲ 166.4%
39.15M▲ 253.0%
9.06M▼ 76.9%
-596K▼ 106.6%
126.62M▲ 21345.6%
-57.8M▼ 145.7%
61.05M▲ 205.6%
-90.27M▼ 247.9%
Free Cash Flow
-36.56M▲ 0%
42.42M▲ 216.0%
-36.19M▼ 185.3%
349.88M▲ 1066.9%
79.41M▼ 77.3%
323.51M▲ 307.4%
876.41M▲ 170.9%
980.74M▲ 11.9%
411.5M▼ 58.0%
FCF Margin %-10.55%11.52%-4.37%40.03%9.79%16.79%32.8%34.19%17.52%
FCF Growth %-210.65%216.02%-185.3%1066.91%-77.3%307.4%170.91%11.9%-58.04%
FCF per Share-0.330.35-0.100.960.220.661.721.900.82
FCF Conversion (FCF/Net Income)27.46x-3.02x3.39x2.68x-1.92x1.03x1.34x1.33x1.61x
Interest Paid000000041.68M0
Taxes Paid000000000

HAFN Key Ratios

Hafnia Limited (HAFN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-30.92%0.59%-4.08%8.49%13.13%-4.91%48.05%37.43%34.57%15.25%
Return on Invested Capital (ROIC)-11.86%2.06%0.78%5.93%6.01%-0.16%21.07%18.91%18.94%7.91%
Gross Margin9.13%8.15%11.47%21.9%27.36%23.12%43.62%31.89%29.62%18.02%
Net Margin-61.73%0.86%-5.37%8.67%17.02%-6.84%39.01%29.69%26.98%14.89%
Debt / Equity0.90x1.94x1.21x1.29x1.14x1.20x0.88x0.58x0.50x0.49x
Interest Coverage-8.00x1.09x0.40x1.88x3.58x-0.11x8.74x11.09x13.31x5.62x
FCF Conversion-0.54x27.46x-3.02x3.39x2.68x-1.92x1.03x1.34x1.33x1.61x
Revenue Growth-14.61%6.32%124.72%5.59%-7.19%137.49%38.68%7.37%-18.12%

HAFN Frequently Asked Questions

Hafnia Limited (HAFN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Hafnia Limited (HAFN) reported $2.28B in revenue for fiscal year 2025. This represents a 655% increase from $302.3M in 2016.

Hafnia Limited (HAFN) saw revenue decline by 18.1% over the past year.

Yes, Hafnia Limited (HAFN) is profitable, generating $339.7M in net income for fiscal year 2025 (14.9% net margin).

Dividend & Returns

Yes, Hafnia Limited (HAFN) pays a dividend with a yield of 4.60%. This makes it attractive for income-focused investors.

Hafnia Limited (HAFN) has a return on equity (ROE) of 15.2%. This is reasonable for most industries.

Hafnia Limited (HAFN) generated $443.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Hafnia Limited (HAFN) financial analysis — history, returns, DCA and operating performance tools

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