The company successfully strengthened its capital structure by reducing the debt-to-equity ratio to 0.40 in 2026Q1 from 0.58 in 2023Q4.
| Total Current Assets | 1.13B | 843.87M | 897.74M | 930.07M | 878.56M | 342.54M | 280.78M | 334.82M | 139.08M | 113.18M | 120.54M |
| Cash & Short-Term Investments | 146.46M | 192.56M | 282.83M | 221.86M | 281.53M | 99.95M | 100.67M | 91.61M | 52.46M | 41.37M | 95.49M |
| Cash Only | 146.46M | 192.56M | 282.83M | 221.86M | 281.53M | 99.95M | 100.67M | 91.61M | 52.46M | 41.37M | 95.49M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 677.07M | 521.91M | 486.41M | 566.75M | 483.58M | 226.42M | 158.92M | 223.06M | 58.47M | 55.93M | 13.35M |
| Days Sales Outstanding | 82.26 | 81.1 | 61.89 | 77.43 | 91.62 | 101.87 | 66.36 | 98.35 | 57.93 | 58.92 | 16.12 |
| Inventory | 85.68M | 69.02M | 93.91M | 107.38M | 90.32M | 6.65M | 5.23M | 6.99M | 22.66M | 14.56M | 4.48M |
| Days Inventory Outstanding | 15.08 | 13.08 | 16.98 | 21.54 | 30.35 | 3.89 | 3.01 | 3.94 | 25.36 | 16.7 | 5.96 |
| Other Current Assets | 225.41M | 60.39M | 18.47M | 12.86M | 1.43M | 251.68K | 11.24M | 2.74M | 4K | 9K | 0 |
| Total Non-Current Assets | 2.89B | 2.97B | 2.79B | 2.97B | 3.08B | 2.17B | 2.26B | 2.35B | 1.17B | 1.11B | 1.04B |
| Property, Plant & Equipment | 2.31B | 2.5B | 2.6B | 2.77B | 2.89B | 2.08B | 2.21B | 2.31B | 1.17B | 1.11B | 1.01B |
| Fixed Asset Turnover | 0.97x | 0.94x | 1.10x | 0.96x | 0.67x | 0.39x | 0.40x | 0.36x | 0.31x | 0.31x | 0.30x |
| Goodwill | 0 | 82.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M |
| Intangible Assets | 0 | 0 | 508.68K | 1.29M | 2.6M | 3.57M | 4.42M | 3.16M | 0 | 0 | 635K |
| Long-Term Investments | 1.29B | 469.15M | 193.63M | 201.56M | 192.19M | 79.52M | 52.23M | 31.3M | 3.16M | 505K | 1.94M |
| Other Non-Current Assets | 73.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -58K | 26M |
| Total Assets | 4.03B | 3.81B | 3.69B | 3.9B | 3.96B | 2.51B | 2.54B | 2.68B | 1.31B | 1.22B | 1.16B |
| Asset Turnover | 0.64x | 0.62x | 0.78x | 0.68x | 0.49x | 0.32x | 0.34x | 0.31x | 0.28x | 0.28x | 0.26x |
| Asset Growth % | -0.15% | 3.22% | -5.37% | -1.51% | 58% | -1.42% | -5.12% | 104.04% | 7.73% | 5.01% | - |
| Total Current Liabilities | 708.12M | 551.61M | 652.13M | 659.23M | 483.24M | 315.41M | 251.69M | 320.22M | 125.52M | 202.75M | 60.53M |
| Accounts Payable | 419.99M | 354.12M | 192.93M | 219.31M | 41.69M | 29.46M | 70.52M | 105.47M | 48.52M | 45.09M | 1.73M |
| Days Payables Outstanding | 69.27 | 67.12 | 34.88 | 43.99 | 14.01 | 17.24 | 40.54 | 59.54 | 54.3 | 51.72 | 2.3 |
| Short-Term Debt | 219.54M | 192.31M | 335.42M | 266.54M | 321.5M | 248.06M | 179.08M | 213.33M | 76.94M | 157.63M | 47.71M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 1.21M |
| Other Current Liabilities | 36.68M | 162.99K | 121.03M | 165.3M | 115.3M | 35.87M | 18K | 0 | 34K | -1.86M | 7.6M |
| Current Ratio | 1.60x | 1.53x | 1.38x | 1.41x | 1.82x | 1.09x | 1.12x | 1.05x | 1.11x | 0.56x | 1.99x |
| Quick Ratio | 1.48x | 1.40x | 1.23x | 1.25x | 1.63x | 1.06x | 1.09x | 1.02x | 0.93x | 0.49x | 1.92x |
| Cash Conversion Cycle | 28.06 | 27.06 | 43.99 | 54.98 | 107.96 | 88.52 | 28.83 | 42.75 | 28.99 | 23.9 | 19.78 |
| Total Non-Current Liabilities | 779.5M | 930.57M | 783.91M | 1.02B | 1.46B | 1.08B | 1.14B | 1.24B | 617.48M | 619.19M | 497.44M |
| Long-Term Debt | 734.4M | 899.4M | 321.98M | 397.33M | 630.03M | 937.52M | 972.37M | 1.05B | 613.04M | 614.24M | 496.8M |
| Capital Lease Obligations | 599.1M | 47.05M | 461.93M | 624.66M | 831.41M | 143.95M | 155.84M | 186.34M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -15.88M | 0 | 0 | 0 | 305.62K | 15.97M | 7.75M | 4.44M | 4.95M | 639K |
| Total Liabilities | 1.49B | 1.48B | 1.44B | 1.68B | 1.94B | 1.4B | 1.4B | 1.56B | 743M | 821.94M | 557.97M |
| Total Debt | 1.03B | 1.14B | 1.12B | 1.29B | 1.78B | 1.33B | 1.31B | 1.45B | 689.98M | 771.87M | 544.52M |
| Net Debt | 879.07M | 946.2M | 836.5M | 1.07B | 1.5B | 1.23B | 1.21B | 1.36B | 637.52M | 730.5M | 449.03M |
| Debt / Equity | 0.40x | 0.49x | 0.50x | 0.58x | 0.88x | 1.20x | 1.14x | 1.29x | 1.21x | 1.94x | 0.90x |
| Debt / EBITDA | 1.63x | 2.09x | 1.10x | 1.21x | 1.73x | 9.06x | 3.73x | 5.23x | 9.99x | 9.18x | - |
| Net Debt / EBITDA | 1.40x | 1.74x | 0.82x | 1.00x | 1.45x | 8.37x | 3.45x | 4.90x | 9.23x | 8.69x | - |
| Interest Coverage | 9.76x | 5.62x | 13.72x | 11.33x | 9.01x | -0.27x | 3.67x | 1.80x | 0.39x | 1.07x | -8.06x |
| Total Equity | 2.54B | 2.33B | 2.26B | 2.22B | 2.02B | 1.11B | 1.15B | 1.12B | 571.08M | 397.82M | 603.61M |
| Equity Growth % | 6.33% | 3.22% | 1.6% | 10.08% | 81.67% | -3.26% | 2.64% | 95.86% | 43.55% | -34.09% | - |
| Book Value per Share | 5.03 | 4.62 | 4.38 | 4.37 | 4.13 | 3.06 | 3.15 | 3.20 | 4.66 | 3.63 | 5.51 |
| Total Shareholders' Equity | 2.54B | 2.33B | 2.26B | 2.22B | 2.02B | 1.11B | 1.15B | 1.12B | 571.08M | 397.82M | 394.7M |
| Common Stock | 1.07B | 1.09B | 1.09B | 5.05M | 5.06M | 3.7M | 3.7M | 3.7M | 1.96M | 1.17M | 339K |
| Retained Earnings | 897.76M | 846.14M | 703.35M | 629.15M | 383.53M | -125.8M | -70.46M | -120.92M | -242.38M | -217.74M | 42.7M |
| Treasury Stock | -314K | -78.44M | -53.3M | -17.9M | -12.73M | -12.82M | -13M | -500K | 0 | 0 | -258K |
| Accumulated OCI | 578.03M | 468.72M | 516.37M | 27.54M | 73.97M | 5.14M | -14.15M | -5.72M | 53.17M | 50.48M | -507K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 208.91M |
Cyclical Asset Value Volatility
According to recent quarterly filings, Hafnia's total assets grew to $4.0B by 2026Q1, while the company successfully reduced its total debt to $1.0B from a 2023Q4 peak of $1.3B, signaling a deliberate and effective strategy to deleverage while simultaneously scaling the underlying asset base.
The simultaneous expansion of the asset base and reduction in debt suggests a disciplined approach to capital management that prioritizes balance sheet resilience. This trajectory implies that the company is effectively utilizing operational cash flows to fund fleet optimization rather than relying on external financing, which may provide a buffer against future cyclical downturns.
Based on reported financial statements, Hafnia has consistently lowered its debt-to-equity ratio from 0.58 in 2023Q4 to 0.40 in 2026Q1, reflecting a conservative financing strategy that appears designed to minimize interest expense and maximize the company's capacity to navigate volatile tanker market cycles.
The reduction in total debt to $1.0B indicates that management is prioritizing a fortress-like balance sheet to mitigate the inherent risks of the shipping industry. Investors should monitor whether this deleveraging trend continues or if the company shifts toward aggressive fleet expansion, which could necessitate a return to higher leverage levels.
As indicated by the latest balance sheet data, Hafnia maintains a heavy concentration in net property, plant, and equipment, which totaled $2.3B in 2026Q1, while goodwill has been effectively eliminated, suggesting a clean asset profile focused on tangible, revenue-generating shipping capacity rather than intangible acquisitions.
The absence of significant goodwill on the balance sheet is a positive indicator of asset quality, as it removes the risk of future impairment charges that often plague shipping firms. This asset-heavy structure underscores the company's reliance on its physical fleet to drive TCE-based revenue, making the valuation highly sensitive to the residual market value of its tankers.
Data from recent SEC filings shows that Hafnia’s current ratio stood at 1.60 in 2026Q1, providing a stable liquidity cushion that appears sufficient to cover short-term obligations despite the inherent volatility of the global product tanker market and the associated fluctuations in voyage-related expenses.
While the cash position of $146.5M represents a decline from previous periods, the current ratio remains well above the threshold of concern, suggesting that the company maintains adequate working capital. This liquidity profile appears to support the company's ability to meet its operational commitments without needing to tap into expensive short-term credit facilities.
Quick answers to the most common questions about buying HAFN stock.
As of 2025, Hafnia Limited (HAFN) had total assets of $3.81B including $843.9M in current assets.
Hafnia Limited (HAFN) carries total debt of $1.14B, offset by $192.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hafnia Limited (HAFN) has total shareholders' equity (book value) of $2.33B ($4.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hafnia Limited (HAFN) reported a current ratio of 1.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.