Hafnia maintains a commitment to shareholder returns, evidenced by historical dividend payments that reached as high as $207.3M in 2024Q3.
| Cash from Operations | 579.74M | 562M | 1.03B | 1.06B | 770.89M | 106.44M | 398.47M | 242.83M | 59.67M | 81.36M | 99.9M |
| Operating CF Margin % | - | 23.93% | 35.92% | 39.71% | 40.01% | 13.12% | 45.59% | 29.33% | 16.2% | 23.48% | 33.05% |
| Operating CF Growth % | -128.85% | -45.46% | -2.87% | 37.61% | 624.26% | -73.29% | 64.1% | 306.95% | -26.66% | -18.56% | - |
| Net Income | 456.27M | 349.66M | 774.03M | 793.27M | 751.59M | -55.49M | 148.78M | 71.73M | -19.78M | 2.96M | -186.61M |
| Depreciation & Amortization | 200.59M | 208.07M | 215.11M | 211.03M | 209.22M | 151.68M | 156.44M | 131.5M | 56.87M | 54.18M | 59.58M |
| Stock-Based Compensation | 2.49M | 0 | 2.96M | 2.82M | 1.76M | 3.15M | 1.18M | 823K | 0 | 0 | 0 |
| Deferred Taxes | 4.15M | 0 | 4.42M | 6.25M | 6.68M | 4.39M | 2.65M | 1.01M | 24K | 0 | 0 |
| Other Non-Cash Items | -37.51M | -37.28M | -10.76M | -1.29M | 34.48M | 46.74M | 52.98M | 73.66M | 37.94M | 25.52M | 214.17M |
| Working Capital Changes | -46.26M | 41.55M | 44.6M | 48.72M | -232.84M | -44.02M | 36.45M | -35.91M | -15.38M | -1.31M | 12.77M |
| Change in Receivables | -132.13M | -15.8M | 86.14M | -139.17M | -259.62M | -37.46M | 70.73M | -83.31M | -11.53M | -4.39M | 9.31M |
| Change in Inventory | 6.64M | 25.87M | 13.55M | -17.77M | -16.09M | -1.43M | 1.76M | 21.11M | -8.1M | -3.72M | -3.55M |
| Change in Payables | 18.04M | 42.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -235.46M | -386.76M | 29.89M | -31.68M | -179.13M | -47.88M | -50.56M | -282.43M | -16.99M | -117.82M | -51.65M |
| Capital Expenditures | -138.95M | -150.49M | -49.6M | -184.39M | -447.13M | -26.66M | -47.58M | -278.57M | -17.25M | -117.92M | -111.67M |
| CapEx % of Revenue | 5.78% | 6.41% | 1.73% | 6.9% | 23.21% | 3.29% | 5.44% | 33.65% | 4.68% | 34.03% | 36.94% |
| Acquisitions | 59.9M | 77.75M | -857K | -2.24M | -1.81M | -10.21M | 0 | -3.43M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 169.79M | 0 | 78.87M | 165.36M | 270.13M | -7.5M | -2.98M | -425K | 257K | 104K | 60.02M |
| Cash from Financing | -376.4M | -268.9M | -999.21M | -1.09B | -465.13M | -59.15M | -338.86M | 45.22M | -31.59M | 40.62M | -36M |
| Debt Issued (Net) | 22.77M | 491.24M | -200.33M | -457.62M | -226.04M | -20.81M | -190.67M | 39.21M | -47.01M | 41.21M | -15.37M |
| Equity Issued (Net) | 9.85M | -28.47M | -49.16M | 0 | 97.78M | 0 | -12.64M | 71.51M | 46M | 26.85M | 0 |
| Dividends Paid | -272.37M | -204.47M | -699.88M | -544.14M | -243.75M | 0 | -98.32M | 0 | 0 | 0 | 0 |
| Share Repurchases | 1.84M | -28.47M | -49.16M | 0 | 0 | 0 | -12.64M | -500K | 0 | 0 | 0 |
| Other Financing | -136.65M | -527.21M | -49.84M | -85.18M | -93.13M | -38.34M | -37.23M | -65.51M | -30.57M | -27.44M | -20.64M |
| Net Change in Cash | -32.72M | -90.27M | 61.05M | -57.8M | 126.62M | -596K | 9.06M | 39.15M | 11.09M | 4.16M | 12.25M |
| Free Cash Flow | 440.78M | 411.5M | 980.74M | 876.41M | 323.51M | 79.41M | 349.88M | -36.19M | 42.42M | -36.56M | -11.77M |
| FCF Margin % | 18.32% | 17.52% | 34.19% | 32.8% | 16.79% | 9.79% | 40.03% | -4.37% | 11.52% | -10.55% | -3.89% |
| FCF Growth % | -48.6% | -58.04% | 11.9% | 170.91% | 307.4% | -77.3% | 1066.91% | -185.3% | 216.02% | -210.65% | - |
| FCF per Share | 0.87 | 0.82 | 1.90 | 1.72 | 0.66 | 0.22 | 0.96 | -0.10 | 0.35 | -0.33 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.97x | 1.61x | 1.33x | 1.34x | 1.03x | -1.92x | 2.68x | 3.39x | -3.02x | 27.46x | -0.54x |
| Interest Paid | 0 | 0 | 41.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical TCE Rate Volatility
As reported in recent financial statements, Hafnia’s OCF/NI ratio fluctuated significantly, reaching a peak of 2.49 in 2025Q2 before moderating to 0.71 in 2026Q1, highlighting the inherent volatility in reconciling accounting net income with actual cash generation in the capital-intensive product tanker industry.
The divergence between net income and operating cash flow suggests that non-cash items and working capital swings play a disproportionate role in quarterly results. Investors should monitor whether the recent dip below 1.0 in the OCF/NI ratio indicates a structural shift in earnings quality or merely a temporary timing mismatch in voyage revenue recognition.
Based on the provided quarterly data, Hafnia’s FCF margin has exhibited substantial variance, ranging from a high of 38.4% in 2024Q3 to 12.6% in 2025Q3, reflecting the company's sensitivity to spot market rate cycles and the timing of fleet-related capital expenditures.
While the company maintains a consistent ability to generate positive free cash flow, the trajectory appears highly dependent on the prevailing TCE rate environment. The compression of FCF margins in recent periods warrants further investigation into whether rising operational costs are beginning to outpace the revenue gains from favorable ton-mile demand.
According to the latest quarterly filings, Hafnia’s CapEx/Revenue ratio has remained relatively contained, peaking at 7.5% in 2025Q3, which suggests a disciplined approach to fleet maintenance and growth investment relative to the scale of its global operations.
The moderate capital intensity indicates that the company is not currently over-leveraging its balance sheet to fund aggressive newbuild programs. This capital discipline appears to support the company's ability to sustain dividend payouts, though analysts should watch for any sudden spikes in CapEx that might signal a shift toward fleet renewal cycles.
As evidenced by the historical cash flow data, Hafnia has prioritized significant capital returns, with dividend payments reaching as high as $207.3M in 2024Q3, demonstrating a clear commitment to distributing excess cash to shareholders during periods of peak operational performance.
The company's dividend policy appears tightly linked to net income, which provides transparency but also exposes shareholders to the cyclicality of the tanker market. The lack of significant share buybacks suggests that management may prefer direct cash distributions over equity repurchases as the primary mechanism for returning value to investors.
Quick answers to the most common questions about buying HAFN stock.
Hafnia Limited (HAFN) generated $562.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hafnia Limited (HAFN) generated $411.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Hafnia Limited (HAFN) spent $150.5M 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, Hafnia Limited (HAFN) returned $204.5M to shareholders via cash dividends and spent $28.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.