Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 10.1x · ROE 15.2%. (2016–2025 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 | $4.5B | $2.7B | $2.9B | — | — | — | — | — | — | — | — |
| Enterprise Value | $5.5B | $3.6B | $3.7B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 13.19 | 7.72 | 3.71 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.94 | 1.14 | 1.00 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.97 | 1.15 | 1.27 | — | — | — | — | — | — | — | — |
| P/FCF | 11.05 | 6.53 | 2.93 | — | — | — | — | — | — | — | — |
| P/OCF | 8.09 | 4.78 | 2.78 | — | — | — | — | — | — | — | — |
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 | — | 1.55 | 1.29 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 10.10 | 6.68 | 3.63 | — | — | — | — | — | — | — | — |
| EV / EBIT | 16.36 | 10.82 | 4.46 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 8.83 | 3.78 | — | — | — | — | — | — | — | — |
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 | 18.0% | 18.0% | 29.6% | 31.9% | 43.6% | 23.1% | 27.4% | 21.9% | 11.5% | 8.2% | 9.1% |
| Operating Margin | 14.3% | 14.3% | 28.1% | 32.1% | 42.7% | -0.6% | 22.1% | 17.6% | 3.3% | 8.6% | -55.0% |
| Net Profit Margin | 14.9% | 14.9% | 27.0% | 29.7% | 39.0% | -6.8% | 17.0% | 8.7% | -5.4% | 0.9% | -61.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.2% | 15.2% | 34.6% | 37.4% | 48.1% | -4.9% | 13.1% | 8.5% | -4.1% | 0.6% | -30.9% |
| ROA | 9.3% | 9.3% | 20.4% | 20.2% | 23.2% | -2.2% | 5.7% | 3.6% | -1.6% | 0.2% | -16.1% |
| ROIC | 7.9% | 7.9% | 18.9% | 18.9% | 21.1% | -0.2% | 6.0% | 5.9% | 0.8% | 2.1% | -11.9% |
| ROCE | 10.7% | 10.7% | 25.6% | 25.5% | 29.0% | -0.2% | 8.3% | 8.2% | 1.1% | 2.8% | -15.1% |
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 | 0.49 | 0.49 | 0.50 | 0.58 | 0.88 | 1.20 | 1.14 | 1.29 | 1.21 | 1.94 | 0.90 |
| Debt / EBITDA | 2.09 | 2.09 | 1.10 | 1.21 | 1.73 | 9.06 | 3.73 | 5.23 | 9.99 | 9.18 | — |
| Net Debt / Equity | — | 0.41 | 0.37 | 0.48 | 0.74 | 1.11 | 1.05 | 1.21 | 1.12 | 1.84 | 0.74 |
| Net Debt / EBITDA | 1.74 | 1.74 | 0.82 | 1.00 | 1.45 | 8.37 | 3.45 | 4.90 | 9.23 | 8.69 | — |
| Debt / FCF | — | 2.30 | 0.85 | 1.22 | 4.64 | 15.48 | 3.45 | — | 15.03 | — | — |
| Interest Coverage | 5.62 | 5.62 | 13.72 | 11.33 | 9.01 | -0.27 | 3.67 | 1.80 | 0.39 | 1.07 | -8.06 |
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 | 1.53 | 1.53 | 1.38 | 1.41 | 1.82 | 1.09 | 1.12 | 1.05 | 1.11 | 0.56 | 1.99 |
| Quick Ratio | 1.40 | 1.40 | 1.23 | 1.25 | 1.63 | 1.06 | 1.09 | 1.02 | 0.93 | 0.49 | 1.92 |
| Cash Ratio | 0.35 | 0.35 | 0.43 | 0.34 | 0.58 | 0.32 | 0.40 | 0.29 | 0.42 | 0.20 | 1.58 |
| Asset Turnover | — | 0.62 | 0.78 | 0.68 | 0.49 | 0.32 | 0.34 | 0.31 | 0.28 | 0.28 | 0.26 |
| Inventory Turnover | 27.90 | 27.90 | 21.50 | 16.94 | 12.03 | 93.74 | 121.46 | 92.55 | 14.39 | 21.86 | 61.27 |
| Days Sales Outstanding | — | 81.10 | 61.89 | 77.43 | 91.62 | 101.87 | 66.36 | 98.35 | 57.93 | 58.92 | 16.12 |
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 | 4.5% | 7.6% | 24.4% | — | — | — | — | — | — | — | — |
| Payout Ratio | 58.5% | 58.5% | 90.4% | 68.6% | 32.4% | — | 66.1% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 12.9% | 26.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 9.0% | 15.3% | 34.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 1.1% | 1.7% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.1% | 8.7% | 26.1% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $504M | $515M | $509M | $489M | $363M | $364M | $350M | $122M | $110M | $110M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying HAFN stock.
Hafnia Limited's current P/E ratio is 13.2x. The historical average is 5.7x. This places it at the 100th percentile of its historical range.
Hafnia Limited's current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
Hafnia Limited's return on equity (ROE) is 15.2%. The historical average is 11.8%.
Based on historical data, Hafnia Limited is trading at a P/E of 13.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hafnia Limited's current dividend yield is 4.46% with a payout ratio of 58.5%.
Hafnia Limited has 18.0% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
Hafnia Limited's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cyclical rate volatility
Valuation Reflects Cyclical Peak Pricing
Hafnia's forward P/E of 6.15 and EV/EBITDA of 4.58 appear deeply discounted, but this pricing likely embeds market expectations of a sharp earnings decline from the current cyclical peak, as indicated by the significant gap between trailing and forward multiples.
The current valuation multiples are at a steep discount to the peer group, with Hafnia's forward P/E of 6.15 well below the peer median of approximately 11.3. This suggests the market is pricing in a significant reversion in earnings power, which is consistent with the company's historical earnings volatility. The PEG ratio of 1.39, while not extreme, is elevated relative to the low forward P/E, further implying that the market does not expect the recent earnings acceleration to be sustained.
Margin Expansion Driven by Rate Leverage
Hafnia's net margin has surged to 34.1% in Q2 2026, a dramatic recovery from the 11.5% trough in Q1 2025, demonstrating the powerful operating leverage inherent in its fixed-cost fleet model as reported in recent financial statements.
The expansion in gross margin from 16.9% to 30.0% over five quarters is the primary driver, indicating that incremental revenue from higher charter rates flows almost directly to the bottom line. This level of profitability appears to be at a cyclical peak, as evidenced by the similar margin levels seen in mid-2024 before the subsequent downturn. The current profitability profile is strong but is highly sensitive to the sustainability of elevated tanker rates.
ROIC Recovery Lags Profitability Surge
Despite a net margin of 34.1%, Hafnia's ROIC of 4.8% in Q2 2026 remains well below its 2024 peak of 5.9%, suggesting that the recent profit surge has not yet fully translated into superior returns on the company's substantial invested capital base.
The disconnect between soaring profitability and more modest ROIC improvement highlights the capital-intensive nature of the shipping business. The asset turnover ratio of 0.19, while improved, is still low, meaning a large asset base is required to generate revenue. The trend is positive, with ROIC more than doubling from its Q1 2025 low of 1.8%, but it indicates that returns are still in a recovery phase rather than at a level that would suggest a structural shift in capital efficiency.
Deleveraging Enhances Cyclical Resilience
Hafnia's debt-to-equity ratio has improved to 0.33 in Q2 2026 from 0.51 in Q1 2024, and interest coverage has surged to 14.54x, providing a significantly stronger financial buffer to weather the inevitable downturn in the tanker cycle.
The reduction in leverage is a strategic positive, as it lowers fixed financial obligations during periods of lower cash flow. The interest coverage ratio, which was as low as 5.50x in Q1 2025, has expanded dramatically, indicating that current earnings easily service debt costs. This improved financial flexibility is crucial for a cyclical business, allowing the company to potentially invest counter-cyclically or maintain dividends through a downturn without straining its balance sheet.
Working Capital Cycle Shows Supplier Leverage
Hafnia's cash conversion cycle has compressed to 23 days in Q2 2026 from a peak of 45 days in Q4 2024, driven primarily by a significant extension in days payable outstanding to 69 days, which suggests the company is effectively using supplier credit to fund operations.
The improvement in the cash conversion cycle is a key positive for cash flow generation. The extension of DPO from 48 days in Q1 2024 to 69 days indicates stronger negotiating power with suppliers or a strategic shift in payment terms. However, the days sales outstanding of 76 days remains elevated, reflecting the typical payment terms in the shipping industry. The overall trend is favorable, but the cycle remains sensitive to changes in receivable collection and inventory management.
The Misleading Safety of Low P/E
The most commonly misapplied ratio to Hafnia is the trailing P/E of 12.45, which appears attractive but obscures the extreme cyclicality of earnings and the high probability of a significant decline in future profitability from the current peak.
Investors often use a low trailing P/E as a signal of value, but for a cyclical like Hafnia, this metric is most depressed precisely when earnings are at their highest and most unsustainable. The forward P/E of 6.15 is a more honest metric, but even it may not fully discount the depth of a potential earnings trough. A more appropriate valuation framework would be to assess the company's earnings power through a full cycle or to use asset-based metrics like P/B, which at 1.86 is more reflective of the underlying fleet value but still subject to mark-to-market risk.