Hafnia Limited (HAFN) Financial Ratios
10 years of historical data (2016–2025) · Industrials · Marine Shipping
EV/EBITDA
↑
8.38
↑+63% vs avg
5yr avg: 5.15
30Y Low3.6·High6.7
P/FCF
↑
8.78
↑+86% vs avg
5yr avg: 4.73
30Y Low2.9·High6.5
P/B Ratio
↓
1.56
↑+29% vs avg
5yr avg: 1.21
30Y Low1.2·High1.3
ROE
↑
15.2%
↑-42% vs avg
5yr avg: 26.1%
30Y Low-31%·High48%
Debt/EBITDA
↓
2.09
↓-31% vs avg
5yr avg: 3.04
30Y Low1.1·High10.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HAFN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Hafnia Limited trades at 10.5x earnings, 83% above its 5-year average of 5.7x, sitting at the 100th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 59%. On a free-cash-flow basis, the stock trades at 8.8x P/FCF, 86% above the 5-year average of 4.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $2.7B | $2.9B | — | — | — | — | — | — | — | — |
| Enterprise Value | $4.6B | $3.6B | $3.7B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 10.48 | 7.72 | 3.71 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.54 | 1.14 | 1.00 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.56 | 1.15 | 1.27 | — | — | — | — | — | — | — | — |
| P/FCF | 8.78 | 6.53 | 2.93 | — | — | — | — | — | — | — | — |
| P/OCF | 6.43 | 4.78 | 2.78 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
HAFN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Hafnia Limited's enterprise value stands at 8.4x EBITDA, 63% above its 5-year average of 5.2x. The Industrials sector median is 13.8x, placing the stock at a 39% discount on an enterprise-value basis.
| 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 | 8.38 | 6.68 | 3.63 | — | — | — | — | — | — | — | — |
| EV / EBIT | 13.58 | 10.82 | 4.46 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 8.83 | 3.78 | — | — | — | — | — | — | — | — |
HAFN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Hafnia Limited earns an operating margin of 14.3%, above the Industrials sector average of 4.3%. Operating margins have compressed from 32.1% to 14.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 15.2% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 7.9% represents adequate returns on invested capital versus a sector median of 6.1%.
Margins
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% |
Return on Capital
| 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% |
HAFN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Hafnia Limited carries a Debt/EBITDA ratio of 2.1x, which is manageable (35% below the sector average of 3.2x). Net debt stands at $946M ($1.1B total debt minus $193M cash). Interest coverage of 5.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
HAFN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.53x means Hafnia Limited can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.41x to 1.53x over the past 3 years.
| 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 |
HAFN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Hafnia Limited returns 6.4% to shareholders annually — split between a 5.6% dividend yield and 0.8% buyback yield. A payout ratio of 58.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 9.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 5.6% | 7.6% | 24.4% | — | — | — | — | — | — | — | — |
| Payout Ratio | 58.5% | 58.5% | 90.4% | 68.6% | 32.4% | — | 66.1% | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.5% | 12.9% | 26.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 11.4% | 15.3% | 34.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.8% | 1.1% | 1.7% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.4% | 8.7% | 26.1% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $504M | $515M | $509M | $489M | $363M | $364M | $350M | $122M | $110M | $110M |
Peer Comparison
Compare HAFN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HAFNYou | $4B | 10.5 | 8.4 | 8.8 | 18.0% | 14.3% | 15.2% | 7.9% | 2.1 |
 STNG | $4B | 11.5 | 8.2 | 8.5 | 46.2% | 33.0% | 11.4% | 7.2% | 1.3 |
 TRMD | $3B | 9.9 | 6.7 | 15.2 | 34.1% | 25.6% | 13.9% | 8.8% | 1.7 |
 INSW | $4B | 13.6 | 9.9 | 109.7 | 42.3% | 36.3% | 16.0% | 9.4% | 1.2 |
 ASC | $697M | 19.4 | 6.8 | — | 34.2% | 26.1% | 6.5% | 9.0% | 1.1 |
 FRO | $9B | 24.1 | 12.9 | 13.6 | 32.8% | 30.2% | 15.6% | 8.1% | 3.3 |
 DHT | $3B | 14.4 | 12.3 | — | 38.2% | 34.2% | 19.4% | 8.9% | 1.6 |
 TK | $1B | 10.4 | 0.5 | 9.5 | 27.5% | 21.8% | 4.8% | 12.0% | 0.2 |
 TNK | $3B | 7.4 | 6.0 | 22.9 | 27.5% | 22.6% | 18.5% | 12.5% | 0.2 |
 FLNG | $2B | 21.6 | 11.9 | 11.9 | 52.9% | 50.6% | 9.8% | 6.1% | 7.3 |
 GLNG | $5B | 76.3 | 35.9 | — | 46.9% | 34.4% | 3.0% | 2.9% | 14.9 |
| Industrials Median | — | 25.6 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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HAFN — Frequently Asked Questions
Quick answers to the most common questions about buying HAFN stock.
What is Hafnia Limited's P/E ratio?
Hafnia Limited's current P/E ratio is 10.5x. The historical average is 5.7x. This places it at the 100th percentile of its historical range.
What is Hafnia Limited's EV/EBITDA?
Hafnia Limited's current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
What is Hafnia Limited's ROE?
Hafnia Limited's return on equity (ROE) is 15.2%. The historical average is 11.8%.
Is HAFN stock overvalued?
Based on historical data, Hafnia Limited is trading at a P/E of 10.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Hafnia Limited's dividend yield?
Hafnia Limited's current dividend yield is 5.61% with a payout ratio of 58.5%.
What are Hafnia Limited's profit margins?
Hafnia Limited has 18.0% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Hafnia Limited have?
Hafnia Limited's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.