Himalaya Shipping Ltd. (HSHP) 10-Year Financial Performance & Capital Metrics

HSHP • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutHimalaya Shipping Ltd. focuses on the provision of dry bulk shipping services. The company was incorporated in 2021 and is based in Hamilton, Bermuda.Show more

Revenue $124M +236.4%
EBITDA $93M +292.1%
Net Income $21M +1290.0%
EPS (Diluted) 0.48 +1124.5%
Gross Margin 79.4% +57.9%
EBITDA Margin 75.33% +16.6%
Operating Margin 53.91% +35.4%
Net Margin 17.03% +313.2%
ROE 13.62% +1000.2%
ROIC 7.05% +133.2%
Debt/Equity 4.61 +61.9%
Interest Coverage 1.43 +32.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.2%
✓Healthy 5Y average net margin of 10.6%

✗Weaknesses

✗High debt to equity ratio of 4.6x
✗Weak 3Y average ROE of 4.2%
✗Negative free cash flow
✗Shares diluted 13.6% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM6.3%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-78.73%

EPS CAGR

10Y-

5Y-

3Y-

TTM-79.25%

ROCE

10Y Avg2.7%

5Y Avg2.7%

3Y Avg3.94%

Latest9.4%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	0	36.74M	123.58M
Revenue Growth %	-	-	-	2.36%
Cost of Goods Sold+	0	0	18.26M	25.45M
COGS % of Revenue	-	-	0.5%	0.21%
Gross Profit+	0	0	18.47M	98.13M
Gross Margin %	-	-	0.5%	0.79%
Gross Profit Growth %	-	-	-	4.31%
Operating Expenses+	973.85K	1.97M	3.85M	31.5M
OpEx % of Revenue	-	-	0.1%	0.25%
Selling, General & Admin	973.85K	1.97M	3.85M	5.03M
SG&A % of Revenue	-	-	0.1%	0.04%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	0	0	26.47M
Operating Income+	-973.85K	-1.97M	14.63M	66.62M
Operating Margin %	-	-	0.4%	0.54%
Operating Income Growth %	-	-1.02%	8.42%	3.56%
EBITDA+	418.15K	-1.95M	23.74M	93.1M
EBITDA Margin %	-	-	0.65%	0.75%
EBITDA Growth %	-	-5.67%	13.16%	2.92%
D&A (Non-Cash Add-back)	1.39M	0	9.12M	26.47M
EBIT	-1.39M	-1.95M	15.12M	67.69M
Net Interest Income+	0	0	-13.11M	-45.56M
Interest Income	0	0	489K	1.01M
Interest Expense	0	0	13.6M	46.64M
Other Income/Expense	0	18K	-13.11M	-45.57M
Pretax Income+	-973.85K	-1.95M	1.51M	21.05M
Pretax Margin %	-	-	0.04%	0.17%
Income Tax+	0	0	0	11K
Effective Tax Rate %	1%	1%	1%	1%
Net Income+	-973.85K	-1.95M	1.51M	21.04M
Net Margin %	-	-	0.04%	0.17%
Net Income Growth %	-	-1.01%	1.78%	12.9%
Net Income (Continuing)	-973.85K	-1.95M	1.51M	21.04M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	-0.05	-0.06	0.04	0.48
EPS Growth %	-	-0.15%	1.64%	11.24%
EPS (Basic)	-0.05	-0.06	0.04	0.48
Diluted Shares Outstanding	18.32M	32.15M	38.64M	43.91M
Basic Shares Outstanding	18.32M	32.15M	38.64M	43.9M
Dividend Payout Ratio	-	-	-	0.98%

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	11.3M	1.67M	32.81M	26.8M
Cash & Short-Term Investments	11.3M	263K	25.55M	19.37M
Cash Only	11.3M	263K	25.55M	19.37M
Short-Term Investments	0	0	0	0
Accounts Receivable	0	0	811K	1.25M
Days Sales Outstanding	-	-	8.06	3.69
Inventory	0	0	634K	1.5M
Days Inventory Outstanding	-	-	12.67	21.58
Other Current Assets	0	0	2.4M	1.07M
Total Non-Current Assets+	83.9M	176.15M	566.4M	853.3M
Property, Plant & Equipment	83.5M	176.15M	561.26M	852.98M
Fixed Asset Turnover	-	-	0.07x	0.14x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	0	0	0	324K
Other Non-Current Assets	400K	0	5.14M	0
Total Assets+	95.2M	177.81M	599.21M	880.1M
Asset Turnover	-	-	0.06x	0.14x
Asset Growth %	-	0.87%	2.37%	0.47%
Total Current Liabilities+	800K	26.05M	25.3M	35.8M
Accounts Payable	800K	14.89M	1.69M	821K
Days Payables Outstanding	-	-	33.83	11.77
Short-Term Debt	0	7M	19.8M	24.3M
Deferred Revenue (Current)	0	0	0	0
Other Current Liabilities	0	261K	1.28M	3.44M
Current Ratio	14.13x	0.06x	1.30x	0.75x
Quick Ratio	14.13x	0.06x	1.27x	0.71x
Cash Conversion Cycle	-	-	-13.11	13.5
Total Non-Current Liabilities+	2.5M	61.44M	419.7M	689.58M
Long-Term Debt	0	60.44M	419.7M	689.58M
Capital Lease Obligations	0	0	0	0
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	2.5M	1M	0	0
Total Liabilities	3.3M	87.49M	445M	725.38M
Total Debt+	0	67.44M	439.5M	713.89M
Net Debt	-11.3M	67.18M	413.94M	694.52M
Debt / Equity	-	0.75x	2.85x	4.61x
Debt / EBITDA	-	-	18.51x	7.67x
Net Debt / EBITDA	-27.02x	-	17.43x	7.46x
Interest Coverage	-	-	1.08x	1.43x
Total Equity+	91.9M	90.33M	154.21M	154.72M
Equity Growth %	-	-0.02%	0.71%	0%
Book Value per Share	5.02	2.81	3.99	3.52
Total Shareholders' Equity	91.9M	90.33M	154.21M	154.72M
Common Stock	32.2M	32.15M	43.9M	43.9M
Retained Earnings	-1M	-3M	-1.48M	19.56M
Treasury Stock	0	0	0	0
Accumulated OCI	0	0	0	0
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-486.93K	-1.45M	6.47M	55.84M
Operating CF Margin %	-	-	0.18%	0.45%
Operating CF Growth %	-	-1.97%	5.48%	7.63%
Net Income	-973.85K	-1.95M	1.51M	21.04M
Depreciation & Amortization	0	0	9.12M	28.9M
Stock-Based Compensation	0	401K	474K	512K
Deferred Taxes	0	0	0	0
Other Non-Cash Items	0	0	1.38M	-861K
Working Capital Changes	486.93K	106K	-6.01M	6.25M
Change in Receivables	0	0	-3.51M	-438K
Change in Inventory	0	0	0	0
Change in Payables	0	444K	485K	0
Cash from Investing+	-67M	-78.2M	-413.06M	-313.36M
Capital Expenditures	-67M	-78.2M	-413.06M	-313.05M
CapEx % of Revenue	-	-	11.24%	2.53%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	0	0	0
Cash from Financing+	78.49M	68.62M	431.87M	251.34M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	-20.63M
Share Repurchases	-	-	-	-
Other Financing	0	-1.69M	-3.95M	-2.31M
Net Change in Cash	-	-	-	-
Free Cash Flow+	-67.49M	-79.64M	-406.58M	-257.21M
FCF Margin %	-	-	-11.07%	-2.08%
FCF Growth %	-	-0.18%	-4.1%	0.37%
FCF per Share	-3.68	-2.48	-10.52	-5.86
FCF Conversion (FCF/Net Income)	0.50x	0.74x	4.28x	2.65x
Interest Paid	0	0	12.99M	40.29M
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	-1.06%	-2.14%	1.24%	13.62%
Return on Invested Capital (ROIC)	-	-1.24%	3.02%	7.05%
Gross Margin	-	-	50.28%	79.4%
Net Margin	-	-	4.12%	17.03%
Debt / Equity	-	0.75x	2.85x	4.61x
Interest Coverage	-	-	1.08x	1.43x
FCF Conversion	0.50x	0.74x	4.28x	2.65x
Revenue Growth	-	-	-	236.4%

Revenue by Segment

	2024
Reportable	123.58M
Reportable Growth	-

Frequently Asked Questions

Valuation & Price

Himalaya Shipping Ltd. (HSHP) has a price-to-earnings (P/E) ratio of 18.8x. This is roughly in line with market averages.

Growth & Financials

Himalaya Shipping Ltd. (HSHP) reported $119.4M in revenue for fiscal year 2024.

Himalaya Shipping Ltd. (HSHP) grew revenue by 236.4% over the past year. This is strong growth.

Yes, Himalaya Shipping Ltd. (HSHP) is profitable, generating $5.2M in net income for fiscal year 2024 (17.0% net margin).

Dividend & Returns

Yes, Himalaya Shipping Ltd. (HSHP) pays a dividend with a yield of 5.20%. This makes it attractive for income-focused investors.

Himalaya Shipping Ltd. (HSHP) has a return on equity (ROE) of 13.6%. This is reasonable for most industries.

Himalaya Shipping Ltd. (HSHP) generated $37.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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