The company maintains a vulnerable capital structure with a 4.39x debt-to-equity ratio as of 2026Q1, which likely understates true leverage due to significant off-balance-sheet lease obligations.
| Total Current Assets | 32.7M | 39.7M | 26.8M | 32.81M | 1.67M | 11.3M |
| Cash & Short-Term Investments | 24.5M | 32.4M | 19.37M | 25.55M | 263K | 11.3M |
| Cash Only | 24.5M | 32.4M | 19.37M | 25.55M | 263K | 11.3M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1M | 700K | 1.25M | 811K | 0 | 0 |
| Days Sales Outstanding | 1.65 | 1.94 | 3.69 | 8.06 | - | - |
| Inventory | 1.7M | 1.7M | 1.5M | 634K | 0 | 0 |
| Days Inventory Outstanding | 10.12 | 20.96 | 21.58 | 12.67 | - | - |
| Other Current Assets | 5.5M | 3.5M | 1.07M | 2.4M | 0 | 0 |
| Total Non-Current Assets | 816.9M | 824.2M | 853.3M | 566.4M | 176.15M | 83.9M |
| Property, Plant & Equipment | 816.5M | 823.8M | 852.98M | 561.26M | 176.15M | 83.5M |
| Fixed Asset Turnover | 0.17x | 0.16x | 0.14x | 0.07x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.6M | 400K | 324K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 5.14M | 0 | 400K |
| Total Assets | 849.6M | 863.9M | 880.1M | 599.21M | 177.81M | 95.2M |
| Asset Turnover | 0.17x | 0.15x | 0.14x | 0.06x | - | - |
| Asset Growth % | -11.05% | -1.84% | 46.88% | 236.98% | 86.78% | - |
| Total Current Liabilities | 34.3M | 36.6M | 35.8M | 25.3M | 26.05M | 800K |
| Accounts Payable | 1.8M | 1.3M | 821K | 1.69M | 14.89M | 800K |
| Days Payables Outstanding | 13.35 | 16.03 | 11.77 | 33.83 | - | - |
| Short-Term Debt | 23.7M | 23.6M | 24.3M | 19.8M | 7M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.8M | 5.3M | 3.44M | 1.28M | 261K | 0 |
| Current Ratio | 0.95x | 1.08x | 0.75x | 1.30x | 0.06x | 14.13x |
| Quick Ratio | 0.90x | 1.04x | 0.71x | 1.27x | 0.06x | 14.13x |
| Cash Conversion Cycle | -1.58 | 6.87 | 13.5 | -13.11 | - | - |
| Total Non-Current Liabilities | 659.5M | 665.6M | 689.58M | 419.7M | 61.44M | 2.5M |
| Long-Term Debt | 659.5M | 665.6M | 689.58M | 419.7M | 60.44M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1M | 2.5M |
| Total Liabilities | 693.8M | 702.2M | 725.38M | 445M | 87.49M | 3.3M |
| Total Debt | 683.2M | 689.2M | 713.89M | 439.5M | 67.44M | 0 |
| Net Debt | 658.7M | 656.8M | 694.52M | 413.94M | 67.18M | -11.3M |
| Debt / Equity | 4.39x | 4.26x | 4.61x | 2.85x | 0.75x | - |
| Debt / EBITDA | 6.78x | 7.08x | 7.67x | 18.51x | - | - |
| Net Debt / EBITDA | 6.54x | 6.74x | 7.46x | 17.43x | - | -27.02x |
| Interest Coverage | 1.56x | 1.29x | 1.45x | 1.11x | - | - |
| Total Equity | 155.8M | 161.7M | 154.72M | 154.21M | 90.33M | 91.9M |
| Equity Growth % | 1.63% | 4.51% | 0.33% | 70.72% | -1.71% | - |
| Book Value per Share | 3.32 | 3.51 | 3.52 | 3.99 | 2.81 | 5.02 |
| Total Shareholders' Equity | 155.8M | 161.7M | 154.72M | 154.21M | 90.33M | 91.9M |
| Common Stock | 46.8M | 46.7M | 43.9M | 43.9M | 32.15M | 32.2M |
| Retained Earnings | 42.3M | 37.3M | 19.56M | -1.48M | -3M | -1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
High Lease-Adjusted Leverage
As reported in recent financial statements, HSHP maintains a reported debt-to-equity ratio of 4.39x as of 2026Q1, which significantly understates the company's true leverage when accounting for the extensive sale-and-leaseback obligations inherent in its modern Newcastlemax fleet financing model.
The reliance on lease-based financing creates a fixed-cost burden that may not be fully captured by traditional debt metrics. Investors should monitor whether these obligations restrict operational flexibility during cyclical downturns in the dry bulk market.
Based on the company's latest balance sheet, total assets of $849.6M are almost entirely comprised of $816.5M in net property, plant, and equipment, reflecting a highly specialized, asset-heavy business model centered exclusively on a uniform fleet of dual-fuel Newcastlemax vessels.
This extreme asset concentration provides operational efficiency but leaves the balance sheet highly sensitive to the specific demand for large-scale iron ore transport. The absence of diversified vessel classes suggests that any structural shift in trade routes could lead to rapid asset underutilization.
According to quarterly filings, HSHP's current ratio has fluctuated near parity, reaching 0.95 in 2026Q1, which indicates a limited buffer of liquid assets relative to short-term obligations as the company continues its aggressive dividend distribution policy.
The narrow liquidity profile suggests that the company relies heavily on ongoing charter cash flows to meet its immediate financial commitments. This leaves little room for error should market rates experience a sudden, sustained contraction.
As indicated by the discrepancy between reported debt and industry-standard leverage, HSHP's balance sheet may be misleadingly presented, as the $683.2M in reported debt likely excludes significant off-balance-sheet lease liabilities that are fundamental to the company's capital structure.
Analysts should treat these lease commitments as debt-equivalent obligations to accurately assess the company's solvency risk. Failure to account for these hidden liabilities may result in an overly optimistic view of the company's financial resilience during periods of market stress.
Quick answers to the most common questions about buying HSHP stock.
As of 2025, Himalaya Shipping Ltd. (HSHP) had total assets of $863.9M including $39.7M in current assets.
Himalaya Shipping Ltd. (HSHP) carries total debt of $689.2M, offset by $32.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Himalaya Shipping Ltd. (HSHP) has total shareholders' equity (book value) of $161.7M ($3.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Himalaya Shipping Ltd. (HSHP) reported a current ratio of 1.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.