Latest Ratios: P/E Ratio 34.9x · EV/EBITDA 13.2x · ROE 11.2%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $625M | $419M | $213M | $261M | — | — |
| Enterprise Value | $1.3B | $1.1B | $908M | $675M | — | — |
| P/E Ratio → | 34.89 | 23.95 | 10.13 | 172.45 | — | — |
| P/S Ratio | 4.74 | 3.17 | 1.73 | 7.11 | — | — |
| P/B Ratio | 3.77 | 2.59 | 1.38 | 1.69 | — | — |
| P/FCF | 12.09 | 8.10 | — | — | — | — |
| P/OCF | 12.09 | 8.10 | 3.82 | 40.35 | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.15 | 7.35 | 18.38 | — | — |
| EV / EBITDA | 13.16 | 11.04 | 9.75 | 28.44 | — | — |
| EV / EBIT | 18.80 | 15.77 | 13.41 | 44.67 | — | — |
| EV / FCF | — | 20.80 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 77.6% | 77.6% | 79.4% | 50.3% | — | — |
| Operating Margin | 51.7% | 51.7% | 53.9% | 39.8% | — | — |
| Net Profit Margin | 13.4% | 13.4% | 17.0% | 4.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 11.2% | 11.2% | 13.6% | 1.2% | -2.1% | -1.1% |
| ROA | 2.0% | 2.0% | 2.8% | 0.4% | -1.4% | -1.0% |
| ROIC | 6.1% | 6.1% | 7.1% | 3.0% | -1.2% | — |
| ROCE | 8.2% | 8.2% | 9.4% | 4.0% | -1.6% | -1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 4.26 | 4.26 | 4.61 | 2.85 | 0.75 | — |
| Debt / EBITDA | 7.08 | 7.08 | 7.67 | 18.51 | — | — |
| Net Debt / Equity | — | 4.06 | 4.49 | 2.68 | 0.74 | -0.12 |
| Net Debt / EBITDA | 6.74 | 6.74 | 7.46 | 17.43 | — | -27.02 |
| Debt / FCF | — | 12.70 | — | — | — | — |
| Interest Coverage | 1.29 | 1.29 | 1.45 | 1.11 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.08 | 1.08 | 0.75 | 1.30 | 0.06 | 14.13 |
| Quick Ratio | 1.04 | 1.04 | 0.71 | 1.27 | 0.06 | 14.13 |
| Cash Ratio | 0.89 | 0.89 | 0.54 | 1.01 | 0.01 | 14.13 |
| Asset Turnover | — | 0.15 | 0.14 | 0.06 | — | — |
| Inventory Turnover | 17.41 | 17.41 | 16.91 | 28.81 | — | — |
| Days Sales Outstanding | — | 1.94 | 3.69 | 8.06 | — | — |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 6.6% | 9.7% | — | — | — |
| Payout Ratio | 156.4% | 156.4% | 98.0% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 4.2% | 9.9% | 0.6% | — | — |
| FCF Yield | 8.3% | 12.3% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 4.5% | 6.6% | 9.7% | 0.0% | — | — |
| Shares Outstanding | — | $46M | $44M | $39M | $32M | $18M |
Single-class fleet concentration
According to current market data, HSHP trades at a P/E of 35.00, which appears to price in a significant premium for its modern, dual-fuel fleet compared to the broader dry bulk peer group, where valuations often reflect the higher maintenance costs of aging, legacy vessel assets.
The forward P/E of 7.28 suggests that the market anticipates a sharp earnings expansion as the fleet reaches full operational maturity. Investors should monitor whether this valuation multiple remains sustainable if the anticipated fuel-arbitrage premiums fail to materialize in a softening iron ore demand environment.
Based on reported financial figures, HSHP's ROIC has struggled to exceed 2.4% in recent quarters, indicating that the company's heavy reliance on debt-financed asset acquisition has yet to generate returns that meaningfully exceed the cost of capital required to maintain such a specialized, modern fleet.
The modest ROIC trend suggests that while the fleet is technically superior, the high capital intensity of the Newcastlemax model creates a significant hurdle for compounding shareholder value. Analysts should investigate whether future returns will improve as the company shifts from a capital-intensive growth phase to a cash-generative operational phase.
As reported in recent quarterly filings, HSHP maintains an asset turnover ratio consistently near 0.04, a figure that highlights the extreme capital intensity of operating a fleet of large-scale Newcastlemax vessels compared to more diversified shipping operators with higher velocity, smaller-vessel business models.
This low turnover is a structural characteristic of the company's asset-heavy model rather than an operational failure. Investors should focus on the company's ability to maximize charter rates per vessel, as the asset base is unlikely to generate high turnover due to the long-term nature of its specialized shipping contracts.
According to recent SEC filings, HSHP reports a debt-to-equity ratio of 4.39x, which likely understates the company's true financial risk by excluding the significant off-balance-sheet lease liabilities inherent in its sale-and-leaseback financing structure for its 12-vessel fleet.
The interest coverage ratio, which has fluctuated near 1.39x, suggests a narrow margin of safety for debt service during periods of market volatility. This leverage profile warrants further investigation, as any sustained downturn in the Baltic Capesize Index could rapidly stress the company's ability to maintain its aggressive dividend policy.
The debt-to-equity ratio is the most commonly misapplied metric for HSHP, as it fails to capture the economic reality of the company's sale-and-leaseback financing, which functions as a long-term debt obligation rather than a simple operational expense in this specific maritime business model.
Analysts should instead utilize lease-adjusted leverage metrics to gain a clearer picture of the company's true financial obligations. Relying on reported D/E ratios obscures the structural risk posed by the company's financing strategy, potentially leading to an underestimation of the company's vulnerability to interest rate and charter rate fluctuations.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HSHP stock.
Himalaya Shipping Ltd.'s current P/E ratio is 34.9x. The historical average is 68.8x. This places it at the 67th percentile of its historical range.
Himalaya Shipping Ltd.'s current EV/EBITDA is 13.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Himalaya Shipping Ltd.'s return on equity (ROE) is 11.2%. The historical average is 4.6%.
Based on historical data, Himalaya Shipping Ltd. is trading at a P/E of 34.9x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Himalaya Shipping Ltd.'s current dividend yield is 4.54% with a payout ratio of 156.4%.
Himalaya Shipping Ltd. has 77.6% gross margin and 51.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Himalaya Shipping Ltd.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.