Performance Shipping Inc. (PSHG) 10-Year Financial Performance & Capital Metrics

PSHG • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutPerformance Shipping Inc., through its subsidiaries, provides shipping transportation services through its ownership of tanker vessels worldwide. It owned and operated five Aframax tanker vessels with a combined carrying capacity of 546,094 dwt. The company was incorporated in 2010 and is based in Athens, Greece.Show more

Revenue $87M -19.7%
EBITDA $56M -38.0%
Net Income $44M -37.0%
EPS (Diluted) 1.07 -44.0%
Gross Margin 57.31% -8.1%
EBITDA Margin 64.08% -22.7%
Operating Margin 47.82% -31.0%
Net Margin 50.01% -21.5%
ROE 17.2% -51.8%
ROIC 13.25% -45.5%
Debt/Equity 0.17 -26.8%
Interest Coverage 31.09 +295.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 27.6%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 26.6%
✓Healthy dividend yield of 2.2%
✓Healthy 5Y average net margin of 28.9%
✓Trading at only 0.3x book value

✗Weaknesses

✗Shares diluted 10.3% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.93%

5Y26.64%

3Y33.82%

TTM-11.07%

Profit (Net Income) CAGR

10Y29.73%

5Y-

3Y-

TTM-11.65%

EPS CAGR

10Y-71.99%

5Y-

3Y-

TTM22.76%

ROCE

10Y Avg-7.77%

5Y Avg11.76%

3Y Avg20.59%

Latest14.02%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	62.18M	33.19M	23.81M	25.57M	26.85M	42.05M	36.49M	75.17M	108.94M	87.44M
Revenue Growth %	0.15%	-0.47%	-0.28%	0.07%	0.05%	0.57%	-0.13%	1.06%	0.45%	-0.2%
Cost of Goods Sold+	51.61M	46.12M	32.58M	21.66M	18.45M	32.06M	38.98M	37.97M	41.02M	37.33M
COGS % of Revenue	0.83%	1.39%	1.37%	0.85%	0.69%	0.76%	1.07%	0.51%	0.38%	0.43%
Gross Profit+	10.57M	-12.93M	-8.78M	3.9M	8.39M	14.22M	-2.49M	37.2M	67.92M	50.11M
Gross Margin %	0.17%	-0.39%	-0.37%	0.15%	0.31%	0.34%	-0.07%	0.49%	0.62%	0.57%
Gross Profit Growth %	-0.37%	-2.22%	0.32%	1.44%	1.15%	0.69%	-1.17%	15.96%	0.83%	-0.26%
Operating Expenses+	6.19M	7.24M	8.37M	8.03M	8.31M	8.41M	5.97M	6.78M	-7.61M	8.3M
OpEx % of Revenue	0.1%	0.22%	0.35%	0.31%	0.31%	0.2%	0.16%	0.09%	-0.07%	0.09%
Selling, General & Admin	6.19M	7.24M	8.37M	8.03M	8.16M	7.99M	5.78M	6.75M	8.01M	8.3M
SG&A % of Revenue	0.1%	0.22%	0.35%	0.31%	0.3%	0.19%	0.16%	0.09%	0.07%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	147K	426K	191K	33K	-15.62M	0
Operating Income+	-10.47M	-142.04M	-24.61M	-41.44M	-31.66M	4.27M	-8.46M	39.98M	75.53M	41.81M
Operating Margin %	-0.17%	-4.28%	-1.03%	-1.62%	-1.18%	0.1%	-0.23%	0.53%	0.69%	0.48%
Operating Income Growth %	-2.06%	-12.56%	0.83%	-0.68%	0.24%	1.13%	-2.98%	5.73%	0.89%	-0.45%
EBITDA+	4.49M	-125.5M	-16.46M	-36.49M	-30.88M	10.07M	-988K	49.26M	90.33M	56.04M
EBITDA Margin %	0.07%	-3.78%	-0.69%	-1.43%	-1.15%	0.24%	-0.03%	0.66%	0.83%	0.64%
EBITDA Growth %	-0.78%	-28.97%	0.87%	-1.22%	0.15%	1.33%	-1.1%	50.86%	0.83%	-0.38%
D&A (Non-Cash Add-back)	14.96M	16.54M	8.15M	4.95M	783K	5.8M	7.47M	9.28M	14.79M	14.22M
EBIT	-10.37M	-141.92M	17.26M	-8.07M	-6.33M	4.38M	-8.3M	30.42M	79.01M	41.81M
Net Interest Income+	-7.06M	-6.97M	-13.76M	-11.46M	-393K	-1.98M	-1.78M	-3.68M	-6.3M	1.91M
Interest Income	107K	120K	87K	64K	258K	110K	18K	284K	3.3M	3.25M
Interest Expense	7.17M	7.09M	13.84M	11.52M	651K	2.09M	1.8M	3.97M	9.6M	1.34M
Other Income/Expense	-7.06M	-6.97M	28.43M	-44.89M	-393K	-1.98M	-1.65M	-3.68M	-6.12M	1.92M
Pretax Income+	-17.53M	-149.01M	3.82M	-52.9M	-32.06M	2.29M	-9.71M	36.3M	69.41M	43.73M
Pretax Margin %	-0.28%	-4.49%	0.16%	-2.07%	-1.19%	0.05%	-0.27%	0.48%	0.64%	0.5%
Income Tax+	0	0	0	48.99M	-31.36M	0	1.59M	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1.65%	1%	1%	1%	1%
Net Income+	-17.53M	-149.01M	3.82M	-52.9M	-32.06M	3.78M	-9.71M	36.3M	69.41M	43.73M
Net Margin %	-0.28%	-4.49%	0.16%	-2.07%	-1.19%	0.09%	-0.27%	0.48%	0.64%	0.5%
Net Income Growth %	-6.41%	-7.5%	1.03%	-14.85%	0.39%	1.12%	-3.57%	4.74%	0.91%	-0.37%
Net Income (Continuing)	-17.53M	-149.01M	3.82M	-52.9M	-6.74M	2.29M	-10.11M	36.3M	69.41M	43.73M
Discontinued Operations	0	0	0	0	0	1.48M	400K	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-999999.00	-999999.00	1341.00	-839.56	-3.67	15.75	-30.16	3.02	1.91	1.07
EPS Growth %	-6.41%	-6.65%	1%	-1.63%	1%	5.29%	-2.91%	1.1%	-0.37%	-0.44%
EPS (Basic)	-999999.00	-999999.00	1341.00	-839.56	-3.67	15.90	-30.16	6.49	5.43	3.39
Diluted Shares Outstanding	9	10	2.85K	63K	190.98K	329.7K	335.09K	6.45M	35.54M	39.2M
Basic Shares Outstanding	9	10	2.85K	63K	190.98K	325.03K	335.09K	1.85M	10.49M	12.37M
Dividend Payout Ratio	-	-	-	-	-	0.13%	-	0.03%	0.03%	0.04%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	38.39M	17.32M	24.82M	10.49M	37.38M	28.43M	19.43M	53.46M	79.91M	78.65M
Cash & Short-Term Investments	38.39M	17.32M	6.44M	10.49M	26.36M	21.38M	9.57M	38.73M	67.27M	70.31M
Cash Only	38.39M	17.32M	6.44M	10.49M	26.36M	21.38M	9.57M	38.73M	67.27M	70.31M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	753K	471K	428K	110K	3.98M	3.5M	3.79M	9.11M	8.28M	5.81M
Days Sales Outstanding	4.42	5.18	6.56	1.57	54.18	30.41	37.93	44.23	27.74	24.25
Inventory	3.7M	2.58M	1.67M	634K	2.85M	1.98M	4.29M	3.04M	2.2M	549K
Days Inventory Outstanding	26.2	20.43	18.68	10.68	56.32	22.55	40.14	29.19	19.6	5.37
Other Current Assets	0	9M	18.38M	0	3.07M	290K	104K	66K	2.16M	1.98M
Total Non-Current Assets+	397.33M	249.22M	207.49M	89.59M	93.19M	129.43M	125.5M	239.52M	216.35M	251.74M
Property, Plant & Equipment	385.54M	241.3M	202.22M	86.87M	83.86M	129.24M	123.19M	236.84M	213.55M	248.13M
Fixed Asset Turnover	0.16x	0.14x	0.12x	0.29x	0.32x	0.33x	0.30x	0.32x	0.51x	0.35x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	9M	0	0	0	0	0	0	1.05M	1M	1M
Other Non-Current Assets	2.8M	7.92M	5.27M	2.73M	9.32M	184K	2.31M	1.62M	1.8M	2.61M
Total Assets+	435.72M	266.53M	232.31M	100.09M	130.57M	157.85M	144.92M	292.98M	296.27M	330.39M
Asset Turnover	0.14x	0.12x	0.10x	0.26x	0.21x	0.27x	0.25x	0.26x	0.37x	0.26x
Asset Growth %	0.06%	-0.39%	-0.13%	-0.57%	0.3%	0.21%	-0.08%	1.02%	0.01%	0.12%
Total Current Liabilities+	24.7M	127.13M	96.95M	2.86M	8.07M	10.82M	15.19M	26.1M	15.34M	14.86M
Accounts Payable	2.71M	1.47M	1.72M	1.19M	1.32M	1.47M	5.74M	4.58M	4.63M	2.21M
Days Payables Outstanding	19.15	11.64	19.21	20.08	26.15	16.76	53.77	44.03	41.2	21.65
Short-Term Debt	19.9M	127.13M	96.95M	0	4.28M	7.77M	7.79M	16.75M	7.43M	7.44M
Deferred Revenue (Current)	647K	108K	439K	305K	0	1000K	1000K	1000K	0	930K
Other Current Liabilities	0	0	0	0	777K	-784K	-1.22M	433K	0	789K
Current Ratio	1.55x	0.14x	0.26x	3.67x	4.63x	2.63x	1.28x	2.05x	5.21x	5.29x
Quick Ratio	1.40x	0.12x	0.24x	3.45x	4.28x	2.44x	1.00x	1.93x	5.06x	5.26x
Cash Conversion Cycle	11.47	13.96	6.02	-7.83	84.35	36.2	24.3	29.4	6.15	7.97
Total Non-Current Liabilities+	196.55M	48.52M	4.58M	4.51M	36.33M	50.24M	42.39M	111.17M	47.74M	40.29M
Long-Term Debt	171.73M	45.62M	0	0	28M	49.9M	42.11M	110.93M	47.46M	40.02M
Capital Lease Obligations	0	0	0	0	118K	90K	18K	90K	33K	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	121K	171K	4.58M	1.65M	146K	251K	262K	156K	246K	273K
Total Liabilities	196.55M	175.65M	101.53M	4.51M	36.33M	61.06M	57.58M	137.27M	63.08M	55.15M
Total Debt+	191.63M	172.75M	96.95M	0	32.28M	57.67M	49.9M	127.84M	54.98M	47.51M
Net Debt	153.24M	155.43M	90.51M	-10.49M	5.92M	36.29M	40.32M	89.11M	-12.28M	-22.8M
Debt / Equity	0.80x	1.90x	0.74x	-	0.34x	0.60x	0.57x	0.82x	0.24x	0.17x
Debt / EBITDA	42.71x	-	-	-	-	5.72x	-	2.60x	0.61x	0.85x
Net Debt / EBITDA	34.15x	-	-	-	-	3.60x	-	1.81x	-0.14x	-0.41x
Interest Coverage	-1.46x	-20.02x	-1.78x	-3.60x	-48.64x	2.05x	-4.70x	10.08x	7.87x	31.09x
Total Equity+	239.17M	90.88M	130.77M	95.58M	94.24M	96.8M	87.35M	155.71M	233.18M	275.24M
Equity Growth %	-0.07%	-0.62%	0.44%	-0.27%	-0.01%	0.03%	-0.1%	0.78%	0.5%	0.18%
Book Value per Share	999999.00	999999.00	45901.02	1517.01	493.45	293.59	260.68	24.15	6.56	7.02
Total Shareholders' Equity	239.17M	90.88M	130.77M	95.58M	94.24M	96.8M	87.35M	155.71M	233.18M	275.24M
Common Stock	739K	94K	40K	143K	489K	51K	51K	42K	123K	124K
Retained Earnings	-134.69M	-284.07M	-280.26M	-333.15M	-365.21M	-360.43M	-370.14M	-358.04M	-301.12M	-259.22M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	5K	-20K	6K	57K	69K	8K	-2K	66K	49K	53K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.45M	-11.96M	-12.65M	-330K	-4.19M	13.18M	-3.12M	33.85M	67.95M	59.67M
Operating CF Margin %	0.28%	-0.36%	-0.53%	-0.01%	-0.16%	0.31%	-0.09%	0.45%	0.62%	0.68%
Operating CF Growth %	-0.32%	-1.69%	-0.06%	0.97%	-11.71%	4.14%	-1.24%	11.84%	1.01%	-0.12%
Net Income	-17.53M	-149.01M	3.82M	-52.9M	-32.06M	3.78M	-9.71M	36.3M	69.41M	43.73M
Depreciation & Amortization	21.71M	16.54M	8.15M	4.95M	783K	5.8M	7.47M	9.28M	14.79M	13.34M
Stock-Based Compensation	928K	1.12M	1.17M	1.59M	1.79M	1.92M	268K	107K	52K	0
Deferred Taxes	0	0	0	0	-2.57M	-7.71M	-7.74M	-9.39M	0	0
Other Non-Cash Items	34.97M	139.28M	-19.57M	52.6M	37.4M	8.1M	6.26M	-536K	-18.52M	-890K
Working Capital Changes	5K	-2.23M	3.09M	-38K	-9.53M	1.3M	323K	-1.92M	2.22M	3.49M
Change in Receivables	-62K	282K	43K	318K	-4.58M	1.07M	-196K	-5.32M	830K	3.23M
Change in Inventory	-1.4M	1.12M	914K	1.03M	-2.21M	866K	-2.31M	1.25M	834K	1.65M
Change in Payables	900K	-1.24M	175K	-455K	780K	-293K	3.23M	-293K	16K	-2.67M
Cash from Investing+	-111.75M	10.57M	6.67M	93.15M	-18.52M	-40.15M	-770K	-112.95M	25.72M	-47.41M
Capital Expenditures	-119.06M	-223K	-15K	-126K	-50.22M	-63.61M	-1.78M	-145.58M	-11.91M	-47.41M
CapEx % of Revenue	1.91%	0.01%	0%	0%	1.87%	1.51%	0.05%	1.94%	0.11%	0.54%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	7.31M	10.8M	6.68M	93.28M	2.83M	0	0	0	37.64M	0
Cash from Financing+	41.69M	-19.68M	4.12M	-88.77M	38.58M	21.98M	-7.91M	109.25M	-65.14M	-9.21M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-739K	-374K	0	0	0	-502K	0	-941K	-1.89M	-1.83M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.31M	-150K	0	-68K	-352K	-561K	0	4M	190K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-101.61M	-12.19M	-12.67M	-456K	-54.41M	-50.43M	-4.91M	-111.73M	56.04M	12.48M
FCF Margin %	-1.63%	-0.37%	-0.53%	-0.02%	-2.03%	-1.2%	-0.13%	-1.49%	0.51%	0.14%
FCF Growth %	-1.84%	0.88%	-0.04%	0.96%	-118.32%	0.07%	0.9%	-21.76%	1.5%	-0.78%
FCF per Share	-999999.00	-999999.00	-4446.47	-7.24	-284.90	-152.97	-14.65	-17.33	1.58	0.32
FCF Conversion (FCF/Net Income)	-1.00x	0.08x	-3.31x	0.01x	0.13x	3.49x	0.32x	0.93x	0.98x	1.36x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.07%	-90.3%	3.45%	-46.74%	-33.78%	3.95%	-10.54%	29.87%	35.7%	17.2%
Return on Invested Capital (ROIC)	-2.22%	-33.36%	-7.89%	-20.29%	-25.64%	2.75%	-4.87%	16.1%	24.33%	13.25%
Gross Margin	17.01%	-38.95%	-36.86%	15.26%	31.27%	33.82%	-6.82%	49.49%	62.35%	57.31%
Net Margin	-28.19%	-448.92%	16.04%	-206.9%	-119.41%	8.98%	-26.6%	48.29%	63.72%	50.01%
Debt / Equity	0.80x	1.90x	0.74x	-	0.34x	0.60x	0.57x	0.82x	0.24x	0.17x
Interest Coverage	-1.46x	-20.02x	-1.78x	-3.60x	-48.64x	2.05x	-4.70x	10.08x	7.87x	31.09x
FCF Conversion	-1.00x	0.08x	-3.31x	0.01x	0.13x	3.49x	0.32x	0.93x	0.98x	1.36x
Revenue Growth	15%	-46.62%	-28.28%	7.39%	5.01%	56.62%	-13.21%	106%	44.92%	-19.73%

Revenue by Segment

	2021	2022	2023	2024
Voyage charters	-	-	2.63M	982K
Voyage charters Growth	-	-	-	-62.68%
Spot Charters	23.61M	23.33M	-	-
Spot Charters Growth	-	-1.17%	-	-
Time Charters	10.28M	-	-	-
Time Charters Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

Performance Shipping Inc. (PSHG) has a price-to-earnings (P/E) ratio of 2.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Performance Shipping Inc. (PSHG) reported $79.7M in revenue for fiscal year 2024. This represents a 195% increase from $27.0M in 2011.

Performance Shipping Inc. (PSHG) saw revenue decline by 19.7% over the past year.

Yes, Performance Shipping Inc. (PSHG) is profitable, generating $52.1M in net income for fiscal year 2024 (50.0% net margin).

Dividend & Returns

Yes, Performance Shipping Inc. (PSHG) pays a dividend with a yield of 2.22%. This makes it attractive for income-focused investors.

Performance Shipping Inc. (PSHG) has a return on equity (ROE) of 17.2%. This is reasonable for most industries.

Performance Shipping Inc. (PSHG) had negative free cash flow of $35.4M in fiscal year 2024, likely due to heavy capital investments.

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