The company maintains a manageable leverage profile with a debt-to-equity ratio of 0.69%, though total assets have surged to $559.9 million, increasing exposure to cyclical tanker valuations.
Performance Shipping Inc. (PSHG) balance sheet — 16-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 157.41M | 58.01M | 78.65M | 79.91M | 53.46M | 19.43M | 28.43M | 37.38M | 10.49M | 24.82M | 17.32M | 38.39M | 91.87M | 22.98M | 36.91M | 43.56M | 12.38M |
| Cash & Short-Term Investments | 105.93M | 48.17M | 70.31M | 67.27M | 38.73M | 9.57M | 21.38M | 26.36M | 10.49M | 6.44M | 17.32M | 38.39M | 91.87M | 19.68M | 31.53M | 41.35M | 11.1M |
| Cash Only | 105.93M | 48.17M | 70.31M | 67.27M | 38.73M | 9.57M | 21.38M | 26.36M | 10.49M | 6.44M | 17.32M | 38.39M | 91.87M | 19.68M | 31.53M | 41.35M | 11.1M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 6.29M | 5.81M | 8.28M | 9.11M | 3.79M | 3.5M | 3.98M | 110K | 428K | 471K | 753K | 691K | 534K | 215K | 162.84K | 435.28K |
| Days Sales Outstanding | 5.08 | 27.29 | 24.25 | 27.74 | 44.23 | 37.93 | 30.41 | 54.18 | 1.57 | 6.56 | 5.18 | 4.42 | 4.66 | 3.61 | 1.39 | 2.2 | 27.7 |
| Inventory | 0 | 949K | 549K | 2.2M | 3.04M | 4.29M | 1.98M | 2.85M | 634K | 1.67M | 2.58M | 3.7M | 2.31M | 1.96M | 3.21M | 1.83M | 623.64K |
| Days Inventory Outstanding | 1.92 | 8.27 | 5.37 | 19.6 | 29.19 | 40.14 | 22.55 | 56.32 | 10.68 | 18.68 | 20.43 | 26.2 | 22.64 | 16.81 | 27.31 | 56.37 | 72.23 |
| Other Current Assets | 51.48M | 2.6M | 1.98M | 2.16M | 66K | 104K | 290K | 3.07M | 0 | 18.38M | 9M | 0 | 600K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 517.41M | 501.84M | 251.74M | 216.35M | 239.52M | 125.5M | 129.43M | 93.19M | 89.59M | 207.49M | 249.22M | 397.33M | 317.39M | 293.73M | 300.13M | 166.45M | 92.97M |
| Property, Plant & Equipment | 456.67M | 498.54M | 248.13M | 213.55M | 236.84M | 123.19M | 129.24M | 83.86M | 86.87M | 202.22M | 241.3M | 385.54M | 307.18M | 265.69M | 260.94M | 158.83M | 92.08M |
| Fixed Asset Turnover | 0.26x | 0.17x | 0.35x | 0.51x | 0.32x | 0.30x | 0.33x | 0.32x | 0.29x | 0.12x | 0.14x | 0.16x | 0.18x | 0.20x | 0.22x | 0.17x | 0.06x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 1M | 1M | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 9M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 60.74M | 3.3M | 2.61M | 1.8M | 1.62M | 2.31M | 184K | 9.32M | 2.73M | 5.27M | 7.92M | 2.8M | 10.21M | 28.04M | 39.19M | 7.63M | 895.85K |
| Total Assets | 674.83M | 559.85M | 330.39M | 296.27M | 292.98M | 144.92M | 157.85M | 130.57M | 100.09M | 232.31M | 266.53M | 435.72M | 409.26M | 316.71M | 337.05M | 210.01M | 105.35M |
| Asset Turnover | 0.18x | 0.15x | 0.26x | 0.37x | 0.26x | 0.25x | 0.27x | 0.21x | 0.26x | 0.10x | 0.12x | 0.14x | 0.13x | 0.17x | 0.17x | 0.13x | 0.05x |
| Asset Growth % | 312.69% | 69.45% | 11.52% | 1.12% | 102.16% | -8.19% | 20.9% | 30.46% | -56.92% | -12.84% | -38.83% | 6.47% | 29.22% | -6.03% | 60.49% | 99.35% | - |
| Total Current Liabilities | 0 | 26.19M | 14.86M | 15.34M | 26.1M | 15.19M | 10.82M | 8.07M | 2.86M | 96.95M | 127.13M | 24.7M | 9.29M | 3.78M | 6.11M | 3.12M | 2.39M |
| Accounts Payable | 0 | 3.41M | 2.21M | 4.63M | 4.58M | 5.74M | 1.47M | 1.32M | 1.19M | 1.72M | 1.47M | 2.71M | 1.81M | 1.74M | 2.67M | 1.92M | 436.25K |
| Days Payables Outstanding | 6.88 | 29.71 | 21.65 | 41.2 | 44.03 | 53.77 | 16.76 | 26.15 | 20.08 | 19.21 | 11.64 | 19.15 | 17.73 | 14.88 | 22.76 | 58.97 | 50.52 |
| Short-Term Debt | 0 | 12.39M | 7.44M | 7.43M | 16.75M | 7.79M | 7.77M | 4.28M | 0 | 96.95M | 127.13M | 19.9M | 5.8M | 0 | 0 | 0 | 1.36M |
| Deferred Revenue (Current) | 0 | 0 | 930K | 0 | 1.38M | 1.47M | 1.17M | 0 | 305K | 439K | 108K | 647K | 491K | 972K | 1.26M | 102.43K | 543.92K |
| Other Current Liabilities | 0 | 1.08M | 789K | 0 | 433K | -1.22M | -784K | 777K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 316.61K | 3.89K |
| Current Ratio | - | 2.22x | 5.29x | 5.21x | 2.05x | 1.28x | 2.63x | 4.63x | 3.67x | 0.26x | 0.14x | 1.55x | 9.89x | 6.08x | 6.04x | 13.98x | 5.18x |
| Quick Ratio | - | 2.18x | 5.26x | 5.06x | 1.93x | 1.00x | 2.44x | 4.28x | 3.45x | 0.24x | 0.12x | 1.40x | 9.64x | 5.56x | 5.52x | 13.40x | 4.92x |
| Cash Conversion Cycle | 0.11 | 5.85 | 7.97 | 6.15 | 29.4 | 24.3 | 36.2 | 84.35 | -7.83 | 6.02 | 13.96 | 11.47 | 9.57 | 5.53 | 5.93 | -0.4 | 49.41 |
| Total Non-Current Liabilities | 331.45M | 210.23M | 40.29M | 47.74M | 111.17M | 42.39M | 50.24M | 36.33M | 4.51M | 4.58M | 48.52M | 196.55M | 152.82M | 148.47M | 92.18M | 364.25K | 18.35M |
| Long-Term Debt | 310.03M | 209.94M | 40.02M | 47.46M | 110.93M | 42.11M | 49.9M | 28M | 0 | 0 | 45.62M | 171.73M | 143.36M | 148.34M | 91.91M | 0 | 18.17M |
| Capital Lease Obligations | 0 | 0 | 0 | 33K | 90K | 18K | 90K | 118K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -271K | 0 | 0 |
| Other Non-Current Liabilities | 21.41M | 292K | 273K | 246K | 156K | 262K | 251K | 146K | 1.65M | 4.58M | 171K | 121K | 169K | 80K | 0 | 0 | 181.68K |
| Total Liabilities | 331.45M | 236.42M | 55.15M | 63.08M | 137.27M | 57.58M | 61.06M | 36.33M | 4.51M | 101.53M | 175.65M | 196.55M | 152.82M | 152.24M | 98.29M | 3.48M | 20.74M |
| Total Debt | 310.03M | 222.4M | 47.51M | 54.98M | 127.84M | 49.9M | 57.67M | 32.28M | 0 | 96.95M | 172.75M | 191.63M | 149.16M | 148.34M | 91.91M | 0 | 18.17M |
| Net Debt | 204.1M | 174.23M | -22.8M | -12.28M | 89.11M | 40.32M | 36.29M | 5.92M | -10.49M | 90.51M | 155.43M | 153.24M | 57.29M | 128.65M | 60.38M | -41.35M | 7.07M |
| Debt / Equity | 0.90x | 0.69x | 0.17x | 0.24x | 0.82x | 0.57x | 0.60x | 0.34x | - | 0.74x | 1.90x | 0.80x | 0.58x | 0.90x | 0.38x | - | 0.21x |
| Debt / EBITDA | 4.91x | 4.67x | 0.85x | 0.61x | 2.60x | - | 5.72x | - | - | - | - | 42.71x | 7.40x | - | 4.29x | - | - |
| Net Debt / EBITDA | 3.24x | 3.66x | -0.41x | -0.14x | 1.81x | - | 3.60x | - | - | - | - | 34.15x | 2.84x | - | 2.82x | -3.75x | - |
| Interest Coverage | 2.81x | 9.86x | 31.09x | 6.24x | 7.67x | -4.61x | 2.10x | -9.72x | -0.70x | 1.25x | -20.01x | -1.45x | 1.45x | -11.97x | 2.81x | 2.63x | -3.16x |
| Total Equity | 343.38M | 323.43M | 275.24M | 233.18M | 155.71M | 87.35M | 96.8M | 94.24M | 95.58M | 130.77M | 90.88M | 239.17M | 256.44M | 164.47M | 238.76M | 206.53M | 84.61M |
| Equity Growth % | 55.55% | 17.51% | 18.04% | 49.76% | 78.26% | -9.76% | 2.72% | -1.4% | -26.91% | 43.9% | -62% | -6.73% | 55.93% | -31.12% | 15.6% | 144.1% | - |
| Book Value per Share | 8.78 | 8.31 | 7.02 | 6.56 | 24.15 | 260.68 | 293.59 | 493.45 | 1517.01 | 45901.02 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 |
| Total Shareholders' Equity | 343.38M | 323.43M | 275.24M | 233.18M | 155.71M | 87.35M | 96.8M | 94.24M | 95.58M | 130.77M | 90.88M | 239.17M | 256.44M | 164.47M | 238.76M | 206.53M | 84.61M |
| Common Stock | 343.38M | 124K | 124K | 123K | 42K | 51K | 51K | 489K | 143K | 40K | 94K | 739K | 731K | 350K | 322K | 230.76K | 61.06K |
| Retained Earnings | 0 | -211.08M | -259.22M | -301.12M | -358.04M | -370.14M | -360.43M | -365.21M | -333.15M | -280.26M | -284.07M | -134.69M | -116.42M | -112.12M | -25.1M | -2.53M | -2M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 102K | 53K | 49K | 66K | -2K | 8K | 69K | 57K | 6K | -20K | 5K | -68K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PSHG stock.
As of 2025, Performance Shipping Inc. (PSHG) had total assets of $559.9M including $58.0M in current assets.
Performance Shipping Inc. (PSHG) carries total debt of $222.4M, offset by $48.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Performance Shipping Inc. (PSHG) has total shareholders' equity (book value) of $323.4M ($8.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Performance Shipping Inc. (PSHG) reported a current ratio of 2.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High fleet concentration volatility
Asset Base Expansion Drives Volatility
As reported in recent financial filings, PSHG's total assets surged from $296.3 million in 2023Q4 to $559.9 million by 2025Q4, reflecting an aggressive expansion strategy that has fundamentally altered the company's balance sheet composition and increased its exposure to cyclical tanker market valuations.
The rapid growth in asset value appears driven by significant capital deployment into the fleet rather than organic operational scaling. Investors should monitor whether this expansion provides sustainable earnings power or merely increases the company's sensitivity to future vessel price corrections.
Leverage Profile Remains Strategically Conservative
Based on the company's reported figures, the debt-to-equity ratio has remained relatively contained, fluctuating between 0.14 and 0.71 over the last ten quarters, which suggests that management has avoided excessive reliance on external financing despite the recent increase in total debt to $222.4 million.
While the current leverage levels appear manageable, the jump in debt from $43.8 million in 2025Q2 to $222.4 million in 2025Q4 warrants further investigation into the terms of these obligations. This shift may indicate a transition toward a more aggressive capital structure that could pressure cash flows if charter rates decline.
Cash Position Masks Operational Fluctuations
According to quarterly balance sheet data, PSHG's cash reserves have exhibited extreme volatility, peaking at $212.2 million in 2025Q3 before dropping to $48.2 million, a trend that highlights the company's reliance on lumpy asset sales to maintain its liquidity buffer against operational shocks.
The wide variance in cash levels suggests that the company's liquidity is highly dependent on the timing of vessel transactions rather than consistent operational cash generation. This lack of stability may limit the firm's ability to navigate prolonged market downturns without resorting to dilutive equity raises.
Asset Concentration Risks Fleet Quality
As indicated by the company's financial statements, the entirety of PSHG's asset base is concentrated in net PPE, which grew to $498.5 million by 2025Q4, leaving the firm with zero goodwill and a heavy reliance on the market value of its five Aframax tankers.
The absence of intangible assets simplifies the balance sheet but underscores the company's vulnerability to vessel-specific impairment risks. Because the business model is entirely dependent on the performance of a small, standardized fleet, any decline in Aframax demand could lead to rapid asset value erosion.
Retained Earnings Deficit Signals Risk
Based on reported figures, the company's persistent negative retained earnings, which reached -$211.1 million in 2025Q4, suggest that historical capital allocation has not yet generated sufficient cumulative profitability to offset past losses, raising questions about the long-term sustainability of the current business model.
This structural deficit may indicate that the company's recent growth is being funded by capital recycling rather than organic profit reinvestment. Investors should be cautious, as this pattern often precedes further dilution or the need for continued asset divestitures to support the balance sheet.