Revenue growth remains inconsistent with a 20.7% increase in 2025Q4, while net margins have fluctuated wildly, peaking at an unsustainable 137.9% in 2025Q1 due to non-operating items.
| Metric | 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 |
|---|
| Sales/Revenue | 84.17M | 87.44M | 108.94M | 75.17M | 36.49M | 42.05M | 26.85M | 25.57M | 23.81M | 33.19M | 62.18M | 54.07M | 54.02M | 56.63M | 26.99M | 5.73M |
| Revenue Growth % | -3.74% | -19.73% | 44.92% | 106% | -13.21% | 56.62% | 5.01% | 7.39% | -28.28% | -46.62% | 15% | 0.1% | -4.62% | 109.8% | 370.68% | - |
| Cost of Goods Sold | 41.86M | 37.33M | 41.02M | 37.97M | 38.98M | 32.06M | 18.45M | 21.66M | 32.58M | 46.12M | 51.61M | 37.2M | 42.65M | 42.85M | 11.87M | 3.15M |
| COGS % of Revenue | 49.74% | 42.69% | 37.65% | 50.51% | 106.82% | 76.26% | 68.73% | 84.74% | 136.86% | 138.95% | 82.99% | 68.8% | 78.95% | 75.66% | 43.96% | 54.96% |
| Gross Profit | 42.31M | 50.11M | 67.92M | 37.2M | -2.49M | 14.22M | 8.39M | 3.9M | -8.78M | -12.93M | 10.57M | 16.87M | 11.37M | 13.78M | 15.13M | 2.58M |
| Gross Margin % | 50.26% | 57.31% | 62.35% | 49.49% | -6.82% | 33.82% | 31.27% | 15.26% | -36.86% | -38.95% | 17.01% | 31.2% | 21.05% | 24.34% | 56.04% | 45.04% |
| Gross Profit Growth % | -15.57% | -26.22% | 82.57% | 1595.9% | -117.49% | 69.39% | 115.18% | 144.46% | 32.12% | -222.26% | -37.31% | 48.36% | -17.5% | -8.89% | 485.62% | - |
| Operating Expenses | 9.73M | 8.3M | -7.61M | 6.78M | 5.97M | 8.41M | 8.31M | 8.03M | 8.37M | 7.24M | 6.19M | 6.31M | 5.36M | 5.02M | 10.03M | 4.14M |
| OpEx % of Revenue | 11.56% | 9.49% | -6.99% | 9.02% | 16.37% | 20% | 30.95% | 31.41% | 35.14% | 21.81% | 9.96% | 11.66% | 9.93% | 8.86% | 37.16% | 72.14% |
| Selling, General & Admin | 9.7M | 8.3M | 8.01M | 6.75M | 5.78M | 7.99M | 8.16M | 8.03M | 8.37M | 7.24M | 6.19M | 6.31M | 5.06M | 3.47M | 4.09M | 3.73M |
| SG&A % of Revenue | 11.53% | 9.49% | 7.35% | 8.98% | 15.85% | 18.99% | 30.4% | 31.41% | 35.14% | 21.81% | 9.96% | 11.66% | 9.37% | 6.12% | 15.16% | 64.99% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 27K | 0 | -15.62M | 33K | 191K | 426K | 147K | 0 | 0 | 0 | 0 | 0 | 305K | 1.55M | 5.94M | 410.31K |
| Operating Income | 32.58M | 41.81M | 75.53M | 39.98M | -8.46M | 4.27M | -31.66M | -41.44M | -24.61M | -142.04M | -10.47M | 9.85M | -52.86M | 8.96M | 5.08M | -1.55M |
| Operating Margin % | 38.71% | 47.82% | 69.34% | 53.19% | -23.18% | 10.17% | -117.95% | -162.09% | -103.38% | -427.91% | -16.84% | 18.22% | -97.87% | 15.82% | 18.82% | -27.1% |
| Operating Income Growth % | -22.08% | -44.64% | 88.92% | 572.6% | -297.94% | 113.5% | 23.59% | -68.38% | 82.67% | -1256.38% | -206.31% | 118.63% | -690.2% | 76.31% | 426.88% | - |
| EBITDA | 47.66M | 56.04M | 90.33M | 49.26M | -988K | 10.07M | -30.88M | -36.49M | -16.46M | -125.5M | 4.49M | 20.16M | -41.79M | 21.43M | 11.02M | -100.28K |
| EBITDA Margin % | 56.62% | 64.08% | 82.92% | 65.53% | -2.71% | 23.96% | -115.03% | -142.74% | -69.15% | -378.09% | 7.22% | 37.28% | -77.37% | 37.85% | 40.82% | -1.75% |
| EBITDA Growth % | -14.95% | -37.96% | 83.36% | 5086.13% | -109.81% | 132.62% | 15.38% | -121.67% | 86.88% | -2897.01% | -77.74% | 148.23% | -295% | 94.53% | 11086.69% | - |
| D&A (Non-Cash Add-back) | 15.08M | 14.22M | 14.79M | 9.28M | 7.47M | 5.8M | 783K | 4.95M | 8.15M | 16.54M | 14.96M | 10.31M | 11.07M | 12.48M | 5.94M | 1.45M |
| EBIT | 55.62M | 41.81M | 79.01M | 30.42M | -8.3M | 4.38M | -6.33M | -8.07M | 17.26M | -141.92M | -10.37M | 9.77M | -52.92M | 8.62M | 4.22M | -1.62M |
| Net Interest Income | -808K | 1.91M | -6.3M | -3.68M | -1.78M | -1.98M | -393K | -11.46M | -13.76M | -6.97M | -7.06M | -6.61M | -4.35M | -2.99M | -1.45M | -447K |
| Interest Income | 4.83M | 3.25M | 3.3M | 284K | 18K | 110K | 258K | 64K | 87K | 120K | 107K | 134K | 72K | 78K | 153.89K | 64.09K |
| Interest Expense | 5.64M | 1.34M | 9.6M | 3.97M | 1.8M | 2.09M | 651K | 11.52M | 13.84M | 7.09M | 7.17M | 6.75M | 4.42M | 3.07M | 1.6M | 511.29K |
| Other Income/Expense | 17.39M | 1.92M | -6.12M | -3.68M | -1.65M | -1.98M | -393K | -44.89M | 28.43M | -6.97M | -7.06M | -6.61M | -4.48M | -2.79M | -17.34K | -447.36K |
| Pretax Income | 49.97M | 43.73M | 69.41M | 36.3M | -9.71M | 2.29M | -32.06M | -52.9M | 3.82M | -149.01M | -17.53M | 3.24M | -57.35M | 5.97M | 5.06M | 0 |
| Pretax Margin % | 59.37% | 50.01% | 63.72% | 48.29% | -26.6% | 5.46% | -119.41% | -206.9% | 16.04% | -448.92% | -28.19% | 5.99% | -106.17% | 10.54% | 18.76% | - |
| Income Tax | 0 | 0 | 0 | 0 | 1.59M | 0 | -31.36M | 48.99M | 0 | 0 | 0 | 0 | 0 | -9.41M | 1.47M | 447.2K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -16.4% | 0% | 97.81% | -92.63% | 0% | 0% | 0% | 0% | 0% | -157.65% | 28.99% | - |
| Net Income | 49.97M | 43.73M | 69.41M | 36.3M | -9.71M | 3.78M | -32.06M | -52.9M | 3.82M | -149.01M | -17.53M | 3.24M | -57.35M | 5.97M | 3.63M | -2M |
| Net Margin % | 59.37% | 50.01% | 63.72% | 48.29% | -26.6% | 8.98% | -119.41% | -206.9% | 16.04% | -448.92% | -28.19% | 5.99% | -106.17% | 10.54% | 13.45% | -34.9% |
| Net Income Growth % | 14.28% | -37% | 91.22% | 474% | -356.98% | 111.78% | 39.4% | -1485.05% | 102.56% | -750% | -641.41% | 105.65% | -1060.73% | 64.43% | 281.38% | - |
| Net Income (Continuing) | 49.97M | 43.73M | 69.41M | 36.3M | -10.11M | 2.29M | -6.74M | -52.9M | 3.82M | -149.01M | -17.53M | 3.24M | -57.35M | 5.97M | 3.63M | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 400K | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.28 | 1.07 | 1.91 | 3.02 | -30.16 | 15.75 | -3.67 | -839.56 | 1341.00 | -999999.00 | -999999.00 | 359777.00 | -999999.00 | 999999.00 | 999999.00 | -667120.33 |
| EPS Growth % | 19.63% | -43.98% | -36.75% | 110.01% | -291.49% | 529.16% | 99.56% | -162.61% | 100.01% | -665% | -641.42% | 102.51% | -1060.73% | 23.33% | 281.38% | - |
| EPS (Basic) | 3.87 | 3.39 | 5.43 | 6.49 | -30.16 | 15.90 | -3.67 | -839.56 | 1341.00 | -999999.00 | -999999.00 | 359777.00 | -999999.00 | 999999.00 | 999999.00 | -667120.33 |
| Diluted Shares Outstanding | 38.93M | 39.2M | 35.54M | 6.45M | 335.09K | 329.7K | 190.98K | 63K | 2.85K | 10 | 9 | 9 | 4 | 4 | 3 | 3 |
| Basic Shares Outstanding | 12.43M | 12.37M | 10.49M | 1.85M | 335.09K | 325.03K | 190.98K | 63K | 2.85K | 10 | 9 | 9 | 4 | 4 | 3 | 3 |
| Dividend Payout Ratio | 3.66% | 4.19% | 2.72% | 2.59% | - | 13.29% | - | - | - | - | - | 232.67% | - | 478.22% | 114.43% | - |
High Revenue Concentration Risk
As reported in recent financial filings, PSHG's revenue trajectory remains inconsistent, with the most recent quarter showing a 20.7% growth rate following a prolonged period of year-over-year declines, highlighting the inherent sensitivity of its five-vessel Aframax fleet to volatile spot market charter rates.
The recent revenue uptick appears to be a function of market-driven rate fluctuations rather than a structural expansion of the fleet's capacity. Investors should monitor whether this growth is sustainable or merely a temporary benefit from favorable trade route dynamics in the Mediterranean and Atlantic basins.
Based on the company's reported figures, gross margins have fluctuated between 51.1% and 61.7% over the last ten quarters, suggesting that while the firm maintains a healthy spread over daily cash break-even points, its profitability remains highly susceptible to shifts in bunker fuel and insurance costs.
The structural reliance on a small, undiversified fleet means that any unplanned off-hire time could rapidly compress these margins. The current margin profile appears to be supported by favorable macro conditions rather than internal cost-efficiency improvements, warranting caution regarding future margin durability.
According to historical income statements, the significant divergence between operating margins and net margins, such as the 137.9% net margin observed in 2025Q1, suggests that reported earnings are frequently bolstered by non-operating gains rather than recurring revenue from core tanker operations.
This discrepancy implies that investors should look past headline net income to evaluate the underlying cash-generating capability of the shipping business. The potential for one-time asset sales or derivative valuation adjustments to inflate bottom-line results may obscure the true operational performance of the fleet.
As indicated by the company's financial data, PSHG maintains a rigid cost structure where vessel operating expenses and depreciation must be absorbed regardless of utilization, leaving the firm vulnerable to periods of low charter demand despite its current low debt-to-equity ratio of 0.69%.
Management's expense discipline appears focused on maintaining the fleet, yet the lack of scale compared to larger peers like Teekay Tankers limits the ability to absorb idiosyncratic cost shocks. The absence of R&D spending is consistent with the industry, but the fixed nature of SG&A suggests limited overhead flexibility.
While the company's balance sheet appears robust with minimal debt, market participants may be mispricing PSHG by ignoring the potential for dilutive fleet expansion or the risk that current high net margins are unsustainable artifacts of a cyclical peak in tanker asset values.
Short-term profitability metrics may be masking a lack of long-term strategic direction, as the company's history of complex equity structures raises concerns about capital allocation priorities. Investors should consider whether the current cash-rich position is a precursor to value-destructive acquisitions or a genuine opportunity for fleet renewal.
Quick answers to the most common questions about buying PSHG stock.
For fiscal year 2025, Performance Shipping Inc. (PSHG) reported total revenue of $84.2M. This represents a 1367.8% increase compared to $5.7M in 2010.
Performance Shipping Inc. (PSHG) is profitable, generating $50.0M in net income for the fiscal year ending 2025 with a net profit margin of 59.4%.
Performance Shipping Inc. (PSHG) reported an operating income of $32.6M, resulting in an operating profit margin of 38.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Performance Shipping Inc. (PSHG) generated $42.3M in gross profit for the year, representing a gross profit margin of 50.3%. This demonstrates the company's core pricing power and production efficiency.