Diana Shipping inc.
DSX Industrials Marine Shipping
Diana Shipping inc.’s revenue for fiscal 2025 (year ended December 2025) was $213.5 million, down 6.43% from fiscal 2024. In the quarter to June 2026, revenue grew 4.75%, EPS grew 466.7%, free cash flow grew 1.73% and total debt was flat, each against the same quarter a year earlier.
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Diana Shipping inc. (DSX) Altman Z-score
Diana Shipping inc.'s Altman Z-score for fiscal 2025 is −0.13, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.13 | (0.06) |
| FY2024 | −0.07 | (0.16) |
| FY2023 | 0.09 | (0.15) |
| FY2022 | 0.24 | 0.21 |
| FY2021 | 0.03 | 0.95 |
| FY2020 | −0.92 | (1.00) |
| FY2019 | 0.08 | (0.03) |
| FY2018 | 0.11 | 1.41 |
| FY2017 | −1.30 | (1.48) |
| FY2016 | 0.19 | (0.38) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.16 | |
| Retained earnings / total assets | (0.54) | — | −0.75 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 0.27 | — | 0.16 | |
| Sales / total assets | 0.18 | — | 0.18 | |
| Altman Z-score | Distress zone | −0.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.15 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GASS StealthGas, Inc. compare | 8.4× |
| ESEA Euroseas Ltd. compare | 2.7× |
| PANL Pangaea Logistics Solutions Ltd. compare | 1.8× |
| CMDB Costamare Bulkers Holdings Limited compare | 1.3× |
| HSHP Himalaya Shipping Ltd. compare | 0.8× |
| EDRY EuroDry compare | 0.7× |
| SMHI SEACOR Marine Holdings Inc. compare | 0.4× |
| SHIP Seanergy Maritime Holdings Corp compare | 0.1× |
| DSX Diana Shipping inc. | −0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets