Hafnia Limited
HAFN Industrials Marine Shipping
Hafnia Limited’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 20.5% from fiscal 2024. In the quarter to June 2026, revenue grew 47.2%, EPS grew 273.3%, free cash flow grew 193.2% and total debt fell 13.8%, each against the same quarter a year earlier.
Follow HAFN
Hafnia Limited (HAFN) Altman Z-score
Hafnia Limited's Altman Z-score for fiscal 2025 is 2.39, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.39 | (0.63) |
| FY2024 | 3.02 | 0.07 |
| FY2023 | 2.96 | 0.74 |
| FY2022 | 2.21 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.09 | |
| Retained earnings / total assets | 0.22 | — | 0.31 | |
| EBIT / total assets | 0.10 | — | 0.32 | |
| Market value of equity / total liabilities | 1.79 | — | 1.07 | |
| Sales / total assets | 0.60 | — | 0.60 | |
| Altman Z-score | Grey zone | 2.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.49 | ||
Z and Z″ put Hafnia Limited in different zones: grey zone by Z, safe zone by Z″.
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 |
|---|---|
| KEX Kirby Corporation compare | 3.1× |
| MATX Matson, Inc. compare | 3.1× |
| ECO Okeanis Eco Tankers Corp. compare | 2.4× |
| DAC Danaos Corporation compare | 2.4× |
| HAFN Hafnia Limited | 2.4× |
| ZIM ZIM Integrated Shipping Services Ltd. compare | 1.5× |
| SBLK Star Bulk Carriers Corp. compare | 1.3× |
| SFL SFL Corporation Ltd. compare | 0.4× |
| NMM Navios Maritime Partners LP compare | — |
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