Saturday 17 October 2026
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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.
10.01
0.10
−0.99%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | 1.60 | 1.60 | 1.60 | 4.50 | 4.99 | 3.61 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | 1.60 | 1.60 | 6.00 | 7.35 | 8.99 | 6.64 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 5,040 | 4,959 | 4,876 | ||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.53 | 0.58 | 0.47 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 1,927 | 2,672 | 2,869 | 2,282 | ||||
| Gross margin, % | — | — | — | — | — | — | 56.20 | 41.09 | 38.81 | 29.53 | |||||
| EBT | — | — | — | — | — | — | 758 | 800 | 778 | 342 | |||||
| EBT margin, % | — | — | — | — | — | — | 39.36 | 29.93 | 27.14 | 15.00 | |||||
| Net income | — | — | — | — | — | — | 752 | 793 | 774 | 340 | |||||
| Depreciation | — | — | — | — | — | — | 209 | 211 | 215 | 202 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 4.03 | 5.29 | 5.62 | 4.58 | ||||
| Earnings | — | — | — | — | — | — | 1.57 | 1.57 | 1.52 | 0.68 | |||||
| Cash flow | — | — | — | — | — | — | 1.61 | 2.10 | 2.02 | 1.21 | |||||
| Capex | — | — | — | — | — | — | (0.37) | (0.08) | 0.01 | (0.14) | |||||
| Free cash flow | — | — | — | — | — | — | 1.25 | 2.02 | 2.03 | 1.07 | |||||
| Book value | — | — | — | — | — | — | 4.20 | 4.41 | 4.44 | 4.68 | |||||
| Shares, m | — | — | — | — | — | — | 478 | 505 | 510 | 498 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 5.56 | 4.47 | 3.66 | 7.84 | ||||
| P/S | — | — | — | — | — | — | 1.68 | 1.45 | 0.99 | 1.16 | |||||
| P/B | — | — | — | — | — | — | 1.26 | 1.59 | 1.26 | 1.14 | |||||
| EV/Sales | — | — | — | — | — | — | 2.68 | 1.89 | 1.28 | 1.57 | |||||
| EV/FCF | — | — | — | — | — | — | 0.00 | 4.52 | 3.53 | 6.73 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 771 | 1,061 | 1,030 | 603 | ||||
| Capex | — | — | — | — | — | — | (176) | (42) | 7 | (71) | |||||
| Free cash flow | — | — | — | — | — | — | 595 | 1,019 | 1,038 | 532 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 394 | 272 | 246 | 272 | ||||
| Total debt | — | — | — | — | — | — | 1,775 | 1,292 | 1,122 | 1,123 | |||||
| Net debt | — | — | — | — | — | — | 1,494 | 1,057 | 826 | 924 | |||||
| Shareholders’ equity | — | — | — | — | — | — | 2,009 | 2,228 | 2,263 | 2,330 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | 20.19 | 20.33 | 9.04 | ||||
| ROIC | — | — | — | — | — | — | 14.69 | 16.32 | 16.30 | 7.10 | |||||
| ROE | — | — | — | — | — | — | 0.00 | 37.45 | 34.48 | 14.79 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
Hafnia Limited vs peers in Marine Shipping (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| KEX Kirby Corporation | $7.2B | 20.9× | 20.0× | +7.83% (above 0%: growing) | 0.00% | −78.14% (below 0%: shrinking) | 31.53% | 13.27% | Compare |
| MATX Matson, Inc. | $7.1B | 15.5× | 13.4× | +16.72% (above 0%: growing) | +45.76% (above 0%: growing) | −455.10% (below 0%: shrinking) | 23.94% | 16.39% | Compare |
| HAFN Hafnia Limited | $5.4B | 7.6× | — | +47.21% (above 0%: growing) | +273.33% (above 0%: growing) | +193.17% (above 0%: growing) | 37.79% | 34.33% | |
| ZIM ZIM Integrated Shipping Services Ltd. | $3.6B | 25.2× | — (loss-making) | +8.86% (above 0%: growing) | +178.95% (above 0%: growing) | −9.51% (below 0%: shrinking) | 14.32% | 8.10% | Compare |
| ECO Okeanis Eco Tankers Corp. | $3.4B | 8.4× | 4.2× | +239.40% (above 0%: growing) | +602.38% (above 0%: growing) | +196.66% (above 0%: growing) | 80.71% | 74.97% | Compare |
| SBLK Star Bulk Carriers Corp. | $3.1B | 10.9× | 7.5× | +44.46% (above 0%: growing) | +433,233.33% (above 0%: growing) | +25.84% (above 0%: growing) | 56.88% | 43.38% | Compare |
| DAC Danaos Corporation | $2.9B | 5.3× | 4.7× | +4.66% (above 0%: growing) | +16.81% (above 0%: growing) | −81.11% (below 0%: shrinking) | 72.84% | 48.38% | Compare |
| NMM Navios Maritime Partners LP | $2.5B | 5.7× | 4.1× | +25.22% (above 0%: growing) | +147.01% (above 0%: growing) | +252.84% (above 0%: growing) | 65.58% | 39.64% | Compare |
| SFL SFL Corporation Ltd. | $1.9B | 25.8× | 29.6× | +4.25% (above 0%: growing) | +2,400.00% (above 0%: growing) | −18.32% (below 0%: shrinking) | 63.23% | 32.49% | Compare |
| Median of peers | $3.3B | 13.2× | 7.5× | +12.79% | +162.98% | −13.91% | 60.05% | 36.07% |
Hafnia Limited (HAFN) key facts
- Concern: Hafnia Limited’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 20.5% from fiscal 2024.
- Concern: Net income was $339.7 million, or $0.68 per share (basic), a net margin of 14.9%.
- Hafnia Limited (HAFN) is a Marine Shipping company in the Industrials sector, listed on the New York Stock Exchange.
- As of October 16, 2026, HAFN traded at $10.01, a market capitalization of $5.4 billion.
- At that price the stock trades at 7.6× trailing-twelve-month earnings and 1.9× sales; its P/E is higher than 79% of its own readings over the past ten years.
- Hafnia Limited pays an annual dividend of $1.11 per share, a yield of 11.1%, with a payout ratio of 84.2%.
- Return on equity was 14.8% and debt-to-equity 0.33.
- Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.39 (grey zone) for fiscal 2025.