NYSE : HAFN
Hafnia Limited — Financial statements
Industrials · Marine Shipping · Singapore
Last price 11.06 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.44B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Hafnia Limited (HAFN) reported revenue of 2.67B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.67B | 2.28B | 2.87B | 2.67B | 1.93B | 811.22M |
| Cost of Revenue | 1.82B | 1.64B | 1.80B | 1.61B | 876.91M | 623.64M |
| Gross Profit | 850.78M | 640.34M | 1.06B | 1.06B | 1.05B | 187.57M |
| Selling, General & Admin | 28.48M | 27.08M | 28.17M | 25.69M | 23.63M | 16.01M |
| Amortization of Goodwill & Intangibles | 298.00K | 427.00K | 803.00K | 1.30M | 1.23M | 1.22M |
| Other Operating Expenses | 36.14M | 53.77M | 44.25M | 24.59M | 19.06M | 19.80M |
| Operating Expenses | 261.30M | 282.99M | 287.54M | 261.31M | 251.91M | 187.50M |
| Operating Income | 589.48M | 357.35M | 777.21M | 801.86M | 797.73M | 78.00K |
| Interest Expense | -45.45M | -49.77M | -52.38M | -77.39M | -91.09M | -39.00M |
| Interest & Investment Income | 13.25M | 13.50M | 16.32M | 17.63M | 6.98M | 2.35M |
| Earnings From Equity Investments | 32.13M | 17.19M | 20.52M | 19.07M | 24.15M | -1.77M |
| Other Non Operating Income (Expenses) | -14.18M | -8.33M | -11.73M | -17.74M | -4.98M | -7.83M |
| EBT Excluding Unusual Items | 575.23M | 329.94M | 749.93M | 743.44M | 732.78M | -46.17M |
| Gain (Loss) on Sale of Assets | 84.07M | 12.24M | 28.52M | 56.09M | 25.48M | -4.93M |
| Pretax Income | 659.31M | 342.18M | 778.45M | 799.53M | 758.27M | -51.10M |
| Income Tax Expense | 617.00K | 2.50M | 4.42M | 6.25M | 6.68M | 4.39M |
| Net Income | 658.69M | 339.68M | 774.03M | 793.27M | 751.59M | -55.49M |
| Net Income to Common | 658.69M | 339.68M | 774.03M | 793.27M | 751.59M | -55.49M |
| Shares Outstanding (Basic) | 498.58M | 498.18M | 510.10M | 505.14M | 477.89M | 363.13M |
| Shares Outstanding (Diluted) | 505.14M | 504.11M | 515.11M | 508.69M | 489.08M | 363.13M |
| EPS (Basic) | 1.32 | 0.68 | 1.52 | 1.57 | 1.57 | -0.15 |
| EPS (Diluted) | 1.30 | 0.67 | 1.50 | 1.56 | 1.54 | -0.15 |
| Free Cash Flow | 584.49M | 456.69M | 980.76M | 876.41M | 323.76M | 79.78M |
| Free Cash Flow Per Share | 1.16 | 0.91 | 1.90 | 1.72 | 0.66 | 0.22 |
| Dividend Per Share | 1.11 | 0.55 | 1.16 | 1.00 | 0.80 | |
| Gross Margin | 31.90% | 28.06% | 37.12% | 39.79% | 54.48% | 23.12% |
| Operating Margin | 22.10% | 15.66% | 27.09% | 30.01% | 41.41% | 0.01% |
| Profit Margin | 24.70% | 14.89% | 26.98% | 29.69% | 39.01% | -6.84% |
| Free Cash Flow Margin | 21.92% | 20.01% | 34.19% | 32.80% | 16.80% | 9.83% |
| EBITDA | 719.41M | 492.72M | 917.37M | 1.01B | 1.01B | 96.09M |
| EBITDA Margin | 26.98% | 21.59% | 31.98% | 37.91% | 52.27% | 11.85% |
| D&A For EBITDA | 129.93M | 135.37M | 140.16M | 211.03M | 209.22M | 96.01M |
| EBIT | 589.48M | 357.35M | 777.21M | 801.86M | 797.73M | 78.00K |
| EBIT Margin | 22.10% | 15.66% | 27.09% | 30.01% | 41.41% | 0.01% |
| Effective Tax Rate | 0.09% | 0.73% | 0.57% | 0.78% | 0.88% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 270.98M | 103.61M | 195.27M | 141.62M | 174.44M | 100.08M |
| Cash & Short-Term Investments | 270.98M | 103.61M | 195.27M | 141.62M | 174.44M | 100.08M |
| Accounts Receivable | 607.25M | 386.83M | 404.01M | 507.84M | 305.50M | 118.47M |
| Other Receivables | 63.25M | 83.66M | 60.59M | 176.01M | 73.37M | |
| Receivables | 616.37M | 450.09M | 487.68M | 568.44M | 481.51M | 226.70M |
| Inventory | 109.75M | 69.03M | 94.16M | 107.70M | 89.93M | 6.66M |
| Prepaid Expenses | 71.87M | 16.16M | 21.27M | 21.60M | 9.29M | |
| Restricted Cash | 82.18M | 88.97M | 88.30M | 80.90M | 105.89M | |
| Other Current Assets | 13.02M | 60.39M | 18.52M | 12.90M | 1.42M | 252.00K |
| Total Current Assets | 1.09B | 843.95M | 900.08M | 932.84M | 874.79M | 342.98M |
| Property, Plant & Equipment | 2.29B | 2.50B | 2.61B | 2.78B | 2.88B | 2.08B |
| Long-Term Investments | 500.63M | 395.40M | 104.44M | 84.12M | 43.18M | 19.39M |
| Other Intangible Assets | 83.00K | 510.00K | 1.29M | 2.59M | 3.57M | |
| Long-Term Deferred Tax Assets | 36.00K | 36.00K | 36.00K | |||
| Other Long-Term Assets | 26.59M | 13.95M | 25.57M | 48.40M | 73.96M | |
| Total Assets | 3.96B | 3.81B | 3.70B | 3.91B | 3.95B | 2.51B |
| Accounts Payable | 410.05M | 239.85M | 193.43M | 245.58M | 41.51M | 29.50M |
| Accrued Expenses | 109.67M | 118.15M | 114.80M | 101.76M | 30.43M | |
| Short-Term Debt | 18.75M | |||||
| Current Portion of Long-Term Debt | 197.95M | 184.77M | 252.56M | 174.00M | 104.48M | 178.62M |
| Current Portion of Leases | 33.55M | 27.80M | 83.74M | 93.32M | 215.64M | 51.02M |
| Current Income Taxes Payable | 3.85M | 5.02M | 2.76M | 8.11M | 4.74M | 2.02M |
| Other Current Liabilities | 14.53M | 4.79M | 3.19M | 25.37M | 13.04M | 5.46M |
| Total Current Liabilities | 659.93M | 571.91M | 653.83M | 661.19M | 481.16M | 315.80M |
| Long-Term Debt | 610.35M | 863.35M | 322.82M | 398.51M | 627.33M | 939.01M |
| Long-Term Leases | 43.51M | 47.05M | 463.13M | 626.52M | 827.85M | 144.13M |
| Total Liabilities | 1.31B | 1.48B | 1.44B | 1.69B | 1.94B | 1.40B |
| Common Stock | 1.07B | 1.09B | 1.09B | 5.07M | 5.04M | 3.70M |
| Additional Paid-In Capital | 1.58B | 1.56B | 1.24B | |||
| Retained Earnings | 1.03B | 846.22M | 705.18M | 631.02M | 381.89M | -125.95M |
| Treasury Stock | -314.00K | -78.45M | -53.44M | -17.95M | -12.68M | -12.83M |
| Comprehensive Income & Other | 552.58M | 468.76M | 517.71M | 27.62M | 73.65M | 5.15M |
| Shareholders' Equity | 2.65B | 2.33B | 2.26B | 2.23B | 2.01B | 1.11B |
| Total Liabilities & Equity | 3.96B | 3.81B | 3.70B | 3.91B | 3.95B | 2.51B |
| Total Debt | 885.36M | 1.12B | 1.12B | 1.29B | 1.78B | 1.33B |
| Net Cash (Debt) | -614.38M | -1.02B | -926.98M | -1.15B | -1.60B | -1.23B |
| Net Cash Per Share | -1.22 | -2.02 | -1.80 | -2.26 | -3.27 | -3.39 |
| Filing Date Shares Outstanding | 499.78M | 497.99M | 502.92M | 503.39M | 500.59M | 455.27M |
| Total Common Shares Outstanding | 499.78M | 497.99M | 502.92M | 503.39M | 500.59M | 363.16M |
| Working Capital | 432.38M | 272.04M | 246.25M | 271.64M | 393.62M | 27.17M |
| Book Value Per Share | 5.30 | 4.68 | 4.50 | 4.43 | 4.01 | 3.06 |
| Tangible Book Value | 2.65B | 2.33B | 2.26B | 2.23B | 2.01B | 1.11B |
| Tangible Book Value Per Share | 5.30 | 4.68 | 4.50 | 4.42 | 4.01 | 3.05 |
| Machinery | 3.23B | 3.62B | 3.67B | 3.72B | 3.84B | 2.99B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 658.69M | 339.68M | 774.03M | 793.27M | 751.59M | -55.49M |
| Depreciation & Amortization | 157.97M | 163.41M | 179.48M | 211.03M | 209.22M | 128.09M |
| Other Amortization | 38.72M | 38.72M | 35.63M | 28.09M | ||
| Loss (Gain) From Sale of Assets | -84.07M | -12.24M | -28.52M | -56.09M | -25.48M | 4.93M |
| Loss (Gain) on Equity Investments | -32.13M | -17.19M | -20.52M | -19.07M | -24.15M | 1.77M |
| Stock-Based Compensation | 3.42M | 3.21M | 2.96M | 2.82M | 1.76M | 3.15M |
| Other Operating Activities | 56.16M | 46.94M | 42.69M | 80.12M | 90.79M | 39.93M |
| Change in Accounts Receivable | -151.84M | -15.35M | 86.14M | -139.17M | -259.62M | -37.46M |
| Change in Inventory | -27.45M | 25.13M | 13.55M | -17.77M | -16.09M | -1.43M |
| Change in Accounts Payable | 75.35M | 41.33M | -49.17M | 205.66M | 42.87M | -5.13M |
| Change in Other Net Operating Assets | 8.88M | -10.75M | -5.92M | |||
| Operating Cash Flow | 703.68M | 602.89M | 1.03B | 1.06B | 770.89M | 106.44M |
| Capital Expenditures | -119.19M | -146.20M | -49.60M | -184.39M | -447.13M | -26.66M |
| Sale of Property, Plant & Equipment | 356.87M | 75.54M | 57.10M | 142.79M | 271.69M | 40.19M |
| Cash Acquisitions | 4.20M | |||||
| Sale (Purchase) of Intangibles | -23.00K | -248.00K | -367.00K | |||
| Investment in Securities | -310.33M | -310.46M | 625.00K | -12.65M | -2.14M | -13.71M |
| Other Investing Activities | 12.73M | 17.40M | 21.79M | 22.57M | -5.50M | -12.62M |
| Investing Cash Flow | -59.92M | -363.72M | 29.89M | -31.68M | -179.13M | -47.88M |
| Short-Term Debt Issued | 3.75M | 18.75M | ||||
| Long-Term Debt Issued | 900.00M | 110.00M | 247.03M | 440.26M | 622.68M | |
| Total Debt Issued | 1.09B | 900.00M | 110.00M | 247.03M | 444.01M | 641.43M |
| Short-Term Debt Repaid | -22.50M | |||||
| Long-Term Debt Repaid | -947.04M | -310.33M | -704.65M | -647.54M | -662.25M | |
| Lease Payments | -452.03M | -524.27M | -201.19M | -390.15M | -231.09M | -39.77M |
| Total Debt Repaid | -1.28B | -947.04M | -310.33M | -704.65M | -670.04M | -662.25M |
| Net Debt Issued (Repaid) | -191.69M | -47.04M | -200.33M | -457.62M | -226.04M | -20.81M |
| Issuance of Common Stock | 8.01M | 935.00K | 9.29M | 99.24M | ||
| Repurchase of Common Stock | -27.66M | -49.16M | ||||
| Common Dividends Paid | -365.30M | -198.64M | -699.88M | -544.14M | -243.75M | |
| Other Financing Activities | -54.94M | -56.83M | -50.77M | -94.47M | -94.58M | -38.34M |
| Financing Cash Flow | -603.92M | -330.17M | -999.21M | -1.09B | -465.13M | -59.15M |
| Net Cash Flow | 39.85M | -90.99M | 61.05M | -57.80M | 126.62M | -596.00K |
| Free Cash Flow | 584.49M | 456.69M | 980.76M | 876.41M | 323.76M | 79.78M |
| Free Cash Flow Margin | 21.92% | 20.01% | 34.19% | 32.80% | 16.80% | 9.83% |
| Free Cash Flow Per Share | 1.16 | 0.91 | 1.90 | 1.72 | 0.66 | 0.22 |
| Levered Free Cash Flow | 363.74M | 257.64M | 631.55M | 624.20M | -160.32M | 39.99M |
| Unlevered Free Cash Flow | 392.15M | 288.75M | 664.28M | 672.57M | -103.38M | 59.87M |
| Free Cash Flow After Leases | 132.46M | -67.58M | 779.57M | 486.26M | 92.67M | 40.00M |
| Cash Interest Paid | 50.88M | 57.50M | 71.73M | 114.71M | 87.87M | 29.90M |
| Cash Income Tax Paid | 1.17M | 159.00K | 9.51M | 3.63M | 4.99M | 4.44M |
| Change in Working Capital | -95.06M | 40.36M | 44.60M | 48.72M | -232.84M | -44.02M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.23B | 2.69B | 2.69B | 3.50B | 2.56B | 716.42M |
| Enterprise Value | 5.88B | 3.44B | 3.51B | 4.76B | 4.56B | 1.87B |
| Last Close Price | 10.19 | 4.74 | 4.61 | 4.71 | 2.99 | 0.91 |
| PE Ratio | 7.35 | 7.91 | 3.47 | 4.42 | 3.41 | |
| PS Ratio | 1.96 | 1.18 | 0.94 | 1.31 | 1.33 | 0.88 |
| PB Ratio | 1.97 | 1.15 | 1.19 | 1.57 | 1.27 | 0.64 |
| P/TBV Ratio | 1.97 | 1.15 | 1.19 | 1.57 | 1.28 | 0.65 |
| P/FCF Ratio | 8.94 | 5.88 | 2.74 | 4.00 | 7.91 | 8.98 |
| P/OCF Ratio | 7.43 | 4.46 | 2.61 | 3.30 | 3.32 | 6.73 |
| EV/Sales Ratio | 2.21 | 1.51 | 1.22 | 1.78 | 2.37 | 2.31 |
| EV/EBITDA Ratio | 8.18 | 6.99 | 3.83 | 4.70 | 4.53 | 19.46 |
| EV/EBIT Ratio | 9.98 | 9.63 | 4.52 | 5.93 | 5.71 | 23,978.16 |
| EV/FCF Ratio | 10.06 | 7.54 | 3.58 | 5.43 | 14.08 | 23.45 |
| Debt / Equity Ratio | 0.33 | 0.48 | 0.50 | 0.58 | 0.88 | 1.20 |
| Debt / EBITDA Ratio | 1.18 | 2.16 | 1.17 | 1.28 | 1.76 | 10.39 |
| Debt / FCF Ratio | 1.51 | 2.46 | 1.14 | 1.48 | 5.48 | 16.69 |
| Net Debt / Equity Ratio | 0.23 | 0.44 | 0.41 | 0.52 | 0.80 | 1.11 |
| Net Debt / EBITDA Ratio | 0.85 | 2.07 | 1.01 | 1.14 | 1.59 | 12.82 |
| Net Debt / FCF Ratio | 1.05 | 2.23 | 0.94 | 1.31 | 4.95 | 15.44 |
| Asset Turnover | 0.70 | 0.61 | 0.75 | 0.68 | 0.60 | 0.32 |
| Inventory Turnover | 18.91 | 20.12 | 17.87 | 16.28 | 18.16 | 104.91 |
| Quick Ratio | 1.33 | 0.97 | 1.04 | 1.07 | 1.36 | 0.92 |
| Current Ratio | 1.66 | 1.48 | 1.38 | 1.41 | 1.82 | 1.09 |
| Return on Equity (ROE) | 26.61% | 14.79% | 34.48% | 37.45% | 48.16% | -4.91% |
| Return on Assets (ROA) | 9.65% | 5.95% | 12.76% | 12.75% | 15.45% | 0.00% |
| Return on Invested Capital (ROIC) | 17.62% | 10.85% | 23.53% | 22.77% | 26.56% | 0.00% |
| Return on Capital Employed (ROCE) | 17.80% | 11.00% | 25.50% | 24.70% | 23.00% | 0.00% |
| Earnings Yield | 13.60% | 12.64% | 28.78% | 22.65% | 29.36% | -7.75% |
| FCF Yield | 11.18% | 16.99% | 36.47% | 25.02% | 12.65% | 11.13% |
| Dividend Yield | 10.90% | 10.11% | 21.65% | 14.42% | 15.70% | |
| Payout Ratio | 80.03% | 58.48% | 90.42% | 68.59% | 32.43% | |
| Buyback Yield / Dilution | 0.89% | 2.13% | -1.26% | -4.01% | -34.69% | 0.34% |
| Total Shareholder Return | 11.80% | 12.25% | 20.39% | 10.41% | -18.98% | 0.34% |