Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 11.3x · ROE 19.4%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $2.0B | $1.5B | $1.6B | $1.5B | $878M | $889M | $1.4B | $562M | $447M | $387M |
| Enterprise Value | $3.1B | $2.3B | $1.8B | $1.9B | $1.7B | $1.3B | $1.3B | $2.2B | $1.4B | $1.2B | $979M |
| P/E Ratio → | 13.20 | 9.32 | 8.29 | 9.91 | 24.00 | — | 3.25 | 16.24 | — | 71.80 | 41.40 |
| P/S Ratio | 5.60 | 3.95 | 2.62 | 2.84 | 3.22 | 2.97 | 1.29 | 2.60 | 1.50 | 1.26 | 1.09 |
| P/B Ratio | 2.45 | 1.73 | 1.44 | 1.54 | 1.36 | 0.84 | 0.80 | 1.49 | 0.65 | 0.48 | 0.56 |
| P/FCF | — | — | 7.44 | 12.93 | 12.43 | — | 1.77 | 13.64 | — | — | — |
| P/OCF | 10.06 | 7.10 | 5.02 | 6.34 | 11.44 | 14.49 | 1.68 | 8.93 | 10.42 | 4.39 | 1.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.65 | 3.21 | 3.48 | 3.82 | 4.54 | 1.84 | 4.07 | 3.82 | 3.26 | 2.75 |
| EV / EBITDA | 11.35 | 8.37 | 5.69 | 6.45 | 8.78 | 10.42 | 2.90 | 8.55 | 11.98 | 8.25 | 7.84 |
| EV / EBIT | 18.45 | 10.25 | 8.64 | 9.98 | 19.54 | 92.10 | 4.16 | 16.85 | 194.76 | 24.68 | 22.03 |
| EV / FCF | — | — | 9.10 | 15.82 | 14.73 | — | 2.53 | 21.32 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.2% | 38.2% | 54.8% | 37.6% | 15.8% | -1.0% | 49.8% | 28.7% | 9.2% | 20.4% | 40.6% |
| Operating Margin | 34.2% | 34.2% | 36.8% | 34.4% | 16.3% | 0.1% | 45.4% | 26.0% | 4.3% | 12.2% | 11.4% |
| Net Profit Margin | 42.5% | 42.5% | 31.7% | 28.8% | 13.5% | -3.9% | 38.5% | 13.8% | -12.5% | 1.9% | 2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | 17.5% | 15.3% | 5.8% | -1.1% | 26.1% | 8.2% | -5.3% | 0.8% | 1.3% |
| ROA | 13.7% | 13.7% | 12.2% | 10.8% | 3.9% | -0.7% | 15.4% | 4.0% | -2.6% | 0.4% | 0.7% |
| ROIC | 8.9% | 8.9% | 11.4% | 10.6% | 3.9% | 0.0% | 14.7% | 6.0% | 0.7% | 2.2% | 2.4% |
| ROCE | 11.7% | 11.7% | 15.0% | 13.4% | 4.9% | 0.0% | 19.2% | 8.1% | 1.0% | 2.9% | 3.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.40 | 0.42 | 0.37 | 0.50 | 0.41 | 0.91 | 1.12 | 0.85 | 1.02 |
| Debt / EBITDA | 1.55 | 1.55 | 1.28 | 1.42 | 2.01 | 4.08 | 1.03 | 3.34 | 8.08 | 5.61 | 5.62 |
| Net Debt / Equity | — | 0.31 | 0.32 | 0.34 | 0.25 | 0.44 | 0.34 | 0.84 | 1.01 | 0.77 | 0.86 |
| Net Debt / EBITDA | 1.27 | 1.27 | 1.04 | 1.18 | 1.37 | 3.61 | 0.87 | 3.08 | 7.28 | 5.06 | 4.74 |
| Debt / FCF | — | — | 1.66 | 2.89 | 2.30 | — | 0.76 | 7.68 | — | — | — |
| Interest Coverage | 15.92 | 15.92 | 6.99 | 5.90 | 3.39 | 0.57 | 7.96 | 2.33 | 0.14 | 1.17 | 1.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.80 | 2.80 | 1.84 | 3.54 | 3.66 | 3.15 | 2.47 | 1.68 | 1.56 | 2.01 | 2.40 |
| Quick Ratio | 2.47 | 2.47 | 1.50 | 2.94 | 3.15 | 2.35 | 2.22 | 1.41 | 1.30 | 1.73 | 2.30 |
| Cash Ratio | 1.06 | 1.06 | 0.71 | 1.32 | 1.96 | 1.44 | 1.43 | 0.52 | 0.77 | 0.93 | 1.47 |
| Asset Turnover | — | 0.31 | 0.38 | 0.38 | 0.30 | 0.18 | 0.43 | 0.29 | 0.20 | 0.21 | 0.25 |
| Inventory Turnover | 12.46 | 12.46 | 6.85 | 10.35 | 11.57 | 8.95 | 29.27 | 11.19 | 10.59 | 11.93 | 26.76 |
| Days Sales Outstanding | — | 39.16 | 34.29 | 49.39 | 47.79 | 37.46 | 15.88 | 73.57 | 58.44 | 43.39 | 35.33 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 6.1% | 10.8% | 11.7% | 1.3% | 2.5% | 24.1% | 2.1% | 2.0% | 5.2% | 17.2% |
| Payout Ratio | 56.3% | 56.3% | 89.0% | 115.7% | 32.0% | — | 80.6% | 38.9% | — | 353.3% | 716.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 10.7% | 12.1% | 10.1% | 4.2% | — | 30.8% | 6.2% | — | 1.4% | 2.4% |
| FCF Yield | — | — | 13.4% | 7.7% | 8.0% | — | 56.5% | 7.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.9% | 1.2% | 1.7% | 3.7% | 0.0% | 0.2% | 0.9% | 57.0% | 0.5% |
| Total Shareholder Yield | 4.3% | 6.1% | 11.6% | 12.9% | 3.0% | 6.2% | 24.1% | 2.3% | 2.9% | 62.2% | 17.7% |
| Shares Outstanding | — | $161M | $161M | $162M | $165M | $169M | $170M | $168M | $143M | $125M | $93M |
Spot market rate volatility
According to current market data, DHT trades at a forward P/E of 5.64, which suggests that investors are pricing in significant earnings compression relative to the TTM P/E of 13.47, reflecting the inherent volatility of the VLCC spot market and the cyclical nature of tanker freight rates.
The wide gap between trailing and forward multiples indicates that the market anticipates a normalization of earnings following recent non-operating gains. Investors should monitor whether this valuation discount persists, as it may imply a lack of confidence in the sustainability of current spot rate realizations.
Based on reported figures, DHT's ROIC has remained in a narrow range between 2.3% and 5.2% over the last ten quarters, suggesting that the company's aggressive fleet investment program is currently diluting the overall return on capital despite strong operational margins in favorable market environments.
The persistent gap between ROE and ROIC highlights the impact of the company's conservative debt structure on equity returns. Management's ability to improve these returns will likely depend on the successful deployment of new tonnage and the subsequent realization of higher TCE rates.
As reported in financial statements, DHT's cash conversion cycle has fluctuated between 31 and 68 days over the past two years, indicating that the company maintains a relatively consistent approach to managing its receivables and payables despite the inherent volatility of global crude oil shipping operations.
The stability in DSO and DIO suggests that the company faces minimal structural friction in collecting payments from charterers. However, investors should monitor the DPO trend, as any significant extension in payment terms could indicate a shift in supplier leverage or a strategic move to preserve cash.
The price-to-book ratio is frequently misapplied to DHT, as it fails to account for the significant divergence between the historical cost of vessels and their current market value, which is heavily influenced by scrap steel prices and the specific technical configuration of the fleet.
Relying on P/B obscures the true earning power of the company's modern, scrubber-fitted assets, which may command a premium over the depreciated book value. Analysts should instead focus on NAV-based valuation or EV/EBITDA to better capture the underlying economic reality of the tanker business model.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying DHT stock.
DHT Holdings, Inc.'s current P/E ratio is 13.2x. The historical average is 19.9x. This places it at the 50th percentile of its historical range.
DHT Holdings, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.1x.
DHT Holdings, Inc.'s return on equity (ROE) is 19.4%. The historical average is 23.8%.
Based on historical data, DHT Holdings, Inc. is trading at a P/E of 13.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DHT Holdings, Inc.'s current dividend yield is 4.28% with a payout ratio of 56.3%.
DHT Holdings, Inc. has 38.2% gross margin and 34.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
DHT Holdings, Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.