Latest Ratios: P/E Ratio 10.3x · EV/EBITDA 8.3x · ROE 15.2%. (2016–2025 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 | $3.6B | $2.7B | $2.9B | — | — | — | — | — | — | — | — |
| Enterprise Value | $4.5B | $3.6B | $3.7B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 10.30 | 7.72 | 3.71 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.51 | 1.14 | 1.00 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.54 | 1.15 | 1.27 | — | — | — | — | — | — | — | — |
| P/FCF | 8.64 | 6.53 | 2.93 | — | — | — | — | — | — | — | — |
| P/OCF | 6.32 | 4.78 | 2.78 | — | — | — | — | — | — | — | — |
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 | — | 1.55 | 1.29 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 8.27 | 6.68 | 3.63 | — | — | — | — | — | — | — | — |
| EV / EBIT | 13.40 | 10.82 | 4.46 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 8.83 | 3.78 | — | — | — | — | — | — | — | — |
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 | 18.0% | 18.0% | 29.6% | 31.9% | 43.6% | 23.1% | 27.4% | 21.9% | 11.5% | 8.2% | 9.1% |
| Operating Margin | 14.3% | 14.3% | 28.1% | 32.1% | 42.7% | -0.6% | 22.1% | 17.6% | 3.3% | 8.6% | -55.0% |
| Net Profit Margin | 14.9% | 14.9% | 27.0% | 29.7% | 39.0% | -6.8% | 17.0% | 8.7% | -5.4% | 0.9% | -61.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.2% | 15.2% | 34.6% | 37.4% | 48.1% | -4.9% | 13.1% | 8.5% | -4.1% | 0.6% | -30.9% |
| ROA | 9.3% | 9.3% | 20.4% | 20.2% | 23.2% | -2.2% | 5.7% | 3.6% | -1.6% | 0.2% | -16.1% |
| ROIC | 7.9% | 7.9% | 18.9% | 18.9% | 21.1% | -0.2% | 6.0% | 5.9% | 0.8% | 2.1% | -11.9% |
| ROCE | 10.7% | 10.7% | 25.6% | 25.5% | 29.0% | -0.2% | 8.3% | 8.2% | 1.1% | 2.8% | -15.1% |
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 | 0.49 | 0.49 | 0.50 | 0.58 | 0.88 | 1.20 | 1.14 | 1.29 | 1.21 | 1.94 | 0.90 |
| Debt / EBITDA | 2.09 | 2.09 | 1.10 | 1.21 | 1.73 | 9.06 | 3.73 | 5.23 | 9.99 | 9.18 | — |
| Net Debt / Equity | — | 0.41 | 0.37 | 0.48 | 0.74 | 1.11 | 1.05 | 1.21 | 1.12 | 1.84 | 0.74 |
| Net Debt / EBITDA | 1.74 | 1.74 | 0.82 | 1.00 | 1.45 | 8.37 | 3.45 | 4.90 | 9.23 | 8.69 | — |
| Debt / FCF | — | 2.30 | 0.85 | 1.22 | 4.64 | 15.48 | 3.45 | — | 15.03 | — | — |
| Interest Coverage | 5.62 | 5.62 | 13.72 | 11.33 | 9.01 | -0.27 | 3.67 | 1.80 | 0.39 | 1.07 | -8.06 |
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 | 1.53 | 1.53 | 1.38 | 1.41 | 1.82 | 1.09 | 1.12 | 1.05 | 1.11 | 0.56 | 1.99 |
| Quick Ratio | 1.40 | 1.40 | 1.23 | 1.25 | 1.63 | 1.06 | 1.09 | 1.02 | 0.93 | 0.49 | 1.92 |
| Cash Ratio | 0.35 | 0.35 | 0.43 | 0.34 | 0.58 | 0.32 | 0.40 | 0.29 | 0.42 | 0.20 | 1.58 |
| Asset Turnover | — | 0.62 | 0.78 | 0.68 | 0.49 | 0.32 | 0.34 | 0.31 | 0.28 | 0.28 | 0.26 |
| Inventory Turnover | 27.90 | 27.90 | 21.50 | 16.94 | 12.03 | 93.74 | 121.46 | 92.55 | 14.39 | 21.86 | 61.27 |
| Days Sales Outstanding | — | 81.10 | 61.89 | 77.43 | 91.62 | 101.87 | 66.36 | 98.35 | 57.93 | 58.92 | 16.12 |
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 | 5.7% | 7.6% | 24.4% | — | — | — | — | — | — | — | — |
| Payout Ratio | 58.5% | 58.5% | 90.4% | 68.6% | 32.4% | — | 66.1% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 12.9% | 26.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 11.6% | 15.3% | 34.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.8% | 1.1% | 1.7% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.5% | 8.7% | 26.1% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $504M | $515M | $509M | $489M | $363M | $364M | $350M | $122M | $110M | $110M |
Cyclical TCE Rate Volatility
According to current market data, Hafnia trades at a forward P/E of 5.10, which suggests that investors are pricing in a significant deceleration in earnings growth compared to the trailing P/E of 10.10, reflecting the inherent uncertainty surrounding future tanker freight rate sustainability.
The valuation gap between the trailing and forward multiples indicates that the market anticipates a normalization of the current high-margin environment. Investors should monitor whether this discount is a structural mispricing of the pool management platform or a rational response to the cyclical nature of the shipping industry.
As reported in financial statements, Hafnia's ROIC reached 3.4% in 2026Q1, showing a recovery from the 1.8% trough in 2025Q1, which suggests that the company's pool management model is successfully improving the utilization of its capital-intensive fleet as market conditions tighten.
The upward trend in ROIC indicates that the company is becoming more effective at generating returns on its asset base, likely due to the network effects of its pool management platform. However, the returns remain sensitive to global trade volumes, and investors should watch for potential decay if fleet expansion outpaces demand growth.
Based on recent quarterly filings, Hafnia's asset turnover ratio has remained relatively stable at 0.17 in 2026Q1, reflecting the capital-heavy nature of the business where revenue generation is constrained by the physical limitations of the fleet's capacity and global port throughput.
The cash conversion cycle, which stood at 26 days in 2026Q1, suggests that the company maintains efficient control over its receivables and payables despite the complexity of international shipping logistics. This efficiency is critical for maintaining liquidity during periods of high bunker fuel price volatility.
Data from industry comparisons suggests that the Price-to-Book ratio is frequently misapplied to Hafnia, as it fails to account for the significant variance between the book value of aging vessels and their current market-based replacement value in a high-demand shipping environment.
Relying on P/B ratios obscures the true underlying value of the fleet, which is better captured through an Adjusted Net Asset Value (NAV) calculation. Investors should prioritize NAV-based metrics to avoid underestimating the company's intrinsic value during periods of rising secondhand vessel prices.
Includes 30+ ratios · 10 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HAFN stock.
Hafnia Limited's current P/E ratio is 10.3x. The historical average is 5.7x. This places it at the 100th percentile of its historical range.
Hafnia Limited's current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
Hafnia Limited's return on equity (ROE) is 15.2%. The historical average is 11.8%.
Based on historical data, Hafnia Limited is trading at a P/E of 10.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hafnia Limited's current dividend yield is 5.70% with a payout ratio of 58.5%.
Hafnia Limited has 18.0% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
Hafnia Limited's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.