Diana Shipping Inc.
DSX NYSE Deep Sea Foreign Transportation Of Freight Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$214M
6.4%
vs prior year
Operating margin
Operating income as a share of revenue.
19.8%
6.0 pts
Net income
Profit after all expenses, interest and tax.
$17.8M
39.9%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.4%
1.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.11 EPS (TTM)
What Diana Shipping Inc. does
No business description yet.
- Legal name
- DIANA SHIPPING INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 13, 2026
- Accession · CIK
- 0001562762-26-000030
0001318885
Revenue and margins
Diana Shipping Inc. had $214M of revenue in fiscal 2025, down 6.4% on the year before.
FY16
Revenue $114M
FY17
Revenue $162M
FY18
Revenue $226M
FY19
Revenue $221M
FY20
Revenue $170M
FY21
Revenue $214M
FY22
Revenue $290M
FY23
Revenue $262M
FY24
Revenue $228M
FY25
Revenue $214M
FY16
Gross —
Operating −77.3%
Net −143.7%
FCF −62.9%
FY17
Gross —
Operating −298.9%
Net −316.1%
FCF −63.2%
FY18
Gross —
Operating 16.9%
Net 7.3%
FCF 34.2%
FY19
Gross 93.9%
Operating 8.0%
Net −4.8%
FCF 21.3%
FY20
Gross 92.0%
Operating −66.4%
Net −79.1%
FCF 6.6%
FY21
Gross 97.4%
Operating 29.7%
Net 26.8%
FCF 33.8%
FY22
Gross —
Operating 49.2%
Net 41.1%
FCF −24.6%
FY23
Gross —
Operating 32.7%
Net 19.0%
FCF 15.5%
FY24
Gross —
Operating 25.8%
Net 5.6%
FCF —
FY25
Gross —
Operating 19.8%
Net 8.3%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$164M
FY17
Net income −$512M
FY18
Net income $16.6M
FY19
Net income −$10.5M
FY20
Net income −$134M
FY21
Net income $57.4M
FY22
Net income $119M
FY23
Net income $49.8M
FY24
Net income $12.7M
FY25
Net income $17.8M
Q4 '12
Net income $5.0M
Q4 '13
Net income −$9.6M
FY16
Diluted EPS −$2.11
FY17
Diluted EPS −$5.41
FY18
Diluted EPS $0.10
FY19
Diluted EPS −$0.17
FY20
Diluted EPS −$1.62
FY21
Diluted EPS $0.61
FY22
Diluted EPS $1.36
FY23
Diluted EPS $0.42
FY24
Diluted EPS $0.05
FY25
Diluted EPS $0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital −4.5%
Return on equity −15.5%
Return on assets −9.8%
FY17
Return on capital −32.2%
Return on equity −60.9%
Return on assets −35.1%
FY18
Return on capital 2.9%
Return on equity 2.6%
Return on assets 1.4%
FY19
Return on capital 1.5%
Return on equity −1.8%
Return on assets −0.9%
FY20
Return on capital −11.3%
Return on equity −26.9%
Return on assets −13.8%
FY21
Return on capital 7.1%
Return on equity 14.0%
Return on assets 6.7%
FY22
Return on capital 12.1%
Return on equity 27.0%
Return on assets 11.8%
FY23
Return on capital 7.5%
Return on equity 10.2%
Return on assets 4.2%
FY24
Return on capital 5.2%
Return on equity 2.6%
Return on assets 1.1%
FY25
Return on capital 3.4%
Return on equity 3.5%
Return on assets 1.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$71.9M
FY17
Free cash flow −$102M
FY18
Free cash flow $77.4M
FY19
Free cash flow $47.1M
FY20
Free cash flow $11.2M
FY21
Free cash flow $72.3M
FY22
Free cash flow −$71.4M
FY23
Free cash flow $40.6M
FY24
Free cash flow —
FY25
Free cash flow —
Q4 '12
Free cash flow −$5.4M
Q4 '13
Free cash flow −$56.7M
FY16
Cash from operations −$21.0M
Capital spending $50.9M
FY17
Cash from operations $23.4M
Capital spending $126M
FY18
Cash from operations $79.9M
Capital spending $2.6M
FY19
Cash from operations $49.9M
Capital spending $2.8M
FY20
Cash from operations $17.2M
Capital spending $6.0M
FY21
Cash from operations $89.7M
Capital spending $17.4M
FY22
Cash from operations $159M
Capital spending $230M
FY23
Cash from operations $70.4M
Capital spending $29.7M
FY24
Cash from operations $83.5M
Capital spending —
FY25
Cash from operations $47.5M
Capital spending —
Cash from operations
Capital spending
Q4 '12
Cash from operations $22.3M
Capital spending $27.7M
Q4 '13
Cash from operations $16.4M
Capital spending $73.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Diana Shipping Inc. returned $27.7M to shareholders in fiscal 2025. The diluted share count fell 6.9%.
FY16
Dividends —
Buybacks $0.0M
FY17
Dividends —
Buybacks $0.0M
FY18
Dividends —
Buybacks $15.2M
FY19
Dividends —
Buybacks $49.7M
FY20
Dividends —
Buybacks $12.0M
FY21
Dividends $8.8M
Buybacks $45.4M
FY22
Dividends $79.8M
Buybacks $3.8M
FY23
Dividends $41.4M
Buybacks $0.0M
FY24
Dividends $29.0M
Buybacks $0.0M
FY25
Dividends $4.6M
Buybacks $23.0M
Dividends
Buybacks
Q4 '12
Dividends —
Buybacks $1.5M
Q4 '13
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.08B
FY17
Diluted shares 0.10B
FY18
Diluted shares 0.10B
FY19
Diluted shares 0.10B
FY20
Diluted shares 0.09B
FY21
Diluted shares 0.08B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.10B
FY24
Diluted shares 0.12B
FY25
Diluted shares 0.11B
Balance sheet
Cash, debt and the ratios that show how comfortably Diana Shipping Inc. can carry it.
FY16
Cash $98.1M
Debt $598M
FY17
Cash $40.2M
Debt $601M
FY18
Cash $127M
Debt $531M
FY19
Cash $107M
Debt $475M
FY20
Cash $62.9M
Debt $420M
FY21
Cash $110M
Debt $424M
FY22
Cash $76.4M
Debt $663M
FY23
Cash $102M
Debt $643M
FY24
Cash $125M
Debt $515M
FY25
Cash $50.5M
Debt $523M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $110M | $76.4M | $102M | $125M | $50.5M |
| Debt incl. finance leases | $424M | $663M | $643M | $515M | $523M |
| Net debt / EBITDA | 3.0x | 3.2x | 4.0x | 3.8x | 5.3x |
| Debt / equity | 1.1x | 1.1x | 1.0x | 1.0x | 1.0x |
| Interest coverage | 3.1x | 5.2x | 1.7x | 1.2x | 1.0x |
| Current ratio | 1.9x | 1.1x | 2.1x | 2.6x | 2.7x |
| Quick ratio | 1.8x | 1.0x | 2.1x | 2.5x | 2.7x |
| Total assets | $842M | $1.2B | $1.2B | $1.2B | $1.2B |
| Total liabilities | $449M | $696M | $677M | $666M | $668M |
| Shareholders' equity | $393M | $487M | $489M | $505M | $502M |
| Net debt (− = net cash) | $313M | $587M | $541M | $390M | $472M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — | — | ✕ | ✓ | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 4 / 8 | 6 / 8 | 6 / 8 | 3 / 9 | 8 / 9 | 6 / 8 | 5 / 8 | 4 / 8 | 6 / 8 |
| Accruals ratio | −8.6% | −36.7% | −5.2% | −5.3% | −15.6% | −3.8% | −3.9% | −1.7% | −6.1% | −2.5% |
| Altman Z'' | 1.74 | −2.42 | 0.29 | 0.37 | −1.74 | −0.39 | 0.01 | 0.08 | 0.07 | 0.15 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $114M | $162M | $226M | $221M | $170M | $214M | $290M | $262M | $228M | $214M |
| Gross profit | — | — | — | $207M | $156M | $209M | — | — | — | — |
| Operating income | −$88.3M | −$484M | $38.3M | $17.6M | −$113M | $63.5M | $143M | $85.7M | $58.8M | $42.2M |
| Interest expense | $19.5M | $25.0M | $30.5M | $29.4M | $21.5M | $20.2M | $27.4M | $49.3M | $47.5M | $43.0M |
| Net income | −$164M | −$512M | $16.6M | −$10.5M | −$134M | $57.4M | $119M | $49.8M | $12.7M | $17.8M |
| Net income to common | −$170M | −$517M | $10.8M | −$16.3M | −$140M | $51.6M | $113M | $44.1M | $7.0M | $12.1M |
| Diluted EPS | −$2.11 | −$5.41 | $0.10 | −$0.17 | −$1.62 | $0.61 | $1.36 | $0.42 | $0.05 | $0.11 |
| Diluted shares | 0.08B | 0.10B | 0.10B | 0.10B | 0.09B | 0.08B | 0.08B | 0.10B | 0.12B | 0.11B |
| Cash flow | ||||||||||
| Cash from operations | −$21.0M | $23.4M | $79.9M | $49.9M | $17.2M | $89.7M | $159M | $70.4M | $83.5M | $47.5M |
| Capital expenditure | $50.9M | $126M | $2.6M | $2.8M | $6.0M | $17.4M | $230M | $29.7M | — | — |
| Free cash flow | −$71.9M | −$102M | $77.4M | $47.1M | $11.2M | $72.3M | −$71.4M | $40.6M | — | — |
| Depreciation and amortization | $81.6M | $87.0M | $52.2M | $48.9M | $43.0M | $40.5M | $43.3M | $49.8M | $44.7M | $46.5M |
| Share buybacks | $0.0M | $0.0M | $15.2M | $49.7M | $12.0M | $45.4M | $3.8M | $0.0M | $0.0M | $23.0M |
| Dividends paid | — | — | — | — | — | $8.8M | $79.8M | $41.4M | $29.0M | $4.6M |
| Dividends and buybacks | $0.0M | $0.0M | $15.2M | $49.7M | $12.0M | $54.2M | $83.6M | $41.4M | $29.0M | $27.7M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $98.1M | $40.2M | $127M | $107M | $62.9M | $110M | $76.4M | $102M | $125M | $50.5M |
| Total debt | $598M | $601M | $531M | $475M | $420M | $424M | $523M | $511M | $515M | $523M |
| Finance lease liabilities | — | — | — | — | — | — | $141M | $132M | — | — |
| Current assets | $115M | $139M | $142M | $137M | $105M | $126M | $141M | $182M | $207M | $245M |
| Current liabilities | $78.2M | $80.4M | $125M | $65.5M | $61.6M | $65.1M | $132M | $85.1M | $80.2M | $89.6M |
| Inventory | $5.9M | $5.8M | $5.8M | $5.5M | $4.7M | $6.1M | $4.5M | $5.1M | $4.2M | $4.1M |
| Property and equipment, net | $1.4B | $1.1B | $991M | $882M | $716M | $643M | $950M | $900M | $833M | $778M |
| Total assets | $1.7B | $1.2B | $1.2B | $1.1B | $872M | $842M | $1.2B | $1.2B | $1.2B | $1.2B |
| Total liabilities | $612M | $622M | $560M | $501M | $444M | $449M | $696M | $677M | $666M | $668M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $1.1B | $625M | $628M | $570M | $429M | $393M | $487M | $489M | $505M | $502M |
| Margins | ||||||||||
| Gross margin | — | — | — | 93.9% | 92.0% | 97.4% | — | — | — | — |
| Operating margin | −77.3% | −298.9% | 16.9% | 8.0% | −66.4% | 29.7% | 49.2% | 32.7% | 25.8% | 19.8% |
| EBITDA margin | −5.9% | −245.2% | 40.0% | 30.1% | −41.1% | 48.6% | 64.2% | 51.7% | 45.3% | 41.5% |
| Net margin | −143.7% | −316.1% | 7.3% | −4.8% | −79.1% | 26.8% | 41.1% | 19.0% | 5.6% | 8.3% |
| FCF margin | −62.9% | −63.2% | 34.2% | 21.3% | 6.6% | 33.8% | −24.6% | 15.5% | — | — |
| Returns | ||||||||||
| Return on capital | −4.5% | −32.2% | 2.9% | 1.5% | −11.3% | 7.1% | 12.1% | 7.5% | 5.2% | 3.4% |
| Return on capital employed | −5.6% | −41.5% | 3.6% | 1.8% | −13.9% | 8.2% | 13.6% | 7.9% | 5.4% | 3.9% |
| Return on equity | −15.5% | −60.9% | 2.6% | −1.8% | −26.9% | 14.0% | 27.0% | 10.2% | 2.6% | 3.5% |
| Return on assets | −9.8% | −35.1% | 1.4% | −0.9% | −13.8% | 6.7% | 11.8% | 4.2% | 1.1% | 1.5% |
| Return on tangible equity | −16.1% | −82.8% | 1.7% | −2.9% | −32.7% | 13.1% | 23.2% | 9.0% | 1.4% | 2.4% |
| Growth | ||||||||||
| Revenue growth | — | 41.7% | 39.7% | −2.4% | −23.1% | 26.2% | 35.4% | −9.6% | −12.9% | −6.4% |
| Net income growth | — | — | — | −163.5% | — | — | 107.4% | −58.1% | −74.4% | 39.9% |
| EPS growth | — | — | — | −270.0% | — | — | 123.0% | −69.1% | −88.1% | 120.0% |
| FCF growth | — | — | — | −39.1% | −76.1% | 543.7% | −198.8% | — | — | — |
| Share count change | — | 19.0% | 9.4% | −9.1% | −9.5% | −1.5% | −1.8% | 22.3% | 16.5% | −6.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | 4.5x | 5.5x | — | 3.0x | 3.2x | 4.0x | 3.8x | 5.3x |
| Debt / equity | 0.6x | 1.0x | 0.8x | 0.8x | 1.0x | 1.1x | 1.1x | 1.0x | 1.0x | 1.0x |
| Interest coverage | −4.5x | −19.4x | 1.3x | 0.6x | −5.2x | 3.1x | 5.2x | 1.7x | 1.2x | 1.0x |
| Current ratio | 1.5x | 1.7x | 1.1x | 2.1x | 1.7x | 1.9x | 1.1x | 2.1x | 2.6x | 2.7x |
| Quick ratio | 1.4x | 1.7x | 1.1x | 2.0x | 1.6x | 1.8x | 1.0x | 2.1x | 2.5x | 2.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 44.6% | 77.7% | 1.1% | 1.3% | 3.5% | 8.1% | 79.4% | 11.3% | — | — |
| Payouts / FCF | — | — | 19.6% | 105.5% | 106.8% | 74.9% | — | 101.9% | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 6.0 | 6.0 | 3.0 | 8.0 | 6.0 | 5.0 | 4.0 | 6.0 |
| Altman Z'' | 1.7 | −2.4 | 0.3 | 0.4 | −1.7 | −0.4 | 0.0 | 0.1 | 0.1 | 0.2 |
| Accruals ratio | −8.6% | −36.7% | −5.2% | −5.3% | −15.6% | −3.8% | −3.9% | −1.7% | −6.1% | −2.5% |
Source: SEC EDGAR XBRL filings (CIK 0001318885). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.