General
Hafnia Ltd
HAFN NYSE Transportation Services Financials FY2022–FY2025
Hafnia transports petroleum products and chemicals by sea in product and chemical tankers. Its customers include international and national oil companies, chemical companies, trading companies and utility companies. The ships carry cargoes such as gasoline, diesel, naphtha, kerosene, fuel oil and crude oil, and operate worldwide throughout the year.
- Today
- 0.3%
- Previous close
- $9.62
- Market cap
- $4.8B
- P/E
- 14.3x
- Day range
-
$9.48 $9.68
- 52-week range
-
$5.21 $11.06
Last close · Nov 13, 2026
$9.59
+$3.17 (+49.38%) past year
Latest fiscal year
FY25 results
−20.5%
Revenue vs FY24
Fiscal year ended December 31, 2025
See every year| Line | FY24 | FY25 | Change (y/y) |
|---|---|---|---|
| Revenue | $2.9B | $2.3B | 20.5% |
| Net income | $774M | $340M | 56.1% |
| Diluted EPS | $1.50 | $0.67 | 55.3% |
| Operating margin | 28.1% | 16.2% | 11.9 pts |
| Free cash flow | $981M | $457M | 53.4% |
Key numbers
Key numbers, fiscal 2025
Revenue and margins
Revenue and margins
KIRA summarises the numbers
-
Hafnia Ltd had $2.3B of revenue in fiscal 2025, down 20.5% on the year before.
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Its operating margin was 16.2%, down 11.9 pts: of every 100 in sales, about 16 is left after running the business.
Revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
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Hafnia Ltd made $340M of net profit in fiscal 2025.
From fiscal 2022 to 2025, diluted EPS grew −24.2% a year.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash flow
Cash flow
Cash from operations minus capital spending.
KIRA summarises the numbers
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Free cash flow was $457M in fiscal 2025, 20.0% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Dividends, buybacks and share count
KIRA summarises the numbers
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Hafnia Ltd returned $199M to shareholders in fiscal 2025, 43% of free cash flow.
The diluted share count fell 2.1%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
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.
KIRA summarises the numbers
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In the last 12 months, insiders sold $8.9M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$8.9M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 13, 2026 | Mikael Opstun SkovChief Executive Officer | Sold | 500,000 | $8.11 | $4.1M | Form 4 |
| Apr 10, 2026 | Mikael Opstun SkovChief Executive Officer | Sold | 500,000 | $8.12 | $4.1M | Form 4 |
| Apr 7, 2026 | Petrus Wouter Van EchteltChief Financial Officer | Sold | 90,000 | $8.22 | $0.7M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Balance sheet
Balance sheet
Cash, debt and the ratios that show how comfortably Hafnia Ltd can carry it.
KIRA summarises the numbers
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Hafnia Ltd owes $930M more than it holds in cash, about 1.6 years of operating profit.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $280M | $223M | $284M | $193M |
| Debt incl. finance leases | — | $1.3B | $1.1B | $1.1B |
| Net debt / EBITDA | — | 1.0x | 0.8x | 1.6x |
| Debt / equity | — | 0.6x | 0.5x | 0.5x |
| Interest coverage | 9.0x | 11.1x | 15.4x | 7.4x |
| Current ratio | — | 1.4x | 1.4x | 1.5x |
| Quick ratio | — | 1.2x | 1.2x | 1.4x |
| Total assets | — | $3.9B | $3.7B | $3.8B |
| Total liabilities | — | $1.7B | $1.4B | $1.5B |
| Shareholders' equity | $2.0B | $2.2B | $2.3B | $2.3B |
| Net debt (− = net cash) | — | $1.1B | $839M | $930M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
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Its return on capital was 11.3%: every 100 invested in the business earned about 11 in a year.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
F-score
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
KIRA summarises the numbers
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Hafnia Ltd passes 6 of 9 financial health tests (Piotroski F-score).
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| F-score | — / 3 | — / 5 | 6 / 9 | 6 / 9 |
| Accruals ratio | — | −6.8% | −6.7% | −7.0% |
| Altman Z'' | — | 3.84 | 4.17 | 3.49 |
| 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 | — | — | ✓ | ✕ |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $1.9B | $2.7B | $2.9B | $2.3B |
| Gross profit | $1.3B | $1.4B | $1.4B | $956M |
| Operating income | $823M | $858M | $806M | $370M |
| Interest expense | $91.1M | $77.4M | $52.4M | $49.8M |
| Pretax income | $758M | $800M | $778M | $342M |
| Income tax | $6.7M | $6.3M | $4.4M | $2.5M |
| Net income | $752M | $793M | $774M | $340M |
| Net income to common | $752M | $793M | $774M | $340M |
| Diluted EPS | $1.54 | $1.56 | $1.50 | $0.67 |
| Diluted shares | 0.49B | 0.51B | 0.52B | 0.50B |
| Cash flow | ||||
| Cash from operations | $771M | $1.1B | $1.0B | $603M |
| Capital expenditure | $447M | $184M | $49.6M | $146M |
| Free cash flow | $324M | $876M | $981M | $457M |
| Depreciation and amortization | $209M | $211M | $215M | $202M |
| Stock-based compensation | $1.8M | $2.8M | $3.0M | $3.2M |
| Dividends paid | $244M | $544M | $700M | $199M |
| Dividends and buybacks | $244M | $544M | $700M | $199M |
| Balance sheet | ||||
| Cash and short-term investments | $280M | $223M | $284M | $193M |
| Total debt | — | $1.3B | $1.1B | $1.1B |
| Current assets | — | $933M | $900M | $844M |
| Current liabilities | — | $661M | $654M | $572M |
| Inventory | — | $108M | $94.2M | $69.0M |
| Intangible assets | — | $1.3M | $0.5M | $0.1M |
| Total assets | — | $3.9B | $3.7B | $3.8B |
| Total liabilities | — | $1.7B | $1.4B | $1.5B |
| Shareholders' equity | $2.0B | $2.2B | $2.3B | $2.3B |
| Margins | ||||
| Gross margin | 69.9% | 51.2% | 48.5% | 41.9% |
| Operating margin | 42.7% | 32.1% | 28.1% | 16.2% |
| EBITDA margin | 53.6% | 40.0% | 35.6% | 25.1% |
| Net margin | 39.0% | 29.7% | 27.0% | 14.9% |
| FCF margin | 16.8% | 32.8% | 34.2% | 20.0% |
| Returns | ||||
| Return on capital | — | 25.8% | 25.8% | 11.3% |
| Return on capital employed | — | 26.4% | 26.4% | 11.4% |
| Return on equity | 37.4% | 37.4% | 34.5% | 14.8% |
| Return on assets | — | 20.3% | 20.3% | 9.0% |
| Return on tangible equity | 37.4% | 35.6% | 34.2% | 14.6% |
| Growth | ||||
| Revenue growth | — | 38.7% | 7.4% | −20.5% |
| Net income growth | — | 5.5% | −2.4% | −56.1% |
| EPS growth | — | 1.3% | −3.8% | −55.3% |
| FCF growth | — | 170.7% | 11.9% | −53.4% |
| Share count change | — | 4.0% | 1.3% | −2.1% |
| Financial health | ||||
| Net debt / EBITDA | — | 1.0x | 0.8x | 1.6x |
| Debt / equity | — | 0.6x | 0.5x | 0.5x |
| Interest coverage | 9.0x | 11.1x | 15.4x | 7.4x |
| Current ratio | — | 1.4x | 1.4x | 1.5x |
| Quick ratio | — | 1.2x | 1.2x | 1.4x |
| Capital allocation | ||||
| Capex / revenue | 23.2% | 6.9% | 1.7% | 6.4% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | 75.3% | 62.1% | 71.4% | 43.5% |
| Quality scores | ||||
| Piotroski F-score | — | — | 6.0 | 6.0 |
| Altman Z'' | — | 3.8 | 4.2 | 3.5 |
| Accruals ratio | — | −6.8% | −6.7% | −7.0% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
News and filings
Latest SEC filings
The original documents every number on this page comes from.
KIRA analysis
KIRA’s summary AI analyst
Hi! I read Hafnia Ltd’s latest annual report (fiscal 2025). Here is what stands out:
Hafnia Ltd in 30 seconds
Good So-so Weak
Are sales growing?
−20.5%
No. Sales fell 20.5% last year.
Does it make a profit?
14.9%
Yes. It keeps 14.9% of every sale as profit.
Does profit turn into cash?
20.0%
Yes. 20.0% of sales ends up as free cash.
Is debt under control?
1.6x
Keep an eye on it. Repaying its debt would take 1.6 years of operating profit.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
14.3x
One share costs 14.3 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Sales and profit
1 2 3 notes
- Hafnia Ltd had $2.3B of revenue in fiscal 2025, down 20.5% on the year before.
- Its operating margin was 16.2%, down 11.9 pts: of every 100 in sales, about 16 is left after running the business.
- Hafnia Ltd made $340M of net profit in fiscal 2025. From fiscal 2022 to 2025, diluted EPS grew −24.2% a year.
Cash and shareholders
1 3 notes
- Free cash flow was $457M in fiscal 2025, 20.0% of revenue.
- Hafnia Ltd returned $199M to shareholders in fiscal 2025, 43% of free cash flow. The diluted share count fell 2.1%.
- In the last 12 months, insiders sold $8.9M of shares on the open market and bought none.
Financial health
3 notes
- Hafnia Ltd owes $930M more than it holds in cash, about 1.6 years of operating profit.
- Its return on capital was 11.3%: every 100 invested in the business earned about 11 in a year.
- Hafnia Ltd passes 6 of 9 financial health tests (Piotroski F-score).
Source: SEC EDGAR XBRL filings (CIK 0001815779). Data updated November 9, 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.