Hafnia Ltd (HAFN)

Hafnia Limited., an investment holding company, owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), and Handy Size segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies. It also engages in ship owning, chartering, and provision of maritime services in the product and chemical tankers market. The company was formerly known as BW Tankers Limited and changed its name to Hafnia Limited. In January 2019. Hafnia Limited was founded in 2010 and is based in Singapore.

Ticker: HAFN
Exchange: NYSE
Sector: Industrials
Industry: Marine Shipping
Market cap: $4.68B
52-week range: $5.17 - $11.11

Valuation

Share price: $9.37 (close of Nov 6, 2026)
P/E (TTM): 7.10x
Price to book: 1.77x
Price to free cash flow: 8.01x
Enterprise value: $5.60B
Book value per share: $5.30

Price performance

Period	Change
1 day	+0.32%
5 days	-13.80%
1 month	-7.50%
3 months	+24.11%
6 months	+6.24%
Year to date	+75.80%
1 year	+51.62%
All time	+27.05%

Short interest

As of: Oct 15, 2026
Short % of float: 5.38%
Shares short: 4.37M
Days to cover: 1.35
Change since prior report: +17.84%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 14.58%
Return on invested capital: 10.63%
Return on assets: 8.91%
Return on capital employed: 11.41%
Gross margin: 41.89%
Net margin: 14.89%
EBITDA margin: 16.20%
Revenue growth: -20.45%
Net income growth: -56.12%
Free cash flow growth: -53.44%

Cash flow and balance sheet

Free cash flow yield (TTM): 12.48%
Current ratio: 1.66x
Net debt to EBITDA: 1.57x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $2.28B
Cost of revenue: $1.91B
Gross profit: $955.87M
EBITDA: $369.59M
Net income: $339.68M
Earnings per share: $0.68
Shares outstanding: 498.18M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$2.28B	$955.87M	$339.68M	$0.68
2024-12-31	$2.87B	$1.39B	$774.03M	$1.52
2023-12-31	$2.67B	$1.37B	$793.27M	$1.57
2022-12-31	$1.93B	$1.35B	$751.59M	$1.57
2021-12-31	$811.22M	-	-$55.49M	-$0.15
2020-12-31	$874.10M	-	$148.78M	-
2019-12-31	$827.86M	-	$71.73M	$0.21
2018-12-31	$368.39M	-	-$19.78M	-
2017-12-31	$346.48M	-	$2.96M	$0.03
2016-12-31	$302.31M	-	-$186.61M	-

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	41.89%	14.89%	14.58%	10.63%
2024-12-31	48.50%	26.98%	34.21%	23.67%
2023-12-31	51.15%	29.69%	35.61%	24.20%
2022-12-31	69.90%	39.01%	37.25%	21.48%
2021-12-31	-	-6.84%	-5.00%	-0.20%
2020-12-31	-	17.02%	12.96%	7.78%
2019-12-31	-	8.67%	6.41%	5.63%
2018-12-31	-	-5.37%	-3.46%	0.96%
2017-12-31	-	0.86%	0.74%	2.55%
2016-12-31	-	-61.73%	-30.92%	-14.49%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$192.57M	$910.40M
2024-12-31	$283.57M	$785.95M
2023-12-31	$222.52M	$1.03B
2022-12-31	$281.53M	-
2021-12-31	$99.95M	-
2020-12-31	$100.67M	-
2019-12-31	$91.61M	-
2018-12-31	$52.46M	-
2017-12-31	$41.37M	-
2016-12-31	$95.49M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$456.69M	$3.21M
2024-12-31	$980.76M	$2.96M
2023-12-31	$876.41M	$2.82M
2022-12-31	$323.76M	$1.76M
2021-12-31	$79.41M	$3.15M
2020-12-31	$349.88M	$1.18M
2019-12-31	-$36.19M	$823.00K
2018-12-31	$42.42M	-
2017-12-31	-$36.56M	-
2016-12-31	-$11.77M	-

Dividend history

Most recent payment: Sep 8, 2026
Paid in the last twelve months: $1.29

Payment date	Dividend per share
2026-09-08	$0.50
2026-06-03	$0.29
2026-03-06	$0.18
2026-03-05	$0.18
2025-12-09	$0.15
2025-09-04	$0.12
2025-05-23	$0.10
2025-05-22	$0.10

Investor relations

Next earnings report

Next confirmed report: Dec 7, 2026

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-28	Jun 2026	-
2026-05-27	Mar 2026	-
2026-02-26	Dec 2025	-
2025-12-01	Sep 2025	-
2025-08-27	Jun 2025	$0.14
2025-05-15	Mar 2025	$0.12
2025-02-27	Dec 2024	$0.13
2024-11-27	Sep 2024	$0.33

Filings and sources

Company website: hafnia.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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