Danaos Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Danaos Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	498	452	459	447	462	690	993	974	1,014	1,042
General and administrative	22.1	22.7	26.3	26.8	24.3	44	36.6	43.5	54.2	64.4
Operating income	-213	187	-12.1	201	199	358	653	581	541	499
Interest expense	83	86.6	85.7	72.1	53.5	69	62.1	20.5	26.2
Interest income	4.68	5.58	5.78	6.41	6.64	12.2	4.59	12.1	12.9	19.5
Other non-operating income	-154	-104	-20.8	-69.8	-45.9	700	-76	-4.36	-35.8	-4.15
Pre-tax income				131	154	1,059	577	576	505	495
Income tax						5.89	18.3	0	0	0
Net income	-366	83.9	-32.9	131	154	1,053	559	576	505	495
EBITDA	-83.6	303	95.6	298	301	472	785	710	689	662
EPS, basic	-47.02	10.70	-3.10	8.29	6.51	51.75	27.30	28.99	26.15	26.83
EPS, diluted	-47.02	10.70	-3.10	8.09	6.45	51.15	27.28	28.95	26.05	26.76
Shares, basic (weighted)	7.8	7.84	10.6	15.8	23.6	20.3	20.5	19.9	19.3	18.4
Shares, diluted (weighted)	7.8	7.84	10.6	16.2	23.8	20.6	20.5	19.9	19.4	18.5
Dividend per share						1.50	3.00	3.05	3.25	3.45

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	73.7	66.9	77.3	139	65.7	129	268	272	453	1,037
Short-term investments								86	60.9	120
Receivables	8.03	6.5	9.23	7.15	7.56	7.12	5.64	9.93	25.6	38.7
Inventory	11.4	8.84	8.88	8.49	9.62	12.6	16.1	24.5	23.9	23.4
Other current assets	6.05	5.71	5.18	13.6	14.3	459	47.8	142	114	171
Total current assets	136	126	120	190	118	632	373	502	671	1,319
Property, plant and equipment	2,907	2,796	2,480	2,390	2,480	2,862	2,721	2,747	3,290	3,270
Lease right-of-use assets						79.4
Other non-current assets	71.2	49.5	59.4	82.3	83.4	41.7	89.9	72.6	57.8	42.3
Total assets	3,127	2,986	2,680	2,683	2,714	3,627	3,400	3,661	4,344	5,114
Accounts payable	11.2	11.4	10.5	11.2	10.6	18.9	24.5	22.8	29	17.3
Accrued liabilities	15.5	15.2	11.8	8.53	11	20.8	21.4	20.5	23.6	28.8
Deferred revenue	27.7	22.9	19.8	18	19.5	83.2	111	63.8	49.7	36.6
Short-term debt	2,505	2,330	114	120	156	95.8	27.5	21.3	35.2	283
Total current liabilities	2,566	2,380	223	223	240	319	228	168	169	402
Long-term debt			1,508	1,271	1,187	1,018	402	383	700	872
Other non-current liabilities	2.48	1.69	15.9	0.6	0.18	3.23	52.9	33.7	27.4	42
Total liabilities	2,639	2,438	1,989	1,801	1,679	1,539	840	645	919	1,318
Total debt	2,505	2,330	1,622	1,390	1,343	1,114	430	404	735	1,155
Paid-in capital	547	547	728	785	755	771	748	690	651	592
Retained earnings	30.9	115	81.8	213	367	1,389	1,886	2,402	2,844	3,275
Other comprehensive income	-91.2	-114	-119	-117	-86.7	-71.5	-74.2	-76	-70.4	-71.4
Shareholders' equity	488	549	691	882	1,036	2,088	2,560	3,016	3,425	3,796
Total equity	488	549	691	882	1,036	2,088	2,560	3,016	3,425	3,796
Total liabilities and equity	3,127	2,986	2,680	2,683	2,714	3,627	3,400	3,661	4,344	5,114
Shares outstanding	7.8	110	15.2	24.8	20.4	20.7	20.3	19.4	19	18.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-366	83.9	-32.9	131	154	1,053	559	576	505	495
Depreciation and amortization	129	115	108	96.5	102	114	131	129	148	163
Stock-based compensation	0.08		1.01	4.24	1.2	15.3	5.97	12.7	14.6	16.8
Change in receivables	-13.2	-2.54	-2.72	2.08	-0.41	0.79	1.48	-4.3	-5.4	-3.78
Change in inventory	-0.36	2.55	-0.04	0.39	-1.13	-2.07	-3.52	-8.41	0.63	0.46
Change in payables	-0.38	0.22	-0.89	0.11	-0.18	4.52	5.58	-0.39	7.06	-11.8
Cash from operations	262	181	165	220	266	428	935	576	622	645
Cash from investing	-9.38	1.76	-8.25	-21.4	-171	-143	177	-339	-651	-326
Debt issued			326		69.9	1,105	183	0	362	621
Debt repaid	-251	-190	-441	-263	-147	-1,344	-893	-27.5	-28	-191
Share buybacks					-31.1		-28.6	-70.6	-53.3	-75.7
Dividends paid						-30.9	-61.5	-60.7	-62.8	-63.6
Cash from financing	-251	-190	-149	-137	-168	-221	-973	-234	211	265
Net change in cash	1.46	-6.82	7.57	61.9	-73.5	64.1	138	4.14	182	584
Interest paid	69.2	74.6	71.9	54.9	35.2	42.8	54	18.1	21.6	33.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $154.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	47.8%	Operating income / revenue.
EBITDA margin	63.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	47.4%	Pre-tax income / revenue.
Net margin	47.4%	Net income / revenue.
Operating cash flow margin	61.8%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.5%	Net income / average total assets.
Return on invested capital (ROIC)	13.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	15.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	26.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	32.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	10.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	29.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.28x	Current assets / current liabilities.
Quick ratio	2.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.88x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.6%	Total debt / total assets.
Liabilities / assets	25.8%	Total liabilities / total assets.
Net debt	-$2.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.00x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$917.7M	Current assets - current liabilities.
Tangible book value	$3.80B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Fixed asset turnover	0.32x	Revenue / average property, plant and equipment.
Receivables turnover	32.4x	Revenue / average receivables.
Days sales outstanding	11 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$26.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$26.83	Net income per basic share, as reported (split-adjusted).
Revenue per share	$56.41	Revenue / diluted weighted shares.
Operating cash flow per share	$34.89	Cash from operations / diluted weighted shares.
Book value per share	$207.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$207.81	Tangible book value / shares outstanding.
Cash per share	$63.38	(Cash + short-term investments) / shares outstanding.
Dividend per share	$3.45	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	12.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.81B	Share price x shares outstanding.
Enterprise value	$2.80B	Market cap + total debt - cash - short-term investments.
P/E	5.67x	Market cap / net income. Only when net income is positive.
P/S	2.69x	Market cap / revenue.
P/B	0.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.74x	Market cap / tangible book value, when positive.
P/OCF	4.35x	Market cap / cash from operations, when positive.
EV/Sales	2.69x	Enterprise value / revenue.
EV/EBIT	5.62x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.23x	Enterprise value / EBITDA, when both are positive.
Earnings yield	17.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.

What was Danaos Corp's revenue in fiscal 2025?

Danaos Corp reported revenue of $1.04B for fiscal 2025, 2.8% higher than the year before.

Was Danaos Corp profitable in fiscal 2025?

Yes. Net income was $494.6M, a net margin of 47.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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