DHT Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DHT Holdings, Inc. 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		355	376	535	691	296	454	561	572	498
General and administrative	19.4	17.2	15.1
Operating income		43.3	16.3	139	314	0.2	74.2	193	211	225
Pre-tax income	9.35	6.73	-46.8	73.8	267	-11.1	62.6	162	182	211
Income tax		0.13	0.08	0.13	0.9	0.36	0.59	0.65	0.61	0.41
Net income to minority interests		0	0	0	0.01	0.01	0.46	0.04	0.08	-0.13
Net income	9.26	6.6	-46.9	73.7	266	-11.5	61.5	161	181	211
EBITDA		140	120	254	438	129	197	302	323	331
EPS, basic	0.10	0.05	-0.33	0.51	1.71	-0.07	0.37	0.99	1.12	1.31
EPS, diluted	0.10	0.05	-0.33	0.51	1.61	-0.07	0.37	0.99	1.12	1.31

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	109	77.3	94.9	67.4	68.6	60.7	126	74.7	78.1	79
Inventory								33.8	37.7	24.7
Total current assets	179	167	193	218	118	132	236	200	202	209
Lease right-of-use assets				2.81			3.63	5.69	3.95	5.33
Goodwill						0	1.36	1.36	1.36	1.36
Intangible assets			2.41	1.43	0.45	0
Total assets	1,404	1,730	1,864	1,827	1,622	1,609	1,508	1,492	1,487	1,603
Accounts payable	12.4	17.4	28.6	24	18.5	19.7	29.4	20.5	23.4	22.8
Total current liabilities	74.3	83	124	130	47.9	41.9	64.4	56.6	110	74.7
Lease liabilities				2.24
Total liabilities	719	805	1,002	895	513	562	435	461	444	470
Total debt			967	851	450	522	397	429	409	429
Retained earnings	-205	-222	-285	-240	-189	-222	-181	-206	-186	-96.2
Shareholders' equity			862	932	1,109	1,047	1,068	1,027	1,038	1,133
Minority interests			0	0.01	0.02	0.03	5.01	4.51	4.46	0.07
Total equity	685	926	862	932	1,109	1,047	1,073	1,032	1,043	1,133
Total liabilities and equity	1,404	1,730	1,864	1,827	1,622	1,609	1,508	1,492	1,487	1,603

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-9.26	6.6	-46.9	73.7	266	-11.5	62	161	181	211
Depreciation and amortization	-84.3	96.8	103	116	124	129	123	109	112	106
Cash from operations		102	54	156	530	60.6	128	251	299	277
Capital expenditures	0.14	-0.19	-0.09	-0.08	-0.44	-0.05
Cash from investing	-213	-187	-188	-53.4	-26.7	-86.5	111	-125	-97	-166
Dividends paid	-66.4	-23.3	-11.5	-28.7	-215	-22.1	-19.7	-187	-161	-119
Cash from financing	-38.5	52.7	152	-130	-502	18	-173	-178	-198	-109
Exchange rate effect					0	0	0.21	0.12	-0.31	0.16
Net change in cash	-57.5	-32	17.7	-27.6	1.29	-7.98	65.1	-51.3	3.71	0.73
Free cash flow		102	53.9	156	529	60.5
Interest paid								0	2.95	9.61

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $21.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	45.1%	Operating income / revenue.
EBITDA margin	66.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	42.4%	Pre-tax income / revenue.
Net margin	42.4%	Net income / revenue.
Operating cash flow margin	55.5%	Cash from operations / revenue.
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.7%	Net income / average total assets.
Return on invested capital (ROIC)	15.7%	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%.
D&A / revenue	21.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-12.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	44.7%	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	-6.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	50.8%	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	-4.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	52.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.0%	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	-7.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.3%	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	-12.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	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	0.4%	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	7.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.0%	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	-0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.80x	Current assets / current liabilities.
Quick ratio	1.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.7%	Total debt / total assets.
Liabilities / assets	29.3%	Total liabilities / total assets.
Net debt	$349.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$134.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.13B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.31	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	$1.31	Net income per basic share, as reported (split-adjusted).
Payout ratio	56.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.51B	Share price x shares outstanding.
Enterprise value	$3.86B	Market cap + total debt - cash - short-term investments.
P/E	16.6x	Market cap / net income. Only when net income is positive.
P/S	7.04x	Market cap / revenue.
P/B	3.10x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.10x	Market cap / tangible book value, when positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	7.74x	Enterprise value / revenue.
EV/EBIT	17.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.32x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DHT Holdings, Inc.'s revenue in fiscal 2025?

DHT Holdings, Inc. reported revenue of $498.4M for fiscal 2025, 12.8% lower than the year before.

Was DHT Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $211.1M, a net margin of 42.4%.

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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