DIANA SHIPPING INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DIANA SHIPPING 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	114	162	226	221	170	214	290	262	228	214
Cost of revenue				13.5	13.5	5.57
Gross profit				207	156	209
General and administrative	25.5	26.3	29.5	28.6	32.8	29.2	29.4	33	33.4	34.1
Operating income	-88.3	-484	38.3	17.6	-113	63.5	143	85.7	58.8	42.2
Interest expense	19.5	25	30.5	29.4	21.5	20.2	27.4	49.3	47.5	43
Interest income	2.41	4.51	8.82
Net income	-170	-512	16.6	-10.5	-134	57.4	119	49.8	12.7	17.8
EBITDA	-6.74	-397	90.5	66.5	-69.7	104	186	135	103	88.7
EPS, basic	-2.11	-5.41	0.10	-0.17	-1.62	0.64	1.42	0.44	0.06	0.11
EPS, diluted	-2.11	-5.41	0.10	-0.17	-1.62	0.61	1.36	0.42	0.05	0.11
Shares, basic (weighted)	80.4	95.7	104	95.2	86.1	81.1	80.1	100	116	110
Shares, diluted (weighted)	80.4	95.7	105	95.2	86.1	84.9	83.3	102	119	110
Dividend per share							0.24	0.60	0.24	0.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	98.1	40.2	127	107	62.9	110	76.4	102	125	50.5
Receivables	5.9	4.94	2.95	7.86	5.24	2.83	6.13	5.87	6.57	3.74
Inventory	5.86	5.77	5.84	5.53	4.72	6.09	4.55	5.06	4.19	4.14
Other current assets	5.31	5.17	6.36	9.21	7.24	5.48	6.75	8.7	7.49	8.83
Total current assets	115	139	142	137	105	126	141	182	207	245
Property, plant and equipment	1,404	1,054	991	882	716	643	950	900	833	778
Other non-current assets			0	2.94	0.72	1.46	0.1	0.03	0.03	0.03
Total assets	1,669	1,247	1,188	1,071	872	842	1,183	1,166	1,171	1,170
Accounts payable	6.57	7.95	11.1	11.4	8.56	9.78	11.2	9.66	8.99	10.6
Accrued liabilities	5.73	8.25	13.4	11.3	10.5	7.88	12.1	12.4	11.9	13.4
Deferred revenue	0.82	3.21	4.09	2.53	2.84	5.73	7.76	3.56	4.24	4.97
Short-term debt	65.1	60.8	96.4	40.2	39.2	41.1	91.5	49.5	45.2	50.3
Total current liabilities	78.2	80.4	125	65.5	61.6	65.1	132	85.1	80.2	89.6
Long-term debt	533	541	434	435	381	383	431	461	469	473
Other non-current liabilities	0.74	0.9	0.84	0.99	1.15	1.1	0.88	1.32	1.16	0.87
Total liabilities	612	622	560	501	444	449	696	677	666	668
Total debt	598	601	531	475	420	424	523	511	515	523
Paid-in capital	985	1,071	1,063	1,022	1,020	983	1,061	1,101	1,139	1,126
Retained earnings	70.4	-447	-436	-453	-593	-590	-575	-614	-636	-628
Other comprehensive income	0.19	0.29	0.29	0.11	0.07	0.07	0.25	0.31	0.31	3.65
Shareholders' equity	1,057	625	628	570	429	393	487	489	505	502
Total equity	1,057	625	628	570	429	393	487	489	505	502
Total liabilities and equity	1,669	1,247	1,188	1,071	872	842	1,183	1,166	1,171	1,170
Shares outstanding	84.7	106	104	91.2	89.3	84.7	103	113	125	116

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-164	-512	16.6	-10.5	-134	57.4	119	49.8	12.7	17.8
Depreciation and amortization	81.6	87	52.2	48.9	43	40.5	43.3	49.8	44.7	46.5
Change in receivables	-1.39	0.97	1.99	-4.91	2.63	-1.57	-3.43	0.26	-0.7	2.83
Change in inventory	0.39	0.09	-0.07	0.31	0.81	-1.58	1.77	-0.51	0.86	0.06
Change in payables	-2.39	1.38	3.12
Cash from operations	-21	23.4	79.9	49.9	17.2	89.7	159	70.4	83.5	47.5
Capital expenditures	-50.9	-126	-2.57	-2.8	-6	-17.4	-230	-29.7
Purchases of investments						0	0	-10.6	-27.2	-122
Cash from investing	-41.6	-152	99.4	38.4	10.5	13.4	-273	24.9	-39.8	-32
Debt issued	39.3	57.2	100	44	0	101
Debt repaid	-42.5	-55.2	-170	-101	-54.8	-93.2
Stock issued	0	77.3	0			0	5.27	0	24.2	0.09
Share buybacks	0	0	-15.2	-49.7	-12	-45.4	-3.8	0	0	-23
Dividends paid						-8.82	-79.8	-41.4	-29	-4.63
Cash from financing	-9.46	73.6	-93.7	-111	-73.1	-59.2	84.9	-71.1	-21.7	-36.9
Net change in cash	-72.1	-55.3	85.6	-23.1	-45.4	43.9	-29.4	24.2	22.1	-21.4
Free cash flow	-71.9	-102	77.4	47.1	11.2	72.3	-71.4	40.6
Interest paid	19.3	24.5	25.7	28.6	21.4	19.6	21.3	46.5	46.3	41.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	19.8%	Operating income / revenue.
EBITDA margin	41.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	8.3%	Net income / revenue.
Operating cash flow margin	22.2%	Cash from operations / revenue.
Return on equity (ROE)	3.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.5%	Net income / average total assets.
Return on invested capital (ROIC)	3.6%	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	21.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-28.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-33.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-14.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-21.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	39.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-46.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	120.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-56.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-43.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-33.1%	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	22.5%	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	-83.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-44.6%	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	-0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.0%	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	3.2%	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	-0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.4%	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	6.0%	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	-6.9%	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	9.9%	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	5.1%	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	2.73x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.7%	Total debt / total assets.
Liabilities / assets	57.1%	Total liabilities / total assets.
Net debt	$472.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.98x	Operating income / interest expense.
Working capital	$155.3M	Current assets - current liabilities.
Tangible book value	$502.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Fixed asset turnover	0.27x	Revenue / average property, plant and equipment.
Receivables turnover	41.4x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.11	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	$0.11	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.93	Revenue / diluted weighted shares.
Operating cash flow per share	$0.43	Cash from operations / diluted weighted shares.
Book value per share	$4.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.34	Tangible book value / shares outstanding.
Cash per share	$0.44	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.04	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	26.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$348.4M	Share price x shares outstanding.
Enterprise value	$820.7M	Market cap + total debt - cash - short-term investments.
P/E	19.5x	Market cap / net income. Only when net income is positive.
P/S	1.63x	Market cap / revenue.
P/B	0.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.69x	Market cap / tangible book value, when positive.
P/OCF	7.33x	Market cap / cash from operations, when positive.
EV/Sales	3.84x	Enterprise value / revenue.
EV/EBIT	19.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.25x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	7.9%	(Dividends paid + share buybacks) / market cap.

What was DIANA SHIPPING INC.'s revenue in fiscal 2025?

DIANA SHIPPING INC. reported revenue of $213.5M for fiscal 2025, 6.4% lower than the year before.

Was DIANA SHIPPING INC. profitable in fiscal 2025?

Yes. Net income was $17.8M, a net margin of 8.3%.

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.

Open interactive statements, quarterly figures and charts

Back to DIANA SHIPPING INC.