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Financial statementsGENCO SHIPPING & TRADING LTD financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GENCO SHIPPING & TRADING LTD 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 | 136 | 210 | 368 | 389 | 356 | 547 | 537 | 384 | 423 | 342 |
| General and administrative | 45.2 | 22.2 | 23.1 | 24.5 | 21.3 | 24.5 | 25.7 | 28.3 | 29.1 | 30.8 |
| Operating income | -186 | -29.6 | 0.52 | -28.4 | -203 | 201 | 167 | -5.85 | 87 | 7.47 |
| Interest expense | 28.5 | 30.5 | 33.1 | 32 | 22.4 | 15.4 | 9.09 | 8.78 | 13.3 | 12.3 |
| Interest income | 0.2 | 1.55 | 3.8 | 4.1 | 1.03 | 0.15 | 1.04 | 2.67 | 2.98 | 1.48 |
| Other non-operating income | -30.3 | -29.1 | -33.5 | -27.6 | -22.2 | -19.1 | -7.87 | -6.51 | -10.6 | -12 |
| Pre-tax income | -217 | -58.7 | -32.9 | |||||||
| Income tax | 0.71 | |||||||||
| Net income to minority interests | 0.04 | 0.79 | 0.51 | 0.1 | -0.15 | |||||
| Net income | -218 | -58.7 | -32.9 | -56 | -226 | 182 | 159 | -12.9 | 76.4 | -4.37 |
| EBITDA | -110 | 42.2 | 69.5 | 44.4 | -138 | 257 | 227 | 60.6 | 156 | 83.7 |
| EPS, basic | -30.03 | -1.71 | -0.86 | -1.34 | -5.38 | 4.33 | 3.74 | -0.30 | 1.77 | -0.10 |
| EPS, diluted | -30.03 | -1.71 | -0.86 | -1.34 | -5.38 | 4.27 | 3.70 | -0.30 | 1.75 | -0.10 |
| Shares, basic (weighted) | 7.25 | 34.2 | 38.4 | 41.8 | 41.9 | 42.1 | 42.4 | 42.8 | 43.1 | 43.4 |
| Shares, diluted (weighted) | 7.25 | 34.2 | 38.4 | 41.8 | 41.9 | 42.6 | 42.9 | 42.8 | 43.7 | 43.4 |
| Dividend per share | 0.50 | 0.24 | 0.32 | 2.74 | 0.95 | 1.57 | 0.75 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 133 | 174 | 197 | 156 | 144 | 115 | 58.1 | 46.5 | 43.7 | 55.5 |
| Receivables | 10.4 | 12.9 | 22.3 | 13.7 | 13 | 20.1 | 25.3 | 17.8 | 21.4 | 14.3 |
| Inventory | 9.63 | 15.3 | 29.5 | 27.2 | 21.6 | 24.6 | 21.6 | 26.7 | 22.2 | 25.2 |
| Other current assets | 2.53 | 1.45 | 2.18 | 1.39 | 2.31 | 1.37 | 1.04 | 0.67 | 1.65 | 1.79 |
| Total current assets | 173 | 217 | 270 | 223 | 247 | 175 | 125 | 157 | 98 | 109 |
| Property, plant and equipment | 1.02 | 1.01 | 2.29 | 5.98 | 6.39 | 7.24 | 8.56 | 7.07 | 7.18 | 7.49 |
| Lease right-of-use assets | 8.24 | 6.88 | 5.5 | 4.08 | 2.63 | 6.36 | 5.25 | |||
| Other non-current assets | 0.51 | |||||||||
| Total assets | 1,569 | 1,521 | 1,627 | 1,529 | 1,233 | 1,203 | 1,174 | 1,142 | 1,057 | 1,138 |
| Accounts payable | 6.7 | 9.86 | 15.1 | 26 | 11.9 | 9.4 | 16.2 | 10.7 | 17.5 | 18.6 |
| Deferred revenue | 4.72 | 6.4 | 6.63 | 8.42 | 10.1 | 4.96 | 8.75 | 4.67 | 8.83 | |
| Short-term debt | 4.58 | 24.5 | 66.3 | 69.7 | 80.6 | |||||
| Total current liabilities | 28.9 | 52.4 | 102 | 128 | 114 | 41.9 | 36.5 | 35.3 | 40.7 | 45.7 |
| Long-term debt | 508 | 491 | 469 | 413 | 359 | 238 | 165 | 190 | 82.2 | 189 |
| Lease liabilities | 9.83 | 8.06 | 6.2 | 4.1 | 1.8 | 5.54 | 5.54 | |||
| Total liabilities | 539 | 546 | 574 | 550 | 488 | 286 | 206 | 227 | 128 | 240 |
| Total debt | 513 | 515 | 535 | 483 | 440 | 238 | 165 | 190 | 82.2 | 189 |
| Paid-in capital | 1,504 | 1,628 | 1,740 | 1,721 | 1,713 | 1,702 | 1,589 | 1,553 | 1,491 | 1,465 |
| Retained earnings | -595 | -654 | -687 | -743 | -969 | -787 | -628 | -641 | -565 | -569 |
| Other comprehensive income | 0.83 | 6.48 | 0.53 | 0 | 0 | |||||
| Shareholders' equity | 1,030 | 974 | 1,053 | 978 | 745 | 917 | 967 | 913 | 927 | 896 |
| Minority interests | 0.09 | 0.88 | 1.39 | 1.49 | 1.34 | |||||
| Total equity | 1,030 | 975 | 1,053 | 978 | 745 | 917 | 968 | 915 | 928 | 898 |
| Total liabilities and equity | 1,569 | 1,521 | 1,627 | 1,529 | 1,233 | 1,203 | 1,174 | 1,142 | 1,057 | 1,138 |
| Shares outstanding | 7.35 | 34.5 | 41.6 | 41.8 | 41.8 | 41.9 | 42.3 | 42.5 | 42.8 | 43.2 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -218 | -58.7 | -32.9 | -56 | -226 | 182 | 159 | -12.4 | 76.5 | -4.5 |
| Depreciation and amortization | 76.3 | 71.8 | 69 | 72.8 | 65.2 | 56.2 | 60.2 | 66.5 | 68.7 | 76.2 |
| Stock-based compensation | 20.7 | 4.05 | 2.23 | 2.06 | 2.03 | 2.27 | 3.24 | 5.53 | 5.85 | 7.05 |
| Change in receivables | 0.21 | -2.48 | -10.1 | 8.61 | 0.71 | -7.13 | -5.22 | 7.52 | -3.56 | 7.09 |
| Change in inventory | 0.84 | -6.49 | -14.2 | 2.34 | 5.63 | -2.98 | 2.96 | -5.15 | 4.52 | -2.95 |
| Change in payables | -5.31 | 1.49 | 2.57 | 13.2 | -17.4 | 5.41 | -2.13 | -2.21 | 9.61 | 2.07 |
| Cash from operations | -52.3 | 24.1 | 65.9 | 59.5 | 36.9 | 231 | 189 | 91.8 | 127 | 31.9 |
| Capital expenditures | -0.33 | -0.29 | -1.46 | -4.71 | -4.58 | -1.59 | -3.57 | -2.71 | -3 | -3.18 |
| Cash from investing | 25.1 | 17.4 | -195 | -22.8 | 37.4 | -67.6 | -55 | -91.6 | 47.8 | -91.6 |
| Stock issued | 110 | |||||||||
| Dividends paid | -20.9 | -9.85 | -13.5 | -116 | -40.9 | -67.5 | -32.8 | |||
| Cash from financing | 55.4 | -5.6 | 127 | -77.2 | -56.9 | -223 | -191 | -17.4 | -178 | 71.2 |
| Net change in cash | 28.2 | 35.9 | -2.19 | -40.5 | 17.4 | -59.1 | -56.4 | -17.2 | -2.85 | 11.5 |
| Free cash flow | -52.6 | 23.8 | 64.4 | 54.8 | 32.3 | 230 | 186 | 89.1 | 124 | 28.7 |
| Interest paid | 25.6 | 25.1 | 30.2 | 28.4 | 18.4 | 11.7 | 9.33 | 13.6 | 11.9 | 10 |
| Income taxes paid | 0.7 | 0 | 0 | 0 | 0 | 0 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 12.8% | Operating income / revenue. |
| EBITDA margin | 31.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Net margin | 9.1% | Net income / revenue. |
| FCF margin | 15.9% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 16.5% | Cash from operations / revenue. |
| Return on equity (ROE) | 4.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 3.2% | Net income / average total assets. |
| Return on invested capital (ROIC) | 3.9% | 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 | 1.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.6% | Capital expenditures / revenue. |
| D&A / revenue | 19.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -19.1% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -14.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -0.8% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -91.4% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -64.5% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -46.2% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -28.3% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | -105.7% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | -105.7% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | -74.9% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -44.8% | 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 | -2.9% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -76.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -46.3% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -2.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | -52.2% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | -35.1% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 26.1% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -3.3% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -2.5% | 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 | 3.8% | 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 | 7.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -1.0% | 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 | -1.6% | 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 | -0.6% | 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 | 0.4% | 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 | 0.7% | 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 | 2.97x | Current assets / current liabilities. |
| Quick ratio | 2.19x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.60x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.36x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 25.3% | Total debt / total assets. |
| Liabilities / assets | 29.4% | Total liabilities / total assets. |
| Net debt | $245.9M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 1.75x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 3.25x | Operating income / interest expense. |
| Working capital | $90.4M | Current assets - current liabilities. |
| Tangible book value | $888.6M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.35x | Revenue / average total assets. |
| Fixed asset turnover | 61.8x | Revenue / average property, plant and equipment. |
| Receivables turnover | 16.5x | Revenue / average receivables. |
| Days sales outstanding | 22 days | 365 x average receivables / revenue. |
| FCF conversion | 173.5% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 3.6% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.90 | 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. |
| Revenue per share | $9.89 | Revenue / diluted weighted shares. |
| FCF per share | $1.57 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.63 | Cash from operations / diluted weighted shares. |
| Book value per share | $20.39 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $20.39 | Tangible book value / shares outstanding. |
| Cash per share | $1.69 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 126.0% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 72.6% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.14B | Share price x shares outstanding. |
| Enterprise value | $1.38B | Market cap + total debt - cash - short-term investments. |
| P/E | 28.2x | Market cap / net income. Only when net income is positive. |
| P/S | 2.58x | Market cap / revenue. |
| P/B | 1.28x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.28x | Market cap / tangible book value, when positive. |
| P/FCF | 16.3x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 15.7x | Market cap / cash from operations, when positive. |
| EV/Sales | 3.14x | Enterprise value / revenue. |
| EV/EBIT | 24.5x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 9.85x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 19.8x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 6.2% | Free cash flow / market cap. |
| Earnings yield | 3.5% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 4.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 4.5% | (Dividends paid + share buybacks) / market cap. |
What was GENCO SHIPPING & TRADING LTD's revenue in fiscal 2025?
GENCO SHIPPING & TRADING LTD reported revenue of $342.1M for fiscal 2025, 19.1% lower than the year before.
Was GENCO SHIPPING & TRADING LTD profitable in fiscal 2025?
No. It reported a net loss of $4.4M.
How much free cash flow did GENCO SHIPPING & TRADING LTD generate in fiscal 2025?
Cash from operations of $31.9M minus capital expenditures of $3.2M left free cash flow of $28.7M.