Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Hafnia 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
FY2022
FY2024
FY2024
Revenue
1,927
2,672
2,869
Gross profit
1,347
1,367
1,391
Operating income
823
858
806
Pre-tax income
758
800
778
Income tax
6.68
6.25
4.42
Net income
752
793
774
EPS, basic
1.57
1.57
1.52
EPS, diluted
1.54
1.56
1.50
Balance sheet
FY2022
FY2024
FY2024
Cash and equivalents
280
223
284
Receivables
590
504
Inventory
108
94.2
Total current assets
933
900
Lease right-of-use assets
34.6
18.7
Intangible assets
1.29
0.51
Total assets
3,914
3,702
Accounts payable
385
313
Short-term debt
267
336
Total current liabilities
661
654
Total liabilities
1,686
1,440
Total debt
1,292
1,122
Paid-in capital
1,045
0
Retained earnings
631
705
Total equity
2,009
2,228
2,263
Total liabilities and equity
3,914
3,702
Cash flow statement
FY2022
FY2024
FY2024
Net income
752
793
774
Cash from operations
771
1,061
1,030
Capital expenditures
-447
-184
-49.6
Cash from investing
-179
-31.7
29.9
Debt issued
440
247
110
Debt repaid
-416
-309
-109
Dividends paid
-244
-544
-700
Cash from financing
-465
-1,087
-999
Free cash flow
324
876
981
Income taxes paid
4.99
3.63
9.51
Key metrics
Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $8.92 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
48.5%
Gross profit / revenue.
Operating margin
28.1%
Operating income / revenue.
Pre-tax margin
27.1%
Pre-tax income / revenue.
Net margin
27.0%
Net income / revenue.
FCF margin
34.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
35.9%
Cash from operations / revenue.
Effective tax rate
0.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
20.3%
Net income / average total assets.
Capex / revenue
1.7%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
7.4%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
1.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
-6.1%
Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-2.4%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-3.8%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-2.9%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
11.9%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-5.4%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.38x
Current assets / current liabilities.
Quick ratio
1.20x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.43x
(Cash + short-term investments) / current liabilities.
Debt / assets
30.3%
Total debt / total assets.
Liabilities / assets
38.9%
Total liabilities / total assets.
Net debt
$838.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital
$246.2M
Current assets - current liabilities.
Goodwill and intangibles / assets
0.0%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.75x
Revenue / average total assets.
Receivables turnover
5.25x
Revenue / average receivables.
Days sales outstanding
70 days
365 x average receivables / revenue.
FCF conversion
126.7%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
4.8%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.50
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
$1.52
Net income per basic share, as reported (split-adjusted).
Payout ratio
90.4%
Dividends paid / net income, when net income is positive.
Dividends / FCF
71.4%
Dividends paid / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$4.46B
Share price x shares outstanding.
Enterprise value
$5.30B
Market cap + total debt - cash - short-term investments.
P/E
5.76x
Market cap / net income. Only when net income is positive.
P/S
1.55x
Market cap / revenue.
P/FCF
4.55x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
4.33x
Market cap / cash from operations, when positive.
EV/Sales
1.85x
Enterprise value / revenue.
EV/EBIT
6.57x
Enterprise value / operating income, when both are positive.
EV/FCF
5.40x
Enterprise value / free cash flow, when both are positive.
FCF yield
22.0%
Free cash flow / market cap.
Earnings yield
17.4%
Net income / market cap (the inverse of P/E).
Dividend yield
15.7%
Dividends paid over the period / market cap.
Shareholder yield
15.7%
(Dividends paid + share buybacks) / market cap.
What was Hafnia Ltd's revenue in fiscal 2024?
Hafnia Ltd reported revenue of $2.87B for fiscal 2024, 7.4% higher than the year before.
Was Hafnia Ltd profitable in fiscal 2024?
Yes. Net income was $774.0M, a net margin of 27%.
How much free cash flow did Hafnia Ltd generate in fiscal 2024?
Cash from operations of $1.03B minus capital expenditures of $49.6M left free cash flow of $980.8M.
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.