Performance Shipping Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Performance 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	37	23.8	0	6.3	42	36.5	75.2	109	87.4	84.2
General and administrative	7.24	8.37	8.03	8.16	7.99	5.78	6.75	8.04	8.31	9.7
Operating income	-142	-24.6	-8.01	-6.35	4.27	-8.46	40	75.5	41.8	51.9
Interest expense	4.9	13.8	0	0.65	2.09	1.8	3.97	9.6	1.35	6.79
Interest income	0.12	0.09	0.06	0.26	0.11	0.02	0.28	3.3	3.26	4.83
Income from continuing operations			-7.94	-6.74	2.3	-10.1	36.3	69.4
Net income	-149	3.82	-52.9	-32.1	3.78	-9.71	36.3	69.4	43.7	50
EBITDA	-129	-16.5	-3.06	-2.67	10.2	-0.99	49.3	90.3	55.2	67
EPS, basic	-15,105,462.00	1,339.00	-839.02	-167.74	15.97	-28.97	6.49	5.43	3.39	3.87
EPS, diluted	-15,105,508.00	1,339.00	-839.02	-167.74	15.74	-28.97	3.02	1.91	1.11	1.28
Shares, basic (weighted)	0	0	0.06	0.19	0.33	0.34	1.85	10.5	12.4	12.4
Shares, diluted (weighted)	0	0	0.06	0.19	0.33	0.34	6.45	35.5	39.2	38.9
Dividend per share					1.50

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.32	6.44	10.5	26.3	21.4	9.57	38.7	67.3	70.3	48.2
Receivables	0.47	0.43	0.11	3.99	3.5	3.79	9.11	8.28	5.81	6.29
Inventory	2.58	1.67	0.63	2.24	1.98	4.29	3.04	2.2	0.55	0.95
Other current assets	2.51	1.08	0.74	1.12	1.28	1.67	2.52	2.16	1.98	2.4
Total current assets	22.9	28	12	35.4	28.4	19.4	53.5	79.9	78.7	58
Property, plant and equipment	240	201	0	59.4	129	123	237	213	248	498
Lease right-of-use assets			0	0.19	0.18	0.08	0.16	0.1	0.05	0.07
Intangible assets	0
Other non-current assets				0.32	0	0.82	0.52	0	0.23	0
Total assets	267	232	100	131	158	145	293	296	330	560
Accounts payable	1.47	1.72	1.19	1.32	1.47	5.74	4.58	4.63	2.21	3.41
Accrued liabilities	1.05	2.05	1.36	1.61	1.1	1.34	2.89	2.98	2.82	9.23
Deferred revenue	0.11	0.44	0.31	0
Short-term debt	127	12.1	0	4.28	7.77
Total current liabilities	130	101	2.86	8.07	10.8	15.2	26.1	15.3	14.9	26.2
Long-term debt	0		0	28	49.9
Lease liabilities			0	0.12	0.09	0.02	0.09	0.03	0
Other non-current liabilities	0.17	0.32	1.65	0.15	0.25	0.26	0.16	0.21	0.25	0.26
Total liabilities	176	102	4.51	36.3	61.1	57.6	137	63.1	55.2	236
Total debt	127	12.1	0	32.3	57.7	49.9	128	54.9	47.5
Paid-in capital	375	411	429	459	457	457	514	534	534	534
Retained earnings	-284	-280	-333	-365	-360	-370	-358	-301	-259	-211
Other comprehensive income	-0.02	0.01	0.06	0.07	0.01	-0	0.07	0.05	0.05	0.1
Shareholders' equity	90.9	131	95.6	94.2	96.8	87.3	156	233	275	323
Total equity	90.9	131	95.6	94.2	96.8	87.3	156	233	275	323
Total liabilities and equity	267	232	100	131	158	145	293	296	330	560
Shares outstanding	0	0.03	0.96	0.33	5.08	0.34	4.19	12.3	12.4	12.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-149	3.82	-52.9	-32.1	3.78	-9.71	36.3	69.4	43.7	50
Depreciation and amortization	12.7	8.15	4.95	3.68	5.9	7.47	9.28	14.8	13.3	15.1
Stock-based compensation				1.79	1.92	0.27	0.11	0.05	0	0
Change in receivables	0.28	0.04	0.32	-4.58	1.07	-0.2	-5.32	0.83	3.23	-0.29
Change in inventory	1.12	0.91	1.03	-2.21	0.87	-2.31	1.25	0.83	1.65	-0.4
Change in payables	-1.24	0.18	-0.46	0.78	-0.29	3.23	-0.29	0.02	-2.67	0.93
Cash from operations	-12	-12.7	-0.33	-4.19	13.2	-3.12	33.8	68	59.9	50.1
Capital expenditures	-0.19	0	0	-50.2	0	-1.78	-2.11	-0.51	-0.23	0
Cash from investing	10.6	6.67	93.2	-18.5	-40.1	-0.77	-113	25.7	-47.4	-245
Debt issued	0
Debt repaid	-19.2	-112	-18.5
Stock issued	0				0	0	1.79	0.67	0	0
Share buybacks			0	0	-0.66	0	0	-2.75	0	0
Dividends paid	-0.37	0	0	0	-0.5	0	0	0	-1.83	-1.83
Cash from financing	-19.7	-4.88	-88.8	38.6	22	-7.91	109	-65.1	-9.43	172
Net change in cash	-21.1	-10.9	4.05	15.9	-4.99	-11.8	30.2	28.5	3.05	-22.1
Free cash flow	-12.2	-12.7	-0.33	-54.4	13.2	-4.9	31.7	67.4	59.7	50.1
Interest paid	6.63	7.72	2.36	0.41	1.66	1.61	3.12	9.14	3.53	4.23

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	61.7%	Operating income / revenue.
EBITDA margin	79.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	59.4%	Net income / revenue.
FCF margin	59.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	59.5%	Cash from operations / revenue.
Return on equity (ROE)	16.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.2%	Net income / average total assets.
Return on invested capital (ROIC)	15.6%	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%.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	17.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	24.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.1%	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	64.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	45.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	14.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.2%	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	67.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-24.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-39.5%	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	-16.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.9%	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	30.6%	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	-16.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.4%	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	30.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.6%	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	27.3%	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	69.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	24.1%	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	28.8%	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	-0.7%	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	82.1%	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	159.7%	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	2.22x	Current assets / current liabilities.
Quick ratio	2.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.84x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	42.2%	Total liabilities / total assets.
Interest coverage	7.65x	Operating income / interest expense.
Working capital	$31.8M	Current assets - current liabilities.
Tangible book value	$323.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	0.23x	Revenue / average property, plant and equipment.
Receivables turnover	13.9x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
FCF conversion	100.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.28	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	$3.87	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.16	Revenue / diluted weighted shares.
FCF per share	$1.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.29	Cash from operations / diluted weighted shares.
Book value per share	$26.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.02	Tangible book value / shares outstanding.
Cash per share	$3.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	3.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	3.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$22.0M	Share price x shares outstanding.
Enterprise value	-$26.2M	Market cap + total debt - cash - short-term investments.
P/E	0.44x	Market cap / net income. Only when net income is positive.
P/S	0.26x	Market cap / revenue.
P/B	0.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.07x	Market cap / tangible book value, when positive.
P/FCF	0.44x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.44x	Market cap / cash from operations, when positive.
FCF yield	227.6%	Free cash flow / market cap.
Earnings yield	227.1%	Net income / market cap (the inverse of P/E).
Dividend yield	8.3%	Dividends paid over the period / market cap.
Shareholder yield	8.3%	(Dividends paid + share buybacks) / market cap.

What was Performance Shipping Inc.'s revenue in fiscal 2025?

Performance Shipping Inc. reported revenue of $84.2M for fiscal 2025, 3.7% lower than the year before.

Was Performance Shipping Inc. profitable in fiscal 2025?

Yes. Net income was $50.0M, a net margin of 59.4%.

How much free cash flow did Performance Shipping Inc. generate in fiscal 2025?

Cash from operations of $50.1M minus capital expenditures of $0.0 left free cash flow of $50.1M.

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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