ZIM Integrated Shipping Services Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data ZIM Integrated Shipping Services 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

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,248	3,300	3,992	10,729	12,562	5,162	8,427	6,904
Cost of revenue	3,000	2,811	2,835	3,906	4,765	3,885	4,513	4,461
Gross profit	148	263	865	6,067	6,427	-2,208	2,784	1,321
Operating income	-23.2	153	722	5,816	6,136	-2,511	2,527	1,016
Interest expense	102	157	189	176	239	447	472	491
Interest income	19.2	2.45	8.1	18.8	131	142	149	133
Pre-tax income	-106	-1.28	541	5,660	6,027	-2,816	2,205	659
Income tax	14.1	11.8	16.6	1,010	1,398	-128	51.2	177
Net income to minority interests	5.8	5.11	6.2	8.8	9.6	7.7	6.1	2.3
Net income	-126	-18.1	518	4,640	4,619	-2,696	2,148	479
EBITDA	88.4	399	1,036	6,596	7,532	-1,039	3,670	2,302
EPS, basic	-1.26	-0.18	5.18	40.31	38.49	-22.42	17.84	3.98
EPS, diluted	-1.26	-0.18	4.96	39.02	38.35	-22.42	17.82	3.98

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	186	183	570	1,543	1,022	922	1,315	1,052
Receivables		317	520	1,278	826	597	934	676
Inventory		60.3	52.2	119	191	179	212	168
Total current assets		631	1,202	5,085	4,272	2,571	3,261	2,631
Property, plant and equipment	990	1,213	1,536	4,393	5,751	4,637	6,844	7,042
Lease right-of-use assets	809	1,058	1,341	3,226	4,405	3,946	5,672	5,696
Total assets		1,926	2,824	9,842	11,625	8,346	11,390	11,008
Accounts payable		422	399	1,086	896	566	736	636
Short-term debt		116	123	107	53	32	32	32
Total current liabilities		926	1,152	2,757	2,662	2,518	2,611	2,134
Lease liabilities		642	812	2,179	2,779	3,244	4,601	4,552
Total liabilities		2,178	2,550	5,242	5,729	5,888	7,347	6,983
Total debt		682	658	252	188	122	108	90.1
Retained earnings		-2,042	-1,524	2,581	3,902	437	2,004	1,970
Shareholders' equity		-258	267	4,592	5,890	2,455	4,037	4,021
Minority interests		5.4	7.19	7.5	6.3	3.3	5.8	4.7
Total equity	-224	-252	275	4,600	5,896	2,458	4,043	4,026
Total liabilities and equity		1,926	2,824	9,842	11,625	8,346	11,390	11,008

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-120	-13	524	4,649	4,629	-2,688	2,154	482
Depreciation and amortization	112	246	314	779	1,396	1,472	1,143	1,286
Cash from operations	225	371	881	5,971	6,110	1,020	3,753	2,300
Cash from investing	51.1	38	-35.2	-3,343	-1,645	1,777	-223	-133
Dividends paid				-536	-3,303	-769	-579	-516
Cash from financing	-243	-411	-460	-1,653	-4,976	-2,893	-3,131	-2,433
Exchange rate effect	-5.04	-0.76	2.4	-1.9	-9.9	-4.2	-4.9	4.1
Income taxes paid	-14.1	-11.8	-16.6	-1,010	-1,398	128	-51.2	-177

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $29.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.1%	Gross profit / revenue.
Operating margin	14.7%	Operating income / revenue.
EBITDA margin	33.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.5%	Pre-tax income / revenue.
Net margin	6.9%	Net income / revenue.
Operating cash flow margin	33.3%	Cash from operations / revenue.
Effective tax rate	26.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	25.2%	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	18.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-18.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-18.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-52.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-41.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-59.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-45.1%	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	7.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-37.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-32.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-77.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-53.0%	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	-1.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-77.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-53.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.3%	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	-38.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-27.8%	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	21.2%	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	-0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.9%	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	72.0%	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	-3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	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	31.3%	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	1.23x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.49x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.8%	Total debt / total assets.
Liabilities / assets	63.4%	Total liabilities / total assets.
Net debt	-$961.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.07x	Operating income / interest expense.
Working capital	$496.5M	Current assets - current liabilities.
Tangible book value	$4.02B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	0.99x	Revenue / average property, plant and equipment.
Inventory turnover	23.5x	Cost of revenue / average inventory.
Days inventory	16 days	365 x average inventory / cost of revenue.
Receivables turnover	8.58x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	56 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	2 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.98	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	$3.98	Net income per basic share, as reported (split-adjusted).
Payout ratio	107.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.52B	Share price x shares outstanding.
Enterprise value	$2.55B	Market cap + total debt - cash - short-term investments.
P/E	7.34x	Market cap / net income. Only when net income is positive.
P/S	0.51x	Market cap / revenue.
P/B	0.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.87x	Market cap / tangible book value, when positive.
P/OCF	1.53x	Market cap / cash from operations, when positive.
EV/Sales	0.37x	Enterprise value / revenue.
EV/EBIT	2.51x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.11x	Enterprise value / EBITDA, when both are positive.
Earnings yield	13.6%	Net income / market cap (the inverse of P/E).
Dividend yield	14.7%	Dividends paid over the period / market cap.
Shareholder yield	14.7%	(Dividends paid + share buybacks) / market cap.

What was ZIM Integrated Shipping Services Ltd.'s revenue in fiscal 2025?

ZIM Integrated Shipping Services Ltd. reported revenue of $6.90B for fiscal 2025, 18.1% lower than the year before.

Was ZIM Integrated Shipping Services Ltd. profitable in fiscal 2025?

Yes. Net income was $479.2M, a net margin of 6.9%.

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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