Hafnia Limited (HAFN) Balance Sheet
HAFN balance sheet, 2025
December 31, 2025 · U.S. dollars$3.81B assets = $1.48B liabilities + $2.33B equity
Both columns are drawn to the same scale: what HAFN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HAFN financial health
Descriptive bands, not a rating. Fiscal 2025.
HAFN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.16B2016 | $3.81B2025 | +14.1%/yr | |
| Total liabilities | $558.0M2016 | $1.48B2025 | +11.5%/yr | |
| Shareholders’ equity | $394.7M2016 | $2.33B2025 | +21.8%/yr | |
| Cash & short-term investments | $95.5M2016 | $192.6M2025 | +8.1%/yr | |
| Total debt | $544.5M2016 | $1.14B2025 | +8.5%/yr | |
| Net cash (debt) | −$449.0M2016 | −$946.2M2025 | −$497.2M | |
| Working capital | $60.0M2016 | $292.3M2025 | +$232.3M | |
| Book value per share | $3.602016 | $4.622025 | +2.8%/yr | |
| Current ratio | 1.992016 | 1.532025 | −0.46 | |
| Debt / equity | 1.382016 | 0.492025 | −0.89 | |
| Shares outstanding | 109.6M2016 | 504.1M2025 | +18.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HAFN assets
HAFN liabilities and equity
HAFN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HAFN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $192.6M | $282.8M | $221.9M | $281.5M | $99.9M | $100.7M | $91.6M | $52.5M | $41.4M | $95.5M |
| Cash & equivalents | $192.6M | $282.8M | $221.9M | $281.5M | $99.9M | $100.7M | $91.6M | $52.5M | $41.4M | $95.5M |
| Receivables | $521.9M | $486.4M | $566.8M | $483.6M | $226.4M | $158.9M | $223.1M | $58.5M | $55.9M | $13.4M |
| Inventory | $69.0M | $93.9M | $107.4M | $90.3M | $6.7M | $5.2M | $7.0M | $22.7M | $14.6M | $4.5M |
| Other current assets | $60.4M | $34.6M | $34.1M | $23.1M | $9.5M | $16.0M | $13.2M | $5.5M | $1.3M | $7.2M |
| Total current assets | $843.9M | $897.7M | $930.1M | $878.6M | $342.5M | $280.8M | $334.8M | $139.1M | $113.2M | $120.5M |
| Property, plant & equipment (net) | $2.50B | $2.60B | $2.77B | $2.89B | $2.08B | $2.21B | $2.31B | $1.17B | $1.11B | $1.01B |
| Goodwill & intangible assets | $82,992 | $508,675 | $1.3M | $2.6M | $3.6M | $4.4M | $3.1M | $0 | $0 | $6.6M |
| Long-term investments | $395.4M | $104.4M | $84.1M | $43.2M | $18.7M | $6.8M | $0 | $0 | $0 | $0 |
| Other non-current assets | $73.7M | $89.2M | $117.5M | $149.0M | $60.8M | $45.5M | $31.4M | $3.2M | $505,000 | $28.0M |
| Total assets | $3.81B | $3.69B | $3.90B | $3.96B | $2.51B | $2.54B | $2.68B | $1.31B | $1.22B | $1.16B |
| Liabilities | ||||||||||
| Accounts payable | $354.1M | $192.9M | $219.3M | $41.7M | $29.5M | $70.5M | $105.5M | $48.5M | $45.1M | $1.7M |
| Short-term debt | $192.3M | $335.4M | $266.5M | $321.5M | $248.1M | $179.1M | $213.3M | $76.9M | $157.6M | $47.7M |
| Deferred revenue | — | — | $2.0M | $4.8M | $2.0M | $2.1M | — | $27,001 | $1.1M | $1.2M |
| Total current liabilities | $551.6M | $652.1M | $659.2M | $483.2M | $315.4M | $251.7M | $320.2M | $125.5M | $202.7M | $60.5M |
| Long-term debt | $863.4M | $322.8M | $398.5M | $627.3M | $938.7M | $972.4M | $0 | $0 | $0 | $0 |
| Lease obligations | $74.9M | $546.9M | $719.8M | $1.04B | $195.2M | $192.0M | — | — | — | — |
| Other long-term liabilities | $67.2M | $461.1M | $623.5M | $834.1M | $143.1M | $171.8M | $1.24B | $617.5M | $619.2M | $497.4M |
| Total liabilities | $1.48B | $1.44B | $1.68B | $1.94B | $1.40B | $1.40B | $1.56B | $743.0M | $821.9M | $558.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.09B | $1.09B | $5.1M | $5.1M | $3.7M | $3.7M | $3.7M | $2.0M | $1.2M | $339,000 |
| Retained earnings (deficit) | $846.1M | $703.3M | $629.2M | $383.5M | −$125.8M | −$70.5M | −$120.9M | −$242.4M | −$217.7M | $42.7M |
| Accumulated other comprehensive income | $468.7M | $516.4M | $27.5M | $74.0M | $5.1M | −$14.1M | −$5.7M | $53.2M | $50.5M | −$507,000 |
| Total shareholders' equity | $2.33B | $2.26B | $2.22B | $2.02B | $1.11B | $1.15B | $1.12B | $571.1M | $397.8M | $394.7M |
| Key figures | ||||||||||
| Total debt | $1.14B | $1.12B | $1.29B | $1.78B | $1.33B | $1.31B | $1.45B | $690.0M | $771.9M | $544.5M |
| Net cash (debt) | −$946.2M | −$836.5M | −$1.07B | −$1.50B | −$1.23B | −$1.21B | −$1.36B | −$637.5M | −$730.5M | −$449.0M |
| Working capital | $292.3M | $245.6M | $270.8M | $395.3M | $27.1M | $29.1M | $14.6M | $13.6M | −$89.6M | $60.0M |
| Tangible book value | $2.33B | $2.26B | $2.22B | $2.02B | $1.11B | $1.14B | $1.12B | $571.1M | $397.8M | $388.1M |
| Book value per share | $4.62 | $4.38 | $4.37 | $4.13 | $3.06 | $3.15 | $3.20 | $4.66 | $3.63 | $3.60 |
| Shares outstanding | 504.1M | 515.1M | 508.7M | 489.1M | 363.1M | 364.4M | 349.8M | 122.5M | 109.6M | 109.6M |
| Current ratio | 1.53 | 1.38 | 1.41 | 1.82 | 1.09 | 1.12 | 1.05 | 1.11 | 0.56 | 1.99 |
| Quick ratio | 1.30 | 1.18 | 1.20 | 1.58 | 1.03 | 1.03 | 0.98 | 0.88 | 0.48 | 1.80 |
| Debt / equity | 0.49 | 0.50 | 0.58 | 0.88 | 1.20 | 1.14 | 1.29 | 1.21 | 1.94 | 1.38 |
| Equity / assets | 61.1% | 61.1% | 56.9% | 50.9% | 44.3% | 45.1% | 41.7% | 43.5% | 32.6% | 34.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $352.6M | $146.5M | $192.6M | $132.5M | $313.8M | $268.4M | $195.3M | $287.1M | $261.6M | $217.1M | $221.9M | $124.1M |
| Cash & equivalents | $352.6M | $146.5M | $192.6M | $132.5M | $313.8M | $268.4M | $195.3M | $287.1M | $261.6M | $217.1M | $221.9M | $124.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $106.6M | — | — | — |
| Receivables | $615.4M | $677.1M | $521.9M | $501.5M | $467.9M | $526.3M | $536.5M | $568.3M | $621.4M | $600.1M | $566.8M | $688.9M |
| Inventory | $109.6M | $85.7M | $69.0M | $78.2M | $82.4M | $92.4M | $94.2M | $105.8M | $107.3M | $111.9M | $107.4M | $9.0M |
| Other current assets | $13.0M | $225.4M | $60.4M | $151.6M | $27.7M | $2.7M | $100.9M | $27.9M | $14.1M | $12.1M | $34.1M | $1.3M |
| Total current assets | $1.09B | $1.13B | $843.9M | $863.9M | $892.0M | $889.7M | $926.9M | $989.1M | $1.00B | $941.3M | $930.1M | $823.3M |
| Property, plant & equipment (net) | $2.29B | $2.31B | $2.50B | $2.53B | $2.60B | $2.60B | $2.61B | $2.63B | $2.70B | $2.75B | $2.77B | $2.76B |
| Goodwill & intangible assets | $0 | $82,992 | $82,992 | $190,823 | $298,512 | $6.3M | $6.4M | $614,284 | $725,000 | $978,352 | $1.3M | $1.6M |
| Long-term investments | $500.6M | $516.3M | $395.4M | $114.0M | $110.6M | $107.5M | $104.4M | $104.5M | $98.2M | $90.7M | $84.1M | $0 |
| Other non-current assets | $76.6M | $73.0M | $73.7M | $66.6M | $76.0M | $98.9M | $89.7M | $90.0M | $106.6M | $127.7M | $117.5M | $217.5M |
| Total assets | $3.96B | $4.03B | $3.81B | $3.57B | $3.68B | $3.70B | $3.73B | $3.81B | $3.91B | $3.91B | $3.90B | $3.80B |
| Liabilities | ||||||||||||
| Accounts payable | $409.4M | $420.0M | $354.1M | $336.2M | $338.6M | $347.7M | $345.5M | $318.5M | $345.4M | $346.0M | $219.3M | $297.1M |
| Short-term debt | $231.1M | $246.0M | $192.3M | $224.6M | $395.6M | $373.3M | $336.3M | $258.3M | $324.7M | $251.5M | $266.5M | $262.1M |
| Deferred revenue | — | — | — | — | — | — | — | — | $1.4M | $778,874 | $8.1M | $4.6M |
| Total current liabilities | $658.8M | $708.1M | $551.6M | $569.5M | $739.7M | $725.0M | $686.5M | $581.1M | $674.7M | $598.4M | $659.2M | $564.2M |
| Long-term debt | $610.4M | $734.4M | $863.4M | $555.8M | $239.0M | $270.9M | $322.8M | $350.4M | $290.4M | $413.2M | $398.5M | $413.7M |
| Lease obligations | $77.1M | $71.6M | $74.9M | $147.4M | $475.1M | $504.4M | $546.9M | $560.4M | $595.6M | $608.2M | $719.8M | $732.3M |
| Other long-term liabilities | $42.4M | $45.1M | $67.2M | $114.2M | $393.2M | $423.1M | $463.1M | $471.0M | $515.7M | $533.9M | $623.5M | $635.9M |
| Total liabilities | $1.31B | $1.49B | $1.48B | $1.24B | $1.37B | $1.42B | $1.47B | $1.40B | $1.48B | $1.55B | $1.68B | $1.61B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.06B | $1.07B | $1.09B | $1.09B | $1.09B | $1.09B | $1.63B | $5.1M | $5.1M | $5.1M | $5.1M | $5.0M |
| Retained earnings (deficit) | $1.03B | $897.8M | $846.1M | $809.8M | $779.9M | $754.3M | $705.2M | $815.3M | $807.7M | $728.8M | $629.2M | $554.2M |
| Accumulated other comprehensive income | $551.7M | $578.0M | $468.7M | $500.6M | $508.2M | $510.5M | −$19.4M | −$24.4M | $1.4M | $18.0M | $27.5M | $56.7M |
| Total shareholders' equity | $2.65B | $2.54B | $2.33B | $2.33B | $2.30B | $2.28B | $2.26B | $2.41B | $2.43B | $2.36B | $2.22B | $2.19B |
| Key figures | ||||||||||||
| Total debt | $883.9M | $1.03B | $1.14B | $894.5M | $1.03B | $1.07B | $1.12B | $1.08B | $1.13B | $1.20B | $1.29B | $1.31B |
| Net cash (debt) | −$531.3M | −$879.1M | −$946.2M | −$762.0M | −$714.6M | −$799.0M | −$927.0M | −$792.6M | −$869.2M | −$981.5M | −$1.07B | −$1.19B |
| Working capital | $431.7M | $426.5M | $292.3M | $294.4M | $152.3M | $164.7M | $240.3M | $408.0M | $329.7M | $342.9M | $270.8M | $259.1M |
| Tangible book value | $2.65B | $2.54B | $2.33B | $2.33B | $2.30B | $2.27B | $2.26B | $2.41B | $2.43B | $2.36B | $2.22B | $2.18B |
| Book value per share | $5.23 | $5.03 | $4.62 | $4.62 | $4.57 | $4.52 | $4.39 | $4.68 | $4.72 | $4.63 | $4.37 | $4.31 |
| Shares outstanding | 506.0M | 505.3M | 504.1M | 504.1M | 504.0M | 503.9M | 515.1M | 515.4M | 514.8M | 509.8M | 508.7M | 506.7M |
| Current ratio | 1.66 | 1.60 | 1.53 | 1.52 | 1.21 | 1.23 | 1.35 | 1.70 | 1.49 | 1.57 | 1.41 | 1.46 |
| Quick ratio | 1.47 | 1.16 | 1.30 | 1.11 | 1.06 | 1.10 | 1.07 | 1.47 | 1.31 | 1.37 | 1.20 | 1.44 |
| Debt / equity | 0.33 | 0.40 | 0.49 | 0.38 | 0.45 | 0.47 | 0.50 | 0.45 | 0.47 | 0.51 | 0.58 | 0.60 |
| Equity / assets | 66.9% | 63.1% | 61.1% | 65.3% | 62.7% | 61.6% | 60.6% | 63.2% | 62.1% | 60.4% | 56.9% | 57.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 17, 2026); data from EODHD.
HAFN financial position
At the end of fiscal 2025 (December 31, 2025), Hafnia had total assets of $3.8 billion (up 3.2% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $2.3 billion. It held $192.6 million in cash and short-term investments against $1.1 billion of debt, net debt of $946.2 million. Its current ratio was 1.53. In the latest quarter (ended June 30, 2026) total assets were $4.0 billion and equity $2.6 billion.
Related: HAFN income statement, HAFN cash flow statement, HAFN key metrics. See the HAFN stock overview for the latest quote and news.
HAFN balance sheet FAQ
What are Hafnia's total assets?
Hafnia reported total assets of $3.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.7 billion a year earlier.
How much debt does Hafnia have?
Hafnia had $1.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.49.
How much cash does Hafnia have?
Hafnia held $192.6 million in cash and short-term investments at the end of fiscal 2025; with $1.1 billion of debt that is net debt of $946.2 million.
What is Hafnia's book value?
Hafnia's shareholders' equity (book value) was $2.3 billion at the end of fiscal 2025, or $4.62 per share.
What is Hafnia's current ratio?
Hafnia had current assets of $843.9 million and current liabilities of $551.6 million, a current ratio of 1.53 (it can cover its short-term obligations).
How much goodwill does Hafnia have?
Hafnia carried $0.1 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.