Hafnia Limited (HAFN) Key Metrics
HAFN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.36B
- Enterprise value
- $5.22B
- P/E (TTM)
- 7.8 10-yr median 4.1
- Forward P/E
- 12.1
- PEG ratio
- —
- Price / sales
- 2.0 10-yr median 1.2
- Price / book
- 1.7 10-yr median 1.3
- EV / EBITDA
- 5.8 10-yr median 4.0
- Dividend yield
- 11.09% $1.11 a year
- Beta
- −0.19
HAFN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHAFN valuation Price multiples at each fiscal year-end price.
HAFN returns How much profit the business earns on the capital it uses.
HAFN per-share figures Results divided by the shares outstanding at year-end.
HAFN financial health Debt, liquidity and how easily interest is covered.
HAFN efficiency & capital use Working capital cycle and where the cash goes.
HAFN valuation history
HAFN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HAFN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HAFN cash returned to shareholders
HAFN price vs earnings per share
HAFN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.69B | $2.87B | $3.51B | $2.58B | — | — | — | — | — | — |
| Enterprise value | $3.63B | $3.71B | $4.58B | $4.08B | — | — | — | — | — | — |
| P/E ratio | 7.7 | 3.7 | 4.4 | 3.4 | — | — | — | — | — | — |
| Price / sales | 1.1 | 1.0 | 1.3 | 1.3 | — | — | — | — | — | — |
| Price / book | 1.2 | 1.3 | 1.6 | 1.3 | — | — | — | — | — | — |
| Price / free cash flow | 6.5 | 2.9 | 4.0 | 8.0 | — | — | — | — | — | — |
| Price / operating cash flow | 4.8 | 2.8 | 3.3 | 3.3 | — | — | — | — | — | — |
| EV / sales | 1.5 | 1.3 | 1.7 | 2.1 | — | — | — | — | — | — |
| EV / EBITDA | 5.9 | 3.5 | 4.2 | 3.9 | — | — | — | — | — | — |
| EV / free cash flow | 8.8 | 3.8 | 5.2 | 12.6 | — | — | — | — | — | — |
| Earnings yield | 13.0% | 27.0% | 22.6% | 29.1% | — | — | — | — | — | — |
| Free cash flow yield | 15.3% | 34.2% | 25.0% | 12.5% | — | — | — | — | — | — |
| Dividend yield | 7.6% | 24.4% | 15.5% | 9.4% | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 8.7% | 26.1% | 15.5% | 9.4% | — | — | — | — | — | — |
| Share price at fiscal year-end | $5.33 | $5.57 | $6.91 | $5.28 | — | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $4.66 | $5.57 | $5.25 | $3.94 | $2.23 | $2.40 | $2.37 | $3.01 | $3.16 | $2.76 |
| Earnings per share | $0.69 | $1.50 | $1.56 | $1.54 | −$0.15 | $0.41 | $0.21 | −$0.16 | $0.03 | −$1.70 |
| Operating cash flow per share | $1.11 | $2.00 | $2.09 | $1.58 | $0.29 | $1.09 | $0.69 | $0.49 | $0.74 | $0.91 |
| Free cash flow per share | $0.82 | $1.90 | $1.72 | $0.66 | $0.22 | $0.96 | −$0.10 | $0.35 | −$0.33 | −$0.11 |
| Cash per share | $0.38 | $0.55 | $0.44 | $0.58 | $0.28 | $0.28 | $0.26 | $0.43 | $0.38 | $0.87 |
| Book value per share | $4.62 | $4.38 | $4.37 | $4.13 | $3.06 | $3.15 | $3.20 | $4.66 | $3.63 | $3.60 |
| Tangible book value per share | $4.62 | $4.38 | $4.36 | $4.12 | $3.05 | $3.14 | $3.19 | $4.66 | $3.63 | $3.54 |
| Dividends per share | $0.41 | $1.36 | $1.07 | $0.50 | $0.00 | $0.27 | — | — | — | $0.28 |
| Capex per share | $0.30 | $0.10 | $0.36 | $0.91 | $0.07 | $0.13 | $0.80 | $0.14 | $1.08 | $1.02 |
| Debt per share | $2.26 | $2.17 | $2.53 | $3.65 | $3.66 | $3.59 | $4.14 | $5.63 | $7.04 | $4.97 |
| Shares outstanding | 504.1M | 515.1M | 508.7M | 489.1M | 363.1M | 364.4M | 349.8M | 122.5M | 109.6M | 109.6M |
| Change in shares outstanding | −2.1% | +1.3% | +4.0% | +34.7% | −0.3% | +4.2% | +185.6% | +11.7% | 0.0% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.2% | 34.6% | 37.4% | 48.1% | −4.9% | 13.1% | 8.5% | −4.1% | 0.7% | −47.3% |
| Return on invested capital (ROIC) | 10.5% | 25.1% | 25.0% | 27.9% | −0.2% | 7.9% | 7.8% | 0.8% | 3.0% | −15.6% |
| Return on assets (ROA) | 9.3% | 20.4% | 20.2% | 23.2% | −2.2% | 5.7% | 3.6% | −1.6% | 0.2% | −16.1% |
| Return on tangible assets | 9.2% | 21.0% | 20.3% | 19.0% | −2.2% | 5.9% | 2.7% | −1.5% | 0.2% | −16.2% |
| Free cash flow margin | 17.5% | 34.2% | 32.8% | 16.8% | 9.8% | 40.0% | −4.4% | 11.5% | −10.6% | −3.9% |
| Income quality (OCF / net income) | 1.61 | 1.33 | 1.34 | 1.03 | — | 2.68 | 3.39 | — | 27.46 | — |
| Financial health | ||||||||||
| Total debt | $1.14B | $1.12B | $1.29B | $1.78B | $1.33B | $1.31B | $1.45B | $690.0M | $771.9M | $544.5M |
| Cash & short-term investments | $192.6M | $282.8M | $221.9M | $281.5M | $99.9M | $100.7M | $91.6M | $52.5M | $41.4M | $95.5M |
| Net debt | $946.2M | $836.5M | $1.07B | $1.50B | $1.23B | $1.21B | $1.36B | $637.5M | $730.5M | $449.0M |
| Debt / equity | 0.49 | 0.50 | 0.58 | 0.88 | 1.20 | 1.14 | 1.29 | 1.21 | 1.94 | 1.38 |
| Debt / assets | 0.30 | 0.30 | 0.33 | 0.45 | 0.53 | 0.51 | 0.54 | 0.53 | 0.63 | 0.47 |
| Net debt / EBITDA | 1.53 | 0.80 | 0.98 | 1.42 | 8.81 | 3.40 | 5.00 | 9.29 | 8.76 | — |
| Current ratio | 1.53 | 1.38 | 1.41 | 1.82 | 1.09 | 1.12 | 1.05 | 1.11 | 0.56 | 1.99 |
| Quick ratio | 1.40 | 1.23 | 1.25 | 1.63 | 1.06 | 1.09 | 1.02 | 0.93 | 0.49 | 1.92 |
| Interest coverage | 5.6 | 13.3 | 11.1 | 8.7 | -0.1 | 3.6 | 1.9 | 0.4 | 1.1 | -8.0 |
| Working capital | $292.3M | $245.6M | $270.8M | $395.3M | $27.1M | $29.1M | $14.6M | $13.6M | −$89.6M | $60.0M |
| Invested capital | $3.28B | $3.09B | $3.29B | $3.52B | $2.34B | $2.35B | $2.48B | $1.21B | $1.13B | $843.7M |
| Tangible asset value | $2.33B | $2.26B | $2.22B | $2.02B | $1.11B | $1.14B | $1.12B | $571.1M | $397.8M | $597.0M |
| Net current asset value | −$638.3M | −$538.3M | −$751.1M | −$1.07B | −$1.05B | −$1.12B | −$1.23B | −$603.9M | −$708.8M | −$437.4M |
| Graham number | $8.49 | $12.17 | $12.38 | $11.94 | — | $5.38 | $3.84 | — | $1.49 | — |
| Graham net-net per share | −$1.71 | −$1.44 | −$1.93 | −$2.57 | −$3.10 | −$3.22 | −$3.72 | −$5.19 | −$6.67 | −$4.11 |
| Capital allocation | ||||||||||
| Dividends paid | $204.5M | $699.9M | $544.1M | $243.7M | $0 | $98.3M | — | — | — | $30.2M |
| Share buybacks (net) | $28.5M | $49.2M | $0 | $0 | — | $12.6M | $500,000 | — | — | $56,590 |
| Dividend payout ratio | 58.5% | 90.4% | 68.6% | 32.4% | — | 66.1% | — | — | — | — |
| Dividends + buybacks / free cash flow | 56.6% | 76.4% | 62.1% | 75.3% | 0.0% | 31.7% | — | — | — | — |
| Capex / revenue | 6.4% | 1.7% | 6.9% | 23.2% | 3.3% | 5.6% | 33.7% | 4.7% | 34.0% | 36.9% |
| Capex / operating cash flow | 26.8% | 4.8% | 17.4% | 58.0% | 25.4% | 12.2% | 114.9% | 28.9% | 144.9% | 111.8% |
| Capex / depreciation | 0.72 | 0.23 | 0.87 | 2.14 | 0.18 | 0.31 | 2.12 | 0.30 | 2.18 | 1.87 |
| Stock-based compensation / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.4% | 0.1% | 0.1% | — | — | — |
| SG&A / revenue | 2.1% | 1.8% | 1.6% | 2.0% | 5.2% | 2.8% | 3.9% | 1.0% | 1.1% | 1.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 78.3 | 67.0 | 71.7 | 67.3 | 86.7 | 79.8 | 62.1 | 56.7 | 36.5 | 16.1 |
| Days of inventory on hand | 15.4 | 18.2 | 19.8 | 16.3 | 3.5 | 3.5 | 8.4 | 20.8 | 10.9 | 6.0 |
| Days payables outstanding | 51.8 | 37.3 | 26.2 | 12.0 | 29.3 | 50.6 | 43.5 | 52.4 | 26.9 | 2.3 |
| Cash conversion cycle (days) | 41.9 | 47.9 | 65.4 | 71.6 | 60.9 | 32.7 | 27.0 | 25.1 | 20.6 | 19.8 |
| Receivables turnover | 4.66 | 5.45 | 5.09 | 5.43 | 4.21 | 4.58 | 5.88 | 6.44 | 10.00 | 22.64 |
| Payables turnover | 7.04 | 9.80 | 13.94 | 30.53 | 12.48 | 7.22 | 8.40 | 6.97 | 13.59 | 158.52 |
| Inventory turnover | 23.64 | 20.06 | 18.41 | 22.40 | 104.99 | 103.97 | 43.62 | 17.52 | 33.42 | 61.27 |
| Asset turnover | 0.63 | 0.76 | 0.68 | 0.60 | 0.32 | 0.33 | 0.41 | 0.29 | 0.29 | 0.26 |
| Average receivables | $504.2M | $526.6M | $525.2M | $355.0M | $192.7M | $191.0M | $140.8M | $57.2M | $34.6M | $13.4M |
| Average payables | $273.5M | $206.1M | $130.5M | $35.6M | $50.0M | $88.0M | $77.0M | $46.8M | $23.4M | $1.7M |
| Average inventory | $81.5M | $100.6M | $98.9M | $48.5M | $5.9M | $6.1M | $14.8M | $18.6M | $9.5M | $4.5M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | 0.1% | 0.0% | 0.0% | 0.6% |
Computed from HAFN's annual financial statements (latest annual report filed April 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HAFN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Hafnia traded at 7.7 times earnings, against a 10-year median of 4.1. Based on the latest twelve months, the trailing P/E is 7.8 and the forward P/E is 12.1. Hafnia earned a return on equity of 15.2% and a return on invested capital of 10.5% in fiscal 2025. It ended the year with $1.1 billion of debt and $192.6 million in cash and short-term investments, net debt of $946.2 million. It returned $232.9 million to shareholders: $204.5 million in dividends and $28.5 million in share buybacks, 57% of free cash flow. The share count rose 359.8% from 109.6M to 504.1M over 9 years.
See the HAFN income statement, the HAFN chart for price history, or the HAFN stock overview for the latest quote and news.
HAFN key metrics FAQ
What is Hafnia's P/E ratio?
Hafnia's trailing P/E ratio is 7.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.1. At the end of fiscal 2025 it was 7.7, compared with a 10-year median of 4.1.
What is Hafnia's EV/EBITDA?
Hafnia's enterprise value was 5.9 times EBITDA at the end of fiscal 2025 (enterprise value $3.6 billion, EBITDA $620.1 million); the current EV/EBITDA is 5.8.
What is Hafnia's return on equity?
Hafnia's return on equity (ROE) was 15.2% in fiscal 2025: net income of $349.7 million on average shareholders' equity of $2.3 billion.
What is Hafnia's ROIC?
Hafnia's return on invested capital was 10.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Hafnia have?
Hafnia had total debt of $1.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.49 and $946.2 million of net debt (1.53 times EBITDA).
What is Hafnia's dividend yield?
Hafnia's forward dividend yield is 11.09%. Hafnia paid $204.5 million in dividends in fiscal 2025 ($0.41 per share), a payout ratio of 58.5%.
Does Hafnia buy back its shares?
Yes. Hafnia spent $28.5 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.1% over the year, to 504.1M..
What is Hafnia's free cash flow yield?
Hafnia generated $411.5 million of free cash flow in fiscal 2025, a free cash flow yield of 15.3% on its market value at year-end ($2.7 billion).
What is Hafnia's current ratio?
Hafnia's current ratio was 1.53 at the end of fiscal 2025: current assets were 1.53 times current liabilities.