Hafnia Ltd key statistics and ratios

In fiscal 2025, Hafnia Ltd had return on equity of 14.8%, an operating margin of 16.2%, debt equal to 48.2% of equity and a current ratio of 1.48. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Hafnia Ltd: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	69.9%	51.2%	48.5%	41.9%
Operating margin	42.7%	32.1%	28.1%	16.2%
Net margin	39.0%	29.7%	27.0%	14.9%
Free-cash-flow margin	16.8%	32.8%	34.2%	20.0%
Return on equity	37.4%	37.4%	34.5%	14.8%
Return on assets	—	20.3%	20.3%	9.0%
Asset turnover	—	0.68	0.75	0.61
Current ratio	—	1.41	1.38	1.48
Debt to equity	0.0%	58.0%	49.6%	48.2%
Interest cover (operating income ÷ interest)	9.0x	11.1x	15.4x	7.4x
Effective tax rate	0.9%	0.8%	0.6%	0.7%
Capital spending as % of revenue	23.2%	6.9%	1.7%	6.4%
Free cash flow ÷ net income	43.1%	110.5%	126.7%	134.4%
Dividends ÷ net income	32.4%	68.6%	90.4%	58.5%
Dividends and buybacks ÷ free cash flow	75.3%	62.1%	71.4%	43.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · December 31, 2025

What it owns · $3.8bn

Short-term assets $844mLonger-term assets $3.0bn

What it owes, and who funded it · $3.8bn

Short-term liabilities $572mLonger-term liabilities $910mShareholders' equity $2.3bn

Short-term assets cover short-term liabilities $844m of assets due within a year against $572m of liabilities due within a year.
Short-term assets cover long-term liabilities $844m short-term assets against $910m of longer-dated liabilities.
More cash than debt $193m of cash against $1.1bn of debt.
Debt below 40% of shareholders' equity Debt is 48% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $603m of operating cash flow against $1.1bn of debt.
Operating profit covers interest at least five times over Operating income of $370m against $50m of interest.

From Hafnia Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Hafnia Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Hafnia Ltd.