Himalaya Shipping Ltd. is a US-listed company in the marine transportation industry. Its financial year ends in December.
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Under review: after-tax interest is 195% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.
Under review: after-tax interest is 195% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.
Himalaya Shipping Ltd. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $132m. The diluted share count is up 4.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 6 financial-health checks.
Our model value for Himalaya Shipping is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Himalaya Shipping Ltd.'s trailing-twelve-month revenue grew 6.7% year on year, with a free-cash-flow margin of 17.1%. Where it stands out: gross margin of 78.8% ranks 2 of 10 marine transportation companies we cover. Where it lags: change in growth rate of -230.1pp ranks 40 of 40 marine transportation companies we cover.
Our discounted-cash-flow model values the business at ~$14 per share in the base case (~$7.2–$24 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 6.7% (-230.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Himalaya Shipping Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.5 ~$1.8–$5.7 | Left out: out of range vs price (0.03x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$2.6 ~$2.0–$3.5 | Left out: out of range vs price (0.17x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$2.4 ~$2.1–$2.6 | Left out: out of range vs price (0.15x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Himalaya Shipping Ltd. with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share price | $5.52 | $4.22 | $8.13 |
| Market value | $213m | $185m | $374m |
| + Net debt (− = net cash) | $428m | $709m | $668m |
| Enterprise value | $641m | $894m | $1.0bn |
| Multiples | |||
| Price / sales | 5.8x | 1.5x | 2.8x |
| Price / earnings | 142.2x | 8.8x | 21.1x |
| Price / free cash flow | — | — | — |
| EV / EBITDA | 27.1x | 9.6x | 10.7x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 11, 2026, before the open. Analysts expect revenue of $59m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $199m | +51% |
| Next | — | — | $184m | −7% |
| Calendar year | 2024 | 2025 | 2026 to date |
|---|---|---|---|
| Return | |||
| HSHP | −24% | +93% | +89% |
| Industry peers (median) | −10% | +20% | +28% |
| S&P 500 | +25% | +18% | +11% |
| Months that ended higher | |||
| HSHP | 33% | 67% | 64% |
| S&P 500 | 75% | 75% | 46% |
| Largest fall from a high during the year | |||
| HSHP | −50% | −26% | −19% |
| S&P 500 | −8% | −19% | −9% |
Worst fall since March 31, 2023: 52% from June 3, 2024 to April 8, 2025. Getting back needed a 106% gain, reached on November 26, 2025, 232 days after the low.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $0 |
| FY23 Q4 | $36.7M |
| FY24 Q4 | $123.6M |
| FY25 Q4 | $131.9M |
Each dollar Himalaya Shipping took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $132M | |
|---|---|---|
| Cost of revenue | $28M | 21.2% of revenue |
| Gross profit | $104M | 78.8% of revenue |
| Selling, general and admin | $4.9M | 3.7% of revenue |
| Other operating costs | $30.8M | 23.4% of revenue |
| Operating income | $68.2M | 51.7% of revenue |
| Interest and other | $50.5M | 38.3% of revenue |
| Net income | $17.7M | 13.4% of revenue |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 0 | 37 | 124 | 132 |
| Gross profit | 0 | 28 | 100 | 104 |
| EBITDA | −2 | 24 | 93 | 97 |
| Operating income | −2 | 15 | 67 | 68 |
| Net income | −2 | 2 | 21 | 18 |
| Diluted EPS | −$0.06 | $0.04 | $0.48 | $0.38 |
| Growth (year on year) | ||||
| Revenue | — | — | +236.8% | +6.7% |
| EBITDA | — | — | +293.2% | +4.5% |
| Operating income | — | — | +356.8% | +2.2% |
| Net income | — | — | +>999% | −16.1% |
| Diluted EPS | — | — | +>999% | −20.8% |
| Margins | ||||
| Gross margin | — | 76.6% | 80.7% | 78.8% |
| EBITDA margin | — | 64.6% | 75.4% | 73.8% |
| Operating margin | — | 39.8% | 54.0% | 51.7% |
| Net margin | — | 4.1% | 17.1% | 13.4% |
| Cash flow | ||||
| Cash from operations | −1 | 6 | 56 | 52 |
| Stock-based pay | 0 | 1 | 1 | 0 |
| Balance sheet | ||||
| Cash | 0 | 26 | 19 | 32 |
| Total debt | 75 | 454 | 728 | 701 |
| Net debt (negative = net cash) | 75 | 428 | 709 | 668 |
| Diluted shares | 32m | 39m | 44m | 46m |
| Returned to shareholders | ||||
| Dividends | 0 | 0 | 21 | 27 |
| Total returned | 0 | 0 | 21 | 27 |
| Last 12 months unless stated | HSHP | SHIP | GASS | PSHG | SMHI | CTRM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $132m | $158m | $173m | $84m | $208m | $82m | $329m |
| Revenue growth, last 12 months | 6.7% | −5.6% | 3.5% | −3.7% | −15.0% | 23.5% | 0.8% |
| Revenue growth, 3-year average | — | 87.9% | 12.5% | 4.2% | −7.6% | — | 16.8% |
| Revenue growth, latest quarter | — | — | — | — | −3.3% | 66.7% | 43.1% |
| Gross margin | 78.8% | 100.0% | — | — | 20.7% | — | 64.5% |
| Operating margin | 51.7% | 27.4% | 31.8% | 61.7% | 1.5% | −22.5% | 18.6% |
| Operating margin, 3-year average | — | 24.7% | 7.1% | −115.2% | 4.7% | — | 13.1% |
| Net margin | 13.4% | 13.4% | 35.0% | 59.4% | −17.6% | 23.6% | 13.3% |
| Cash from operations / revenue | 39.2% | 33.3% | 49.2% | 59.5% | −20.9% | 12.3% | 33.1% |
| Free-cash-flow margin | 17.1% | 10.8% | 49.0% | −242.9% | −34.4% | 12.0% | 14.2% |
| Free-cash-flow margin, 3-year average | — | −35.2% | 18.0% | −96.4% | −22.9% | — | 9.4% |
| Stock pay / revenue | 0.2% | 2.6% | 2.9% | 0.0% | 2.5% | 0.3% | 0.7% |
| Change in share count | 4.8% | 3.3% | 1.6% | −0.7% | −3.3% | 38.5% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 6.7% | 0.8% | 14 of 40 |
| Change in growth rate Growth | -230.1pp | +0.7pp | 40 of 40 |
| Gross margin Profitability | 78.8% | 62.3% | 2 of 10 |
| Operating margin Profitability | 51.7% | 19.8% | 8 of 40 |
| Net margin Profitability | 13.4% | 13.4% | 20 of 42 |
| Free-cash-flow margin Cash generation | 17.1% | 13.6% | 17 of 41 |
| Stock pay as % of revenue Cash generation | 0.2% | 0.9% | 7 of 34 |
| Long-term debt as % of assets Balance sheet | 77.0% | 24.2% | 35 of 35 |
| Change in share count Balance sheet | 4.8% | 0.5% | 33 of 39 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Goldman Sachs Group Inc | $36.3M | 2.7M | 12.0% | ▲ 44.8% |
| Barclays PLC | $33.5M | 2.5M | 11.1% | ▲ 97.0% |
| Blackrock, Inc. | $28M | 2.1M | 9.3% | ▲ 18.5% |
| FMR LLC | $27.2M | 2.0M | 9.0% | ▲ 0.2% |
| Hosking Partners LLP | $24.4M | 1.8M | 8.1% | ▼ 2.6% |
| Acadian Asset Management LLC | $17.3M | 1.3M | 5.7% | ▲ 34.0% |
| Jpmorgan Chase & Co | $15.9M | 1.2M | 5.3% | ▲ 9.4% |
| Arrowstreet Capital, Limited Partnership | $12.5M | 941K | 4.2% | ▼ 6.7% |
| Two Sigma Investments, LP | $10.5M | 789K | 3.5% | ▼ 4.1% |
| State Street Corp | $6.3M | 468K | 2.1% | ▲ 4.8% |
| Dymon Asia Capital (Singapore) Pte. Ltd. | $6.2M | 465K | 2.1% | New |
| Geode Capital Management, LLC | $5.1M | 383K | 1.7% | ▲ 12.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Himalaya Shipping Ltd.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Hasund Vidar Contracted CFO | August 18, 2026 | Sell | 100,000 | $15.85 | $1.6M |
| Svensen Lars-Christian Contracted CEO | May 22, 2026 | Buy | 4,000 | $14.20 | $56,800 |
| Isaksen Bjorn Andreas Freng Director | April 9, 2026 | Sell | 300,000 | $13.40 | $4M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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