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DHT Holdings USD

At a glance: strengths & risks
✓Revenue growing (+123% y/y, Q2 2026)✓Profit growing (+254% y/y, Q2 2026)✓Margins improving (54%→81%, Q2 2026)✓Low leverage (0.9x EBITDA)✗Pricier than own history (EV/EBITDA 8.2 vs avg 6.2)

Sector: Crude tankers

Geography: Global (worldwide crude tanker trades)

COMM_DHT

Price chart

24.77 USDDay 0.69%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
24.77 USD · 0.69%
Market cap
4.0 bn USD

Growth

Δ revenue y/y
122.7%
Δ EBITDA y/y
234.8%

Multiples

P/E (LTM)
8.4x
3y avg: 9.1x
P/B (FY)
3.5x
P/E (ann.)
5.0x
EV/EBITDA (LTM)
8.2x
3y avg: 6.2x
EV/EBITDA (ann.)
4.6x

Cash return

Dividend yield
9.1%
FCF yield (LTM)
3.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+3.7%
↓ details

Liquidity

Daily turnover (listing)
30.3 mln USD

Shares: yahoo_fundamentals_timeseries/DHT

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK284.8
y/y 122.7%
203.2
y/y 374.2%
27.8
y/y 6.2%
231.0
y/y 234.8%
198.3
y/y 254.1%
219.5-9.21808.0
y/y 26.4%
1329.6
y/y 22.1%
61.9%273.1Yahoo Finance
2026-03-31Q1 2026 (3M)OK186.3
y/y 57.6%
107.7
y/y 31.2%
25.6
y/y -6.0%
133.3
y/y 22.0%
164.5
y/y 273.0%
98.7-163.01785.1
y/y 22.4%
1232.7
y/y 16.1%
55.6%379.1Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL143.9
y/y 10.0%
68.3
y/y 12.2%
27.0
y/y -2.2%
95.3
y/y 7.7%
66.1
y/y 20.8%
73.0-205.71602.9
y/y 7.8%
1133.2
y/y 9.1%
18.9%310.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK107.2
y/y -24.0%
31.7
y/y -25.0%
26.0
y/y -7.6%
57.7
y/y -18.0%
44.8
y/y 27.3%
60.9-38.61398.0
y/y -5.2%
1095.6
y/y 6.3%
5.5%187.3Yahoo Finance
2025-06-30Q2 2025 (3M)OK127.9
y/y -14.8%
42.9
y/y -17.7%
26.1
y/y -6.4%
69.0
y/y -13.8%
56.0
y/y 26.3%
83.6-39.91430.4
y/y -3.9%
1088.9
y/y 4.4%
20.8%220.1Yahoo Finance
2025-03-31Q1 2025 (3M)OK118.2
y/y -19.0%
82.0
y/y 48.1%
27.3
y/y -3.6%
109.3
y/y 30.6%
44.1
y/y -6.0%
59.2—1458.0
y/y -1.0%
1061.5
y/y 1.7%
16.8%283.6Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL130.8
y/y -8.1%
60.9
y/y 37.2%
27.6
y/y -3.2%
88.5
y/y 21.4%
54.7
y/y 55.0%
65.8-13.01486.6
y/y -0.4%
1038.2
y/y 1.1%
17.5%252.6Yahoo Finance
2024-09-30Q3 2024 (3M)OK141.1
y/y 8.3%
42.3
y/y 8.2%
28.1
y/y -0.7%
70.4
y/y 4.5%
35.2
y/y 13.5%
80.1-27.91474.5
y/y -1.5%
1030.7
y/y 0.8%
4.5%333.8Yahoo Finance
2024-06-30Q2 2024 (3M)OK150.1
y/y -1.2%
52.1
y/y -17.8%
27.9
y/y 5.7%
80.0
y/y -10.9%
44.3
y/y -22.3%
——1488.0
y/y -0.1%
1042.7
y/y -1.8%
17.0%342.0Yahoo Finance
2024-03-31Q1 2024 (3M)OK145.9
y/y 11.0%
55.4
y/y 19.9%
28.3
y/y 10.1%
83.7
y/y 16.4%
46.9
y/y 22.8%
——1472.3
y/y -0.4%
1044.1
y/y -0.6%
18.1%324.7Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL142.3
y/y —
44.4
y/y —
28.5
y/y —
72.9
y/y —
35.3
y/y —
42.3—1492.2
y/y —
1027.2
y/y —
15.8%323.7Yahoo Finance
2023-09-30Q3 2023 (3M)OK130.3
y/y —
39.1
y/y —
28.3
y/y —
67.4
y/y —
31.0
y/y —
55.7-93.01497.5
y/y —
1022.1
y/y —
4.0%367.7Yahoo Finance
2023-06-30Q2 2023 (3M)OK152.0
y/y —
63.4
y/y —
26.4
y/y —
89.8
y/y —
57.1
y/y —
——1489.9
y/y —
1061.5
y/y —
21.6%257.6Yahoo Finance
2023-03-31Q1 2023 (3M)OK131.5
y/y —
46.2
y/y —
25.7
y/y —
71.9
y/y —
38.2
y/y —
——1477.5
y/y —
1050.6
y/y —
—278.2Yahoo Finance

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)389
− Cash & equivalents79
Net debt310

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-200-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.60x of reported net profit; after capex, 0.94x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—2.06x1.56x1.65x1.31x
accruals, % of assets-4.5%-4.4%-6.0%-7.9%-4.1%
Last twelve months (to 2026-06-30): 0.95x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · EBIT covers interest 15.8x · capex 0.9x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — VLCC TD3C AG-China TCE, USD/day

Current 1 347 500spot vs LTM +106%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +3.7% → +0.0 pp 1d

Main driver: VLCC TD3C AG-China TCE, USD/day +579% vs LTM; revenue ×2.06 vs costs ×1.04; EBITDA 517→881; at 6.8× EV/EBITDA → +4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
VLCC TD3C AG-China TCE, USD/day (rev)+52%1 347 500.00198 330.46175 740.62+579%-11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue722
LTM EBITDA517
LTM cash costs (revenue − EBITDA)205
2 · Revenue projection
Revenue multiplier — spot×2.064 (+106%)
= Spot revenue1 491
Revenue multiplier — 3y price×0.965 (-4%)
= 3-year-price revenue697
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs213
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs213
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 278
= 3-year-price EBITDA484
Conservative EBITDA = min(spot, avg)881
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.8x
Target EV = EV/EBITDA × conservative EBITDA5 953
Net debt273
Target market cap = EV − net debt5 679
Current market cap3 955

Upside = target market cap ÷ current − 1 = +3.7%

Life of mine: 11 yrs — before haircut +43.6%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q4142171-16.7%73105-30.8%
2024 Q1146141+3.7%8476+10.7%
2024 Q2150141+6.1%8076+5.8%
2024 Q3141129+9.5%7061+15.3%
2024 Q4131135-3.0%8865+36.2%
2025 Q1118149-20.5%5686-34.3%
2025 Q2128144-11.2%6981-15.1%
2025 Q3107145-25.9%5885-32.0%
2025 Q4144169-14.6%95114-16.5%
2026 Q1186192-2.9%133136-1.9%
2026 Q2285243+17.4%231189+22.4%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -13% vs +2% the year before — a -14.8 pp move. 3-year CAGR +3%.
revenue growth by year: 2023 +23% · 2024 +2% · 2025 -13%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.3x · target 75th pct (3y) 17.9x · LTM avg 7.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Crude tankers. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Teekay Tankersglobal3.54.2x
International Seawaysglobal5.56.6x
Okeanis Eco Tankersglobal3.47.9x
Frontlineglobal11.88.4x
Nordic American Tankersglobal1.710.7x
Group median7.9x
Group average7.6x
This companyglobal4.08.2x

Group median 7.9x; this company 8.2x — a 4% premium.

Group average 7.6x; against the average this company is at a 8% premium.

At the adjusted group median the market cap would be -4% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-26; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-171.22 USDEx-dividend: 1.22 USD per sharePaidYahoo Finance (ex-div)
2026-05-210.64 USDEx-dividend: 0.64 USD per sharePaidYahoo Finance (ex-div)
2026-02-190.41 USDEx-dividend: 0.41 USD per sharePaidYahoo Finance (ex-div)
2025-05-210.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-02-180.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2024-11-220.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-08-230.27 USDEx-dividend: 0.27 USD per sharePaidYahoo Finance (ex-div)
2024-05-230.29 USDEx-dividend: 0.29 USD per sharePaidYahoo Finance (ex-div)
2024-02-200.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2023-11-200.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2023-08-220.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2023-05-170.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2023-02-160.38 USDEx-dividend: 0.38 USD per sharePaidYahoo Finance (ex-div)
2022-11-210.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-08-220.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-05-180.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
2022-02-160.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
2021-11-150.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of DHT Holdings — from primary filings.

Frequently asked questions

What is DHT Holdings's P/E ratio?
DHT Holdings trades at a P/E of 8.4x (price to trailing 12-month earnings).
What is DHT Holdings's EV/EBITDA?
DHT Holdings trades at 8.2x EV/EBITDA.
What is DHT Holdings's P/B ratio?
DHT Holdings trades at a P/B of 3.5x.
What is DHT Holdings's dividend yield?
DHT Holdings's trailing 12-month dividend yield is 9.1%.
What is DHT Holdings's return on equity (ROE)?
DHT Holdings's ROE is 61.9%.
What is DHT Holdings's market capitalization?
DHT Holdings's market cap is 4.0 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map