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ZIM Integrated Shipping USD

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-18%)✗Profit falling (-78%)✗Margins compressing (44%→33%)

Sector: Freight & shipping

Geography: Global shipping

COMM_ZIM

Price chart

24.53 USDDay -2.70%

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
24.53 USD · -2.70%
Market cap
3.0 bn USD

Growth

Δ revenue y/y
-30.4%
Δ EBITDA y/y
-61.1%

Multiples

P/E (LTM)
30.2x
3y avg: 3.4x
P/B (FY)
0.7x
P/E (ann.)
<0
EV/EBITDA (LTM)
1.2x
3y avg: 1.4x
EV/EBITDA (ann.)
1.7x

Cash return

Dividend yield
3.6%
FCF yield (LTM)
50.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+209.7%
↓ details

Liquidity

Daily turnover (listing)
36.6 mln USD

Shares: yahoo_fundamentals_timeseries/ZIM

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
2026-03-31Q1 2026 (3M)OK1396.5
y/y -30.4%
-13.7
y/y -102.9%
318.0
y/y 0.7%
304.3
y/y -61.1%
-86.0
y/y -129.1%
262.7-31.310577.7
y/y -8.0%
3824.2
y/y -3.4%
-8.8%-838.0Link
2025-12-31Q4 2025 (3M)OK1484.7
y/y -31.5%
107.0
y/y -83.7%
314.3
y/y 1.7%
421.3
y/y -56.4%
38.1
y/y -93.2%
375.1-48.011008.1
y/y -3.3%
4020.9
y/y -0.4%
12.0%-973.2Link
2025-09-30Q3 2025 (3M)OK1777.2
y/y -35.7%
263.5
y/y -78.7%
332.8
y/y 12.8%
596.3
y/y -61.0%
123.0
y/y -89.1%
628.4-67.310874.4
y/y -1.3%
4015.5
y/y 2.2%
4.1%-1203.7Link
2025-06-30Q2 2025 (3M)OK1635.7
y/y -15.4%
151.7
y/y -67.6%
323.1
y/y 16.2%
474.8
y/y -36.4%
22.8
y/y -93.9%
441.3-24.411097.7
y/y 14.3%
3897.4
y/y 34.8%
2.3%-1086.9Link
2025-03-31Q1 2025 (3M)OK2006.6
y/y 28.5%
466.7
y/y 180.1%
315.9
y/y 21.2%
782.6
y/y 83.2%
295.3
y/y 221.0%
854.7-78.011491.7
y/y 28.7%
3957.9
y/y 55.5%
29.5%-1442.8Link
2024-12-31Q4 2024 (3M)OK2167.6
y/y 79.8%
657.6
y/y 1326.9%
308.9
y/y 29.1%
966.5
y/y 420.5%
558.8
y/y 480.1%
1152.3-73.011389.5
y/y 36.5%
4036.9
y/y 64.5%
54.1%4699.5Link
2024-09-30Q3 2024 (3M)OK2765.2
y/y 117.2%
1234.8
y/y —
295.0
y/y -30.4%
1529.8
y/y —
1130.0
y/y —
1497.5-50.311018.5
y/y 34.5%
3930.7
y/y 52.9%
44.2%2700.0Link
2024-06-30Q2 2024 (3M)OK1932.6
y/y 47.6%
468.3
y/y —
278.0
y/y -34.0%
746.3
y/y 194.2%
373.0
y/y —
776.8-66.49708.4
y/y -9.1%
2891.5
y/y -40.4%
54.9%3250.0Link
2024-03-31Q1 2024 (3M)OK1562.0
y/y —
166.6
y/y —
260.6
y/y —
427.2
y/y —
92.0
y/y —
326.1-24.48931.6
y/y —
2545.4
y/y —
14.7%3110.0Link
2023-12-31Q4 2023 (3M)PARTIAL1205.3
y/y —
-53.6
y/y —
239.3
y/y —
185.7
y/y —
-147.0
y/y —
162.2-40.58346.0
y/y —
2454.7
y/y —
-107.0%4072.9Link
2023-09-30Q3 2023 (3M)OK1273.0
y/y —
-2107.9
y/y —
423.8
y/y —
-2105.6
y/y —
-2057.3
y/y —
337.6-13.78191.4
y/y —
2571.4
y/y —
-81.5%1619.0Link
2023-06-30Q2 2023 (3M)OK1309.6
y/y —
-167.8
y/y —
421.5
y/y —
253.7
y/y —
-212.7
y/y —
346.6-25.610683.6
y/y —
4855.1
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)40
Long-term debt (incl. LT leases)43
− Cash & equivalents922
Net debt-838

Net debt / LTM EBITDA: -0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-200%0%200%400%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

05001 0001 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-2 00002 0004 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.53x of reported net profit; after capex, 1.64x. Loss years (2023) are left out of the ratio.
year20212022202320242025
cash flow / profit1.28x1.32x—1.74x4.78x
accruals, % of assets-13.4%-12.7%-44.4%-14.0%-16.5%
Last twelve months (to 2025-Q2): 17.04x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · EBIT covers interest 2.1x · capex 0.1x of depreciation
● Capex is 15% of depreciation - the asset base is being consumed faster than replaced.
● EBIT covers interest 2.1x.
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.

Key-commodity price — Freightos Baltic Index

Current 3 607spot vs LTM +68%

Commodity-player potential

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

Upside: +209.7% ▲ +8.4 pp 1d

Main driver: Freightos Baltic Index +62% vs LTM; revenue ×1.62 vs costs ×1.10; EBITDA 1 932→3 863; at 2.0× EV/EBITDA → +210%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Freightos Baltic Index (rev)+100%3 607.002 223.122 951.19+62%+33%
VLSFO America (cost)-18%828.00610.32716.15+36%+17%

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

1 · Reported baseline (LTM)
LTM revenue6 294
LTM EBITDA1 932
LTM cash costs (revenue − EBITDA)4 363
2 · Revenue projection
Revenue multiplier — spot×1.622 (+62%)
= Spot revenue10 212
Revenue multiplier — 3y price×1.327 (+33%)
= 3-year-price revenue8 355
3 · Costs projection
Cost multiplier — spot×1.097 (+10%)
= Spot cash costs4 784
Cost multiplier — 3y price×1.064 (+6%)
= 3-year-price cash costs4 641
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 428
= 3-year-price EBITDA3 714
Conservative EBITDA = min(spot, avg)3 863
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)2.0x
Target EV = EV/EBITDA × conservative EBITDA7 726
Net debt-838
Target market cap = EV − net debt9 124
Current market cap2 946

Upside = target market cap ÷ current − 1 = +209.7%

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
2024 Q21 9332 486-22.3%746856-12.8%
2024 Q32 7653 250-14.9%1 5301 611-5.0%
2024 Q42 1682 150+0.8%966997-3.1%
2025 Q12 0071 816+10.5%820614+33.5%
2025 Q21 6361 407+16.3%502207+143.0%
2025 Q31 7771 312+35.4%626117+435.0%
2025 Q41 4851 286+15.5%471121+289.3%
2026 Q11 3961 419-1.6%332255+30.0%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -18% vs +63% the year before — a -81.3 pp move. 3-year CAGR -18%.
revenue growth by year: 2023 -59% · 2024 +63% · 2025 -18%
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 0.7x · target 75th pct (3y) 0.8x · LTM avg 1.7x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-200.88 USDEx-dividend: 0.88 USD per sharePaidYahoo Finance (ex-div)
2025-06-020.74 USDEx-dividend: 0.74 USD per sharePaidYahoo Finance (ex-div)
2025-03-243.17 USDEx-dividend: 3.17 USD per sharePaidYahoo Finance (ex-div)
2024-12-023.65 USDEx-dividend: 3.65 USD per sharePaidYahoo Finance (ex-div)
2024-08-290.93 USDEx-dividend: 0.93 USD per sharePaidYahoo Finance (ex-div)
2024-06-040.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2023-04-046.4 USDEx-dividend: 6.4 USD per sharePaidYahoo Finance (ex-div)
2022-11-282.95 USDEx-dividend: 2.95 USD per sharePaidYahoo Finance (ex-div)
2022-08-264.75 USDEx-dividend: 4.75 USD per sharePaidYahoo Finance (ex-div)
2022-05-272.85 USDEx-dividend: 2.85 USD per sharePaidYahoo Finance (ex-div)
2022-03-2217 USDEx-dividend: 17 USD per sharePaidYahoo Finance (ex-div)
2021-12-152.5 USDEx-dividend: 2.5 USD per sharePaidYahoo Finance (ex-div)
2021-08-242 USDEx-dividend: 2 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 ZIM Integrated Shipping — from primary filings.

ZIM Integrated Shipping Services Ltd. provides container shipping and related services, including door-to-door and port-to-port transportation for various customers, as well as specialized cargo monitoring solutions.

Frequently asked questions

What is ZIM Integrated Shipping's P/E ratio?
ZIM Integrated Shipping trades at a P/E of 30.2x (price to trailing 12-month earnings).
What is ZIM Integrated Shipping's EV/EBITDA?
ZIM Integrated Shipping trades at 1.2x EV/EBITDA.
What is ZIM Integrated Shipping's P/B ratio?
ZIM Integrated Shipping trades at a P/B of 0.7x.
What is ZIM Integrated Shipping's dividend yield?
ZIM Integrated Shipping's trailing 12-month dividend yield is 3.6%.
What is ZIM Integrated Shipping's return on equity (ROE)?
ZIM Integrated Shipping's ROE is -8.8%.
What is ZIM Integrated Shipping's market capitalization?
ZIM Integrated Shipping's market cap is 3.0 bn USD.

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