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ZIM Integrated Shipping USD

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.

At a glance: strengths & risks
✓Revenue growing (+9% y/y, Q2 2026)✓Profit growing (+179% y/y, Q2 2026)✓Net cash balance sheet✗Margins compressing (31%→28%, Q2 2026)

Sector: Freight & shipping

Geography: Global shipping

COMM_ZIM

Price chart

29.35 USDDay 0.93%

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
29.35 USD · 0.93%
Market cap
3.5 bn USD

Growth

Δ revenue y/y
8.9%
Δ EBITDA y/y
-0.8%

Multiples

P/E (LTM)
25.5x
3y avg: 3.4x
P/B (FY)
0.9x
P/E (ann.)
13.9x
EV/EBITDA (LTM)
1.4x
3y avg: 1.4x
EV/EBITDA (ann.)
1.4x

Cash return

Dividend yield
3.0%
FCF yield (LTM)
40.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+4.4%
↓ details

Liquidity

Daily turnover (listing)
13.7 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
2026-06-30Q2 2026 (3M)OK1780.7
y/y 8.9%
149.2
y/y -1.6%
322.0
y/y -0.3%
471.2
y/y -0.8%
63.5
y/y 178.5%
394.6-11.610665.2
y/y -3.9%
3881.2
y/y -0.4%
6.6%-956.8Yahoo Finance
2026-03-31Q1 2026 (3M)PARTIAL1396.5
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%-838.0Yahoo Finance
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%-973.2Yahoo Finance
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%-1203.7Yahoo Finance
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%-1086.9Yahoo Finance
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%-1442.8Yahoo Finance
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%4699.5Yahoo Finance
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%2700.0stockanalysis.com
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%3250.0stockanalysis.com
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%3110.0stockanalysis.com
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%4072.9Yahoo Finance
2023-09-30Q3 2023 (3M)OK1273.0
y/y —
-2275.7
y/y —
423.8
y/y —
-1851.9
y/y —
-2270.0
y/y —
337.6-13.78191.4
y/y —
2571.4
y/y —
-81.5%1619.0stockanalysis.com
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 —
——stockanalysis.com

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)38
Long-term debt (incl. LT leases)42
− Cash & equivalents1 037
Net debt-957

Net debt / LTM EBITDA: -0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%600%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

05001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-2 00002 0004 0006 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

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 2026-06-30): 11.98x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Freightos Baltic Index

Current 3 572spot vs LTM +43%

Commodity-player potential

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

Upside: +4.4% ▼ -1.0 pp 1d

Main driver: Freightos Baltic Index +63% vs LTM; revenue ×1.63 vs costs ×1.10; EBITDA 1 870→3 740; at 2.0× EV/EBITDA → +4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Freightos Baltic Index (rev)+100%3 572.002 193.623 074.80+63%+40%
VLSFO America (cost)-18%954.00681.69726.95+40%+7%

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

1 · Reported baseline (LTM)
LTM revenue6 439
LTM EBITDA1 870
LTM cash costs (revenue − EBITDA)4 569
2 · Revenue projection
Revenue multiplier — spot×1.628 (+63%)
= Spot revenue10 485
Revenue multiplier — 3y price×1.402 (+40%)
= 3-year-price revenue9 026
3 · Costs projection
Cost multiplier — spot×1.104 (+10%)
= Spot cash costs5 046
Cost multiplier — 3y price×1.045 (+4%)
= 3-year-price cash costs4 773
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 440
= 3-year-price EBITDA4 252
Conservative EBITDA = min(spot, avg)3 740
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA7 481
Net debt4 276
Target market cap = EV − net debt3 679
Current market cap3 525

Upside = target market cap ÷ current − 1 = +4.4%

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%421121+248.2%
2026 Q11 3961 419-1.6%332242+36.9%
2026 Q21 7811 613+10.4%490388+26.3%

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 2.4x · target 75th pct (3y) 1.0x · LTM avg 1.9x

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

Peer comparison

Group: industrials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Euroseasglobal0.53.0x
Danaos Corporationglobal2.94.7x
Okeanis Eco Tankersglobal3.27.6x
Genco Shipping & Tradingglobal1.19.5x
Matsonglobal7.312.0x
Group median7.6x
Group average7.3x
This companyglobal3.51.4x

Group median 7.6x; this company 1.4x — a 81% discount.

Group average 7.3x; against the average this company is at a 80% discount.

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 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

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)

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.

Frequently asked questions

What is ZIM Integrated Shipping's P/E ratio?
ZIM Integrated Shipping trades at a P/E of 25.5x (price to trailing 12-month earnings).
What is ZIM Integrated Shipping's EV/EBITDA?
ZIM Integrated Shipping trades at 1.4x EV/EBITDA.
What is ZIM Integrated Shipping's P/B ratio?
ZIM Integrated Shipping trades at a P/B of 0.9x.
What is ZIM Integrated Shipping's dividend yield?
ZIM Integrated Shipping's trailing 12-month dividend yield is 3.0%.
What is ZIM Integrated Shipping's return on equity (ROE)?
ZIM Integrated Shipping's ROE is 6.6%.
What is ZIM Integrated Shipping's market capitalization?
ZIM Integrated Shipping's market cap is 3.5 bn USD.

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