DHT Holdings (DHT)
NYSE:DHT
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DHT Holdings
(NYSE:DHT)
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Rating:74Outperform
Price Target:
$19.50
â–²(6.27% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by strong earnings-call fundamentals (booking visibility, low breakevens, liquidity/low leverage, and dividend policy) and solid underlying profitability/balance-sheet health. Offsetting factors are volatile free cash flow and very overbought technical signals that raise near-term downside risk, while valuation remains supportive due to the moderate P/E and high yield.
Positive Factors
High profitability and margins
Sustained high EBITDA and net margins reflect strong operating leverage in VLCC operations and the ability to capture spot premiums. Durable margin advantage supports cash available for dividends and reinvestment, improving resilience across shipping cycles and enhancing long-term shareholder returns.
Negative Factors
Free cash flow volatility
Sharp swings in free cash flow reflect reinvestment timing, heavy capex and working-capital variability intrinsic to shipping. This volatility can constrain discretionary actions, elevate sensitivity of dividends to spot rate troughs, and reduce buffer against unexpected costs or market stress.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustained high EBITDA and net margins reflect strong operating leverage in VLCC operations and the ability to capture spot premiums. Durable margin advantage supports cash available for dividends and reinvestment, improving resilience across shipping cycles and enhancing long-term shareholder returns.
Read all positive factors
DHT Holdings (DHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.83B
Dividend Yield6.12%
Average Volume (3M)5.93M
Price to Earnings (P/E)9.3
Beta (1Y)0.55
Revenue Growth-16.45%
EPS Growth23.94%
CountryUS
Employees924
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.41
Shares Outstanding161,041,640
10 Day Avg. Volume3,790,493
30 Day Avg. Volume5,925,783
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)1.73
Price to Sales (P/S)3.95
P/FCF Ratio-58.93
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue6.63
Enterprise Value/Gross Profit17.33
Enterprise Value/Ebitda9.96
Forecast
1Y Price Target
$16.15Price Target Upside-11.99% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)2.18
Revenue Forecast (FY)$575.07M
DHT Holdings Business Overview & Revenue Model
Company Description
DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons. The co...
How the Company Makes Money
DHT makes money by chartering out its crude oil tankers (primarily VLCCs) to customers who need to move crude oil between producing regions and consuming/refining regions. Revenue is generated mainly from (1) spot market voyages and (2) time-chart...
DHT Holdings Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial picture: robust quarterly and annual profitability, a well-funded fleet renewal program, solid liquidity and low leverage, high shareholder returns via dividends, and healthy booking and breakeven metrics. The company is intentionally increasing spot exposure to capitalize on favorable market dynamics and benefits from timely newbuilding deliveries. Offsetting this optimism are elevated capital deployment, scheduled special surveys and non-recurring costs, increased earnings volatility from higher spot exposure, and unresolved external uncertainties (sanctioned fleet outcomes, demolition protocols, and policy risks) that could affect supply dynamics and asset values. Overall, the highlights materially outweigh the lowlights.Positive Updates
Strong Q4 and Full-Year Profitability
Q4 2025 TCE revenues of $118.0M, adjusted EBITDA of $95.0M and net income of $66.0M ($0.41/share). FY 2025 TCE revenues of $369.0M, adjusted EBITDA of $278.0M and net income of $211.0M ($1.31/share). Adjusted FY net income (ex-sale gains) $158.0M ($0.99/share). FY adjusted EBITDA margin ~75.3% (278/369) and net income margin ~57.2% (211/369), underscoring very strong profitability for the year.
Negative Updates
Heavy Capital Deployment and Cash Uses
Q4 cash flow activity included $97.6M deployed toward vessels, $107.8M invested in newbuild program and issuance of $169.4M in long-term debt associated with recent deliveries. Cash balance ended Q4 at $79.0M (started the quarter $81M) after dividend payments of $28.9M and significant capex — showing substantial cash deployment despite strong operating cash generation.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 and Full-Year Profitability
Q4 2025 TCE revenues of $118.0M, adjusted EBITDA of $95.0M and net income of $66.0M ($0.41/share). FY 2025 TCE revenues of $369.0M, adjusted EBITDA of $278.0M and net income of $211.0M ($1.31/share). Adjusted FY net income (ex-sale gains) $158.0M ($0.99/share). FY adjusted EBITDA margin ~75.3% (278/369) and net income margin ~57.2% (211/369), underscoring very strong profitability for the year.
Read all positive updates
Company Guidance
The company guided that 2026 spot cash breakeven is $17,500/day (P&L vs. cash breakeven delta $6,700/day, ~ $56M of discretionary cash to be retained), and Q1 2026 bookings currently cover 797 time‑charter days at an average $43,300/day plus 1,195 spot days (76% already fixed) at an average $78,900/day, with a Q1 spot P&L breakeven of $18,300/day; management expects spot exposure to reach roughly 3/4 of capacity in Q2. They reiterated a 100% ordinary net income cash payout policy and approved a Q4 dividend of $0.41/share (64th consecutive quarterly dividend). Operational and balance‑sheet items tied to the guidance include one newbuilding delivered Jan 2 (Antelope), the remaining three newbuilds due 2 in March and 1 in June (fully funded, no shares issued), expected combined gains of ~ $60M on the DHT China/Europe sales (cash proceeds ~ $95M), an agreed $51.5M sale of DHT Bauhinia (expected gain $34.2M), Q4 liquidity of $189M (cash $79M + RCF availability $110.5M, current RCF availability $171.9M), financial leverage ~17.6% on market values, and net debt just under $16M per vessel.DHT Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 497.20M | 571.77M | 560.56M | 454.14M | 295.85M |
| Gross Profit | 189.75M | 313.56M | 210.56M | 71.58M | -3.00M |
| EBITDA | 331.91M | 324.35M | 304.01M | 212.02M | 143.22M |
| Net Income | 211.09M | 181.38M | 161.35M | 61.52M | -11.52M |
Balance Sheet | |||||
| Total Assets | 1.60B | 1.49B | 1.49B | 1.51B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 79.03M | 78.14M | 74.74M | 125.95M | 60.37M |
| Total Debt | 428.74M | 413.58M | 430.14M | 396.69M | 525.58M |
| Total Liabilities | 469.69M | 443.89M | 460.56M | 434.99M | 562.00M |
| Stockholders Equity | 1.13B | 1.04B | 1.03B | 1.07B | 1.05B |
Cash Flow | |||||
| Free Cash Flow | -33.29M | 201.62M | 123.18M | 117.76M | -114.04M |
| Operating Cash Flow | 276.65M | 298.65M | 251.41M | 127.91M | 60.56M |
| Investing Cash Flow | -172.55M | -97.03M | -124.98M | 110.52M | -86.51M |
| Financing Cash Flow | -103.36M | -197.91M | -177.76M | -173.34M | 17.97M |
DHT Holdings Technical Analysis
Positive
18.35
Price Trends
16.96
Positive
14.93
Positive
13.23
Positive
Market Momentum
0.29
Positive
48.80
Neutral
58.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHT, the sentiment is Positive. The current price of 18.35 is above the 20-day moving average (MA) of 17.81, above the 50-day MA of 16.96, and above the 200-day MA of 13.23, indicating a neutral trend. The MACD of 0.29 indicates Positive momentum. The RSI at 48.80 is Neutral, neither overbought nor oversold. The STOCH value of 58.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DHT.
DHT Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.85B | 7.23 | 11.30% | 3.19% | -35.37% | -57.86% | |
81 Outperform | $2.63B | 5.26 | 18.37% | 3.72% | -20.11% | -26.44% | |
75 Outperform | $3.64B | 7.74 | 16.02% | 6.12% | -23.59% | -57.70% | |
74 Outperform | $2.83B | 9.29 | 19.30% | 6.12% | -16.45% | 23.94% | |
74 Outperform | $1.46B | 5.49 | 11.41% | 13.08% | -27.21% | -62.22% | |
68 Neutral | $1.29B | 11.65 | 8.19% | 1.27% | 2.46% | 33.89% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
DHT
DHT Holdings
18.35
8.73
90.65%
STNG
Scorpio Tankers
76.81
43.48
130.44%
TNK
Teekay Tankers
77.04
42.23
121.32%
NVGS
Navigator Holdings
20.09
8.05
66.79%
LPG
Dorian LPG
35.00
17.75
102.93%
INSW
International Seaways
76.41
47.27
162.20%
DHT Holdings Corporate Events
DHT Holdings Files 2025 Form 20-F with U.S. SEC
Mar 19, 2026
On March 19, 2026, DHT Holdings, Inc. announced that it has filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission. The filing includes the company’s audited financial statements and is now accessible to i...
DHT Holdings Posts Strong Q4 2025, Sells Older VLCCs and Adds Newbuilds as VLCC Market Tightens
Feb 5, 2026
On February 4, 2026, DHT Holdings reported strong fourth-quarter 2025 results, with shipping revenues of $143.9 million, adjusted EBITDA of $95.3 million and net profit of $66.1 million, or $0.41 per basic share, driven by robust VLCC spot earning...
DHT Holdings Posts Strong Q4 2025 VLCC Earnings and Secures New Five-Year Charter for DHT Harrier
Jan 15, 2026
In a business update released on January 14, 2026, DHT Holdings reported estimated time charter equivalent earnings of $60,300 per day for its fleet in the fourth quarter of 2025, with VLCCs in the spot market earning $69,500 per day and those on ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.