DHT Holdings (DHT) AI Stock Analysis

• Market Cap: $2.68B
• Dividend Yield: 6.12%
• Average Volume (3M): 2.69M
• Price to Earnings (P/E): 12.7
• Beta (1Y): 0.50
• Revenue Growth: -16.45%
• EPS Growth: 23.94%
• Country: US
• Employees: 924
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 0.41
• Shares Outstanding: 160,557,980
• 10 Day Avg. Volume: 3,162,227
• 30 Day Avg. Volume: 2,692,630
• PEG Ratio: 0.55
• Price to Book (P/B): 1.73
• Price to Sales (P/S): 3.95
• P/FCF Ratio: -58.93
• Enterprise Value/Market Cap: 1.18
• Enterprise Value/Revenue: 6.33
• Enterprise Value/Gross Profit: 16.55
• Enterprise Value/Ebitda: 9.51
• 1Y Price Target: $16.15
• Price Target Upside: -7.45% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: $19.00 ▲(8.88% Upside)

The score is driven by strong earnings-call guidance (robust bookings, low breakevens, strong liquidity/low leverage, and continued dividend policy) and supportive technical momentum. Financial performance is solid but held back by cyclical revenue swings and volatile free cash flow, while valuation remains attractive with a low P/E and ~5% yield.

Positive Factors

High Profitability & Margins

DHT produced exceptionally high adjusted EBITDA and net margins in 2025, reflecting strong operating leverage in VLCC markets and effective cost control. Sustained high margins improve cash generation capacity across cycles, supporting dividends and reinvestment even if top-line volatility recurs.

Strong Liquidity and Low Leverage

Robust quarter-end liquidity and modest market-value leverage give DHT flexibility to fund newbuilds, absorb short-term rate shocks, and maintain dividends. Low net debt per vessel vs. residual values supports balance-sheet resilience and optionality for opportunistic asset sales or buybacks.

Funded Fleet Renewal & Accretive Disposals

An actively renewed, modern fleet improves fuel efficiency, lowers operating costs and enhances charter desirability. Executing accretive disposals while funding newbuilds without issuing equity preserves shareholder returns and positions DHT to capture tighter market balances long term.

Negative Factors

Volatile Free Cash Flow

Inconsistent free cash flow highlights that strong operating margins do not always convert to distributable cash after capex and timing. This volatility raises execution risk for sustained dividend payouts and fleet investment during weaker rate environments without reliance on asset sales or incremental borrowing.

Higher Earnings Volatility from Spot Exposure

Shifting toward greater spot exposure raises long-term earnings sensitivity to freight cycles and geopolitical shocks. While it boosts upside in tight markets, it reduces revenue predictability and complicates multi-period capital planning, increasing risk of sharp earnings and cash swings.

Heavy Capital Deployment & Survey Costs

Significant near-term capex, funded debt and upcoming special surveys raise cash requirements and leverage sensitivity. If rates or charter markets soften, scheduled outlays could strain liquidity or force asset sales, pressuring dividends or requiring higher leverage to sustain the renewal program.

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 company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.

How the Company Makes Money

DHT Holdings generates revenue primarily through the chartering of its tanker fleet to oil companies and traders under time charters and spot contracts. The company's revenue model is heavily reliant on the fluctuating spot market rates for shipping services, which can vary based on global oil demand, shipping supply, and geopolitical factors. Additionally, DHT may enter into long-term contracts that provide a more stable revenue stream. The company also benefits from operational efficiencies and cost management strategies that help to maximize profitability during favorable market conditions. Significant relationships with major oil companies enhance DHT's market presence and contribute to its revenue stability.

DHT Holdings Financial Statement Overview

Summary

Strong recent profitability and healthy returns on equity with improving leverage, but results are cyclical with revenue declining in 2025 and notable free-cash-flow volatility (positive in 2024, negative in 2025).

Income Statement

Profitability is strong in the most recent year (2025), with high gross and net margins and improved earnings versus 2024. However, revenue declined in 2025 after a stronger 2022–2024 period, highlighting the cyclical nature of results. Longer-term performance is solid but volatile, including a loss in 2021 followed by a sharp recovery in 2022–2025.

Balance Sheet

Leverage looks reasonable and improving, with debt-to-equity trending down from 2021 to 2025 and equity building over time. Returns on equity are healthy in 2023–2025, indicating effective use of capital. The main risk is still industry cyclicality—earnings swings can pressure coverage and asset values even with moderate leverage.

Cash Flow

Operating cash generation remains solid across most years, supporting the business through cycles. The key weakness is consistency in cash available after investment: free cash flow swung from strongly positive in 2024 to negative in 2025, and was also negative in 2021. This volatility suggests higher reinvestment needs and/or working-capital timing effects that can pressure shareholder returns in weaker periods.

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

• Technical Analysis Sentiment: Positive
• Last Price: 17.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 17.45 is above the 20-day moving average (MA) of 14.75, above the 50-day MA of 13.49, and above the 200-day MA of 12.10, indicating a bullish trend. The MACD of 0.86 indicates Negative momentum. The RSI at 84.27 is Negative, neither overbought nor oversold. The STOCH value of 97.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DHT.

DHT Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STNG	82 Outperform	$3.66B	9.57	11.35%	3.19%	-35.37%	-57.86%
TNK	81 Outperform	$2.51B	7.18	18.48%	3.72%	-20.11%	-26.44%
NVGS	79 Outperform	$1.28B	13.04	8.57%	1.27%	2.46%	33.89%
DHT	77 Outperform	$2.68B	12.70	19.44%	6.12%	-16.45%	23.94%
LPG	76 Outperform	$1.51B	12.41	11.21%	13.08%	-27.21%	-62.22%
INSW	72 Outperform	$3.23B	14.88	11.43%	6.12%	-23.59%	-57.70%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

DHT Holdings Corporate Events

DHT Holdings Posts Strong Q4 2025, Sells Older VLCCs and Adds Newbuilds as VLCC Market Tightens

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 earnings of $69,500 per day and average combined time charter equivalent rates of $60,300 per day. The company continued its shareholder return policy by declaring a $0.41 per-share cash dividend for Q4 2025, marking its 64th consecutive quarterly payout, and advanced its fleet strategy by paying $106.1 million in newbuilding installments during the quarter, taking delivery of the 2018-built DHT Nokota in November 2025, and agreeing to sell three 2007-built VLCCs, including DHT Europe, DHT China and DHT Bauhinia, for total proceeds of more than $150 million and substantial expected gains. As of December 31, 2025, DHT operated a 22-VLCC fleet and has since taken delivery of the newbuild DHT Antelope on January 2, 2026, the first of four VLCC newbuildings scheduled for delivery through June 2026, while also extending the DHT Harrier on a five-year time charter with a global energy company; coupled with a $308.4 million post-delivery credit facility and strong spot bookings early in 2026, the company is increasing market exposure to capitalize on a tightening VLCC market and industry consolidation that it believes will support higher rates and reinforce its dividend-driven capital allocation model.

The most recent analyst rating on (DHT) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on DHT Holdings stock, see the DHT Stock Forecast page.

DHT Holdings Posts Strong Q4 2025 VLCC Earnings and Secures New Five-Year Charter for DHT Harrier

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 time charter earning $49,400 per day across 1,955 revenue days. The company noted that by early in the first quarter of 2026, it had already booked 45% of its available spot days at an average of $66,300 per day and 66% of its total available revenue days, spot and time charter combined, at $51,500 per day, while management highlighted a late-quarter dip followed by a rebound in the spot market and tightening market balance. Also in early January 2026, DHT extended the time charter for its 2016-built VLCC DHT Harrier with a global energy company for a new five-year term starting immediately after the current contract ends, at a daily rate of $47,500 plus two optional one-year extensions at higher rates, reinforcing longer-term earnings visibility and customer relationships amid a firming crude tanker market.

The most recent analyst rating on (DHT) stock is a Buy with a $16.00 price target. To see the full list of analyst forecasts on DHT Holdings stock, see the DHT Stock Forecast page.