DHT Holdings (DHT) AI Stock Analysis

• Market Cap: $2.71B
• Dividend Yield: 6.12%
• Average Volume (3M): 5.39M
• Price to Earnings (P/E): 9.3
• Beta (1Y): 0.58
• 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: 8,247,331
• 30 Day Avg. Volume: 5,391,349
• 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: 1.13
• Enterprise Value/Revenue: 6.14
• Enterprise Value/Gross Profit: 16.04
• Enterprise Value/Ebitda: 9.22
• 1Y Price Target: $16.15
• Price Target Upside: -4.15% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 2.17
• Revenue Forecast (FY): $575.07M

• Rating: 74 Outperform
• Price Target: $19.00 ▲(12.76% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 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 very high EBITDA and net margins indicate strong pricing power and operating leverage in VLCC trading. Over a multi-month horizon this margin cushion supports cash generation, funds dividend policy and capex, and helps absorb cyclical troughs versus lower‑margin peers.

Solid balance sheet and liquidity

Low market‑value leverage, available committed funding and modest net debt per vessel provide durable financial flexibility. This balance-sheet strength underpins the ability to fund newbuilds, absorb earnings volatility and maintain distributions through shipping cycle swings over the coming months.

Disciplined fleet renewal and shareholder returns

Executing accretive disposals and funding newbuilds without equity issuance shows disciplined capital allocation. Coupled with a long track record of cash dividends and a formal payout policy, this supports investor predictability and signals management prioritizes long‑term shareholder returns.

Negative Factors

Volatile free cash flow

Material swings in free cash flow reflect the cyclical nature of tanker earnings plus timing of capex and disposals. This volatility can strain payout sustainability and limit discretionary reinvestment in weaker periods, requiring reliance on liquidity buffers or incremental debt.

Increased earnings volatility from higher spot exposure

Shifting material capacity to spot market raises short‑term upside but structurally increases earnings cyclicality and sensitivity to freight swings and geopolitics. Over a 2–6 month horizon this raises revenue and cash unpredictability versus a time‑charter‑heavy profile.

Capital intensity and near‑term special surveys

Significant ongoing newbuild capex plus scheduled special surveys increase recurring cash demands and raise operational breakevens. Combined with FCF volatility, these predictable cash outflows can pressure liquidity and elevate financing risk if market rates soften.

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 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-charter contracts. Under spot (voyage) arrangements, DHT earns freight for a specific trip and its earnings are highly sensitive to prevailing tanker rates, vessel supply/demand, and route utilization; voyage-related costs (e.g., fuel/bunkers, port charges, canal fees) are typically borne by the vessel operator depending on contract terms and therefore affect net voyage earnings. Under time charters, DHT receives a contracted daily hire rate for making a vessel available for a defined period; the charterer generally directs trading and, depending on the charter structure, may bear certain voyage costs (commonly including fuel), making time-charter income relatively more stable than spot exposure. The company’s earnings are influenced by fleet utilization (days employed vs. off-hire), achieved charter rates, operating costs (crew, maintenance, insurance, technical management), drydocking schedules, and financing costs. If applicable in a given period, DHT may also generate ancillary income from items such as management fees or other non-freight sources; if such items are not disclosed for a period, they are null.

DHT Holdings Financial Statement Overview

Summary

Income statement profitability is strong (2025 margins and earnings improved), and the balance sheet shows improving leverage and healthy ROE. The main drag is cash-flow consistency: free cash flow swung sharply negative in 2025 after being strongly positive in 2024, underscoring cyclicality and reinvestment/working-capital volatility.

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: Neutral
• Last Price: 16.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHT, the sentiment is Neutral. The current price of 16.85 is below the 20-day moving average (MA) of 18.00, above the 50-day MA of 15.41, and above the 200-day MA of 12.69, indicating a neutral trend. The MACD of 0.66 indicates Positive momentum. The RSI at 47.04 is Neutral, neither overbought nor oversold. The STOCH value of 6.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	$3.44B	7.23	11.30%	3.19%	-35.37%	-57.86%
TNK	81 Outperform	$2.19B	5.26	18.37%	3.72%	-20.11%	-26.44%
LPG	76 Outperform	$1.25B	5.49	11.41%	13.08%	-27.21%	-62.22%
DHT	74 Outperform	$2.71B	9.29	19.30%	6.12%	-16.45%	23.94%
INSW	69 Neutral	$3.26B	7.74	16.02%	6.12%	-23.59%	-57.70%
NVGS	68 Neutral	$1.18B	11.65	8.19%	1.27%	2.46%	33.89%
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.