olivLaw · US equity research
Himalaya Shipping Ltd. HSHP
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
At the close of 05 Nov 2026, Himalaya Shipping Ltd. (HSHP) stock was 14.94 USD (−3.11% on the day), with market capitalisation 697.0 m USD, P/E 39.3 on diluted EPS of 0.38 USD over the last 12 months, dividend yield 3.82%, beta 0.83, 52-week range 7.68–19.33 USD.
Data as of · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.2
- weak (30–45)
- Bollinger (20, 2)
- 14.85 – 18.14
- in the lower half of the band · %B 0.03 · band width 19.9%
- SMA 50 / 200
- 17.35 / 14.88
- mixed trend
- MACD (12, 26, 9)
- -0.53 / -0.37
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.0% | −5.9% | −10.0 pp | — |
| 3 months | −3.7% | −4.6% | +0.9 pp | — |
| 6 months | −5.4% | +0.2% | −5.6 pp | — |
| Year to date | +64.2% | +7.4% | +56.8 pp | — |
| 1 year | +95.8% | +8.2% | +87.6 pp | +28.5% |
| 3 years | +221.3% | +68.4% | +152.9 pp | +24.6% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 10.1, median 23.9, max 169.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 0 | 36.7 m | 123.6 m | 131.9 m |
| Revenue YoY | unavailable | unavailable | +236.8% | +6.7% |
| Net income | -2.0 m | 1.5 m | 21.1 m | 17.7 m |
| Net income YoY | unavailable | unavailable | +1,306.7% | −16.1% |
| Diluted EPS | -0.06 | 0.04 | 0.48 | 0.38 |
| Diluted EPS YoY | unavailable | unavailable | +1,100.0% | −20.8% |
| net % | unavailable | 4.1% | 17.1% | 13.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.4 m USD
- Financial debt
- 689.2 m USD
- Net debt
- 656.8 m USD
- Equity
- 161.7 m USD
- Total assets
- 863.9 m USD
- Debt / equity
- 4.26x
- Current ratio
- 1.08x
- ROE
- 11.2%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 0 | 36.7 m | 123.6 m | 131.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 0 | 8.6 m | 23.8 m | 28.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 0 ≈ | 28.1 m ≈ | 99.8 m ≈ | 103.9 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Operating income | -2.0 m | 14.6 m | 66.7 m | 68.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 0 | 9.1 m | 26.5 m | 29.2 m | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | -2.0 m ≈ | 23.7 m ≈ | 93.2 m ≈ | 97.4 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | 0 | 13.6 m | 46.6 m | 51.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -2.0 m | 1.5 m | 21.1 m | 17.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -0.06 | 0.04 | 0.48 | 0.38 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 32.2 m | 38.6 m | 43.9 m | 46.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Dividend per share | — | 0.00 | 0.48 | 0.57 | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 263.0 k | 25.6 m | 19.4 m | 32.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 0 | 811.0 k | 1.2 m | 700.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 0 | 634.0 k | 1.5 m | 1.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 1.7 m | 32.8 m | 26.8 m | 39.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | — | — | 853.0 m | 823.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 177.8 m | 599.2 m | 880.1 m | 863.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 14.9 m | 1.7 m | 800.0 k | 1.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Short-term debt | 7.0 m | 19.8 m | 24.3 m | 23.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Long-term debt | 60.4 m | 419.7 m | 689.6 m | 665.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 26.1 m | 25.3 m | 35.8 m | 36.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 87.5 m | 445.0 m | 725.4 m | 702.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 90.4 m † | 154.2 m † | 154.7 m † | 161.7 m † | SEC (XBRL)· 12 Mar 2026verified |
| Shares outstanding at year end | — | 43.9 m | 43.9 m | 46.7 m | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -1.4 m | 6.4 m | 55.9 m | 51.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Investing cash flow | -78.2 m | -413.0 m | -313.4 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | 68.6 m | 431.8 m | 251.4 m | -38.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Dividends paid | 0 | 0 | 20.6 m | 26.9 m | SEC (XBRL)· 12 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 18 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 697.0 m USD
Key indicators
Coverage and freshness
Score by group
- Quality37
- Balance sheet5
- Valuation6
- Returns55
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.38 – 10.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/E1.38 – 5.30 (Mid 2.62)27 companies used · median multiple 6.9x · quartiles 3.6x – 13.9xASC, CISS, CMBT, CMRE, CTRM, DAC, DHT, DSX, ECO, EHLD, FRO, GASS, GNK, GSL, IMPP, LPG, NMM, PANL, PSHG, PXS, SHIP, STNG, TEN, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)7.49 – 10.07 (Mid 8.59)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 18/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.9% | 33 (vs peers) | 16% |
| Net margin · Quality | 13.4% | 44 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 6.7x | 0 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 39.3x | 3 (vs peers) | 16% |
| EV/EBITDA · Valuation | 13.9x | 8 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.9% | 55 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality37/100 · 2/3 factors with a value
- Returns· partial55/100 · 1/2 factors with a value
- Valuation6/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Himalaya Shipping Ltd. (HSHP). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 131.9 m USD in 2025; YoY growth 6.7%; net margin 13.4%; ROE 11.2%; net debt/EBITDA 6.7x.
The estimated value range is 4.44–7.69 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.61 USD, the price of 14.94 USD leaves a potential of -62.5% (value / price − 1) and a margin of safety of -166.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 18/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net debt / EBITDA: 6.7x
- Interest coverage: 1.3x
- Current ratio: 1.1x
- P/E (TTM): 39.3x
- EV/EBITDA: 13.9x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.0 bn | 26.3 | 15.6% | 19.2% | −8.8% | +90% / +125% |
| CMBTCmb.tech NV | 5.2 bn | 3.7 | 49.1% | 92.6% | −23.9% | +51% / −8% |
| STNGScorpio Tankers Inc. | 4.2 bn | 11.5 | 11.4% | 36.7% | −24.6% | +41% / +49% |
| TRMDTORM plc | 3.5 bn | 12.0 | 13.3% | 21.3% | −14.1% | +60% / +22% |
| ZIMZim Integrated Shipping Services Ltd. | 3.3 bn | 6.9 | 11.9% | 6.9% | −18.1% | +34% / +292% |
| DHTDht Holdings, Inc. | 3.3 bn | 15.6 | 19.4% | 42.4% | −12.8% | +57% / +106% |
| SBLKStar Bulk Carriers Corp. | 3.0 bn | 36.3 | 3.4% | 8.1% | −17.6% | +33% / +25% |
| ECOOkeanis Eco Tankers Corp. | 2.9 bn | 21.5 | 25.0% | 31.4% | −0.4% | +120% / +237% |
| DACDanaos Corporation | 2.7 bn | 5.6 | 13.7% | 47.4% | +2.8% | +52% / +112% |
| NMMNavios Maritime Partners L.P. | 2.4 bn | 8.4 | — | 21.2% | +0.8% | +55% / +226% |
| LPGDorian Lpg Ltd. | 2.0 bn | 4.1 | 38.8% | 70.4% | +36.3% | +86% / +9% |
| SFLSFL Corporation Ltd. | 1.6 bn | — | -2.5% | -3.6% | −18.9% | +33% / −3% |
| CMRECostamare Inc. | 1.6 bn | 4.5 | 15.9% | 41.5% | −1.2% | −16% / +27% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.3 | 25.5% | 54.3% | +7.8% | +10% / +110% |
| TENTsakos Energy Navigation Limited | 1.3 bn | 9.9 | 9.1% | 20.1% | −0.7% | +80% / +119% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 14.2 | 8.9% | 15.5% | −19.1% | +34% / +63% |
| TKTeekay Corporation Ltd. | 1.1 bn | 11.0 | 4.8% | 10.3% | −22.2% | +29% / +81% |
| SHIPSeanergy Maritime Holdings Corp. | 946.2 m | 13.7 | 7.8% | 13.4% | −5.6% | +31% / +90% |
| HSHPHimalaya Shipping Ltd. | 697.0 m | 39.3 | 11.2% | 13.4% | +6.7% | +96% / +221% |
| ASCArdmore Shipping Corp | 696.1 m | 19.4 | 6.6% | 13.2% | −23.6% | +40% / +26% |
| PANLPangaea Logistics Solutions Ltd. | 482.5 m | 6.4 | 16.3% | 9.7% | +17.8% | +5% / +5% |
| GASSStealthgas Inc. | 292.7 m | 4.8 | 9.2% | 35.0% | +3.5% | +15% / +18% |
| DSXDiana Shipping Inc. | 268.6 m | 21.1 | 3.5% | 8.3% | −6.4% | +18% / −32% |
| SMHISEACOR Marine Holdings Inc. | 235.1 m | — | -14.0% | -17.6% | −16.0% | +22% / −25% |
| IMPPImperial Petroleum Inc. | 192.9 m | 3.3 | 10.5% | 31.0% | +9.2% | −8% / +160% |
1- and 3-year price returns: for HSHP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.01 Total return -38% · Per year -38% | 15.92 Total return 9% · Per year 9% | 23.96 Total return 64% · Per year 64% |
| 3 years | 9.14 Total return -33% · Per year -12% | 18.13 Total return 30% · Per year 9% | 29.90 Total return 111% · Per year 28% |
| 5 years | 9.27 Total return -28% · Per year -6% | 20.65 Total return 54% · Per year 9% | 37.31 Total return 170% · Per year 22% |
- Exit P/E± 4.53
- Net margin± 3.17
- Annual revenue growth± 2.55
- Annual dilution± 0.27
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.