Hafnia Limited (HAFN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 17, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HAFN SEC filings page.
Hafnia Limited (HAFN) reported $1.4B in revenue for fiscal year 2025, down 50.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Hafnia’s latest figures show an asset-heavy operation whose profit weakened but still converted earnings into substantial cash.
Revenue fell50.4% while assets rose3.0% , signaling weaker asset utilization rather than a simple earnings fluctuation. ROA then fell from20.9% to8.9% , tying that utilization pressure to lower returns.
Profitability softened: net margin moved from
Cash conversion remained favorable: operating cash flow was 1.8x net income, while free cash flow represented
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Hafnia Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Hafnia Limited, and counted as zero in the overall score.
Hafnia Limited's revenue declined 50.4% year-over-year, from $2.9B to $1.4B. This contraction results in a growth score of 3/100.
Hafnia Limited has a moderate D/E ratio of 0.48. This balance of debt and equity financing earns a leverage score of 61/100.
Hafnia Limited's current ratio of 1.48 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Hafnia Limited converts 32.1% of revenue into free cash flow ($456.7M). This strong cash generation earns a score of 95/100.
Not available for Hafnia Limited, and counted as zero in the overall score.
Hafnia Limited passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Hafnia Limited generates $1.77 in operating cash flow ($602.9M OCF vs $339.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Hafnia Limited reported $75.3M in net income in Q1 2026. This represents a decrease of 70.9% from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Cash & Balance Sheet
Hafnia Limited generated $146.7M in free cash flow in Q1 2026, representing cash available after capex. This represents a decrease of 49.0% from the same quarter a year earlier.
Hafnia Limited held $313.3M in cash against $1.0B in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Hafnia Limited's ROE was 3.3% in Q1 2026, measuring profit generated per dollar of shareholder equity.
Not reported for Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Capital Allocation
Hafnia Limited invested $41.0M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 208.2% from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
HAFN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted).
HAFN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'266-K | Q3'256-K | Q1'256-K | Q3'2410-K |
|---|---|---|---|---|
| Total Assets | $3.7B | $3.7B-5.4% | N/A | $3.9B |
| Current Assets | $890.4M | $900.1M-3.5% | N/A | $932.8M |
| Cash & Equivalents | $313.3M+19.3% | $283.6M+27.4% | $262.6M | $222.5M |
| Inventory | $82.3M | $94.2M-12.6% | N/A | $107.7M |
| Accounts Receivable | $466.0M | $503.8M-14.6% | N/A | $589.7M |
| Total Liabilities | $1.4B | $1.4B-14.6% | N/A | $1.7B |
| Current Liabilities | $738.4M | $653.8M-1.1% | N/A | $661.2M |
| Non-Current Liabilities | $631.1M | $786.0M-23.3% | N/A | $1.0B |
| Long-Term Debt | $1.0B | $1.1B-13.2% | N/A | $1.3B |
| Total Equity | $2.3B | $2.3B+1.6% | N/A | $2.2B |
| Retained Earnings | $778.5M | $705.2M+11.8% | N/A | $631.0M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.
HAFN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'266-K | Q3'256-K | Q1'256-K | Q3'2410-K |
|---|---|---|---|---|
| Operating Cash Flow | $187.7M-37.6% | N/A | $300.7M | N/A |
| Depreciation & Amortization | $51.1M-6.9% | N/A | $54.8M | N/A |
| Capital Expenditures | $41.0M+208.2% | N/A | $13.3M | N/A |
| Free Cash Flow | $146.7M-49.0% | N/A | $287.3M | N/A |
| Investing Cash Flow | -$32.3M-523.1% | N/A | $7.6M | N/A |
| Financing Cash Flow | -$110.2M+58.0% | N/A | -$262.3M | N/A |
| Dividends Paid | $50.5M-71.2% | N/A | $175.7M | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
HAFN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Hafnia Limited HAFN | FY2025 | $1.4B | $339.7M | 23.9% | $5.7B | 33/100 |
| Matsons, Inc. MATX | FY2025 | $3.3B | $444.8M | 13.3% | $7.0B | 55/100 |
| BW LPG Limited BWLP | FY2025 | N/A | $289.7M | N/A | $3.9B | — |
| Star Bulk Carriers Corp. SBLK | FY2025 | $1.0B | $84.2M | 8.1% | $3.5B | 64/100 |
| Kirby Corporation KEX | FY2025 | $3.4B | $354.6M | 10.5% | $7.2B | 52/100 |
Where Hafnia Limited Ranks
Frequently Asked Questions
What is Hafnia Limited's annual revenue?
Hafnia Limited (HAFN) reported $1.4B in total revenue for fiscal year 2025. This represents a -50.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Hafnia Limited's revenue growing?
Hafnia Limited (HAFN) revenue declined by 50.4% year-over-year, from $2.9B to $1.4B in fiscal year 2025.
Is Hafnia Limited profitable?
Yes, Hafnia Limited (HAFN) reported a net income of $339.7M in fiscal year 2025, with a net profit margin of 23.9%.
How much debt does Hafnia Limited have?
As of fiscal year 2025, Hafnia Limited (HAFN) had $283.6M in cash and equivalents against $1.1B in long-term debt.
What is Hafnia Limited's net profit margin?
Hafnia Limited (HAFN) had a net profit margin of 23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Hafnia Limited's return on equity (ROE)?
Hafnia Limited (HAFN) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hafnia Limited's free cash flow?
Hafnia Limited (HAFN) generated $456.7M in free cash flow during fiscal year 2025. This represents a -53.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Hafnia Limited's operating cash flow?
Hafnia Limited (HAFN) generated $602.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hafnia Limited's total assets?
Hafnia Limited (HAFN) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hafnia Limited's capital expenditures?
Hafnia Limited (HAFN) invested $146.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Hafnia Limited's current ratio?
Hafnia Limited (HAFN) had a current ratio of 1.48 as of fiscal year 2025, which is considered adequate.
What is Hafnia Limited's debt-to-equity ratio?
Hafnia Limited (HAFN) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hafnia Limited's return on assets (ROA)?
Hafnia Limited (HAFN) had a return on assets of 8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Hafnia Limited's P/E ratio?
Hafnia Limited (HAFN) trades at 16.8x earnings, its market capitalization divided by net income of $339.7M net income, FY2025. The market capitalization is $5.7B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hafnia Limited's price-to-sales ratio?
Hafnia Limited (HAFN) trades at 4.0x sales, its market capitalization divided by revenue of $1.4B revenue, FY2025. The market capitalization is $5.7B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hafnia Limited's Piotroski F-Score?
Hafnia Limited (HAFN) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Hafnia Limited's earnings high quality?
Hafnia Limited (HAFN) has an earnings quality ratio of 1.77x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Hafnia Limited?
Hafnia Limited (HAFN) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.