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Hafnia Financials

HAFN
Source SEC Filings (10-K/10-Q) Data as of Apr 17, 2026 Currency USD FYE April

This page shows Hafnia (HAFN) financial statements, including the 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).

Rhea AI HAFN FY2025

Hafnia’s core mechanic is strong cash conversion from an asset-backed operating base, funding payouts while leverage gradually eases.

FY2025’s profit reset did not become a balance-sheet problem: operating cash flow still covered capex more than 4x, debt-to-equity remained below FY2023, and liquidity improved to 1.5x. That mix suggests the business absorbed weaker earnings mainly by cutting distributions, not by stretching leverage or starving reinvestment.

In FY2025, operating cash flow of $602.9M versus net income of $339.7M shows earnings quality stayed healthy even as reported profit fell. The same cash-over-profit pattern held in FY2023 and FY2024, which is a stronger sign than one unusually good year.

Capital intensity looks manageable rather than consuming: FY2025 capex was $146.2M against free cash flow of $456.7M, leaving room for dividends without new balance-sheet strain. FY2024 was even lighter on reinvestment, so cash available to owners appears driven more by operating conditions than by heavy annual upkeep.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 33 / 100
Financial Health Score 33/100

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'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.

Growth
3

Hafnia's revenue declined 50.4% year-over-year, from $2.9B to $1.4B. This contraction results in a growth score of 3/100.

Leverage
61

Hafnia has a moderate D/E ratio of 0.48. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity
40

Hafnia'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.

Cash Flow
96

Hafnia converts 32.1% of revenue into free cash flow ($456.7M). This strong cash generation earns a score of 96/100.

Piotroski F-Score Partial
6/8

Hafnia 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.

Earnings Quality Cash-Backed
1.77x

For every $1 of reported earnings, Hafnia 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

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Earnings & Revenue

Revenue
$1.4B
YoY-50.4%

Hafnia generated $1.4B in revenue in fiscal year 2025. This represents a decrease of 50.4% from the prior year.

EBITDA
N/A
Net Income
$339.7M
YoY-56.1%

Hafnia reported $339.7M in net income in fiscal year 2025. This represents a decrease of 56.1% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
$456.7M
YoY-53.4%

Hafnia generated $456.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 53.4% from the prior year.

Cash & Debt
$283.6M
YoY+0.0%

Hafnia held $283.6M in cash against $1.1B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
498M
YoY-1.0%

Hafnia had 498M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
23.9%
YoY-3.1pp

Hafnia's net profit margin was 23.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.1 percentage points from the prior year.

Return on Equity
14.6%
YoY-19.6pp

Hafnia's ROE was 14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.6 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$27.7M
YoY+7.6%

Hafnia spent $27.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 7.6% from the prior year.

Capital Expenditures
$146.2M
YoY+194.8%

Hafnia invested $146.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 194.8% from the prior year.

HAFN Income Statement

Metric Q1'26 Q3'25 Q1'25 Q3'24
Revenue N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A
Interest Expense -$8.1M N/A -$9.9M N/A
Income Tax $2.7M N/A $1.6M N/A
Net Income $75.3M N/A $259.2M N/A
EPS (Diluted) N/A N/A N/A N/A

HAFN Balance Sheet

Metric Q1'26 Q3'25 Q1'25 Q3'24
Total Assets $3.7B-0.9% $3.7B N/A $3.9B
Current Assets $890.4M-1.1% $900.1M N/A $932.8M
Cash & Equivalents $313.3M+10.5% $283.6M+8.0% $262.6M+18.0% $222.5M
Inventory $82.3M-12.6% $94.2M N/A $107.7M
Accounts Receivable $466.0M-7.5% $503.8M N/A $589.7M
Goodwill N/A N/A N/A N/A
Total Liabilities $1.4B-4.9% $1.4B N/A $1.7B
Current Liabilities $738.4M+12.9% $653.8M N/A $661.2M
Long-Term Debt $1.0B-8.5% $1.1B N/A $1.3B
Total Equity $2.3B+1.7% $2.3B N/A $2.2B
Retained Earnings $778.5M+10.4% $705.2M N/A $631.0M

HAFN Cash Flow Statement

Metric Q1'26 Q3'25 Q1'25 Q3'24
Operating Cash Flow $187.7M N/A $300.7M N/A
Capital Expenditures $41.0M N/A $13.3M N/A
Free Cash Flow $146.7M N/A $287.3M N/A
Investing Cash Flow -$32.3M N/A $7.6M N/A
Financing Cash Flow -$110.2M N/A -$262.3M N/A
Dividends Paid $50.5M N/A $175.7M N/A
Share Buybacks N/A N/A N/A N/A

HAFN Financial Ratios

Metric Q1'26 Q3'25 Q1'25 Q3'24
Gross Margin N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A
Return on Equity 3.3% N/A N/A N/A
Return on Assets 2.1% N/A N/A N/A
Current Ratio 1.21-0.2 1.38 N/A 1.41
Debt-to-Equity 0.45-0.0 0.50 N/A 0.58
FCF Margin N/A N/A N/A N/A

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Frequently Asked Questions

Hafnia (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.

Hafnia (HAFN) revenue declined by 50.4% year-over-year, from $2.9B to $1.4B in fiscal year 2025.

Yes, Hafnia (HAFN) reported a net income of $339.7M in fiscal year 2025, with a net profit margin of 23.9%.

As of fiscal year 2025, Hafnia (HAFN) had $283.6M in cash and equivalents against $1.1B in long-term debt.

Hafnia (HAFN) had a net profit margin of 23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Hafnia (HAFN) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Hafnia (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.

Hafnia (HAFN) generated $602.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Hafnia (HAFN) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Hafnia (HAFN) invested $146.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Hafnia (HAFN) spent $27.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Hafnia (HAFN) had 498M shares outstanding as of fiscal year 2025.

Hafnia (HAFN) had a current ratio of 1.48 as of fiscal year 2025, which is considered adequate.

Hafnia (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.

Hafnia (HAFN) had a return on assets of 8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Hafnia (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.

Hafnia (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.

Hafnia (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.

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