Hafnia Financials
Hafnia (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).
High cash conversion and modest reinvestment let earnings volatility coexist with distributable cash and a gradually lighter balance sheet.
From FY2023 to FY2025, operating cash flow stayed above net income each year, so reported profit was consistently backed by cash rather than accruals alone. Even after revenue roughly halved by FY2025, free cash flow margin stayed above30.0% , suggesting reinvestment needs are manageable enough that softer business conditions hit earnings faster than they hit cash generation.
FY2025 free cash flow of
The slowdown is visible in return metrics: ROE fell to
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'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, and counted as zero in the overall score.
Hafnia's revenue declined 50.4% year-over-year, from $2.9B to $1.4B. This contraction results in a growth score of 4/100.
Hafnia has a moderate D/E ratio of 0.48. This balance of debt and equity financing earns a leverage score of 60/100.
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.
Hafnia 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, and counted as zero in the overall score.
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.
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
Earnings & Revenue
Hafnia generated $1.4B in revenue in fiscal year 2025. This represents a decrease of 50.4% from the prior year.
Hafnia reported $339.7M in net income in fiscal year 2025. This represents a decrease of 56.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
Hafnia held $283.6M in cash against $1.1B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
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.
Not reported for fiscal year 2025.
HAFN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q3'25 | Q1'25 | Q3'24 |
|---|---|---|---|---|
| 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 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, 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.
| 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 |
| 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 |
Not reported in any period shown, so not listed: 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.
| 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 |
Not reported in any period shown, so not listed: Share Buybacks.
HAFN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q1'26 | Q3'25 | Q1'25 | Q3'24 |
|---|---|---|---|---|
| Return on Equity | 3.3% | N/A | N/A | N/A |
| Return on Assets | 2.1% | N/A | N/A | N/A |
| Current Ratio | 1.21-0.2x | 1.38 | N/A | 1.41 |
| Debt-to-Equity | 0.450.0x | 0.50 | N/A | 0.58 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Hafnia Ranks
Frequently Asked Questions
What is Hafnia's annual revenue?
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.
How fast is Hafnia's revenue growing?
Hafnia (HAFN) revenue declined by 50.4% year-over-year, from $2.9B to $1.4B in fiscal year 2025.
Is Hafnia profitable?
Yes, Hafnia (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 have?
As of fiscal year 2025, Hafnia (HAFN) had $283.6M in cash and equivalents against $1.1B in long-term debt.
What is Hafnia's net profit margin?
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.
What is Hafnia's return on equity (ROE)?
Hafnia (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's free cash flow?
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.
What is Hafnia's operating cash flow?
Hafnia (HAFN) generated $602.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hafnia's total assets?
Hafnia (HAFN) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hafnia's capital expenditures?
Hafnia (HAFN) invested $146.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Hafnia's current ratio?
Hafnia (HAFN) had a current ratio of 1.48 as of fiscal year 2025, which is considered adequate.
What is Hafnia's debt-to-equity ratio?
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.
What is Hafnia's return on assets (ROA)?
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.
What is Hafnia's Piotroski F-Score?
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.
Are Hafnia's earnings high quality?
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.
How financially healthy is Hafnia?
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.