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DHT, DHT Holdings Inc.

Marine Shipping capital-intensive Cyclical

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Latest annual: FY2025 20-F · US listing is the ordinary share

DHT · DHT Holdings Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$498M

−12.8% YoY · −6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $498M 5-yr avg $476M

Operating margin 45.1% 5-yr avg 26.6%

ROIC 16% 5-yr avg 10%

Owner-earnings margin 55% 5-yr avg 20%

Free cash flow margin 55% 5-yr avg 20%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 26% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. The margin is cyclical, swinging between 0.1% and 45% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 11%). By owner earnings: roughly 29% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
										Income statement
$355M	$376M	$535M	$691M	$296M	$454M	$561M	$572M	$498M	$498M	RevenueRevenue
$43M	$16M	$139M	$314M	$202K	$74M	$193M	$211M	$225M	$225M	Operating incomeOp. inc.
12.2%	4.3%	26.0%	45.4%	0.1%	16.3%	34.4%	36.8%	45.1%	45.1%	Operating marginOp. mgn
$7M	($47M)	$74M	$266M	($12M)	$62M	$161M	$181M	$211M	$211M	Net incomeNet inc.
2%	—	0%	0%	—	1%	0%	0%	0%	0%	Effective tax rateTax rate
										Cash flow & returns
$102M	$54M	$156M	$530M	$61M	$128M	$251M	$299M	$277M	$277M	Operating cash flowOp. cash
$97M	$103M	$116M	$124M	$129M	$123M	$109M	$112M	$106M	$106M	DepreciationDeprec.
($2M)	($3M)	($33M)	$139M	($57M)	($57M)	($19M)	$5M	($41M)	($41M)	Working capital & otherWC & other
$193K	$88K	$79K	$435K	$48K	—	—	—	—	$48K	CapexCapex
0.1%	0.0%	0.0%	0.1%	0.0%	—	—	—	—	0.0%	Capex / revenueCapex/rev
$102M	$54M	$156M	$529M	$61M	—	—	—	—	$277M	Owner earningsOwner earn.
28.6%	14.3%	29.1%	76.6%	20.5%	—	—	—	—	55.5%	Owner earnings marginOE mgn
$102M	$54M	$156M	$529M	$61M	—	—	—	—	$277M	Free cash flowFCF
28.6%	14.3%	29.1%	76.6%	20.5%	—	—	—	—	55.5%	Free cash flow marginFCF mgn
$23M	$11M	$29M	$215M	$22M	$20M	$187M	$161M	$119M	$119M	Dividends paidDiv. paid
3%	—	9%	21%	0%	6%	14%	16%	16%	16%	ROICROIC
1%	-5%	8%	24%	-1%	6%	16%	17%	19%	19%	Return on equityROE
−2%	−7%	5%	5%	−3%	4%	−2%	2%	8%	8%	Retained to equityRetained/eq
										Balance sheet
$77M	$95M	$67M	$69M	$61M	$126M	$75M	$78M	$79M	$79M	Cash & investmentsCash+inv
$42M	$60M	$108M	$30M	$30M	$59M	$76M	$54M	$53M	$53M	ReceivablesReceiv.
—	—	—	—	—	—	$34M	$38M	$25M	$25M	InventoryInvent.
$17M	$29M	$24M	$19M	$20M	$29M	$20M	$23M	$23M	$23M	Accounts payablePayables
$25M	$32M	$84M	$12M	$11M	$30M	$89M	$68M	$55M	$55M	Operating working capitalOper. WC
$167M	$193M	$218M	$118M	$132M	$236M	$200M	$202M	$209M	$209M	Current assetsCur. assets
$83M	$124M	$130M	$48M	$42M	$64M	$57M	$110M	$75M	$75M	Current liabilitiesCur. liab.
2.0×	1.6×	1.7×	2.5×	3.1×	3.7×	3.5×	1.8×	2.8×	2.8×	Current ratioCurr. ratio
—	—	—	—	$0	$1M	$1M	$1M	$1M	$1M	GoodwillGoodwill
$1.7B	$1.9B	$1.8B	$1.6B	$1.6B	$1.5B	$1.5B	$1.5B	$1.6B	$1.6B	Total assetsAssets
$721M	$873M	$751M	$447M	$513M	$367M	$398M	$331M	$389M	$389M	Total debtDebt
$644M	$779M	$683M	$378M	$452M	$241M	$324M	$253M	$310M	$310M	Net debt / (cash)Net debt
1.1×	0.3×	2.5×	8.2×	0.0×	2.8×	5.8×	6.9×	15.9×	15.9×	Interest coverageInt. cov.
$926M	$862M	$932M	$1.1B	$1.0B	$1.1B	$1.0B	$1.0B	$1.1B	$1.1B	Shareholders’ equityEquity
										Per share
125M	143M	143M	156M	169M	165M	162M	161M	161M	161M	Shares out (diluted)Shares
$2.85	$2.62	$3.73	$4.44	$1.75	$2.76	$3.46	$3.54	$3.10	$3.10	Revenue / shareRev/sh
$0.05	$-0.33	$0.51	$1.71	$-0.07	$0.37	$0.99	$1.12	$1.31	$1.31	EPS (diluted)EPS
$0.82	$0.38	$1.09	$3.40	$0.36	—	—	—	—	$1.72	Owner earnings / shareOE/sh
$0.82	$0.38	$1.09	$3.40	$0.36	—	—	—	—	$1.72	Free cash flow / shareFCF/sh
$0.19	$0.08	$0.20	$1.38	$0.13	$0.12	$1.15	$1.00	$0.74	$0.74	Dividends / shareDiv/sh
$0.00	$0.00	$0.00	$0.00	$0.00	—	—	—	—	$0.00	Cap. spending / shareCapex/sh
$7.43	$6.01	$6.50	$7.12	$6.19	$6.49	$6.33	$6.43	$7.05	$7.05	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+1.1%/yr	−6.9%/yr
Owner earnings / share	−18.6%/yr (4-yr)	−18.6%/yr (4-yr)
EPS	+49.4%/yr	−5.1%/yr
Dividends / share	+18.7%/yr	−11.7%/yr
Capital spending / share	−34.6%/yr (4-yr)	−34.6%/yr (4-yr)
Book value / share	−0.7%/yr	−0.2%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

161Mpeak FY2016

ROIC

16%low FY2021

Net debt ÷ owner earnings

7.5×peak FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$61Mowner earningsvs.($12M)net incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2017–FY2021cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2021 the business turned a $12M loss into $61M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2021	FY2020	FY2019	FY2018	FY2017
Reported net income	($12M)	$266M	$74M	($47M)	$7M
Depreciation & amortizationnon-cash charge added back	+$129M	+$124M	+$116M	+$103M	+$97M
Working capital & othertiming of cash in and out, other non-cash items	−$57M	+$139M	−$33M	−$3M	−$2M
Cash from operations	$61M	$530M	$156M	$54M	$102M
Capital expenditurecash put back in to keep running and to grow	−$48K	−$435K	−$79K	−$88K	−$193K
Owner earnings	$61M	$529M	$156M	$54M	$102M
Owner-earnings marginowner earnings ÷ revenue	20%	77%	29%	14%	29%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 15.9×

Comfortable

Operating income $225M ÷ interest expense $14M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $310M · 1.4× operating profit

Modest net debt

Cash $79M − debt $389M

What this means
Netting $79M of cash and short-term investments against $389M of debt leaves $310M owed, about 1.4× a year's operating profit (1.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

8-yr median, range 0%–21%; 16% latest = NOPAT $225M ÷ invested capital $1.4B

Industry peers: median 4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 16% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 29%

High through the cycle

5-yr median margin, range 14%–77%; latest $277M = operating cash $277M − maintenance capex $48K

Industry peers: median 12%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 55% of revenue this year, a 29% median across 5 years.
Are earnings backed by cash? 1.31×

Cash-backed

Cash from ops $277M ÷ net income $211M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 43%

Returns about half

Dividends + buybacks $119M ÷ Owner Earnings $277M

What this means
Of $277M Owner Earnings, $119M (43%) went back to shareholders, $119M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.00×

Harvesting

Capex $48K ÷ depreciation $106M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $498M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.80×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $389M vs $134M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.15/share (latest year $1.31), the averaged base the calculator's gate runs on, and book value is $7.05/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 9

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 14% → 39% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 14% early to 39% lately, median 26% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +40%/yr

What this means
Owner earnings grew about 40% a year over the record.
Worst year 2021 · 0.1% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +3.2%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$209M

Cash & short-term investments$79M
Receivables$53M
Inventory$25M
Other current assets$52M

Current liabilities$75M

Accounts payable$23M
Other current liabilities$52M

Current ratio2.80×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.47×stricter: inventory excluded

Cash ratio1.06×strictest: cash alone against what's due

Working capital$134Mthe cushion left after near-term bills

Deeper floors

Tangible book value$1.1Bequity stripped of goodwill & intangibles

Net current asset value($261M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$389Mno operating-lease liability tagged this quarter, so debt alone

Deferred revenue$11Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2021

Over the record, the business generated $902M of operating cash; how management split it reads as a deleverager, a meaningful share of cash went to paying down debt.

Reinvested$843K · 0%
Dividends$300M · 33%
Retained (debt / cash)$601M · 67%

Returned to owners$300M
33% of the owner earnings the business produced over the span, $300M as dividends and $0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $332M and cash and short-term investments rose $2M.
Net change in share count29.0%
The diluted count rose from 125M to 161M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.13/sh
Paid in 5 of the years on record, the per-share dividend shrinking about 9% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why DHT Holdings Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?29.0%
Diluted shares grew 29.0% over 2017–2021. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Marine Shipping

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
KEXKirby	$3.4B	—	7.7%	4%	10%
MATXMatson	$3.3B	96%	11.4%	11%	12%
TDWTidewater Inc.	$1.4B	—	-12.5%	-6%	3%
INSWInternational Seaways Inc. Common Stock	$843M	—	12.3%	3%	33%
PANLPangaea Logistics Solutions Ltd.	$632M	—	7.7%	10%	10%
DHTDHT Holdings Inc.	$498M	—	26.0%	11%	29%
LPGDorian LPG Ltd.	$482M	—	35.2%	7%	38%
GNKGenco Shipping & Trading Limited	$342M	—	-1.1%	-0%	31%
Group median	—	—	9.6%	5%	20%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. DHT Holdings Inc.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what DHT Holdings Inc. has delivered.

DHT Holdings Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, DHT Holdings Inc. earns about $144M on its 28.9% median owner-earnings margin. This year’s 55.5% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($144M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’17→’21+40%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $277M on 161M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $310M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh DHT against another business →

Cite: Owner Scorecard, "DHT Holdings Inc. (DHT), the owner's record," https://ownerscorecard.com/c/DHT, data as of 2026-07-09.

Manual order: ← DGNX its page in the Manual DLO →

Industry order: ← DAC the Marine Shipping chapter DSX →