DHT

MKT CAP:$3B

DHT Holdings, Inc.

Market Cap

$3B

Energy·Oil & Gas Midstream·🇧🇲 Bermuda·NYSE

Energy·Oil & Gas Midstream·🇧🇲·NYSE

Stock Price

$18.66+$6.92 (+58.94%)

Apr 20, 2026

Company Details

DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons....

CEO

Svein Moxnes Harfjeld

IPO Date

Oct 13, 2005

Website

www.dhtankers.com

Key Metrics TTM

Revenue

$498M

-12.9% YoY

Net Income

$211M

EPS (Diluted)

$1.31

Free Cash Flow

-$33M

Revenue / Share

$3.10

Gross Margin

38.3%

Operating Margin

45.1%

Net Margin

42.4%

FCF Margin

-6.7%

P/S

5.8x

P/E

13.7x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 19, 2026

$497M-13.0%EPS $1.31

Q4 2025

Mar 19, 2026

$144M+9.5%EPS $0.41

Q3 2025

Oct 29, 2025

$107M-24.5%EPS $0.28

Q2 2025

Aug 6, 2025

$128M-15.2%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$66M	-$6M	$2M
Q3 21	$59M	-$13M	-$16M
Q4 21	$84M	-$3M	-$718.0K
Q1 22	$76M	-$13M	-$19M
Q4 22	$168M	$70M	$68M
Q1 23	$133M	$51M	$46M
Q2 23	$153M	$68M	$63M
Q4 23	$142M	$47M	$43M
Q1 24	$147M	$60M	$55M
Q2 24	$151M	$57M	$52M
Q3 24	$142M	$46M	$42M
Q4 24	$131M	$66M	$61M
Q1 25	$119M	$35M	$49M
Q2 25	$128M	$47M	$60M
Q3 25	$107M	$35M	$47M
Q4 25	$144M	$74M	$68M

Valuation

Quarter	P/S	P/E
Q2 21	2.9x	15.7x
Q3 21	3.3x	—
Q4 21	3.0x	—
Q1 22	3.2x	—
Q4 22	3.5x	64.9x
Q1 23	3.4x	19.6x
Q2 23	2.6x	9.8x
Q4 23	2.9x	8.9x
Q1 24	3.3x	10.7x
Q2 24	3.1x	10.0x
Q3 24	3.1x	11.0x
Q4 24	2.6x	8.2x
Q1 25	3.1x	9.5x
Q2 25	3.3x	9.1x
Q3 25	4.0x	9.7x
Q4 25	4.0x	9.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$34M	$17M
Q3 21	-$3M	-$5M
Q4 21	$19M	$5M
Q1 22	$6M	$3M
Q4 22	$90M	$89M
Q1 23	$66M	$52M
Q2 23	$87M	$69M
Q4 23	$42M	$40M
Q1 24	$70M	$66M
Q2 24	$83M	$31M
Q3 24	$80M	$52M
Q4 24	$66M	$53M
Q1 25	$59M	$33M
Q2 25	$84M	$44M
Q3 25	$61M	$22M
Q4 25	$73M	-$133M

Capital Expenditures

Quarter	CapEx
Q2 21	$17M
Q3 21	$2M
Q4 21	$14M
Q1 22	$2M
Q4 22	$871.0K
Q1 23	$15M
Q2 23	$18M
Q4 23	$2M
Q1 24	$4M
Q2 24	$52M
Q3 24	$28M
Q4 24	$13M
Q1 25	$26M
Q2 25	$40M
Q3 25	$39M
Q4 25	$206M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-73.2%	-35.7%
Q3 21	-58.4%	-11.8%
Q4 21	-7.9%	+6.3%
Q1 22	-12.2%	+31.4%
Q4 22	+154.6%	+57.7%
Q1 23	+124.3%	+14.7%
Q2 23	+82.6%	+6.1%
Q4 23	+86.2%	+4.1%
Q1 24	-12.4%	-8.5%
Q2 24	+14.1%	+14.8%
Q3 24	-7.1%	+11.3%
Q4 24	-7.7%	-28.7%
Q1 25	-19.4%	-23.9%
Q2 25	-15.2%	-31.4%
Q3 25	-24.5%	-40.0%
Q4 25	+9.5%	+7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$892.0K	1.4%
Q3 21	$0	0.0%
Q4 21	$783.0K	0.9%
Q1 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$891.0K	0.7%
Q2 23	$976.0K	0.6%
Q4 23	$650.0K	0.5%
Q1 24	$991.0K	0.7%
Q2 24	$1M	0.7%
Q3 24	$903.0K	0.6%
Q4 24	$1M	1.1%
Q1 25	$2M	1.6%
Q2 25	$1M	0.9%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q2 21	$5M	—
Q3 21	$4M	—
Q4 21	$2M	—
Q1 22	$6M	—
Q4 22	$3M	—
Q1 23	$5M	—
Q2 23	$5M	—
Q4 23	$4M	—
Q1 24	$5M	—
Q2 24	$5M	—
Q3 24	$4M	—
Q4 24	$6M	—
Q1 25	$6M	—
Q2 25	$5M	—
Q3 25	$4M	—
Q4 25	—	$6M

Revenue Segments

Quarter	Time Charter Revenues	Voyage Charter Revenues
Q3 21	$29M	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$59M	$0	$59M
Q2 22	$106M	$0	$106M
Q3 22	$66M	$0	$66M
Q4 22	$126M	$0	$126M
Q1 23	$118M	$0	$118M
Q2 23	$131M	$0	$131M
Q3 23	$74M	$0	$74M
Q4 23	$75M	$0	$75M
Q1 24	$73M	$0	$73M
Q2 24	$73M	$0	$73M
Q3 24	$74M	$0	$74M
Q4 24	$78M	$0	$78M
Q1 25	$81M	$0	$81M
Q2 25	$83M	$0	$83M
Q3 25	$81M	$0	$81M
Q4 25	$79M	$0	$79M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	171M	-0.2%	+0.6%
Q3 21	168M	-2.0%	-1.9%
Q4 21	167M	-0.6%	-2.5%
Q1 22	167M	-0.0%	-2.8%
Q4 22	163M	-2.3%	-4.9%
Q1 23	163M	+0.4%	-2.6%
Q2 23	163M	-0.0%	-2.1%
Q4 23	161M	-1.2%	-3.2%
Q1 24	161M	+0.1%	-0.8%
Q2 24	161M	+0.0%	-1.1%
Q3 24	162M	+0.0%	-1.0%
Q4 24	161M	-0.1%	+0.1%
Q1 25	161M	-0.5%	-0.5%
Q2 25	161M	+0.1%	-0.5%
Q3 25	161M	0.0%	-0.5%
Q4 25	161M	+0.1%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$4M	18
Q3 21	$3M	18
Q4 21	$5M	18
Q1 22	$4M	18
Q4 22	$134.1K	1K
Q1 23	$105.9K	1K
Q2 23	$122.2K	1K
Q4 23	$117.4K	1K
Q1 24	$121.3K	1K
Q2 24	$124.8K	1K
Q3 24	$117.3K	1K
Q4 24	$142.2K	924
Q1 25	$128.3K	924
Q2 25	$138.9K	924
Q3 25	$116.2K	924
Q4 25	$155.8K	924

Revenue / Employee