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Owner and operator of a fleet of very large crude carriers (VLCCs) transporting crude oil worldwide.
Owner and operator of a fleet of very large crude carriers (VLCCs) transporting crude oil worldwide.
Earns freight by hiring out its tankers either per voyage at the going spot rate or on multi-year time charters at fixed daily rates, so results swing with tanker demand and fleet supply. It owns only very large crude carriers, so the business is one ship type and one cargo.
In one line: A pure-play VLCC crude tanker company.
Moat: narrow (scale). Modern, focused VLCC fleet with long relationships among major oil charterers.
Headquarters: Hamilton, Bermuda · Founded: 2005 · Employees: 737
Size DHT (DHT) is a United States Energy company (Marine Shipping) with a market value of $3.33B, the 1475th largest of 3,117 United States companies the cockpit tracks. Shares closed at $20.68 on 6 Nov 2026.
Performance Over six months the shares gained 8.8%, against +6.5% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 18 in its peer set.
Growth Revenue grew 39.4% over the last twelve months (peer median +23.2%); the operating margin is 56.7% (peer median 38.8%).
Valuation It trades at 3.8× forward earnings against a peer median of 5.5× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.9 points above its cost of capital (6.3% WACC).
Short interest Short interest is 9.2% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $722M | $497M | $568M | $556M | $450M |
| Revenue growth | — | -12% | +2% | +23% | — |
| Gross profit | $429M | $190M | $198M | $206M | $67.8M |
| EBITDA | $516M | $276M | $291M | $298M | $174M |
| Net income | $474M | $211M | $181M | $161M | $61.5M |
| Free cash flow | $36.3M | -$33.3M | $202M | $123M | $118M |
| Capital expenditure | $416M | $310M | $97.0M | $128M | $10.1M |
| Total debt | $435M | $434M | $414M | $435M | $401M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DHT DHT | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% |
| Frontline FRO | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% |
| International Seaways INSW | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% |
| Teekay Tankers TNK | $2.97B | +3% | +19% | 39% | 3.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DHT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.1% | -17.8% | 6th highest of 18 |
| 6-month return | +8.8% | +6.5% | 6th highest of 18 |
| Distance from 52-week high | -23.1% | -21.6% | 4th lowest of 18 |
| Revenue growth (TTM) | +39.4% | +23.2% | 8th highest of 18 |
| Operating margin | 56.7% | 38.8% | 2nd highest of 18 |
| Forward P/E | 3.8× | 5.5× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -11.7% | -6.3% | 5th least demanding of 13 |
| Growth delivered (Del g) | -6.4% | +12.4% | lowest of 13 |
| Hurdle (Req g minus delivered) | -5.3 pp | -21.6 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +13.9 pp | +6.3 pp | 5th highest of 18 |
| EV / EBITDA | 7.0× | 6.6× | 8th most expensive of 17 |
| Net debt / EBITDA | 0.5× | 0.9× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |
| Navigator NVGS | United States | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% | +12.0% |
| Teekay TK | United States | $1.11B | -10% | +16% | 48% | n/a | n/a | n/a |
| Frontline FRO | United States | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% | +10.3% |