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German container shipping company operating one of the world's largest container liner fleets.
German container shipping company operating one of the world's largest container liner fleets.
Earns freight per container carried, partly under annual contracts and partly at spot rates, so rates matter more than volumes. Kuhne Holding, the City of Hamburg, Chilean shipowner CSAV and Qatar's sovereign fund hold large stakes. Since February 2025 it has run the Gemini Cooperation with Maersk, a hub-and-spoke network built for schedule reliability.
Moat: narrow (scale, installed base). Among the world's top-five container carriers with a global route network and alliance membership.
Headquarters: Hamburg, Germany · Founded: 1970 · Employees: 18,117
Size Hapag-Lloyd (HLAG.DE) is a Germany Industrials company (Marine Shipping) with a market value of $25.1B, the 31st largest of 205 Germany companies the cockpit tracks. Shares closed at €127.50 on 6 Nov 2026.
Performance Over six months the shares gained 11.0%, against +17.0% for the median peer and +2.6% for the Germany market (cap-weighted) — 8th lowest of 18 in its peer set.
Growth Revenue fell 9.1% over the last twelve months (peer median +0.5%); the operating margin is 1.7% (peer median 14.2%).
Valuation It trades at 18.5× forward earnings against a peer median of 8.1× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.8 points below its cost of capital (7.8% WACC).
Credit Hapag-Lloyd has 2 bonds outstanding ($668M), rated BB+ by the agencies.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €18.2B | €18.6B | €19.1B | €17.9B | €34.5B |
| Revenue growth | — | -3% | +7% | -48% | — |
| Gross profit | €928M | €1.53B | €3.05B | €3.06B | €17.9B |
| EBITDA | €2.53B | €3.17B | €4.57B | €4.38B | €19.3B |
| Net income | €57.9M | €910M | €2.39B | €2.93B | €17.0B |
| Free cash flow | €917M | €985M | €2.26B | €3.67B | €18.1B |
| Capital expenditure | €567M | €1.45B | €2.17B | €1.70B | €1.44B |
| Total debt | €6.28B | €6.39B | €6.61B | €5.06B | €5.44B |
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 |
|---|---|---|---|---|---|---|
| Hapag-Lloyd HLAG.DE | $25.1B | +11% | -9% | 2% | 18.5× | 34.4% |
| COSCO SHIPPING 1919.HK | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% |
| Evergreen Marine Corp(taiwan) 2603.TW | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% |
| Yang Ming Marine Transport 2609.TW | $6.03B | +14% | -22% | 6% | 6.5× | n/a |
| HMM 011200.KS | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% |
| ZIM Integrated Shipping Services ZIM | $3.37B | +5% | -25% | 6% | 3.7× | 2.7% |
| Wan Hai Lines 2615.TW | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% |
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 | HLAG.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | -6.5% | 8th highest of 18 |
| 6-month return | +11.0% | +17.0% | 8th lowest of 18 |
| Distance from 52-week high | -20.0% | -14.9% | 5th lowest of 18 |
| Revenue growth (TTM) | -9.1% | +0.5% | 4th lowest of 18 |
| Operating margin | 1.7% | 14.2% | lowest of 18 |
| Forward P/E | 18.5× | 8.1× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 34.4% | -2.0% | most demanding of 17 |
| Growth delivered (Del g) | +7.8% | +8.2% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | +26.5 pp | -13.0 pp | most demanding of 17 |
| ROIC minus cost of capital | -6.8 pp | +2.4 pp | lowest of 18 |
| EV / EBITDA | 10.4× | 6.9× | 6th most expensive of 15 |
| Net debt / EBITDA | 1.4× | 0.3× | 5th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hapag-Lloyd HLAG.DE | Germany | $25.1B | +11% | -9% | 2% | 18.5× | 34.4% | +7.8% |
| China Merchants Energy Shipping 601872.SS | China | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% | +5.4% |
| Kuehne & Nagel International KNIN.SW | Switzerland | $34.3B | +35% | +1% | 5% | 25.4× | 3.2% | +3.7% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| COSCO SHIPPING 1919.HK | Hong Kong | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% | +4.3% |
| Evergreen Marine Corp(taiwan) 2603.TW | Taiwan | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% | +12.9% |
| SITC International 1308.HK | Hong Kong | $15.8B | +34% | +5% | 34% | 10.7× | -0.4% | +15.3% |
| HMM 011200.KS | South Korea | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% | +11.2% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| A.P. Moller - Maersk A/S MAERSK-A.CO | Denmark | $47.6B | +44% | -8% | 5% | 5.9× | -1.3% | +6.6% |
| COSCO SHIPPING Energy Transportation 600026.SS | China | $13.2B | -21% | +38% | 33% | 6.1× | -8.2% | +7.8% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 5.9× | -2.3% | +3.6% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | n/a | -7.3% | +7.6% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 14.6× | 6.2% | +9.2% |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 10.9× | 11.8% | +7.0% |
Hapag-Lloyd has 2 bonds outstanding with $668M face value. The agencies rate it BB+.