DHT Holdings

DHT

Oil & Gas Midstream · Energy

Price

$17.41

-0.43 (-2.41%)

Market Cap

$2.80B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count falling — buybacks

−4.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 169.1M (2021) → 160.8M (2025)

DHT Holdings is a shipping company that transports crude oil across the world's oceans. It owns and operates a fleet of Very Large Crude Carriers, or VLCCs, which are among the biggest tanker ships in existence. These ships carry crude oil for major oil companies, refineries, and trading firms, moving large volumes between oil-producing regions and buyers around the globe.

DHT makes money by charging customers to use its ships, either through short-term spot market contracts or longer fixed-rate time charters. The company is headquartered in Bermuda and operates globally, with a focused fleet of roughly 20 VLCCs. Its competitive position comes from running a pure-play VLCC fleet, which keeps operations simple and costs relatively low compared to diversified shipping peers. The main risk the business faces is that tanker rates are highly cyclical and tied to global oil demand, OPEC production decisions, and the overall supply of ships in the market, all of which DHT cannot control.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+57.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+277.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

10.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 months

$126M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

DHT Holdings grew revenue 57% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

60.4%

Premium pricing power — 60.4% gross margin

Operating Margin

57.7%

Excellent — 57.7% operating margin

ROCE

6.2%

Weak — 6.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+4.2%

Slow sales growth (4.2% YoY)

EPS YoY

+87.3%

Earnings growing fast (87.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

95%

Turns 95% of profit into real cash

FCF Margin

-23.1%

Burning cash (-23.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.41

Conservative — low debt load (0.41)

Interest Cover

21.02x

Comfortably covers interest (21.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

8.5x

Attractive valuation — P/E 8.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

7.78%

Healthy income — 7.78% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+81.5%

Dividend growing fast (81.5% YoY)

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