Diana Shipping (DSX) Stock Analysis & Winston Score

Diana Shipping is a company that owns and operates large cargo ships called dry bulk vessels. These ships carry raw materials like iron ore, coal, and grain across oceans for customers such as steel mills, power plants, and food companies. The company is based in Greece and is one of the mid-sized players in the global dry bulk shipping industry.

Diana Shipping makes money by charging customers a daily rate to rent its ships, either through short-term spot contracts or longer fixed-rate time charters. It operates a fleet of roughly 20 to 30 vessels and serves customers worldwide, with trade routes spanning Asia, Europe, and the Americas. The company has limited pricing power because shipping rates are set by global supply and demand, making earnings highly cyclical — the biggest risk is a slowdown in global trade or commodity demand, which can quickly push freight rates and profits lower.

Winston Score History

Score breakdown

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Quality

Gross Margin

55.0%

Premium pricing power — 55.0% gross margin

Operating Margin

13.9%

Healthy — 13.9% operating margin

ROCE

0.6%

Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-6.4%

Shrinking sales (-6.4% YoY)

EPS YoY

+87.3%

Earnings growing fast (87.3% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

124%

Turns 124% of profit into real cash

FCF Margin

3.3%

Thin free cash flow (3.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.27

Elevated debt (1.27)

Interest Cover

0.94x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

6.2x

no trend

Attractive valuation — P/E 6.2

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

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

1.90%

no trend

Small dividend — 1.90% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-61.9%

no trend

Dividend cut (-61.9% YoY) — warning sign

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