Performance Shipping

PSHG

Marine Shipping · Industrials

Price

$1.77

+0.01 (+0.57%)

Market Cap

$22.0M

Exchange

NASDAQ Capital Market

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+11516.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 335K (2021) → 38.9M (2025)

Performance Shipping Inc. is a Greek-based company that owns and operates a small fleet of tanker ships. These ships carry petroleum products — like refined oil and chemicals — across oceans for energy companies, traders, and industrial customers. The company operates in the marine shipping industry, which moves liquid cargo between ports around the world.

Performance Shipping earns money by chartering out its vessels, meaning customers pay a daily rate to use the ships for a set period of time. The company is quite small, with a market cap under $100 million and a fleet of just a handful of tankers, giving it limited pricing power compared to larger shipping rivals. Its main risk is that tanker charter rates are highly cyclical and can drop sharply when global oil demand weakens or when too many new ships enter the market, which would directly hurt the company's revenue and profitability.

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

+58.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-66.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

8.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$127M cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Performance Shipping grew revenue 58% 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

52.1%

Healthy — 52.1% gross margin

Operating Margin

44.8%

Excellent — 44.8% operating margin

ROCE

2.3%

Weak — 2.3% 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

+11.8%

Steady sales growth (11.8% YoY)

EPS YoY

-51.7%

Earnings shrinking (-51.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

114%

Turns 114% of profit into real cash

FCF Margin

-255.1%

Burning cash (-255.1%)

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

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Stability

Debt / Equity

0.94

Moderate — manageable debt (0.94)

Interest Cover

3.39x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

0.8x

Attractive valuation — P/E 0.8

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

P/E vs Forward

-1.0

SLOWING

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

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Dividends

Not applicable for this business.

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