The business behind the dividend
| Measure | HSHP | Median | Formula |
|---|---|---|---|
| Return on equity | 10.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 8.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 51.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 13.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 4.26x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.33x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.08x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.92x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -3.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Free cash flow, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | Median |
|---|---|---|---|---|---|
| Return on equity | 10.9% | 13.6% | 1.0% | -2.2% | 10.9% |
| Return on capital employed | 8.0% | 7.7% | 2.5% | -1.2% | 7.7% |
| Operating margin | 51.7% | 54.0% | 39.8% | — | 51.7% |
| Net margin | 13.4% | 17.1% | 4.1% | — | 13.4% |
| Debt to equity | 4.26x | 4.61x | 2.85x | 0.75x | 4.26x |
| Current ratio | 1.08x | 0.75x | 1.30x | 0.06x | 1.08x |
| Cash conversion | 2.92x | 2.65x | 4.27x | — | 2.92x |
How it compares in industrials
Among the 16 industrials companies here measured on operating cash flow, Himalaya Shipping pays out less than 3 of them. The median for that group is 28.0%, against this company’s 52.0%.
Closest on operating cash flow
- Safe Bulkers (SB) 28.0%
- Alibaba Group Holding (BABA) 44.3%
- SFL (SFL) 46.8%
- Dorian LPG (LPG) 50.0%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →