Hafnia Financials
This page shows Hafnia (HAFN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Hafnia’s core mechanic is strong cash conversion from an asset-backed operating base, funding payouts while leverage gradually eases.
FY2025’s profit reset did not become a balance-sheet problem: operating cash flow still covered capex more than 4x, debt-to-equity remained below FY2023, and liquidity improved to 1.5x. That mix suggests the business absorbed weaker earnings mainly by cutting distributions, not by stretching leverage or starving reinvestment.
In FY2025, operating cash flow of
Capital intensity looks manageable rather than consuming: FY2025 capex was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Hafnia's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Hafnia's revenue declined 50.4% year-over-year, from $2.9B to $1.4B. This contraction results in a growth score of 0/100.
Hafnia carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
Hafnia's current ratio of 1.48 is below the typical benchmark, resulting in a score of 25/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Hafnia converts 32.1% of revenue into free cash flow ($456.7M). This strong cash generation earns a score of 100/100.
Hafnia earns a strong 14.6% return on equity (ROE), meaning it generates $15 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 66/100. This is down from 34.2% the prior year.
Hafnia passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Hafnia generates $1.77 in operating cash flow ($602.9M OCF vs $339.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Hafnia generated $1.4B in revenue in fiscal year 2025. This represents a decrease of 50.4% from the prior year.
Hafnia reported $339.7M in net income in fiscal year 2025. This represents a decrease of 56.1% from the prior year.
Cash & Balance Sheet
Hafnia generated $456.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 53.4% from the prior year.
Hafnia held $283.6M in cash against $1.1B in long-term debt as of fiscal year 2025.
Hafnia had 498M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.
Margins & Returns
Hafnia's net profit margin was 23.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.1 percentage points from the prior year.
Hafnia's ROE was 14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.6 percentage points from the prior year.
Capital Allocation
Hafnia spent $27.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 7.6% from the prior year.
Hafnia invested $146.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 194.8% from the prior year.
HAFN Income Statement
| Metric | Q1'26 | Q3'25 | Q1'25 | Q3'24 |
|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A |
| Interest Expense | -$8.1M | N/A | -$9.9M | N/A |
| Income Tax | $2.7M | N/A | $1.6M | N/A |
| Net Income | $75.3M | N/A | $259.2M | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A |
HAFN Balance Sheet
| Metric | Q1'26 | Q3'25 | Q1'25 | Q3'24 |
|---|---|---|---|---|
| Total Assets | $3.7B-0.9% | $3.7B | N/A | $3.9B |
| Current Assets | $890.4M-1.1% | $900.1M | N/A | $932.8M |
| Cash & Equivalents | $313.3M+10.5% | $283.6M+8.0% | $262.6M+18.0% | $222.5M |
| Inventory | $82.3M-12.6% | $94.2M | N/A | $107.7M |
| Accounts Receivable | $466.0M-7.5% | $503.8M | N/A | $589.7M |
| Goodwill | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.4B-4.9% | $1.4B | N/A | $1.7B |
| Current Liabilities | $738.4M+12.9% | $653.8M | N/A | $661.2M |
| Long-Term Debt | $1.0B-8.5% | $1.1B | N/A | $1.3B |
| Total Equity | $2.3B+1.7% | $2.3B | N/A | $2.2B |
| Retained Earnings | $778.5M+10.4% | $705.2M | N/A | $631.0M |
HAFN Cash Flow Statement
| Metric | Q1'26 | Q3'25 | Q1'25 | Q3'24 |
|---|---|---|---|---|
| Operating Cash Flow | $187.7M | N/A | $300.7M | N/A |
| Capital Expenditures | $41.0M | N/A | $13.3M | N/A |
| Free Cash Flow | $146.7M | N/A | $287.3M | N/A |
| Investing Cash Flow | -$32.3M | N/A | $7.6M | N/A |
| Financing Cash Flow | -$110.2M | N/A | -$262.3M | N/A |
| Dividends Paid | $50.5M | N/A | $175.7M | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A |
HAFN Financial Ratios
| Metric | Q1'26 | Q3'25 | Q1'25 | Q3'24 |
|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A |
| Return on Equity | 3.3% | N/A | N/A | N/A |
| Return on Assets | 2.1% | N/A | N/A | N/A |
| Current Ratio | 1.21-0.2 | 1.38 | N/A | 1.41 |
| Debt-to-Equity | 0.45-0.0 | 0.50 | N/A | 0.58 |
| FCF Margin | N/A | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
What is Hafnia's annual revenue?
Hafnia (HAFN) reported $1.4B in total revenue for fiscal year 2025. This represents a -50.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Hafnia's revenue growing?
Hafnia (HAFN) revenue declined by 50.4% year-over-year, from $2.9B to $1.4B in fiscal year 2025.
Is Hafnia profitable?
Yes, Hafnia (HAFN) reported a net income of $339.7M in fiscal year 2025, with a net profit margin of 23.9%.
How much debt does Hafnia have?
As of fiscal year 2025, Hafnia (HAFN) had $283.6M in cash and equivalents against $1.1B in long-term debt.
What is Hafnia's net profit margin?
Hafnia (HAFN) had a net profit margin of 23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Hafnia's return on equity (ROE)?
Hafnia (HAFN) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hafnia's free cash flow?
Hafnia (HAFN) generated $456.7M in free cash flow during fiscal year 2025. This represents a -53.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Hafnia's operating cash flow?
Hafnia (HAFN) generated $602.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hafnia's total assets?
Hafnia (HAFN) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hafnia's capital expenditures?
Hafnia (HAFN) invested $146.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Hafnia's current ratio?
Hafnia (HAFN) had a current ratio of 1.48 as of fiscal year 2025, which is considered adequate.
What is Hafnia's debt-to-equity ratio?
Hafnia (HAFN) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hafnia's return on assets (ROA)?
Hafnia (HAFN) had a return on assets of 8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Hafnia's Piotroski F-Score?
Hafnia (HAFN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Hafnia's earnings high quality?
Hafnia (HAFN) has an earnings quality ratio of 1.77x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Hafnia?
Hafnia (HAFN) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.