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what it is
DHT owns 23 giant crude tankers and gets paid to move oil around the world.
how it gets paid
Last year DHT made $572M in revenue. Spot market voyages was the main engine at $377.5M, or 66% of sales.
what just happened
DHT printed $0.28 EPS on about $107M of quarterly revenue—roughly one-fifth of the $572M annual total above—with profit up even as that quarter's sales fell vs. prior year.
At a glance
n/a balance sheet
20/100 earnings predictability — expect surprises
11.6x trailing p/e — the market's not buying it — or you found a deal
9.7% dividend yield — cash in your pocket every quarter
14.4% return on capital — decent for a cyclical fleet, not elite
xvary composite: 73/100 — average
What they do
DHT owns 23 giant crude tankers and gets paid to move oil around the world.
This is a scale-and-discipline business. DHT owns 23 VLCCs with 7.16 million deadweight tons of capacity, and that size matters when customers need reliable ships on global routes. You are also buying a fleet with just 11% of capital tied up in long-term debt, which gives DHT room to survive rate swings that crush weaker operators.
How they make money
$572M
annual revenue
Spot market voyages
$377.5M
-24.0%
Time charter contracts
$183.0M
flat
Other vessel income
$11.4M
flat
The products that matter
crude oil transportation fleet
VLCC fleet
23 VLCCs
these 23 VLCCs are the business (aligned to the fleet count above). in Q4 2025 they earned a time charter equivalent rate of $60,300 per day, which tells you what the fleet was actually earning after voyage costs.
$60,300/day
rate-sensitive spot exposure
spot market operations
$377.5M · 66% of revenue
this is where the torque sits. $377.5M of revenue came from voyages that reprice with the market, so your upside is real and your earnings visibility is not.
66% exposed
contracted revenue buffer
time charter coverage
$183M time charter · ~32% of revenue
time charters are the quieter part of the model. $183M on the segment table (plus ~$11M other vessel income) buys some visibility, but not enough to turn DHT into a defensive income stock.
partial cushion
Key numbers
51.5%
operating margin
Operating margin → profit after running the business → so what: DHT keeps about $0.52 from every revenue dollar before interest and taxes.
9.7%
dividend yield
Dividend yield → yearly cash payout relative to stock price → so what: you are getting paid heavily, because this business is cyclical.
$331M
long-term debt
Long-term debt → money owed over years → so what: debt is only 11% of capital, which is low for a ship owner.
14.4%
return on capital
Return on capital → profit earned on the money invested in the business → so what: DHT is not just floating steel, it is earning decent returns.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 2 — safer than 80% of stocks
- price stability 35 / 100
- long-term debt $331M (11% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for DHT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
DHT printed $0.28 EPS on $107 million of quarterly revenue, with profits up even as sales fell.
Revenue fell 24% vs. prior year to $107 million, while EPS rose 27% to $0.28. Quiet part out loud: cost control and fleet economics mattered more than top-line growth this quarter.
$107M
revenue (Q)
$0.28
eps (Q)
51.5%
operating margin (Q)
the number that mattered
The key number was the 24% revenue drop, because it shows how violently tanker pricing can move even when EPS holds up.
source: company earnings report, 2026
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What could go wrong
the #1 risk is spot tanker rate volatility.
high
spot rates reset faster than the dividend can
66% of revenue days are exposed to the spot market. if crude shipping rates crack, earnings feel it fast because two-thirds of the business reprices with the market.
this risk touches 66% of revenue days and the full 9.7% income story.
med
the current margin is cyclical, not permanent
a ~52% operating margin looks elite until you remember what business this is. tanker companies do not defend margins with software lock-in; they rent steel boxes on the ocean at whatever the market clears.
if rates normalize, the margin is the first thing to shrink and the p/e stops looking cheap.
med
geopolitics can help rates, then reverse them
shipping names often rally when trade routes get messier or oil flows get rerouted. the quiet part: those spikes are hard to underwrite, and they disappear once the route map calms down.
you can be right on the dividend and still get hit by a rate reset when the geopolitical premium fades.
low
data gaps hide some of the underwriting work
institutional ownership is still being compiled, long-term target data is unavailable, and the balance sheet grade is marked n/a. that does not make the stock riskier by itself, but it does force you back onto the operating numbers.
when the data is thin, charter mix, fleet utilization, and dividend coverage matter even more.
66% of revenue days float with the market, so any freight-rate reset pressures earnings and the 9.7% dividend at the same time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
charter mix
spot exposure staying near 66%
this is the lever that tells you how much of next quarter is already spoken for. if spot exposure stays this high, your upside stays open and your earnings visibility stays limited.
rates
whether $60,300 per day holds up
Q4 2025 showed strong realized earnings per day. if that rate slips, the valuation and the dividend headline both get harder to defend.
calendar
next dividend checkpoints after the february 19 ex-date
the payout gets attention because it is 9.7%. what you care about is not the last ex-date. it is whether the next declaration still fits the freight market.
fleet
how the new VLCC and the DHT Opal charter are deployed
a new vessel adds earning capacity and the one-year Opal charter adds some stability. together they show whether management is leaning harder into fixed coverage or still pressing the spot market bet.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not trust quarterly precision here because tanker rates move too much.
risk rank
2
safer than 80% of stocks on this measure. that does not mean stable price action — it means the balance-sheet risk looks more manageable than the share-price chart does.
price stability
35 / 100
the stock moves around. that matches the business model: high spot exposure, high dividend attention, low ability to smooth the cycle.
source: institutional data
Institutional activity
institutional ownership data for DHT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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