# DHT Holdings (DHT.US)

Canonical: https://gigainvestors.com/s/DHT

Analysis as of: 2026-10-16T07:28:00.791Z. Financial observations: FY2000–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $23.43 per share; close as of 2026-10-15.

Estimated value: low $15.02 per share, central $16.96 per share, high $19.55 per share. Buy at or below the central value $16.96 per share. Valuation as of 2026-10-16T07:28:00.791Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.66×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.12×

- FY2018: 0.04×

- FY2019: 0.26×

- FY2020: 0.45×

- FY2021: 0.00×

- FY2022: 0.16×

- FY2023: 0.34×

- FY2024: 0.37×

- FY2025: 0.34×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: 0.7%

- Typical minus recent gross margin: -5.0 pp

- Typical gross margin (annual median): 33.1%

- Recent gross margin (lower of latest and 3-year median): 38.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 40.9%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.1%

- FY2017: 2.6%

- FY2018: 0.7%

- FY2019: 8.1%

- FY2020: 21.0%

- FY2021: 0.0%

- FY2022: 5.5%

- FY2023: 13.9%

- FY2024: 15.3%

- FY2025: 11.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $482M

- Net income, five-year total: $604M

- Return on incremental invested capital: 4.7%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 14.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 4.99×

- FY2022: 2.84×

- FY2023: 1.00×

- FY2024: 1.08×

- FY2025: 0.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.6% vs 13.9%

- Per-share earnings: 0.08 to 1.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.6%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: $1.5B

- Cumulative retained earnings: $109M

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 38.9%

- Per-share value change: $1.04

- Per-share value, starting three-year median: $0.08

- Per-share value, ending three-year median: $1.12

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 1.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $1.4M

- Cumulative net income, 10 years: $913M

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 13.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.08

- FY2017: $0.05

- FY2018: -$0.33

- FY2019: $0.44

- FY2020: $1.56

- FY2021: -$0.07

- FY2022: $0.38

- FY2023: $1.00

- FY2024: $1.12

- FY2025: $1.31

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.31×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.2%

- FY2017: -5.5%

- FY2018: -5.4%

- FY2019: -4.5%

- FY2020: -16.3%

- FY2021: -4.5%

- FY2022: -4.4%

- FY2023: -6.0%

- FY2024: -7.9%

- FY2025: -4.1%

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 5.1% a year for ten years · "DHT secures VLCC time charter at dayrate above $100K" (seekingalpha.com, Feb 2026) · sales -13%

Story as of 2026-10-16T09:58:38.221Z; price observation 2026-10-15.

Price needs cash profits to grow 5.1% a year for ten years

- 2026-02-22: DHT Holdings Charters VLCCs At Higher Rates As Shares Outrun Target ([finance.yahoo.com](https://finance.yahoo.com/news/dht-holdings-charters-vlccs-higher-231128881.html))

- 2026-07-11: DHT Holdings (DHT) Accelerates Newbuild Upgrades To Widen Tanker Trading Options ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dht-holdings-dht-accelerates-newbuild-001730958.html))

### Sales · FY2024–2025

sales -13%; source https://www.sec.gov/Archives/edgar/data/1331284/000114036126010407/ef20059925_20f.htm; observed 2026-03-19.

- FY2016: $356M 

- FY2017: $355M 

- FY2018: $376M 

- FY2019: $535M 

- FY2020: $691M 

- FY2021: $296M 

- FY2022: $454M 

- FY2023: $561M 

- FY2024: $572M 

- FY2025: $497M 

### Gross margin · FY2025

gross margin 38.2%; source https://www.sec.gov/Archives/edgar/data/1331284/000114036126010407/ef20059925_20f.htm; observed 2026-03-19.

- FY2016: 40.6% 

- FY2017: 20.4% 

- FY2018: 9.2% 

- FY2019: 28.7% 

- FY2020: 49.8% 

- FY2022: 15.8% 

- FY2023: 37.6% 

- FY2024: 54.8% 

- FY2025: 38.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 497.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1331284/000114036126010407/ef20059925_20f.htm (filed 2026-03-19); FY2025: revenue 497197000; grossProfit 189745000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DHT.US: DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Norway, and India. The company also offers technical management services. As of December 15, 2025, it had a fleet of 22 very large crude carriers. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.

### Why customers stay

Margins ranged from 37.6% to 54.8% during 2023–25; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: grossProfit / revenue = 54.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1331284/000114036126010407/ef20059925_20f.htm (filed 2026-03-19); FY2025: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); 10-year return on capital observations [[2016,0.031398521039195965],[2017,0.025972825569689287],[2018,0.007424824019404867],[2019,0.08067116355503488],[2020,0.2097213114789567],[2021,0.00010550464781096698],[2022,0.05494396113106549],[2023,0.13925304739922095],[2024,0.15297636803182296],[2025,0.11442359058521355]]; median 0.06780756234305019. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2019: growth capex 0; upkeep 53882000; owner earnings 135381000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2020: growth capex 0; upkeep 27552000; owner earnings 362959000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2022: growth capex 0; upkeep 10145000; owner earnings 174630000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: growth capex 19331000; upkeep 108902000; owner earnings 161353000. Growth capex / owner earnings = 0.11980564352692544.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: growth capex 0; upkeep 97032000; owner earnings 196229000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1331284/000114036126010407/ef20059925_20f.htm (filed 2026-03-19); FY2025: growth capex 0; upkeep 309942000; owner earnings 7520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2016,66365000],[2017,23328000],[2018,11487000],[2019,28685000],[2020,214669000],[2021,22083000],[2022,19679000],[2023,186672000],[2024,161396000],[2025,118913000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DHT.US SharesStats.PercentInsiders = 9.896 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.1% yearly over ten years; actual decline was 25.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Ten-year compound average after fade. Initial solved rate 0.06064808296991153. Price 23.43; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9336218965197755 → FY2025 0.04673167257751896. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $4.07 per share

- 2016-11: $3.55 per share

- 2016-12: $4.14 per share

- 2017-01: $4.69 per share

- 2017-02: $4.63 per share

- 2017-03: $4.47 per share

- 2017-04: $4.79 per share

- 2017-05: $4.22 per share

- 2017-06: $4.15 per share

- 2017-07: $4.16 per share

- 2017-08: $3.75 per share

- 2017-09: $3.98 per share

- 2017-10: $3.94 per share

- 2017-11: $3.87 per share

- 2017-12: $3.59 per share

- 2018-01: $3.46 per share

- 2018-02: $3.76 per share

- 2018-03: $3.40 per share

- 2018-04: $3.63 per share

- 2018-05: $4.14 per share

- 2018-06: $4.69 per share

- 2018-07: $4.25 per share

- 2018-08: $4.68 per share

- 2018-09: $4.70 per share

- 2018-10: $5.03 per share

- 2018-11: $4.52 per share

- 2018-12: $3.92 per share

- 2019-01: $4.05 per share

- 2019-02: $4.32 per share

- 2019-03: $4.46 per share

- 2019-04: $5.33 per share

- 2019-05: $5.56 per share

- 2019-06: $5.91 per share

- 2019-07: $5.65 per share

- 2019-08: $5.62 per share

- 2019-09: $6.15 per share

- 2019-10: $7.73 per share

- 2019-11: $7.34 per share

- 2019-12: $8.28 per share

- 2020-01: $5.63 per share

- 2020-02: $5.55 per share

- 2020-03: $7.67 per share

- 2020-04: $7.26 per share

- 2020-05: $5.94 per share

- 2020-06: $5.13 per share

- 2020-07: $5.68 per share

- 2020-08: $5.29 per share

- 2020-09: $5.16 per share

- 2020-10: $4.81 per share

- 2020-11: $5.11 per share

- 2020-12: $5.23 per share

- 2021-01: $5.37 per share

- 2021-02: $5.58 per share

- 2021-03: $5.93 per share

- 2021-04: $5.90 per share

- 2021-05: $6.40 per share

- 2021-06: $6.49 per share

- 2021-07: $5.80 per share

- 2021-08: $5.53 per share

- 2021-09: $6.53 per share

- 2021-10: $6.51 per share

- 2021-11: $5.55 per share

- 2021-12: $5.19 per share

- 2022-01: $4.88 per share

- 2022-02: $6.29 per share

- 2022-03: $5.80 per share

- 2022-04: $5.62 per share

- 2022-05: $5.96 per share

- 2022-06: $6.13 per share

- 2022-07: $6.57 per share

- 2022-08: $7.81 per share

- 2022-09: $7.56 per share

- 2022-10: $8.91 per share

- 2022-11: $10.13 per share

- 2022-12: $8.88 per share

- 2023-01: $8.57 per share

- 2023-02: $11.57 per share

- 2023-03: $10.81 per share

- 2023-04: $9.49 per share

- 2023-05: $7.69 per share

- 2023-06: $8.53 per share

- 2023-07: $9.85 per share

- 2023-08: $9.25 per share

- 2023-09: $10.30 per share

- 2023-10: $11.12 per share

- 2023-11: $9.96 per share

- 2023-12: $9.81 per share

- 2024-01: $11.12 per share

- 2024-02: $10.82 per share

- 2024-03: $11.50 per share

- 2024-04: $11.42 per share

- 2024-05: $12.10 per share

- 2024-06: $11.57 per share

- 2024-07: $11.75 per share

- 2024-08: $10.83 per share

- 2024-09: $11.03 per share

- 2024-10: $10.32 per share

- 2024-11: $9.42 per share

- 2024-12: $9.29 per share

- 2025-01: $11.32 per share

- 2025-02: $10.34 per share

- 2025-03: $10.50 per share

- 2025-04: $10.69 per share

- 2025-05: $11.58 per share

- 2025-06: $10.81 per share

- 2025-07: $11.09 per share

- 2025-08: $11.72 per share

- 2025-09: $11.95 per share

- 2025-10: $13.28 per share

- 2025-11: $13.03 per share

- 2025-12: $12.21 per share

- 2026-01: $14.33 per share

- 2026-02: $19.49 per share

- 2026-03: $18.27 per share

- 2026-04: $18.48 per share

- 2026-05: $16.32 per share

- 2026-06: $16.53 per share

- 2026-07: $18.57 per share

- 2026-08: $19.60 per share

- 2026-09: $22.57 per share

- 2026-10: $23.43 per share

## Annual estimated value (USD per share)

- FY2022: low $8.44 per share, central $9.50 per share, high $10.92 per share

- FY2023: low $11.33 per share, central $12.84 per share, high $14.85 per share

- FY2024: low $16.95 per share, central $24.03 per share, high $28.16 per share

- FY2025: low $10.15 per share, central $11.49 per share, high $13.27 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1331284/000114036126010407/ef20059925_20f.htm); period 2025-12-31, filed 2026-03-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.