# Diana Shipping (DSX.US)

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

Analysis as of: 2026-10-16T07:28:06.765Z. Financial observations: FY2003–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $2.56 per share; close as of 2026-10-15.

Estimated value: low $7.07 per share, central $7.75 per share, high $8.65 per share. Buy at or below the central value $7.75 per share. Valuation as of 2026-10-16T07:28:06.765Z; scenarios are not confidence intervals.

Expected annual return: 112.7% at the stated quote. About 112.7% 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

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 3

- Operating margin variation: 5.65×

Chart: Operating margin; fiscal year observations.

- FY2017: -2.99×

- FY2018: 0.17×

- FY2019: 0.08×

- FY2020: -0.66×

- FY2021: 0.29×

- FY2022: 0.48×

- FY2023: 0.31×

- FY2024: 0.23×

- FY2025: 0.18×

- LTM to Jun 2026: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: -11.1%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 33.1%

- Recent gross margin (lower of latest and 3-year median): 34.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.7%

- ROIC including acquisitions, ten-year median: 4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -4.5%

- FY2017: -32.2%

- FY2018: 3.7%

- FY2019: 1.5%

- FY2020: -11.1%

- FY2021: 8.5%

- FY2022: 13.4%

- FY2023: 8.2%

- FY2024: 4.4%

- FY2025: 3.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $353M

- Net income, five-year total: $257M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.5 pp

- Working capital / revenue, change between three-year averages: -18.8 pp

- Working capital / revenue, final three-year average: 0.0%

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

- FY2021: 1.37×

- FY2022: 1.00×

- FY2023: 1.36×

- FY2024: 2.62×

- FY2025: 3.03×

### management: fail

- 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: -4.5% vs 4.4%

- Per-share earnings: -2.04 to 0.16 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.5%

- Ordinary dilution, 5-year annual growth: 5.2%

- Market cap gain: -$37M

- Cumulative retained earnings: -$699M

- Diluted shares, 10-year annual growth: 3.5%

- Diluted shares, 5-year annual growth: 5.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.20

- Per-share value, starting three-year median: -$2.04

- Per-share value, ending three-year median: $0.16

- Buybacks concentrated in cheaper years (correlation): -0.36

- Average buyback yield: 8.4%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: -$547M

- ROIC, first three-year median: -4.5%

- ROIC, last three-year median: 4.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.04

- FY2017: -$5.00

- FY2018: $0.16

- FY2019: -$0.12

- FY2020: -$1.55

- FY2021: $0.69

- FY2022: $1.32

- FY2023: $0.47

- FY2024: $0.11

- FY2025: $0.16

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 0.59×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.66×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.6%

- FY2017: -42.9%

- FY2018: -5.1%

- FY2019: -5.6%

- FY2020: -17.4%

- FY2021: -3.8%

- FY2022: -3.4%

- FY2023: -1.6%

- FY2024: -5.6%

- FY2025: -2.5%

## Holders

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

## Price story

Down 61% since May 2022 · sales +1.1%

Story as of 2026-10-16T09:58:39.533Z; price observation 2026-10-15.

Price needs cash profits to shrink 37% a year for ten years

### Sales · FY2025–2026

sales +1.1%; source https://www.sec.gov/Archives/edgar/data/1318885/000156276226000030/dsx-20251231.htm; observed 2026-03-13.

- FY2017: $162M 

- FY2018: $226M 

- FY2019: $221M 

- FY2020: $170M 

- FY2021: $214M 

- FY2022: $290M 

- FY2023: $262M 

- FY2024: $228M 

- FY2025: $214M 

- FY2026: $216M 

### Gross margin · FY2025

gross margin 34.8%; source https://www.sec.gov/Archives/edgar/data/1318885/000156276226000030/dsx-20251231.htm; observed 2026-03-13.

- FY2018: 31.4% 

- FY2019: 30.7% 

- FY2020: 16.1% 

- FY2021: 43.6% 

- FY2022: 57.8% 

- FY2023: 43.2% 

- FY2024: 38.3% 

- FY2025: 34.8% 

## Owner memo

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

### How it makes money

Operates in marine shipping; annual sales are USD 213.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1318885/000156276226000030/dsx-20251231.htm (filed 2026-03-13); FY2025: revenue 213541000; grossProfit 74355000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); DSX.US: Diana Shipping Inc. provides shipping transportation services worldwide. It also engages in the ownership and bareboat charter-in of dry bulk carriers. The company transports a range of dry bulk cargoes, including commodities, such as iron ore, coal, grain, and other materials in shipping routes. December 31, 2025, the company had a fleet of 36 dry bulk carriers, owned and chartered-in, consisting of nineUltramax, five Panamax, six Kamsarmax, four Post-Panamax, eight Capesize and four Newcastlemaxvessels, having a combined carrying capacity of approximately 4.1 million dwt. The company was formerly known as Diana Shipping Investments Corp. and changed its name to Diana Shipping Inc. in February 2005. Diana Shipping Inc. was incorporated in 1999 and is based in Athens, Greece.

### Why customers stay

Margins ranged from 34.8% to 43.2% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2023: grossProfit / revenue = 43.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2024: grossProfit / revenue = 38.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1318885/000156276226000030/dsx-20251231.htm (filed 2026-03-13); FY2025: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); 10-year return on capital observations [[2016,-0.04482354807956686],[2017,-0.3224090512389168],[2018,0.03708529909657303],[2019,0.014845877318238677],[2020,-0.1105490988484734],[2021,0.08500471807775939],[2022,0.13431830962346353],[2023,0.0824845293625484],[2024,0.04385237674137902],[2025,0.03389070821636994]]; median 0.035488003656471485. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 23 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2018: growth capex 0; upkeep 2825000; owner earnings 65961000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2019: growth capex 0; upkeep 2929000; owner earnings 35440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2021: growth capex 0; upkeep 18993000; owner earnings 78893000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2022: growth capex 187643000; upkeep 43326000; owner earnings 119063000. Growth capex / owner earnings = 1.5759975811125202.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2023: growth capex 0; upkeep 31738000; owner earnings 67891000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2024: growth capex 0; upkeep 24234000; owner earnings 33430000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1318885/000156276226000030/dsx-20251231.htm (filed 2026-03-13); FY2025: growth capex 0; upkeep 3173000; owner earnings 54065000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Dividend observations: [[2016,5769000],[2017,5769000],[2018,5769000],[2019,5769000],[2020,5769000],[2021,14589000],[2022,85581000],[2023,47196000],[2024,34773000],[2025,10399000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1318885/000156276226000030/dsx-20251231.htm (filed 2026-03-13); FY2025: cash repurchases 23048000 USD.

### Are managers owners

Insiders own 40.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); DSX.US SharesStats.PercentInsiders = 40.5 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 37% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Ten-year compound average after fade. Initial solved rate -0.5051134389325427. Price 2.56; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.8064750124558084 → FY2025 0.4828991275393179. Closing-price date 2026-10-15.

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

- 2016-10: $2.29 per share

- 2016-11: $2.75 per share

- 2016-12: $2.77 per share

- 2017-01: $3.79 per share

- 2017-02: $3.50 per share

- 2017-03: $4.23 per share

- 2017-04: $3.65 per share

- 2017-05: $3.48 per share

- 2017-06: $3.72 per share

- 2017-07: $3.54 per share

- 2017-08: $3.63 per share

- 2017-09: $3.32 per share

- 2017-10: $3.70 per share

- 2017-11: $3.68 per share

- 2017-12: $3.73 per share

- 2018-01: $3.48 per share

- 2018-02: $3.52 per share

- 2018-03: $3.35 per share

- 2018-04: $3.29 per share

- 2018-05: $4.02 per share

- 2018-06: $4.40 per share

- 2018-07: $4.12 per share

- 2018-08: $3.90 per share

- 2018-09: $3.77 per share

- 2018-10: $3.49 per share

- 2018-11: $3.15 per share

- 2018-12: $2.91 per share

- 2019-01: $2.69 per share

- 2019-02: $2.41 per share

- 2019-03: $2.58 per share

- 2019-04: $2.91 per share

- 2019-05: $2.74 per share

- 2019-06: $3.03 per share

- 2019-07: $3.03 per share

- 2019-08: $3.09 per share

- 2019-09: $3.09 per share

- 2019-10: $3.36 per share

- 2019-11: $3.19 per share

- 2019-12: $2.85 per share

- 2020-01: $2.42 per share

- 2020-02: $2.01 per share

- 2020-03: $1.36 per share

- 2020-04: $1.72 per share

- 2020-05: $1.25 per share

- 2020-06: $1.37 per share

- 2020-07: $1.27 per share

- 2020-08: $1.34 per share

- 2020-09: $1.29 per share

- 2020-10: $1.25 per share

- 2020-11: $1.53 per share

- 2020-12: $1.77 per share

- 2021-01: $2.00 per share

- 2021-02: $2.78 per share

- 2021-03: $2.74 per share

- 2021-04: $3.42 per share

- 2021-05: $4.09 per share

- 2021-06: $4.77 per share

- 2021-07: $3.97 per share

- 2021-08: $4.55 per share

- 2021-09: $5.24 per share

- 2021-10: $4.59 per share

- 2021-11: $4.39 per share

- 2021-12: $4.06 per share

- 2022-01: $3.71 per share

- 2022-02: $5.20 per share

- 2022-03: $5.64 per share

- 2022-04: $4.87 per share

- 2022-05: $6.62 per share

- 2022-06: $5.00 per share

- 2022-07: $5.90 per share

- 2022-08: $5.07 per share

- 2022-09: $3.77 per share

- 2022-10: $4.51 per share

- 2022-11: $3.73 per share

- 2022-12: $4.07 per share

- 2023-01: $4.20 per share

- 2023-02: $4.83 per share

- 2023-03: $4.07 per share

- 2023-04: $4.14 per share

- 2023-05: $3.84 per share

- 2023-06: $3.85 per share

- 2023-07: $4.07 per share

- 2023-08: $3.77 per share

- 2023-09: $3.62 per share

- 2023-10: $3.40 per share

- 2023-11: $3.42 per share

- 2023-12: $2.97 per share

- 2024-01: $3.01 per share

- 2024-02: $3.05 per share

- 2024-03: $2.89 per share

- 2024-04: $2.97 per share

- 2024-05: $2.99 per share

- 2024-06: $2.86 per share

- 2024-07: $2.54 per share

- 2024-08: $2.50 per share

- 2024-09: $2.57 per share

- 2024-10: $2.30 per share

- 2024-11: $1.78 per share

- 2024-12: $1.96 per share

- 2025-01: $1.82 per share

- 2025-02: $1.86 per share

- 2025-03: $1.56 per share

- 2025-04: $1.46 per share

- 2025-05: $1.52 per share

- 2025-06: $1.46 per share

- 2025-07: $1.53 per share

- 2025-08: $1.64 per share

- 2025-09: $1.68 per share

- 2025-10: $1.75 per share

- 2025-11: $1.97 per share

- 2025-12: $1.66 per share

- 2026-01: $2.32 per share

- 2026-02: $2.58 per share

- 2026-03: $2.50 per share

- 2026-04: $2.51 per share

- 2026-05: $2.36 per share

- 2026-06: $2.10 per share

- 2026-07: $2.43 per share

- 2026-08: $2.73 per share

- 2026-09: $2.75 per share

- 2026-10: $2.56 per share

## Annual estimated value (USD per share)

- FY2021: low $5.97 per share, central $6.60 per share, high $7.42 per share

- FY2022: low $11.94 per share, central $13.95 per share, high $16.02 per share

- FY2023: low $8.94 per share, central $10.49 per share, high $11.98 per share

- FY2024: low $6.93 per share, central $7.68 per share, high $8.67 per share

- FY2025: low $7.51 per share, central $8.25 per share, high $9.25 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/1318885/000156276226000030/dsx-20251231.htm); period 2025-12-31, filed 2026-03-13.

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.