# ZIM Integrated Shipping Services (ZIM.US)

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

Analysis as of: 2026-10-16T07:33:21.530Z. Financial observations: FY2014–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: $29.54 per share; close as of 2026-10-15.

Estimated value: low $225.69 per share, central $255.08 per share, high $294.21 per share. Buy at or below the central value $255.08 per share. Valuation as of 2026-10-16T07:33:21.530Z; scenarios are not confidence intervals.

Expected annual return: 114.7% at the stated quote. About 114.7% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 1.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.00×

- FY2019: 0.03×

- FY2020: 0.17×

- FY2021: 0.54×

- FY2022: 0.48×

- FY2023: -0.09×

- FY2024: 0.29×

- FY2025: 0.12×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.2%

- ROIC, second-lowest year: -6.4%

- Typical minus recent gross margin: -3.8 pp

- Typical gross margin (annual median): 12.9%

- Recent gross margin (lower of latest and 3-year median): 16.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 19.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -6.4%

- FY2017: 7.9%

- FY2018: 0.3%

- FY2019: 8.5%

- FY2020: 46.3%

- FY2021: >100%

- FY2022: 67.0%

- FY2023: -6.4%

- FY2024: 30.6%

- FY2025: 7.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.48×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $14B

- Net income, five-year total: $9.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.8 pp

- Working capital / revenue, final three-year average: 6.2%

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

- FY2021: 1.00×

- FY2022: 1.23×

- FY2023: 0.50×

- FY2024: 1.43×

- FY2025: 3.23×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.3% vs 7.7%

- Per-share earnings: 0.02 to 3.98 (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: 1.9%

- Ordinary dilution, 5-year annual growth: 2.9%

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 2.9%

- Per-share value growth: 90.9%

- Per-share value change: $3.95

- Per-share value, starting three-year median: $0.02

- Per-share value, ending three-year median: $3.98

- Average buyback yield: 1.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $234M

- Cumulative net income, 10 years: $9.4B

- ROIC, first three-year median: 0.3%

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.68

- FY2017: $0.06

- FY2018: -$1.26

- FY2019: -$0.18

- FY2020: $4.96

- FY2021: $39.02

- FY2022: $38.35

- FY2023: -$22.42

- FY2024: $17.82

- FY2025: $3.98

### accounting: pass

- Sloan accruals: -12.2%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.5%

- FY2017: -12.5%

- FY2018: -19.2%

- FY2019: -20.2%

- FY2020: -12.8%

- FY2021: -13.5%

- FY2022: -12.8%

- FY2023: -44.5%

- FY2024: -14.1%

- FY2025: -12.2%

## Holders

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

## Price story

Down 59% since Mar 2022 · "ZIM Swings to First-Quarter Loss as Freight Rates Weaken, Shares Slip (ZIM)" (finance.yahoo.com, May 2026) · sales -6.7%

Story as of 2026-10-16T09:59:55.433Z; price observation 2026-10-15.

Price needs cash profits to shrink 37.3% a year for ten years

- 2025-08-25: ZIM Integrated Shipping warns on Turkish ban on Israeli vessels ([seekingalpha.com](https://seekingalpha.com/news/4488729-zim-integrated-shipping-warns-on-turkish-ban-on-israeli-vessels?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-20: ZIM Integrated Shipping Services Q3 Net Profit Plunges As Revenue Declines ([nasdaq.com](https://www.nasdaq.com/articles/zim-integrated-shipping-services-q3-net-profit-plunges-revenue-declines))

- 2026-02-17: Hapag-Lloyd Aktiengesellschaft Signs Deal to Buy ZIM for $4.2B, Targets €500M in Synergies ([finance.yahoo.com](https://finance.yahoo.com/news/hapag-lloyd-aktiengesellschaft-signs-deal-165016100.html))

- 2026-05-20: ZIM Swings to First-Quarter Loss as Freight Rates Weaken, Shares Slip (ZIM) ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zim-swings-first-quarter-loss-125304749.html))

- 2026-08-19: ZIM Q2 Earnings Beat Estimates as Freight Rates and Volume Rise ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zim-q2-earnings-beat-estimates-172300442.html))

- 2026-09-02: ZIM Stock Drops -- Fresh Israel Pushback Threatens $4.2 Billion Takeover ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zim-stock-drops-fresh-israel-122432595.html))

### Sales · FY2025–2026

sales -6.7%; source https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm; observed 2026-03-09.

- FY2017: $3.0B 

- FY2018: $3.2B 

- FY2019: $3.3B 

- FY2020: $4.0B 

- FY2021: $11B 

- FY2022: $13B 

- FY2023: $5.2B 

- FY2024: $8.4B 

- FY2025: $6.9B 

- FY2026: $6.4B 

### Gross margin · FY2025

gross margin 16.8%; source https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm; observed 2026-03-09.

- FY2016: 1.7% 

- FY2017: 9.1% 

- FY2018: 4.2% 

- FY2019: 7.4% 

- FY2020: 21.1% 

- FY2021: 56.3% 

- FY2022: 51.0% 

- FY2024: 32.9% 

- FY2025: 16.8% 

## Owner memo

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

### How it makes money

Operates in marine shipping; annual sales are USD 6.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm (filed 2026-03-09); FY2025: revenue 6904200000; grossProfit 1157300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZIM.US: ZIM Integrated Shipping Services Ltd., together with its subsidiaries, provides container shipping and related services in Israel and internationally. The company offers door-to-door and port-to-port transportation services for various types of customers, including end-users, consolidators, and freight forwarders. It also provides ZIMonitor, a reefer cargo tracking service, a device attached to the engine of the reefer, and allows customers to track and monitor, cargo, such as pharmaceuticals, food and delicate electronics. As of December 31, 2025, it operated a fleet of 128 vessels, such as 115 container vessels and 13 vehicle transport vessels, as well as a network of 56 weekly lines. ZIM Integrated Shipping Services Ltd. was incorporated in 1945 and is headquartered in Haifa, Israel.

### Why customers stay

It earns 8.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2023: grossProfit / revenue = -3.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2024: grossProfit / revenue = 32.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm (filed 2026-03-09); FY2025: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); 10-year return on capital observations [[2016,-0.06435296624008469],[2017,0.07933864654145528],[2018,0.002751910645488803],[2019,0.08456900663484321],[2020,0.4629965786303222],[2021,1.1279435983165118],[2022,0.6698941099354162],[2023,-0.06388609626611637],[2024,0.3057767630474762],[2025,0.07741040253929345]]; median 0.08195382658814925. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2017: growth capex 0; upkeep 29494000; owner earnings 85127000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2019: growth capex 0; upkeep 16150000; owner earnings 211211000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2020: growth capex 0; upkeep 42641000; owner earnings 789505000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2021: growth capex 225807000; upkeep 779223000; cash acquisitions 182399000; owner earnings 4640305000. Growth capex plus acquisitions / owner earnings = 0.08796964854680889.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2022: growth capex 0; upkeep 345500000; owner earnings 5670200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2024: growth capex 0; upkeep 214100000; owner earnings 3076100000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm (filed 2026-03-09); FY2025: growth capex 0; upkeep 217700000; owner earnings 1547600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Dividend observations: [[2016,0],[2017,0],[2018,299388000],[2019,299388000],[2020,4360000000],[2021,536388000],[2022,3303300000],[2023,769200000],[2024,579200000],[2025,515600000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZIM.US SharesStats.PercentInsiders = 1.471 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 37.3% yearly over ten years; actual growth was 33.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Ten-year compound average after fade. Initial solved rate -0.5090675399858189. Price 29.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.69209 → FY2025 12.841463995268208. Closing-price date 2026-10-15.

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

- 2021-01: $12.05 per share

- 2021-02: $19.94 per share

- 2021-03: $24.34 per share

- 2021-04: $37.45 per share

- 2021-05: $46.40 per share

- 2021-06: $44.93 per share

- 2021-07: $39.14 per share

- 2021-08: $48.30 per share

- 2021-09: $50.70 per share

- 2021-10: $51.22 per share

- 2021-11: $55.28 per share

- 2021-12: $58.86 per share

- 2022-01: $66.72 per share

- 2022-02: $69.79 per share

- 2022-03: $72.71 per share

- 2022-04: $55.63 per share

- 2022-05: $63.67 per share

- 2022-06: $47.23 per share

- 2022-07: $49.82 per share

- 2022-08: $36.09 per share

- 2022-09: $23.50 per share

- 2022-10: $23.49 per share

- 2022-11: $21.02 per share

- 2022-12: $17.19 per share

- 2023-01: $18.95 per share

- 2023-02: $23.66 per share

- 2023-03: $23.58 per share

- 2023-04: $17.07 per share

- 2023-05: $12.73 per share

- 2023-06: $12.39 per share

- 2023-07: $15.14 per share

- 2023-08: $12.07 per share

- 2023-09: $10.45 per share

- 2023-10: $7.74 per share

- 2023-11: $7.00 per share

- 2023-12: $9.87 per share

- 2024-01: $15.00 per share

- 2024-02: $11.91 per share

- 2024-03: $10.12 per share

- 2024-04: $13.25 per share

- 2024-05: $22.54 per share

- 2024-06: $22.17 per share

- 2024-07: $19.69 per share

- 2024-08: $18.27 per share

- 2024-09: $25.66 per share

- 2024-10: $23.79 per share

- 2024-11: $22.04 per share

- 2024-12: $21.47 per share

- 2025-01: $17.80 per share

- 2025-02: $20.22 per share

- 2025-03: $14.59 per share

- 2025-04: $15.35 per share

- 2025-05: $17.45 per share

- 2025-06: $16.09 per share

- 2025-07: $15.85 per share

- 2025-08: $13.61 per share

- 2025-09: $13.55 per share

- 2025-10: $15.38 per share

- 2025-11: $20.41 per share

- 2025-12: $21.23 per share

- 2026-01: $22.03 per share

- 2026-02: $28.83 per share

- 2026-03: $26.35 per share

- 2026-04: $26.44 per share

- 2026-05: $23.49 per share

- 2026-06: $26.00 per share

- 2026-07: $25.19 per share

- 2026-08: $27.40 per share

- 2026-09: $29.32 per share

- 2026-10: $29.54 per share

## Annual estimated value (USD per share)

- FY2019: low $10.10 per share, central $11.25 per share, high $12.79 per share

- FY2020: low $17.19 per share, central $18.83 per share, high $21.02 per share

- FY2021: low $92.31 per share, central $101.02 per share, high $112.60 per share

- FY2022: low $250.41 per share, central $281.50 per share, high $322.88 per share

- FY2023: low $106.91 per share, central $119.71 per share, high $136.75 per share

- FY2024: low $295.20 per share, central $333.67 per share, high $384.89 per share

- FY2025: low $242.24 per share, central $273.76 per share, high $315.71 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/1654126/000117891326000784/zk2634463.htm); period 2025-12-31, filed 2026-03-09.

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.