HAFN
Hafnia Limited
HAFN's fundamentals are strong, but it looks expensive: trading at 7.3x earnings, right at its usual valuation. Analysts expect earnings growth, though they disagree widely on how much.
HAFN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
HAFN's revenue, profitability, cash flow and balance sheet are all currently healthy.
HAFN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.4x | $4.41 | -54% |
| Forward | 6.7x | $9.62 | — |
| Fair | 7.1x | $9.33 | -3% |
| Current | 7.3x | $9.62 | — |
| Expensive | 10x | $13.28 | +38% |
Historical ranges are pointers, not guarantees.
HAFN's PE is in its fair range at 7.3x. If earnings grow as analysts expect, today's price would be 6.7x next year's earnings.
HAFN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for HAFN, but weaker profitability. However, they disagree widely on these estimates.
HAFN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.44 | +10% |
| Q2 2026 | $1.31 | +54% |
| Q1 2026 | $0.91 | -24% |
| Q4 2025 | $0.68 | -54% |
| Q3 2025 | $0.61 | -64% |
| Q2 2025 | $0.85 | -46% |
| Q1 2025 | $1.20 | -19% |
| Q4 2024 | $1.49 | -4.5% |
| Q3 2024 | $1.71 | -2.3% |
HAFN's earnings per share have fallen from their peak: $1.31 over the past year, against $2.00 in mid-2023.
HAFN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $815.8M | +47% |
| Q1 2026 | $671.2M | +23% |
| Q4 2025 | $593.2M | +11% |
| Q3 2025 | $586.9M | -18% |
| Q2 2025 | $554.2M | -33% |
| Q1 2025 | $547.9M | -30% |
| Q4 2024 | $532.9M | -54% |
| Q3 2024 | $719.7M | +11% |
HAFN's revenue is recovering but still below its 2023 peak: $816M last quarter, up 47% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | +15 points |
| Q1 2026 | 22% | +8.7 points |
| Q4 2025 | 16% | -1.4 points |
| Q3 2025 | 17% | -13 points |
| Q2 2025 | 15% | -17 points |
| Q1 2025 | 14% | -16 points |
| Q4 2024 | 17% | +1.7 points |
| Q3 2024 | 30% | +4.7 points |
HAFN's operating margin was 29% last quarter, up 14 points from the same quarter a year ago.
HAFN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $252.1M | +72% |
| Q1 2026 | $106.9M | -2.9% |
| Q4 2025 | $113.1M | -39% |
| Q3 2025 | $74.1M | -73% |
| Q2 2025 | $146.7M | -49% |
| Q1 2025 | $110M | -53% |
| Q4 2024 | $183.9M | +20% |
| Q3 2024 | $276.4M | -5% |
HAFN still generates free cash flow, though less than at its 2023 peak: $546M over the past year.
HAFN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +708K shares |
| 1 year | +0.4% | +2M shares |
| 3 years | -0.3% | -1.3M shares |
HAFN has 506M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $434,308 |
| Q3 2025 | $379,789 |
| Q2 2025 | $1M |
| Q1 2025 | $27.7M |
| Q4 2024 | — |
| Q3 2024 | — |
HAFN has spent almost nothing on buybacks in the past year.
HAFN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 0.8x | Very low |
| Q3 2024 | 0.7x | Very low |
HAFN's net debt is less than a year of its operating earnings (EBITDA), down from a year a year ago.
HAFN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.5 | Neutral |
| Stochastic | 69.9 | Neutral |
HAFN's weekly RSI is 56 (neutral) and its Stochastic is 70 (neutral).
HAFN PE vs Industrials Sector
| Metric | HAFN | Sector median | Relative |
|---|---|---|---|
| PE | 7.3x | 24x | 69% below |
| PE % | 56 | 43 | 13 pts above |
HAFN is trading at 7.3x earnings, a 69% discount to the Industrials sector's median of 24x.
HAFN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.0 | 4.1% below |
| 20 week MA | $8.89 | 8.2% above |
| 50 week MA | $7.79 | 23% above |
| 100 week MA | $6.58 | 46% above |
HAFN's trend is up, with a small recent dip: it's below only its 8-week average, and 46% above its 100-week average.
HAFN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $7.47 | $5.45 | -27% |
| 2025 | $5.45 | $5.37 | -1.5% |
| 2026 YTD | $5.37 | $9.62 | +79% |
HAFN has finished every year since 2024 lower, and it's up 79% so far in 2026.