DIANA SHIPPING INC. (DSX) intrinsic value & 10-year financials
DIANA SHIPPING INC. (DSX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 7.2% a year to $213.5M, with an average return on invested capital of -3.4%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $213.5M
- Revenue growth (10-yr CAGR)
- 7.2%
- ROIC (10-yr avg)
- -3.4%
- Free cash flow (FY2025)
- $45.8M
DSX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $213.5M | $17.8M | $0.11 | $45.8M | 19.8% | 1.7% |
| FY2024 | $228.2M | $12.7M | $0.05 | $79.8M | 25.8% | 1.3% |
| FY2023 | $262.1M | $49.8M | $0.42 | $40.6M | 32.7% | 4.8% |
| FY2022 | $290.0M | $119.1M | $1.36 | -$71.4M | 49.2% | 13.4% |
| FY2021 | $214.2M | $57.4M | $0.61 | $72.3M | 29.7% | 7.7% |
| FY2020 | $169.7M | -$134.2M | -$1.62 | $11.2M | -66.4% | -15.6% |
| FY2019 | $220.7M | -$10.5M | -$0.17 | $47.1M | 8.0% | -1.1% |
| FY2018 | $226.2M | $16.6M | — | $77.4M | 16.9% | 1.5% |
| FY2017 | $161.9M | -$511.7M | — | -$102.4M | -298.9% | -37.3% |
| FY2016 | $114.3M | -$164.2M | — | -$71.9M | -77.3% | -10.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
DIANA SHIPPING INC. has demonstrated mature, steady growth, with revenue compounding at 7.2% annually over the past decade.
DIANA SHIPPING INC. has historically struggled to out-earn its cost of capital, averaging just -3.4% ROIC.
DIANA SHIPPING INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, DIANA SHIPPING INC. is modeled at -5.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.16 per share.