Performance Shipping Inc. (PSHG) intrinsic value & 10-year financials
Performance Shipping Inc. (PSHG) has a Graham intrinsic value of $42.52 per share. At $1.64 on Oct 27, 2026, the stock trades 96% below that value. Over the last 10 fiscal years revenue grew 9.6% a year to $84.2M, with an average return on invested capital of -6.8%.
- Graham intrinsic value
- $42.52
- Share price (Oct 27, 2026)
- $1.64
- Price vs Graham value
- 96% below
- Market cap
- $64.0M
- Revenue (FY2025)
- $84.2M
- Revenue growth (10-yr CAGR)
- 9.6%
- ROIC (10-yr avg)
- -6.8%
- Free cash flow (FY2025)
- -$204.5M
PSHG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $84.2M | $50.0M | $1.28 | -$204.5M | 61.7% | 19.8% |
| FY2024 | $87.4M | $43.7M | $1.11 | — | 47.8% | 18.5% |
| FY2023 | $108.9M | $69.4M | $1.91 | $67.9M | 69.3% | 29.8% |
| FY2022 | $75.2M | $36.3M | $3.02 | -$109.6M | 53.2% | 19.5% |
| FY2021 | $36.5M | -$9.7M | -$1.93 | — | -23.2% | -7.4% |
| FY2020 | $42.0M | $3.8M | $1.05 | -$50.2M | 10.2% | 3.2% |
| FY2019 | $26.8M | -$32.1M | -$11.19 | -$54.4M | -117.9% | -34.6% |
| FY2018 | $25.6M | -$52.9M | -$1.87 | — | -162.1% | -47.8% |
| FY2017 | $23.8M | $3.8M | $0.14 | — | -103.4% | 2.2% |
| FY2016 | $37.0M | -$149.0M | -$5.29 | -$12.2M | -384.0% | -71.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Performance Shipping Inc. is a consistent compounder, expanding top-line revenue at 9.6% annually over the past decade.
Performance Shipping Inc. has historically struggled to out-earn its cost of capital, averaging just -6.8% ROIC.
Performance 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, Performance Shipping Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $42.52 per share.