Diana Shipping Inc DSX

IndustrialsFreight & Logistics ServicesGreece

Last close 2.50 USD on Nov 1, 2026, +52.4% year to date

Quant rating

Quant rating B Rank 92 of 418 in Industrials

Growth B 132 of 418
Valuation B 116 of 418
Quality B 124 of 418
Revisions B 167 of 418
Momentum B 150 of 418

Wall Street consensus Strong Buy (1.50)Average target 3.80 USD +52.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 311M
Enterprise value: 713M
52-week range: 1.61 – 3.19
3-year range: 1.32 – 3.37
Dividend yield: 1.60%
Beta (5 years): 0.65
Shares outstanding: 124M
Next earnings: Nov 18, 2026

About the company

Diana Shipping Inc. is a Greece-based global provider of shipping transportation services. The Company specializes in the ownership and bareboat charter-in of dry bulk vessels. The Company's operating fleet consists of 40 dry bulk vessels, including 4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax, and 6 Ultramax. Its fleet combined carrying capacity is approximately 4.7 million deadweight tonnage (dwt) with a weighted average age of 10.16 years. The Company's fleet is managed by its wholly-owned subsidiary Diana Shipping Services S.A. and its established 50/50 joint venture with Wilhelmsen Ship Management named Diana Wilhelmsen Management Limited.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	214	228	262	290	214	–
Revenue growth	−6.4%	−12.9%	−9.6%	35.4%	26.2%	4.7%
EPS (basic, normalized)	0.01	0.08	0.39	1.38	0.43	–
EPS growth	−90.0%	−79.5%	−71.7%	220.9%	–	–
Gross margin	56.6%	57.8%	62.2%	72.8%	62.5%	62.4%
Net margin	5.6%	3.1%	16.8%	39.1%	24.1%	17.7%
ROE	3.5%	2.6%	10.2%	27.0%	14.0%	11.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	204
Current ratio	2.05x
Long-term debt (mil)	507
Net debt (mil)	402
Total equity (mil)	551
Net debt / equity	0.73x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	214	−6.4%	3.3x	–	–	–	0.01	−90.0%	312.5x
2026	237	+11.0%	3.0x	120	–	5.9x	0.20	+2,400.0%	12.5x
2027	277	+16.8%	2.6x	162	+34.0%	4.4x	0.64	+220.0%	3.9x
2028	309	+11.6%	2.3x	186	+15.2%	3.8x	0.90	+40.6%	2.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	237	0.0%	−4.8%	−1.9%	0.20	0.0%	−48.5%	−40.8%
2027	277	0.0%	−0.5%	+9.3%	0.64	0.0%	−1.3%	+28.4%
2028	309	0.0%	0.0%	–	0.90	0.0%	0.0%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	57.6	56.0	57.5	57.1	54.9	54.7	51.9	52.1	54.7	57.3
Sales mean (mil)	–	57.8	68.0	53.4	51.0	52.0	52.3	52.3	53.8	61.6
Surprise	–	−3.1%	−15.5%	+7.0%	+7.7%	+5.2%	−0.9%	−0.5%	+1.7%	−7.0%
EPS reported	0.03	0.01	0.01	0.03	0.02	0.00	0.01	−0.03	0.01	0.04
EPS mean	0.03	0.03	0.09	0.01	0.00	0.01	0.01	−0.01	0.03	0.10
Surprise	+1.7%	−62.3%	−83.3%	+200.0%	–	−93.3%	−33.3%	−500.0%	−66.7%	−59.6%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DSX Diana Shipping Inc	311M	–	5.6%	0.56x	12.5x	3.9x	5.9x	4.4x
MAERSKb AP Moeller - Maersk A/S	49.9B	1.24x	5.0%	0.90x	7.3x	18.1x	4.5x	6.6x
WAWI Wallenius Wilhelmsen ASA	8.1B	1.12x	19.4%	2.11x	11.4x	10.0x	6.3x	5.9x
MATX Matson Inc	6.7B	0.30x	13.3%	2.41x	13.9x	13.2x	8.5x	8.4x
SBLK Star Bulk Carriers Corp.	3.3B	1.63x	8.1%	1.26x	6.3x	6.9x	5.2x	5.4x
DAC Danaos Corporation	2.9B	−0.03x	47.4%	0.70x	5.5x	4.9x	3.7x	3.6x
Mean		0.85x	16.5%	1.33x	9.5x	9.5x	5.7x	5.7x
Median		1.12x	10.7%	1.08x	9.4x	8.5x	5.5x	5.7x

Technical analysis

1M−10.7%
3M+15.6%
1Y+46.2%
3Y−8.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Diana Shipping Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	214	228	262	290	214	170
Cost of revenue	92.7	96.2	99.1	79.0	80.3	99.4
Gross profit	121	132	163	211	134	70.4
Selling, general & administrative expenses	35.3	34.8	34.3	29.9	30.6	34.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	46.5	44.7	49.8	43.3	40.5	43.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−3.7	−2.3	−5.4	−4.2	−15.6	105
Other operating expenses	0.5	−0.4	−1.5	−0.3	0.6	−0.2
Operating income	42.2	55.3	85.8	142	77.8	−112
Net interest income (expense)	−24.7	−42.2	−35.7	−22.8	−20.1	−21.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.3	−0.4	−0.3	−0.4	−0.3	−0.3
Net income before taxes	17.8	12.7	49.8	119	57.4	−134
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	17.8	12.7	49.8	119	57.4	−134
Extraordinary items	–	–	–	–	–	–
Net income	17.8	12.7	49.8	119	57.4	−134
EBIT, normalized	38.5	53.0	80.4	138	62.2	−7.2
EBITDA, normalized	85.1	97.7	130	181	97.6	35.8
Basic EPS, normalized	0.01	0.08	0.39	1.38	0.43	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Diana Shipping Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	173	125	122	76.4	110	62.9
Receivables	4.9	6.8	6.0	6.3	3.8	6.4
Total inventory	4.1	4.2	5.1	4.5	6.1	4.7
Prepaid expenses	8.8	7.5	8.7	6.7	5.5	7.2
Other current assets	53.8	63.5	40.1	46.5	0	23.4
Total current assets	245	207	182	141	126	105
Property, plant & equipment	827	880	924	973	666	738
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	53.9	47.2	24.1	8.2	7.6	0
Note receivable	–	0.2	0.3	–	–	–
Other long-term assets	44.8	36.9	35.3	61.5	42.4	29.9
Total assets	1,170	1,171	1,166	1,183	842	872
Liabilities
Accounts payable	10.6	9.0	9.7	11.2	9.8	8.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	13.4	11.9	12.4	12.1	7.9	10.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	60.3	54.8	58.7	100	41.1	39.2
Other current liabilities	5.2	4.5	4.3	7.9	6.3	3.3
Total current liabilities	89.6	80.2	85.1	132	65.1	61.6
Long-term debt	576	583	584	563	383	381
Minority interest	–	–	–	–	–	–
Other liabilities	2.4	3.1	8.2	0.9	1.1	1.2
Total liabilities	668	666	677	696	449	444
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	1.2	1.3	1.1	1.0	0.8	0.9
Additional paid-in capital	1,126	1,139	1,101	1,061	983	1,020
Retained earnings (accumulated deficit)	−628	−636	−614	−575	−590	−593
Treasury stock	–	–	–	–	–	–
Other equity	3.6	0.3	0.3	0.3	0.1	0.1
Total equity	502	505	489	487	393	429
Total liabilities & shareholders' equity	1,170	1,171	1,166	1,183	842	872

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Diana Shipping Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	17.8	12.7	49.8	119	57.4	−134
Depreciation, depletion & amortization	46.5	44.7	49.8	43.3	40.5	43.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	−3.0	33.9	−15.9	7.9	−5.8	118
Changes in working capital	−13.9	−7.8	−13.3	−11.4	−2.4	−9.3
Cash from operations	47.5	83.5	70.4	159	89.7	17.2
Investing activities
Capital expenditures	−3.2	−24.2	−31.7	−231	−19.0	−6.1
Other investing cash flows	−28.8	−15.5	56.7	−42.1	32.4	16.6
Cash from investing	−32.0	−39.8	24.9	−273	13.4	10.5
Financing activities
Financing cash flow items	−0.3	−5.2	−1.7	−3.3	−7.6	−0.6
Cash dividends paid	−10.4	−34.8	−47.2	−85.6	−14.6	−5.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−26.2	18.3	−22.2	174	−37.0	−66.8
Cash from financing	−36.9	−21.7	−71.1	84.9	−59.2	−73.1
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−21.4	22.1	24.2	−29.4	43.9	−45.4
Free cash flow	44.3	59.3	38.6	−72.1	70.7	11.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.