Diana Shipping Inc. (DSX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+139.3%

$5.85

vs $2.45 price

Levered DCF

-$0.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.03

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.09×	32.56×	6.7×	2.75×	6.08×	-1.19×	-18.29×	4.89×
P/B	0.37×	0.45×	0.6×	0.64×	0.8×	0.39×	0.52×	0.53×
P/S	0.86×	1×	1.13×	1.08×	1.47×	0.98×	1.34×	1.46×
EV / EBITDA	6.64×	7.24×	5.73×	4.81×	5.28×	-7.09×	10.01×	7.56×
Gross margin	34.8%	38.3%	43.2%	57.8%	43.6%	16.1%	30.7%	31.4%
Operating margin	18.0%	23.2%	30.7%	47.6%	29.0%	-66.4%	8.0%	16.9%
Net margin	8.3%	5.6%	19.0%	41.1%	26.8%	-79.1%	-4.8%	7.3%
Current ratio	0×	2.58×	2.14×	1.23×	2.19×	2.02×	2.09×	1.13×
Debt / equity	1.27×	1.26×	1.31×	1.36×	1.08×	0.98×	0.83×	0.85×
Interest coverage	0.95×	1.18×	1.63×	5.59×	2.74×	-5.1×	0.63×	1.35×
Dividend yield	5.7%	15.3%	16.0%	27.4%	4.6%	3.5%	1.9%	1.7%
Payout ratio	58.3%	272.8%	94.7%	71.9%	25.4%	-4.3%	-54.8%	34.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.5%	2.5%	10.2%	24.4%	14.6%	-31.3%	-1.8%	2.6%
Return on invested capital	3.3%	4.6%	7.1%	12.0%	7.6%	-13.3%	1.7%	3.3%
Return on assets	1.5%	1.1%	4.3%	10.1%	6.8%	-15.4%	-1.0%	1.4%
Free cash flow yield	24.2%	23.8%	12.5%	-24.2%	20.0%	6.3%	15.7%	22.5%
Earnings yield	9.7%	5.6%	16.9%	38.1%	18.2%	-80.7%	-3.6%	5.0%
Enterprise value	$697.3M	$740.1M	$836.7M	$899.3M	$612.5M	$503.7M	$663.7M	$733.6M
Net debt / EBITDA	4.9×	5.02×	3.71×	3.14×	2.56×	-4.75×	5.54×	4.16×
Cash conversion cycle (days)	0	-2	-3	-12	-5	4	-1	-8