HAFN vs SBLK: Hafnia Limited and Star Bulk Carriers compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Hafnia Limited is the larger company, worth $5.4B, about 1.6 times Star Bulk Carriers.
- Hafnia Limited grew revenue faster over the last year (+7.4% vs -17.6%).
- Hafnia Limited keeps more of each dollar of revenue as operating profit (28.1% vs 13.1%).
- On earnings, Hafnia Limited is the cheaper stock (7.1x vs 40.7x).
- Star Bulk Carriers's price assumes faster free cash flow growth: about 2% a year, against -12% for Hafnia Limited (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HAFN | SBLK |
|---|---|---|
| Market cap | $5.4B | $3.4B |
| Share price | $10.72 | $29.70 |
| Revenue (last fiscal year) | $2.9B | $1.0B |
| Free cash flow (last fiscal year) | $981M | $212M |
| Revenue growth, last year | +7.4% | -17.6% |
| Revenue growth per year, last 5 fiscal years | +22.0% | -7.6% |
| Operating margin | 28.1% | 13.1% |
| Net margin | 27.0% | 8.1% |
| Return on equity | 33.6% | 3.4% |
| P/E (trailing) | 7.15x | 40.7x |
| Price / free cash flow | 13.2x | 16.1x |
| EV / EBITDA | 9.29x | 12.3x |
| FCF growth the price implies | -12.4% | 2.0% |
| Dividend yield | 5.0% | 2.0% |
| Debt / equity | 0.60x | 0.55x |
| Fundamental grade | B | D |
| Superinvestors holding it | 2 | 3 |
| Insider purchases, last 12 months | 0 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Hafnia Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.9B | $324M | 42.7% |
| 2023 | $2.7B | $876M | 32.1% |
| 2024 | $2.9B | $981M | 28.1% |
Star Bulk Carriers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | $637M | 51.8% |
| 2022 | $1.4B | $744M | 42.3% |
| 2023 | $949M | $318M | 25.1% |
| 2024 | $1.3B | $416M | 30.3% |
| 2025 | $1.0B | $212M | 13.1% |
Where the revenue comes from
Hafnia Limited · by products, 2025
Revenue from Voyage Charter$1.3B55%
External Vessels in Disponent-Owner Pools$860M38%
Lease Component$114M5%
Non Lease Component$55M2%
Star Bulk Carriers
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HAFN in InvestinglyQuestions
Which is bigger, Hafnia Limited or Star Bulk Carriers?
Hafnia Limited (HAFN), at $5.4B against $3.4B.
Is HAFN or SBLK cheaper?
By trailing P/E, Hafnia Limited (7.15x) is cheaper than Star Bulk Carriers (40.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, HAFN or SBLK?
Hafnia Limited: revenue grew +7.4% over the last year, against -17.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.