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DHT Holdings, Inc. (DHT) is a premier owner and operator of Very Large Crude Carriers (VLCCs). With one of the youngest and most efficient fleets in the industry and a pristine balance sheet, DHT is perfectly positioned to capitalize on structural supply constraints in the global oil tanker market.
Investment Thesis
The VLCC market is currently experiencing a historic supply-side deficit. Years of underinvestment and uncertainty regarding future propulsion technologies have resulted in the lowest tanker orderbook in decades. Meanwhile, global oil demand and ton-mile requirements (driven by Asian imports from the Atlantic Basin) continue to grow. DHT’s strategy of maintaining low leverage and returning 100% of ordinary net income as dividends makes it the most shareholder-friendly vehicle to play this super-cycle.
Key Growth Drivers
Historically Low Orderbook
The pipeline of new VLCCs being built is essentially empty for the next two years, while the aging global fleet will inevitably require scrapping. This guarantees a tight supply of vessels, supporting high charter rates.
Increasing Ton-Mile Demand
Shifts in global energy trade flows—specifically, more crude moving from the U.S. Gulf Coast and Latin America to Asia—require vessels to travel significantly longer distances, soaking up available VLCC capacity.
Aggressive Dividend Policy
DHT has committed to paying out 100% of its ordinary net income to shareholders. With break-even costs among the lowest in the industry, even moderate charter rates result in massive cash distributions.
Valuation & Financial Modeling
Shipping stocks trade on net asset value (NAV) and yield. DHT currently trades near its NAV but offers a double-digit dividend yield supported by contracted cash flows and a robust spot market. Given the structural impossibility of immediate supply entering the market, we foresee sustained high yields.
Risk Factors & Bear Case
Shipping is notoriously cyclical. A sudden, severe global recession that crashes oil demand would compress charter rates. Additionally, an unexpected resolution to geopolitical conflicts (e.g., Russia/Ukraine) could normalize trade routes, reducing ton-mile demand.
Conclusion
DHT is the highest-quality operator in a sector exhibiting undeniable fundamental strength. For income investors seeking massive, cash-backed yields with a structural macro tailwind, DHT is a 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 42.5GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
69.9%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, DHT Holdings, Inc. (DHT) receives a "Buy" rating with a composite score of 61.0/100, ranked #77 out of 4446 stocks. Key factor scores: Quality 43/100, Value 82/100, Momentum 77/100. This is quantitative analysis only — not investment advice.
DHT Holdings, Inc. (DHT) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does DHT Holdings, Inc. Do?
DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda. DHT Holdings, Inc. (DHT) is classified as a mid-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO Svein M. Harfjeld and employs approximately 20 people. With a market capitalization of $2.9B, DHT is one of the notable companies in the Industrials sector.
DHT Holdings, Inc. (DHT) Stock Rating — Buy (April 2026)
As of April 2026, DHT Holdings, Inc. receives a Buy rating with a composite score of 61.0/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.DHT ranks #77 out of 4,446 stocks in our coverage universe. Within the Industrials sector, DHT Holdings, Inc. ranks #11 of 752 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
DHT Stock Price and 52-Week Range
DHT Holdings, Inc. (DHT) currently trades at $17.45. The stock lost $0.35 (2.0%) in the most recent trading session. The 52-week high for DHT is $19.80, which means the stock is currently trading -11.9% from its annual peak. The 52-week low is $8.99, putting the stock 94.0% above its annual trough. Recent trading volume was 2.8M shares, reflecting moderate market activity.
Is DHT Overvalued or Undervalued? — Valuation Analysis
DHT Holdings, Inc. (DHT) carries a value factor score of 82/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The price-to-book ratio stands at 2.73x, versus the sector average of 2.23x. The price-to-sales ratio is 1.24x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, DHT trades at 2.44x EV/EBITDA, versus 5.70x for the sector.
Based on these multiples, DHT Holdings, Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
DHT Holdings, Inc. Profitability — ROE, Margins, and Quality Score
DHT Holdings, Inc. (DHT) earns a quality factor score of 43/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 69.9%, compared to the Industrials sector average of 8.9%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 48.8% versus the sector average of 3.3%.
On a margin basis, DHT Holdings, Inc. reports gross margins of 54.8%, compared to 35.8% for the sector. The operating margin is 36.8% (sector: 6.2%). Net profit margin stands at 31.7%, versus 3.9% for the average Industrials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
DHT Debt, Balance Sheet, and Financial Health
DHT Holdings, Inc. has a debt-to-equity ratio of 40.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.84x, suggesting adequate working capital coverage. Total debt on the balance sheet is $413M. Cash and equivalents stand at $78M.
DHT has a beta of 0.44, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for DHT Holdings, Inc. is 76/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
DHT Holdings, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, DHT Holdings, Inc. reported revenue of $572M. Net income for the quarter was $181M. Gross margin was 54.8%. Operating income came in at $211M.
In FY 2024, DHT Holdings, Inc. reported revenue of $572M. Net income for the quarter was $181M. Gross margin was 54.8%. Revenue grew 2.0% year-over-year compared to FY 2023. Operating income came in at $211M.
In FY 2023, DHT Holdings, Inc. reported revenue of $561M and earnings per share (EPS) of $0.99. Net income for the quarter was $161M. Gross margin was 57.0%. Revenue grew 23.4% year-over-year compared to FY 2022. Operating income came in at $193M.
In FY 2022, DHT Holdings, Inc. reported revenue of $454M and earnings per share (EPS) of $0.37. Net income for the quarter was $62M. Gross margin was 42.9%. Revenue grew 53.5% year-over-year compared to FY 2021. Operating income came in at $74M.
Over the past 8 quarters, DHT Holdings, Inc. has demonstrated a growth trajectory, with revenue expanding from $376M to $572M. Investors analyzing DHT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
DHT Dividend Yield and Income Analysis
DHT Holdings, Inc. (DHT) does not currently pay a dividend. This is common among smaller companies in the Transportation industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
DHT Momentum and Technical Analysis Profile
DHT Holdings, Inc. (DHT) has a momentum factor score of 77/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 44/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
DHT vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing DHT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full DHT vs S&P 500 (SPY) comparison to assess how DHT Holdings, Inc. stacks up against the broader market across all factor dimensions.
DHT Next Earnings Date
No upcoming earnings date has been announced for DHT Holdings, Inc. (DHT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy DHT? — Investment Thesis Summary
The bull case for DHT Holdings, Inc. rests on several quantitative strengths. The value score of 82/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 77/100, suggesting the trend favors buyers. Low volatility (stability score 76/100) reduces downside risk.
In summary, DHT Holdings, Inc. (DHT) earns a Buy rating with a composite score of 61.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on DHT stock.
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Execution Benchmarks audit
Gross Margin
Core pricing power
54.8%
Sector: 35.8%
+53% VS SCTR
Operating Margin
Operating efficiency
36.8%
Sector: 6.2%
+491% VS SCTR
Net Margin
Bottom-line conversion
31.7%
Sector: 3.9%
+721% VS SCTR
Return on Equity
Equity capital efficiency
69.9%
Sector: 8.9%
+681% VS SCTR
Return on Assets
Asset base utilization
48.8%
Sector: 3.3%
+1402% VS SCTR
Debt/Equity
Financial leverage load
40.0%
Sector: 70.0%
+43% VS SCTR
+22%
Price / Sales
1.2x
+148%
DHT Holdings, Inc. exhibits a 7% valuation premium relative to institutional benchmarks. This represents a balanced risk/reward profile based on current multiples.
Return on Assets
Efficiency of asset utilization
48.8%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
54.8%
Sector: 35.8%
Operating Margin
Core business profitability
36.8%
Sector: 6.2%
Net Margin
Bottom-line profitability
31.7%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.