DIANA SHIPPING INC.
DSXdata completeness 88%18 fiscal years on fileData notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
DIANA SHIPPING INC. earns about 11% on equity, comfortably above its ~9% cost of capital, but has diluted owners by 30% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $2.99 and $12.93 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $214.2M1 | $290M2 | $262.1M3 | $228.2M3 | $213.5M3 |
| Net income | $57.4M4 | $119.1M5 | $49.8M6 | $12.7M6 | $17.8M6 |
| Operating cash flow | $89.7M7 | $158.9M8 | $70.4M9 | $83.5M9 | $47.5M9 |
| Capital expenditure | $17.4M10 | $230.3M10 | $29.7M10 | — | — |
| Free cash flow (derived) | $72.3M7 | −$71.4M8 | $40.6M9 | — | — |
| Total debt | $847.4M11 | $1.05B12 | $1.02B13 | $1.03B14 | $1.05B14 |
| Cash & equivalents | $110.3M15 | $76.4M16 | $101.6M17 | $124.7M17 | $50.5M17 |
| Diluted shares | 84.9M | 83.3M | 101.9M | 118.7M | 110.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $45.47 of net worth that earned you $1.61 last year, against $94.63 of debt.
It earned about 11% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 30% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 23% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $2.99 and $12.93 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$40.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$40.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$49.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | −$3.75 |
| Base | 20.0% | $2.99 |
| Bull | 20.0% | $2.99 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001562762-24-000080 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001562762-25-000050 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001562762-26-000030 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001562762-24-000080 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001562762-25-000050 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001562762-26-000030 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001562762-24-000080 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001562762-25-000050 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001562762-26-000030 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001562762-24-000080 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001562762-23-000136 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001562762-24-000080 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-12-31 · accession 0001562762-25-000050 (LongTermDebtNoncurrent)
- 20-F · period ending 2024-12-31 · accession 0001562762-26-000030 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0001562762-24-000080 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001562762-25-000050 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001562762-26-000030 (CashAndCashEquivalentsAtCarryingValue)