Performance Shipping Inc.
PSHGdata completeness 88%16 fiscal years on fileData notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
Performance Shipping Inc. earns about 15% on equity, comfortably above its ~9% cost of capital, but has diluted owners by 11517% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $11.64 and $92.66 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 | $36.5M1 | $75.2M2 | $108.9M3 | $87.4M3 | $84.2M3 |
| Net income | −$9.71M4 | $36.3M5 | $69.4M6 | $43.7M6 | $50M6 |
| Operating cash flow | −$3.12M7 | $33.8M8 | $68M9 | $59.9M9 | $50.1M9 |
| Capital expenditure | $1.78M10 | $2.11M11 | $510,00012 | $231,00012 | $012 |
| Free cash flow (derived) | −$4.9M7 | $31.7M8 | $67.4M9 | $59.7M9 | $50.1M9 |
| Total debt | $49.9M13 | $127.7M14 | $54.9M15 | $47.5M15 | — |
| Cash & equivalents | $9.57M16 | $38.7M17 | $67.3M18 | $70.3M19 | $48.2M19 |
| Diluted shares | 335,086 | 6.4M | 35.5M | 39.2M | 38.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $83.09 of net worth that earned you $12.84 and generated $12.86 of cash last year.
It earned about 15% 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 11517% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
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 $11.64 and $92.66 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$59.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$59.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$43.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $23.14 |
| Base | 20.0% | $51.21 |
| Bull | 20.0% | $51.21 |
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 0001140361-24-015921 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-014093 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-017155 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001140361-24-015921 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-014093 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-017155 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001140361-24-015921 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-014093 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-017155 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001140361-24-015921 (PaymentsForCapitalImprovements)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-014093 (PaymentsForCapitalImprovements)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-017155 (PaymentsForCapitalImprovements)
- 20-F · period ending 2021-12-31 · accession 0001140361-23-021095 (LongTermDebt)
- 20-F · period ending 2022-12-31 · accession 0001140361-24-015921 (LongTermDebt)
- 20-F · period ending 2023-12-31 · accession 0001140361-25-014093 (LongTermDebt)
- 20-F · period ending 2021-12-31 · accession 0001140361-23-021095 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001140361-24-015921 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001140361-25-014093 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001140361-26-017155 (CashAndCashEquivalentsAtCarryingValue)