Deep Value: cash covers more than 100% of the stock price

This company holds roughly $332M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Diana Shipping

DSX

Marine Shipping · Industrials

Price

$2.71

+0.06 (+2.26%)

Market Cap

$334.8M

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Mixed

Stability

Weak

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+30.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 84.9M (2021) → 110.5M (2025)

Winston Score History

The full picture

Diana Shipping is a company that owns and operates large cargo ships called dry bulk vessels. These ships carry raw materials like iron ore, coal, and grain across oceans for customers such as steel mills, power plants, and food companies. The company is based in Greece and is one of the mid-sized players in the global dry bulk shipping industry.

Diana Shipping makes money by charging customers a daily rate to rent its ships, either through short-term spot contracts or longer fixed-rate time charters. It operates a fleet of roughly 20 to 30 vessels and serves customers worldwide, with trade routes spanning Asia, Europe, and the Americas. The company has limited pricing power because shipping rates are set by global supply and demand, making earnings highly cyclical — the biggest risk is a slowdown in global trade or commodity demand, which can quickly push freight rates and profits lower.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

36.2%

Modest — 36.2% gross margin

Profit after running costs

Operating Margin

21.2%

Excellent — 21.2% operating margin

Return on the money invested

ROCE

3.4%

Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-3.7%

Shrinking sales (-3.7% YoY)

Profit growth

EPS YoY

+270.7%

Earnings growing fast (+270.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

87%

Modest — 87% of profit becomes cash

Spare cash per sale

FCF Margin

-15.9%

Burning cash (-15.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.10

Elevated debt (1.10)

Covers its interest

Interest Cover

0.97x

Dangerous — barely covers interest (1.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.6x

Attractive valuation — P/E 5.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-0.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

1.60%

Small dividend — 1.60% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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