Havila Shipping ASA

HAVI.OL

Marine Shipping · Industrials

Price

kr 1.14

+0.04 (+4.13%)

Market Cap

kr 312.3M

Exchange

Oslo Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count falling — buybacks

−2.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 571.6M (2021) → 557.8M (2025)

Winston Score History

The full picture

Havila Shipping ASA is a Norwegian company that operates a fleet of offshore supply vessels in the oil and gas industry. These ships deliver equipment, fuel, and supplies to offshore oil platforms and drilling rigs, primarily in the North Sea. The company serves major oil and gas operators and drilling contractors that need reliable logistics support for their offshore operations.

Havila earns revenue by chartering out its vessels under short-term and long-term contracts, meaning customers pay a daily rate to use the ships. The company operates mainly in Norwegian and broader North Sea waters, with a relatively small fleet that makes it sensitive to shifts in vessel day rates and fleet utilization. Its main competitive challenge is that offshore supply shipping is a cyclical, commoditized business where earnings depend heavily on oil company spending levels — if oil prices fall and operators cut budgets, demand for supply vessels drops quickly, putting pressure on Havila's already thin margins.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-15.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-242.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

51.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 222M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Havila Shipping ASA's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

6.9%

Thin — 6.9% gross margin

Profit after running costs

Operating Margin

-0.0%

Losing money on operations — -0.0%

Return on the money invested

ROCE

-0.4%

Weak — -0.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-13.0%

Shrinking sales (-13.0% YoY)

Profit growth

EPS YoY

-103.9%

Earnings shrinking (-103.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

5.2%

Thin free cash flow (5.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

3.67

Heavy debt load (3.67)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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