Stolt-Nielsen Limited

SNI.OL

Marine Shipping · Industrials

Also trades as: 0OHK.L

Price

kr 323.50

+3.50 (+1.09%)

Market Cap

kr 17.18B

Exchange

Oslo Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Stolt-Nielsen Limited is a Norwegian shipping and logistics company that moves liquid chemicals, food ingredients, and other specialty liquids around the world by sea. Its main business unit, Stolt Tankers, operates one of the largest fleets of chemical tankers globally, serving industrial customers like chemical manufacturers, food companies, and oil producers. The company also runs Stolthaven Terminals, which stores bulk liquids at ports, and Stolt Sea Farm, which raises sole and sturgeon fish for food markets.

Stolt-Nielsen earns money by charging customers to transport and store liquids, with rates tied to shipping demand and contract agreements. It operates worldwide, with terminals and routes spanning Europe, the Americas, Asia, and the Middle East. Its large, specialized fleet and established terminal network are difficult and expensive for competitors to replicate, giving it a durable position in a niche market. The main risk is that freight rates for chemical tankers can fall sharply during economic slowdowns, which would pressure revenue and 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

+5.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-31.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

65.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Stolt-Nielsen Limited is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Share count broadly stable

−0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 53.5M (2021) → 53.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

21.9%

Thin — 21.9% gross margin

Profit after running costs

Operating Margin

10.8%

Modest — 10.8% operating margin

Return on the money invested

ROCE

7.8%

Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+0.6%

Nearly flat sales (+0.6% YoY)

Profit growth

EPS YoY

-46.4%

Earnings shrinking (-46.4% 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

245%

Turns 245% of profit into real cash

Spare cash per sale

FCF Margin

11.4%

Modest free cash flow (11.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.82

Moderate — manageable debt (0.82)

Covers its interest

Interest Cover

2.50x

Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.3x

Attractive valuation — P/E 8.3

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

Cheaper or dearer next year

P/E vs Forward

-0.3

SLOWING

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

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Dividends

Dividend

Dividend Yield

6.03%

Healthy income — 6.03% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-12.0%

Dividend cut (-12.0% YoY) — warning sign

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