Himalaya Shipping Ltd. — Earnings Quality Grade F
HSHP · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 2 days, change -2 days YoY
AR growth -41.7% vs revenue growth 6.7%
Revenue 6.7%, CFFO -7.5%. Cash follows revenue
Expense Quality
Inventory 13.3% vs COGS 13.3%. Normal
Insufficient data
SG&A/Gross Profit = 6.7%, excellent (<30%)
Gross margin 55.4%, change -2.6pp. Stable
Cash Flow Quality
CFFO/NI = 2.92. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -3.9%. Low accruals
Cash $0.0B covers only 5% of debt $0.7B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 7.0x (>4x). Interest coverage = 1.3x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
No goodwill
Manipulation Score
M-Score = -2.85 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25