Diana Shipping
DSX on NYSE. Deep sea foreign transportation of freight. Market value $356m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Profit includes a big gain on shares the company owns, so we leave the earnings yield out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 78 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.
$2.83 a share, 80% above its 1-year low
Over the past year the price has ranged from $1.57 to $3.20.
Dividend: 1.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $214m | $290m | $262m | $228m | $214m |
| Operating margin | |||||
| Operating margin | 29.7% | 49.2% | 32.7% | 25.8% | 19.8% |
| Debt to equity | |||||
| Debt to equity | 1.08 | 1.36 | 1.31 | 1.26 | 1.27 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.10bn | 0.11bn | 0.13bn | 0.12bn |
Health checks
- Free cash flow positive2 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.27× equity
- Revenue growth, five yearsSlow, 4.7% a year
- Buying back its own sharesNo, 37% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 70 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $10m | <0.1% | Added |
| Hosking PartnersJeremy Hosking | $4m | 0.1% | Cut |
Largest holders overall
- First Eagle Investment Management$10mAdded
- Renaissance Technologies$6mCut
- TWO Sigma Investments, LP$5mAdded
- Hosking Partners$4mCut
- Morgan Stanley$3mCut
- Pekin Hardy Strauss$3mCut
- Mackenzie Financial$2mAdded
- Arrowstreet Capital, Limited Partnership$2mAdded
- UBS Group AG$1mAdded
- Winton Group$879,520Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Semiramis Paliouat least 21.5%+1.1 pts(filed with 2 related holders)Since 25 February 2026
- Anastasios Margaronisat least 8.7%+0.7 pts(filed with 2 related holders)Since 25 February 2026
- Simeon Paliosat least 5.7%(filed with 2 related holders)Since 25 February 2026
What they said
Mr. Palios, a member of the Board of Directors of the Issuer, may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons acquired the…
Read the filing - F. Laeisz GmbHPassive investorat least 4.9%−1.1 pts(filed with 2 related holders)Since 30 July 2026
- Sea Trade Holdings Inc.Passive investorSold down below 5%Since 12 November 2025
| Holder | Stake | Since | |
|---|---|---|---|
Semiramis Paliou | at least 21.5%+1.1 pts (filed with 2 related holders) | 25 February 2026 | |
Anastasios Margaronis | at least 8.7%+0.7 pts (filed with 2 related holders) | 25 February 2026 | |
Simeon Palios | at least 5.7% (filed with 2 related holders) | 25 February 2026 | What they saidMr. Palios, a member of the Board of Directors of the Issuer, may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons acquired the… Read the filing |
F. Laeisz GmbH Passive investor | at least 4.9%−1.1 pts (filed with 2 related holders) | 30 July 2026 | |
Sea Trade Holdings Inc. Passive investor | Sold down below 5% | 12 November 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Diana Shipping doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.