2020 — 2020 Bulkers Ltd. Industrials · Marine Shipping OSL
NOK 4.72
52W NOK 3 – NOK 152
USD NOK 4.72
1D 5D 1M 3M 6M YTD 1Y 5Y MAX
Income Statement Balance Sheet Cash Flow
Annual · All values in US Dollars (USD)
USD FY2025 FY2024 FY2023 FY2022 Revenue 63.10M 71.70M 69.70M 76.10M YoY Growth -12.0% +2.9% -8.4% — Gross Profit 39.10M 45.20M 37.80M 44.70M Gross Margin 62.0% 63.0% 54.2% 58.7% R&D — — — — SG&A 4.20M 3.90M 3.40M 4.40M EBIT 36.70M 42.80M 37.70M 41.50M EBIT Margin 58.2% 59.7% 54.1% 54.5% D&A 8.50M 10.70M 11.60M 11.70M EBITDA 45.80M 94.50M 49.90M 53.10M EBITDA Margin 72.6% 131.8% 71.6% 69.8% Net Income 29.50M 76.30M 25.60M 31.90M Net Margin 46.8% 106.4% 36.7% 41.9% EPS (diluted) — $3.34 $1.13 $1.42 Shares (dil., M) — 23 23 23
Company Brief
2020 Bulkers Ltd. owns and operates large dry bulk vessels worldwide. It operates six scrubber fitted 208,000 deadweight tonnage Newcastlemax dry bulk vessels. 2020 Bulkers Ltd. was incorporated in 2017 and is based in Hamilton, Bermuda.
CEO Mr. Lars-Christian Svensen Employees 6 IPO Date 2019-07-12 Country Bermuda Website 2020bulkers.com Margins (TTM)
Gross Margin 62.0% EBITDA Margin 72.6% EBIT Margin 58.2% Net Margin 46.8% FCF Margin —
Returns on Capital
ROIC 14.1% ROCE 24.7% ROE 19.9% ROA 10.9% Asset Turnover 0.23×
Earnings Quality
FCF / Net Income — SBC / Net Income 0.7% SBC / Revenue 0.3% Capex / D&A —
Growth (CAGR)
Metric 3yr Revenue -6.1% EPS 53.4% FCF — Dividend —
Ownership
Float 98.6% Shares Out. 20.1M Insiders % — Institutions % — Institutions (of float) — Institution holders — Insider net buy 6M —
Balance Sheet
Cash & ST Invest. $22.1M Total Debt $110.7M Net Cash / (Debt) -$88.6M Total Assets $270.2M Total Equity $148.2M Goodwill & Intang. — Tangible Book Value $148.2M NCAV (Graham) $148.2M Tangible Book/sh $7.36 NCAV/sh $7.36
Leverage
D/E Ratio 0.75× Net Debt / EBITDA 1.93× Interest Coverage 4.83× Current Ratio 2.22× Quick Ratio 2.22×
Capital Allocation (last FY)
Capex — Capex / Revenue — SBC $200K Dividends Paid $28.6M Buybacks —
Dividends
Annual DPS $11.65 Yield (fwd) 386.46% Payout Ratio 113.2% Ex-div Date 2026-04-29
Valuation vs History
P/E vs 4Y 0.3× vs 86.4× median Div yield vs 10Y 38646.0% vs 1.1% median
Buyback History
FY 2025 — +0.0%
FY 2024 — 0.0%
FY 2023 — +2.9%
FY 2022 — —
Margins (TTM)
Gross Margin 62.0% EBITDA Margin 72.6% EBIT Margin 58.2% Net Margin 46.8% FCF Margin —
Returns on Capital
ROIC 14.1% ROCE 24.7% ROE 19.9% ROA 10.9% Asset Turnover 0.23×
Earnings Quality
FCF / Net Income — SBC / Net Income 0.7% SBC / Revenue 0.3% Capex / D&A —
Growth (CAGR)
Metric 3yr Revenue -6.1% EPS 53.4% FCF — Dividend —
Ownership
Float 98.6% Shares Out. 20.1M Insiders % — Institutions % — Institutions (of float) — Institution holders — Insider net buy 6M —
NOK 4.72
1D 5D 1M 3M 6M YTD 1Y 5Y MAX
Income Statement Balance Sheet Cash Flow
Annual · All values in US Dollars (USD)
USD FY2025 FY2024 FY2023 FY2022 Revenue 63.10M 71.70M 69.70M 76.10M YoY Growth -12.0% +2.9% -8.4% — Gross Profit 39.10M 45.20M 37.80M 44.70M Gross Margin 62.0% 63.0% 54.2% 58.7% R&D — — — — SG&A 4.20M 3.90M 3.40M 4.40M EBIT 36.70M 42.80M 37.70M 41.50M EBIT Margin 58.2% 59.7% 54.1% 54.5% D&A 8.50M 10.70M 11.60M 11.70M EBITDA 45.80M 94.50M 49.90M 53.10M EBITDA Margin 72.6% 131.8% 71.6% 69.8% Net Income 29.50M 76.30M 25.60M 31.90M Net Margin 46.8% 106.4% 36.7% 41.9% EPS (diluted) — $3.34 $1.13 $1.42 Shares (dil., M) — 23 23 23
Company Brief
2020 Bulkers Ltd. owns and operates large dry bulk vessels worldwide. It operates six scrubber fitted 208,000 deadweight tonnage Newcastlemax dry bulk vessels. 2020 Bulkers Ltd. was incorporated in 2017 and is based in Hamilton, Bermuda.
CEO Mr. Lars-Christian Svensen Employees 6 IPO Date 2019-07-12 Country Bermuda Website 2020bulkers.com Balance Sheet
Cash & ST Invest. $22.1M Total Debt $110.7M Net Cash / (Debt) -$88.6M Total Assets $270.2M Total Equity $148.2M Goodwill & Intang. — Tangible Book Value $148.2M NCAV (Graham) $148.2M Tangible Book/sh $7.36 NCAV/sh $7.36
Leverage
D/E Ratio 0.75× Net Debt / EBITDA 1.93× Interest Coverage 4.83× Current Ratio 2.22× Quick Ratio 2.22×
Capital Allocation (last FY)
Capex — Capex / Revenue — SBC $200K Dividends Paid $28.6M Buybacks —
Dividends
Annual DPS $11.65 Yield (fwd) 386.46% Payout Ratio 113.2% Ex-div Date 2026-04-29
Valuation vs History
P/E vs 4Y 0.3× vs 86.4× median Div yield vs 10Y 38646.0% vs 1.1% median
Buyback History
FY 2025 — +0.0%
FY 2024 — 0.0%
FY 2023 — +2.9%
FY 2022 — —
Not investment advice Updated 4/17/2026
