A.P. Moller - Maersk Revenue & Financials

Maersk's Ocean segment generated approximately $32.7 billion in revenue in FY2024 — a 15% year-over-year decline driven by lower average freight rates as the pandemic supply chain crisis unwound. That single segment generated the majority of group revenue. Its margin compression in 2024 is the clearest possible argument for why Maersk needs the Logistics and Services segment to grow. The Logistics and Services segment contributed $12.6 billion in FY2024, up 12% from the prior year, driven by the full consolidation of recent acquisitions. Its 8% EBITDA margin held steady while ocean margins moved with the market. The arithmetic here is straightforward: an 8% stable margin is worth more to the company's valuation than a 20% volatile one. Clerc's 2030 target of 50% Logistics and Services revenue is essentially a de-risking exercise on paper. Total revenue was $51.1 billion in FY2023 and $50.3 billion in FY2024, with FY2025 projected at $52 billion. The revenue band is narrow but the composition is shifting. Market capitalization stood at $55 billion, reflecting investor confidence that the integrated model is worth more than a pure-play ocean carrier. Capital expenditure exceeds $2 billion annually, directed primarily toward new vessels capable of running on green methanol and toward the logistics network infrastructure that needs to double in revenue contribution by 2030. The green methanol commitment is not cheap — it requires both vessel orders and long-term fuel supply contracts — but it is the kind of 10-year bet that distinguishes a company with a 120-year time horizon from one managing quarterly earnings.