We present the results of a theoretical investigation of hydrodynamic spin states, wherein a droplet walking on a vertically vibrating fluid bath executes orbital motion despite the absence of an applied external field. In this regime, the walker's self-generated wave force is sufficiently strong to confine the walker to a circular orbit. We use an integro-differential trajectory equation for the droplet's horizontal motion to specify the parameter regimes for which the innermost spin state can be stabilized. Stable spin states are shown to exhibit an analog of the Zeeman effect from quantum mechanics when they are placed in a rotating frame.