NYSE : NAT
Nordic American Tankers Limited — Financial statements
Energy · Oil & Gas Midstream · Bermuda
Last price 7.91 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.67B
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Financial statements
Nordic American Tankers Limited (NAT) reported revenue of 371.13M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 370.40M | 291.69M | 349.74M | 391.69M | 339.34M | 191.07M |
| Other Revenue | 730.00K | 730.00K | ||||
| Revenue | 371.13M | 292.42M | 349.74M | 391.69M | 339.34M | 191.07M |
| Cost of Revenue | 173.55M | 176.82M | 187.46M | 189.51M | 233.94M | 195.94M |
| Gross Profit | 197.59M | 115.60M | 162.29M | 202.18M | 105.39M | -4.86M |
| Selling, General & Admin | 33.77M | 28.14M | 28.82M | 22.89M | 18.80M | 15.62M |
| Operating Expenses | 90.12M | 85.88M | 84.98M | 74.29M | 69.22M | 83.97M |
| Operating Income | 107.46M | 29.72M | 77.31M | 127.89M | 36.18M | -88.84M |
| Interest Expense | -35.68M | -35.75M | -30.74M | -30.50M | -27.05M | -26.38M |
| Interest & Investment Income | 1.31M | 1.61M | 731.00K | 1.30M | 266.00K | 3.00K |
| Other Non Operating Income (Expenses) | -1.73M | 118.00K | -670.00K | 137.00K | 46.00K | -429.00K |
| EBT Excluding Unusual Items | 71.37M | -4.30M | 46.63M | 98.83M | 9.43M | -115.64M |
| Gain (Loss) on Sale of Assets | 35.74M | 16.62M | 6.00M | |||
| Asset Writedown | -314.00K | -60.31M | ||||
| Pretax Income | 123.55M | 12.32M | 46.63M | 98.83M | 15.12M | -171.27M |
| Income Tax Expense | 48.00K | 48.00K | -10.00K | 120.00K | 23.00K | 59.00K |
| Net Income | 123.50M | 12.27M | 46.64M | 98.71M | 15.10M | -171.33M |
| Net Income to Common | 123.50M | 12.27M | 46.64M | 98.71M | 15.10M | -171.33M |
| Shares Outstanding (Basic) | 211.75M | 211.75M | 209.23M | 208.80M | 202.03M | 162.55M |
| Shares Outstanding (Diluted) | 211.75M | 211.75M | 209.90M | 208.81M | 202.03M | 162.55M |
| EPS (Basic) | 0.58 | 0.06 | 0.22 | 0.47 | 0.07 | -1.05 |
| EPS (Diluted) | 0.58 | 0.06 | 0.22 | 0.47 | 0.07 | -1.05 |
| Free Cash Flow | 119.06M | -114.63M | 125.54M | 65.78M | -71.28M | -62.19M |
| Free Cash Flow Per Share | 0.56 | -0.54 | 0.60 | 0.32 | -0.35 | -0.38 |
| Dividend Per Share | 0.79 | 0.47 | 0.34 | 0.46 | 0.25 | 0.05 |
| Gross Margin | 53.24% | 39.53% | 46.40% | 51.62% | 31.06% | -2.54% |
| Operating Margin | 28.95% | 10.17% | 22.11% | 32.65% | 10.66% | -46.49% |
| Profit Margin | 33.28% | 4.20% | 13.34% | 25.20% | 4.45% | -89.66% |
| Free Cash Flow Margin | 32.08% | -39.20% | 35.89% | 16.79% | -21.01% | -32.55% |
| EBITDA | 163.82M | 87.46M | 133.46M | 179.29M | 86.60M | -20.48M |
| EBITDA Margin | 44.14% | 29.91% | 38.16% | 45.77% | 25.52% | -10.72% |
| D&A For EBITDA | 56.36M | 57.73M | 56.15M | 51.40M | 50.42M | 68.35M |
| EBIT | 107.46M | 29.72M | 77.31M | 127.89M | 36.18M | -88.84M |
| EBIT Margin | 28.95% | 10.17% | 22.11% | 32.65% | 10.66% | -46.49% |
| Effective Tax Rate | 0.04% | 0.39% | 0.12% | 0.15% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 133.29M | 45.86M | 39.18M | 31.08M | 59.58M | 34.74M |
| Cash & Short-Term Investments | 133.29M | 45.86M | 39.18M | 31.08M | 59.58M | 34.74M |
| Receivables | 21.81M | 19.04M | 16.22M | 26.29M | 20.47M | 9.37M |
| Inventory | 33.95M | 37.50M | 28.50M | 42.36M | 49.43M | 31.36M |
| Prepaid Expenses | 16.30M | 8.40M | 6.23M | 4.32M | 5.97M | 4.85M |
| Restricted Cash | 5.21M | 2.28M | 3.72M | 9.91M | ||
| Other Current Assets | 18.73M | 40.07M | 3.44M | 2.58M | 3.48M | 16.88M |
| Total Current Assets | 224.08M | 150.87M | 98.77M | 108.91M | 142.66M | 107.11M |
| Property, Plant & Equipment | 690.62M | 751.30M | 718.82M | 770.29M | 737.07M | 742.15M |
| Other Long-Term Assets | 2.79M | 148.00K | 1.90M | |||
| Total Assets | 917.50M | 902.16M | 817.59M | 879.20M | 879.88M | 851.15M |
| Accounts Payable | 3.56M | 3.52M | 7.05M | 3.77M | 6.96M | 6.55M |
| Accrued Expenses | 17.43M | 24.10M | 16.73M | 17.68M | 17.79M | 18.98M |
| Current Portion of Long-Term Debt | 35.40M | 35.40M | 21.56M | 31.90M | 39.70M | 37.55M |
| Current Portion of Leases | 325.00K | |||||
| Current Unearned Revenue | 3.84M | 5.63M | 3.95M | 6.15M | 2.76M | |
| Other Current Liabilities | 12.04M | 242.00K | 8.81M | 13.18M | 1.82M | 1.80M |
| Total Current Liabilities | 68.43M | 67.42M | 59.78M | 70.48M | 72.41M | 67.64M |
| Long-Term Debt | 371.16M | 388.74M | 248.14M | 269.70M | 266.34M | 283.41M |
| Long-Term Leases | 535.00K | 1.15M | ||||
| Other Long-Term Liabilities | 278.00K | 483.00K | 845.00K | 717.00K | 615.00K | 724.00K |
| Total Liabilities | 439.87M | 456.64M | 308.77M | 340.89M | 339.90M | 352.93M |
| Common Stock | 477.62M | 2.12M | 2.12M | 2.09M | 2.09M | 1.84M |
| Additional Paid-In Capital | 443.16M | 519.39M | 595.83M | 695.93M | 669.30M | |
| Retained Earnings | 1.40M | -10.87M | -57.52M | -156.23M | -171.33M | |
| Comprehensive Income & Other | -1.16M | -1.82M | -2.09M | -1.81M | -1.58M | |
| Shareholders' Equity | 477.62M | 445.52M | 508.81M | 538.30M | 539.98M | 498.22M |
| Total Liabilities & Equity | 917.50M | 902.16M | 817.59M | 879.20M | 879.88M | 851.15M |
| Total Debt | 406.57M | 424.47M | 269.70M | 301.60M | 306.57M | 322.11M |
| Net Cash (Debt) | -273.27M | -378.61M | -230.53M | -270.52M | -246.99M | -287.37M |
| Net Cash Per Share | -1.29 | -1.79 | -1.10 | -1.30 | -1.22 | -1.77 |
| Filing Date Shares Outstanding | 211.75M | 211.75M | 211.75M | 208.80M | 208.80M | 201.67M |
| Total Common Shares Outstanding | 211.75M | 211.75M | 211.75M | 208.80M | 208.80M | 183.69M |
| Working Capital | 155.65M | 83.45M | 38.99M | 38.43M | 70.25M | 39.46M |
| Book Value Per Share | 2.26 | 2.10 | 2.40 | 2.58 | 2.59 | 2.71 |
| Tangible Book Value | 477.62M | 445.52M | 508.81M | 538.30M | 539.98M | 498.22M |
| Tangible Book Value Per Share | 2.26 | 2.10 | 2.40 | 2.58 | 2.59 | 2.71 |
| Machinery | 1.13B | 1.14B | 1.14B | 1.07B | 1.19B | |
| Construction In Progress | 24.27M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 123.50M | 12.27M | 46.64M | 98.71M | 15.10M | -171.33M |
| Depreciation & Amortization | 56.36M | 57.73M | 56.15M | 51.40M | 50.42M | 68.35M |
| Other Amortization | 745.00K | 745.00K | 850.00K | 1.45M | 3.59M | 2.99M |
| Loss (Gain) From Sale of Assets | -16.62M | -16.62M | -6.00M | |||
| Asset Writedown & Restructuring Costs | 314.00K | 60.31M | ||||
| Stock-Based Compensation | 1.85M | 2.20M | 476.00K | 339.00K | ||
| Other Operating Activities | -28.87M | -17.05M | -2.46M | -9.65M | -8.13M | -6.82M |
| Change in Accounts Receivable | -2.88M | -2.88M | 10.06M | -5.81M | -11.10M | -3.02M |
| Change in Inventory | -9.00M | -9.00M | 13.86M | 7.07M | -18.07M | -7.31M |
| Change in Accounts Payable | -2.59M | -2.59M | 3.97M | -8.48M | 230.00K | 11.74M |
| Change in Other Net Operating Assets | -2.79M | -2.79M | -2.76M | 2.56M | -2.69M | 286.00K |
| Operating Cash Flow | 117.86M | 19.82M | 128.16M | 139.44M | 24.13M | -44.46M |
| Capital Expenditures | 1.21M | -134.45M | -2.62M | -73.67M | -95.42M | -17.73M |
| Sale of Property, Plant & Equipment | 89.34M | 46.75M | 81.07M | 14.26M | ||
| Investing Cash Flow | 90.55M | -87.70M | -2.62M | -73.67M | -14.34M | -3.46M |
| Long-Term Debt Issued | 190.66M | 54.00M | 88.00M | |||
| Long-Term Debt Repaid | -34.45M | -32.74M | -59.22M | -105.41M | -38.74M | |
| Net Debt Issued (Repaid) | -35.96M | 156.21M | -32.74M | -5.22M | -17.41M | -38.74M |
| Issuance of Common Stock | 8.93M | 49.10M | 80.05M | |||
| Repurchase of Common Stock | -3.55M | |||||
| Common Dividends Paid | -131.28M | -84.70M | -87.69M | -89.78M | -22.68M | -9.70M |
| Other Financing Activities | -2.51M | -2.51M | -669.00K | -1.10M | ||
| Financing Cash Flow | -169.76M | 68.99M | -115.05M | -95.67M | 9.01M | 30.51M |
| Foreign Exchange Rate Adjustments | 155.00K | 361.00K | 536.00K | -44.00K | -142.00K | -12.00K |
| Net Cash Flow | 38.80M | 1.48M | 11.02M | -29.94M | 18.65M | -17.42M |
| Free Cash Flow | 119.06M | -114.63M | 125.54M | 65.78M | -71.28M | -62.19M |
| Free Cash Flow Margin | 32.08% | -39.20% | 35.89% | 16.79% | -21.01% | -32.55% |
| Free Cash Flow Per Share | 0.56 | -0.54 | 0.60 | 0.32 | -0.35 | -0.38 |
| Levered Free Cash Flow | 72.57M | -131.68M | 103.22M | 53.36M | -43.32M | -36.24M |
| Unlevered Free Cash Flow | 94.12M | -110.08M | 121.58M | 70.97M | -30.00M | -22.74M |
| Cash Interest Paid | 35.01M | 35.01M | 29.89M | 29.04M | 23.45M | 23.39M |
| Cash Income Tax Paid | 33.00K | 33.00K | 10.00K | 23.00K | 59.00K | 64.00K |
| Change in Working Capital | -17.26M | -17.26M | 25.13M | -4.67M | -31.63M | 1.70M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.67B | 728.42M | 521.99M | 876.95M | 638.92M | 305.58M |
| Enterprise Value | 1.95B | 1.09B | 759.24M | 1.06B | 934.44M | 615.25M |
| Last Close Price | 7.91 | 3.08 | 1.99 | 3.00 | 1.93 | 1.03 |
| PE Ratio | 13.56 | 59.36 | 11.19 | 8.88 | 42.31 | |
| Forward PE | 8.72 | 12.29 | 7.25 | 7.38 | 7.37 | 27.91 |
| PS Ratio | 4.51 | 2.49 | 1.49 | 2.24 | 1.88 | 1.60 |
| PB Ratio | 3.51 | 1.64 | 1.03 | 1.63 | 1.18 | 0.61 |
| P/TBV Ratio | 3.51 | 1.64 | 1.03 | 1.63 | 1.18 | 0.61 |
| P/FCF Ratio | 14.07 | 4.16 | 13.33 | |||
| P/OCF Ratio | 14.21 | 36.74 | 4.07 | 6.29 | 26.47 | |
| PEG Ratio | 227.22 | 227.22 | 227.22 | 227.22 | 227.22 | |
| EV/Sales Ratio | 5.25 | 3.74 | 2.17 | 2.71 | 2.75 | 3.22 |
| EV/EBITDA Ratio | 11.89 | 12.51 | 5.69 | 5.93 | 10.79 | |
| EV/EBIT Ratio | 18.13 | 36.80 | 9.82 | 8.31 | 25.83 | |
| EV/FCF Ratio | 16.36 | 6.05 | 16.16 | |||
| Debt / Equity Ratio | 0.85 | 0.95 | 0.53 | 0.56 | 0.57 | 0.65 |
| Debt / EBITDA Ratio | 2.48 | 4.85 | 2.02 | 1.68 | 3.54 | |
| Debt / FCF Ratio | 3.42 | 2.15 | 4.58 | |||
| Net Debt / Equity Ratio | 0.57 | 0.85 | 0.45 | 0.50 | 0.46 | 0.58 |
| Net Debt / EBITDA Ratio | 1.67 | 4.33 | 1.73 | 1.51 | 2.85 | -14.03 |
| Net Debt / FCF Ratio | 2.29 | -3.30 | 1.84 | 4.11 | -3.46 | -4.62 |
| Asset Turnover | 0.40 | 0.34 | 0.41 | 0.45 | 0.39 | 0.21 |
| Inventory Turnover | 5.60 | 5.36 | 5.29 | 4.13 | 5.79 | 7.07 |
| Quick Ratio | 2.27 | 0.96 | 0.93 | 0.81 | 1.11 | 0.65 |
| Current Ratio | 3.27 | 2.24 | 1.65 | 1.54 | 1.97 | 1.58 |
| Return on Equity (ROE) | 25.66% | 2.57% | 8.91% | 18.31% | 2.91% | -31.23% |
| Return on Assets (ROA) | 7.17% | 2.16% | 5.70% | 9.09% | 2.61% | -6.08% |
| Return on Invested Capital (ROIC) | 13.94% | 3.79% | 9.99% | 16.01% | 4.59% | -10.55% |
| Return on Capital Employed (ROCE) | 12.70% | 3.60% | 10.20% | 15.80% | 4.50% | -11.30% |
| Earnings Yield | 7.37% | 1.69% | 8.94% | 11.26% | 2.36% | -56.07% |
| FCF Yield | 7.11% | -15.74% | 24.05% | 7.50% | -11.16% | -20.35% |
| Dividend Yield | 5.94% | 13.66% | 13.79% | 10.95% | 8.17% | 3.01% |
| Payout Ratio | 135.45% | 690.25% | 188.01% | 90.95% | 150.20% | |
| Buyback Yield / Dilution | -0.18% | -0.88% | -0.52% | -3.36% | -24.29% | -8.88% |
| Total Shareholder Return | 5.76% | 12.78% | 13.27% | 7.60% | -16.12% | -5.87% |