NYSE : TEN
Tsakos Energy Navigation Limited — Financial statements
Energy · Oil & Gas Midstream · Greece
Last price 53.85 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.62B
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Financial statements
Tsakos Energy Navigation Limited (TEN) reported revenue of 959.70M 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 | |
|---|---|---|---|---|---|---|
| Revenue | 959.70M | 798.69M | 804.06M | 889.57M | 860.40M | 546.12M |
| Cost of Revenue | 367.06M | 346.69M | 368.89M | 375.32M | 439.91M | 401.41M |
| Gross Profit | 592.63M | 451.99M | 435.17M | 514.25M | 420.49M | 144.71M |
| Selling, General & Admin | 46.17M | 42.08M | 45.37M | 33.34M | 29.85M | 29.13M |
| Operating Expenses | 223.45M | 212.13M | 205.28M | 177.58M | 170.68M | 172.38M |
| Operating Income | 369.18M | 239.86M | 229.90M | 336.67M | 249.81M | -27.67M |
| Interest Expense | -93.62M | -96.56M | -113.19M | -100.83M | -54.28M | -41.82M |
| Interest & Investment Income | 10.56M | 10.49M | 15.12M | 14.58M | 2.00M | 703.00K |
| Other Non Operating Income (Expenses) | 1.29M | -1.31M | 1.14M | -166.00K | 4.39M | 10.40M |
| EBT Excluding Unusual Items | 287.42M | 152.49M | 132.97M | 250.25M | 201.93M | -58.40M |
| Gain (Loss) on Sale of Assets | 46.77M | 12.46M | 48.66M | 81.20M | -440.00K | -5.82M |
| Asset Writedown | -26.37M | -86.37M | ||||
| Pretax Income | 332.50M | 164.94M | 181.63M | 305.08M | 208.47M | -150.58M |
| Earnings From Continuing Operations | 332.50M | 164.94M | 181.63M | 305.08M | 208.47M | -150.58M |
| Minority Interest in Earnings | -7.99M | -4.04M | -5.40M | -4.90M | -4.23M | -820.00K |
| Net Income | 324.50M | 160.90M | 176.23M | 300.18M | 204.23M | -151.40M |
| Preferred Dividends & Other Adjustments | 29.20M | 28.60M | 27.96M | 33.44M | 35.97M | 35.77M |
| Net Income to Common | 295.31M | 132.30M | 148.27M | 266.74M | 168.26M | -187.18M |
| Shares Outstanding (Basic) | 29.89M | 29.74M | 29.51M | 29.51M | 27.97M | 19.65M |
| Shares Outstanding (Diluted) | 29.89M | 29.74M | 29.51M | 29.51M | 28.19M | 19.65M |
| EPS (Basic) | 9.88 | 4.45 | 5.03 | 9.04 | 6.02 | -9.53 |
| EPS (Diluted) | 9.88 | 4.45 | 5.03 | 9.04 | 6.01 | -9.53 |
| Free Cash Flow | -97.73M | -224.12M | -342.34M | 96.89M | -44.84M | -8.12M |
| Free Cash Flow Per Share | -3.27 | -7.54 | -11.60 | 3.28 | -1.59 | -0.41 |
| Dividend Per Share | 2.00 | 1.60 | 1.50 | 0.60 | 0.25 | 0.10 |
| Gross Margin | 61.75% | 56.59% | 54.12% | 57.81% | 48.87% | 26.50% |
| Operating Margin | 38.47% | 30.03% | 28.59% | 37.85% | 29.04% | -5.07% |
| Profit Margin | 30.77% | 16.56% | 18.44% | 29.99% | 19.56% | -34.27% |
| Free Cash Flow Margin | -10.18% | -28.06% | -42.58% | 10.89% | -5.21% | -1.49% |
| EBITDA | 524.15M | 388.17M | 369.71M | 459.79M | 371.39M | 99.15M |
| EBITDA Margin | 54.62% | 48.60% | 45.98% | 51.69% | 43.16% | 18.15% |
| D&A For EBITDA | 154.97M | 148.31M | 139.81M | 123.12M | 121.58M | 126.82M |
| EBIT | 369.18M | 239.86M | 229.90M | 336.67M | 249.81M | -27.67M |
| EBIT Margin | 38.47% | 30.03% | 28.59% | 37.85% | 29.04% | -5.07% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 463.99M | 293.31M | 343.37M | 372.03M | 304.37M | 117.19M |
| Short-Term Investments | 5.00M | 5.00M | ||||
| Trading Asset Securities | 1.44M | 1.13M | 182.00K | 646.00K | 193.00K | 7.00K |
| Cash & Short-Term Investments | 470.43M | 299.44M | 343.56M | 372.68M | 304.56M | 117.20M |
| Accounts Receivable | 66.55M | 41.08M | 26.45M | 46.70M | 78.20M | 30.62M |
| Other Receivables | 4.42M | 12.77M | 7.21M | 5.29M | 8.89M | 27.35M |
| Receivables | 70.97M | 53.85M | 33.66M | 51.98M | 87.09M | 57.97M |
| Inventory | 21.70M | 12.59M | 18.95M | 22.51M | 26.22M | 22.92M |
| Prepaid Expenses | 3.63M | 8.63M | 8.38M | 3.91M | 6.82M | 1.86M |
| Restricted Cash | 2.15M | 4.82M | 4.94M | 4.66M | 5.07M | 10.01M |
| Other Current Assets | 47.37M | 55.31M | 42.32M | 53.59M | 83.36M | 29.71M |
| Total Current Assets | 616.26M | 434.63M | 451.80M | 509.34M | 513.11M | 239.66M |
| Property, Plant & Equipment | 3.16B | 3.16B | 2.94B | 2.64B | 2.68B | 2.49B |
| Long-Term Investments | 91.61M | 25.23M | 25.31M | 5.06M | 1.38M | |
| Long-Term Deferred Charges | 27.58M | 27.50M | 39.11M | 38.31M | 44.37M | 34.30M |
| Other Long-Term Assets | 485.28M | 301.87M | 254.57M | 174.39M | 69.96M | 127.94M |
| Total Assets | 4.38B | 3.95B | 3.71B | 3.36B | 3.31B | 2.89B |
| Accrued Expenses | 92.56M | 71.29M | 50.78M | 36.95M | 43.63M | 35.60M |
| Current Portion of Long-Term Debt | 250.94M | 303.72M | 251.78M | 191.97M | 201.05M | 181.82M |
| Current Portion of Leases | 1.84M | 8.02M | 12.71M | 22.10M | 50.80M | 30.75M |
| Current Unearned Revenue | 11.86M | 17.27M | 37.41M | 31.90M | 26.05M | 9.02M |
| Other Current Liabilities | 83.00M | 57.74M | 55.85M | 40.28M | 48.16M | 74.91M |
| Total Current Liabilities | 440.20M | 458.04M | 408.52M | 323.20M | 369.69M | 332.10M |
| Long-Term Debt | 1.85B | 1.62B | 1.50B | 1.37B | 1.38B | 1.21B |
| Long-Term Leases | 4.33M | 17.03M | 39.13M | 62.02M | ||
| Other Long-Term Liabilities | 30.95M | 12.32M | 31.14M | |||
| Total Liabilities | 2.32B | 2.09B | 1.94B | 1.71B | 1.79B | 1.60B |
| Common Stock | 151.54M | 151.54M | 151.54M | 150.92M | 150.92M | 126.22M |
| Additional Paid-In Capital | 927.79M | 926.77M | 919.72M | 912.21M | 993.37M | 973.58M |
| Retained Earnings | 922.87M | 738.35M | 652.65M | 548.24M | 311.73M | 149.50M |
| Treasury Stock | -6.79M | -6.79M | -6.79M | -6.79M | -6.79M | -6.79M |
| Comprehensive Income & Other | -2.37M | -1.89M | -904.00K | 2.48M | 7.67M | -17.18M |
| Total Common Equity | 1.99B | 1.81B | 1.72B | 1.61B | 1.46B | 1.23B |
| Minority Interest | 50.13M | 43.53M | 39.49M | 34.09M | 51.02M | 50.99M |
| Shareholders' Equity | 2.05B | 1.86B | 1.77B | 1.65B | 1.52B | 1.29B |
| Total Liabilities & Equity | 4.38B | 3.95B | 3.71B | 3.36B | 3.31B | 2.89B |
| Total Debt | 2.10B | 1.93B | 1.76B | 1.60B | 1.67B | 1.48B |
| Net Cash (Debt) | -1.63B | -1.63B | -1.42B | -1.23B | -1.36B | -1.37B |
| Net Cash Per Share | -54.67 | -54.88 | -48.15 | -41.67 | -48.36 | -69.53 |
| Filing Date Shares Outstanding | 30.13M | 30.13M | 30.13M | 29.51M | 29.51M | 28.17M |
| Total Common Shares Outstanding | 30.13M | 30.13M | 30.13M | 29.51M | 29.51M | 24.57M |
| Working Capital | 176.06M | -23.41M | 43.28M | 186.13M | 143.43M | -92.43M |
| Book Value Per Share | 66.15 | 60.01 | 56.96 | 54.47 | 49.38 | 49.88 |
| Tangible Book Value | 1.99B | 1.81B | 1.72B | 1.61B | 1.46B | 1.23B |
| Tangible Book Value Per Share | 66.15 | 60.01 | 56.96 | 54.47 | 49.38 | 49.88 |
| Machinery | 4.39B | 4.34B | 4.03B | 3.62B | 3.55B | 3.28B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 324.50M | 160.90M | 176.23M | 300.18M | 204.23M | -151.40M |
| Depreciation & Amortization | 154.97M | 148.31M | 139.81M | 123.12M | 121.58M | 126.82M |
| Other Amortization | 25.93M | 25.01M | 23.72M | 24.75M | 23.30M | 19.68M |
| Loss (Gain) From Sale of Assets | -46.77M | -12.46M | -48.66M | -81.20M | 440.00K | 5.82M |
| Asset Writedown & Restructuring Costs | 26.37M | 86.37M | ||||
| Stock-Based Compensation | 3.49M | 7.05M | 8.13M | |||
| Other Operating Activities | -25.88M | -28.57M | -37.37M | -24.59M | -17.35M | -38.42M |
| Change in Accounts Receivable | -13.44M | 4.09M | 16.87M | 28.37M | -35.24M | -1.33M |
| Change in Inventory | -5.53M | 6.36M | 3.56M | 3.70M | -3.30M | -1.10M |
| Change in Accounts Payable | 13.24M | -10.88M | 12.96M | -11.83M | -27.06M | 23.36M |
| Change in Unearned Revenue | -2.07M | -20.14M | 5.51M | 5.85M | 17.03M | -3.60M |
| Change in Other Net Operating Assets | 34.41M | 17.95M | 6.93M | 556.00K | 4.90M | -13.08M |
| Operating Cash Flow | 462.85M | 297.62M | 307.68M | 395.28M | 288.53M | 53.11M |
| Capital Expenditures | -560.58M | -521.74M | -650.02M | -298.38M | -333.37M | -61.23M |
| Sale of Property, Plant & Equipment | 165.99M | 99.05M | 228.42M | 165.94M | 31.55M | 53.22M |
| Investment in Securities | -75.72M | -20.00M | -20.00M | -5.00M | ||
| Other Investing Activities | -15.43M | |||||
| Investing Cash Flow | -470.31M | -458.12M | -441.61M | -137.44M | -301.81M | -8.00M |
| Long-Term Debt Issued | 490.85M | 410.63M | 411.42M | 701.11M | 189.76M | |
| Long-Term Debt Repaid | -318.57M | -228.47M | -427.88M | -497.10M | -318.90M | |
| Net Debt Issued (Repaid) | 281.90M | 172.28M | 182.16M | -16.45M | 204.00M | -129.15M |
| Issuance of Common Stock | 43.84M | 53.48M | ||||
| Repurchase of Common Stock | -168.00K | |||||
| Preferred Dividends Paid | -27.00M | -27.00M | -27.00M | -30.91M | -34.72M | -33.47M |
| Common Dividends Paid | -48.20M | -33.14M | -44.82M | -29.51M | -7.29M | -1.98M |
| Dividends Paid | -75.20M | -60.14M | -71.82M | -60.41M | -42.01M | -35.45M |
| Other Financing Activities | -20.31M | -1.83M | -4.80M | -5.40M | -7.99M | -2.13M |
| Financing Cash Flow | 186.38M | 110.31M | 105.54M | -190.58M | 195.53M | -89.68M |
| Net Cash Flow | 178.92M | -50.18M | -28.38M | 67.25M | 182.24M | -44.57M |
| Free Cash Flow | -97.73M | -224.12M | -342.34M | 96.89M | -44.84M | -8.12M |
| Free Cash Flow Margin | -10.18% | -28.06% | -42.58% | 10.89% | -5.21% | -1.49% |
| Free Cash Flow Per Share | -3.27 | -7.54 | -11.60 | 3.28 | -1.59 | -0.41 |
| Levered Free Cash Flow | -125.41M | -276.50M | -342.11M | 60.06M | -154.07M | 83.27M |
| Unlevered Free Cash Flow | -70.52M | -219.41M | -274.99M | 119.46M | -124.20M | 106.16M |
| Cash Interest Paid | 94.00M | 94.00M | 108.65M | 101.34M | 48.95M | 40.84M |
| Change in Working Capital | 26.61M | -2.62M | 45.83M | 26.65M | -43.67M | 4.25M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.62B | 675.46M | 511.63M | 655.61M | 484.71M | 143.06M |
| Enterprise Value | 3.26B | 2.32B | 1.90B | 1.82B | 1.94B | 1.41B |
| Last Close Price | 53.85 | 21.45 | 15.77 | 18.78 | 13.60 | 5.70 |
| PE Ratio | 5.45 | 5.11 | 3.45 | 2.46 | 2.88 | |
| Forward PE | 6.95 | 5.48 | 4.63 | 3.19 | 3.06 | 8.24 |
| PS Ratio | 1.69 | 0.85 | 0.64 | 0.74 | 0.56 | 0.26 |
| PB Ratio | 0.81 | 0.36 | 0.29 | 0.40 | 0.32 | 0.11 |
| P/TBV Ratio | 0.81 | 0.37 | 0.30 | 0.41 | 0.33 | 0.12 |
| P/FCF Ratio | 6.77 | |||||
| P/OCF Ratio | 3.51 | 2.27 | 1.66 | 1.66 | 1.68 | 2.69 |
| PEG Ratio | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | |
| EV/Sales Ratio | 3.39 | 2.90 | 2.37 | 2.05 | 2.25 | 2.59 |
| EV/EBITDA Ratio | 6.21 | 5.97 | 5.15 | 3.96 | 5.22 | 14.26 |
| EV/EBIT Ratio | 8.82 | 9.66 | 8.28 | 5.41 | 7.77 | |
| EV/FCF Ratio | 18.80 | |||||
| Debt / Equity Ratio | 1.02 | 1.04 | 1.00 | 0.97 | 1.09 | 1.15 |
| Debt / EBITDA Ratio | 3.92 | 4.81 | 4.55 | 3.31 | 4.33 | 13.13 |
| Debt / FCF Ratio | 16.54 | |||||
| Net Debt / Equity Ratio | 0.80 | 0.88 | 0.80 | 0.74 | 0.90 | 1.06 |
| Net Debt / EBITDA Ratio | 3.12 | 4.20 | 3.84 | 2.67 | 3.67 | 13.78 |
| Net Debt / FCF Ratio | -16.72 | -7.28 | -4.15 | 12.69 | -30.40 | -168.32 |
| Asset Turnover | 0.23 | 0.21 | 0.23 | 0.27 | 0.28 | 0.18 |
| Inventory Turnover | 19.38 | 21.98 | 17.80 | 15.40 | 17.91 | 17.95 |
| Quick Ratio | 1.23 | 0.77 | 0.92 | 1.31 | 1.06 | 0.53 |
| Current Ratio | 1.40 | 0.95 | 1.11 | 1.58 | 1.39 | 0.72 |
| Return on Equity (ROE) | 17.22% | 9.09% | 10.62% | 19.21% | 14.81% | -11.26% |
| Return on Assets (ROA) | 5.64% | 3.91% | 4.06% | 6.31% | 5.03% | -0.58% |
| Return on Capital Employed (ROCE) | 9.40% | 6.90% | 7.00% | 11.10% | 8.50% | -1.10% |
| Earnings Yield | 18.34% | 23.82% | 34.45% | 45.79% | 42.13% | -105.83% |
| FCF Yield | -6.02% | -33.18% | -66.91% | 14.78% | -9.25% | -5.67% |
| Dividend Yield | 2.97% | 7.14% | 8.83% | 2.70% | 1.52% | 1.72% |
| Payout Ratio | 20.25% | 37.38% | 40.75% | 20.13% | 20.57% | |
| Buyback Yield / Dilution | -1.05% | -0.79% | -4.67% | -43.45% | -4.70% | |
| Total Shareholder Return | 1.92% | 6.34% | 8.83% | -1.97% | -41.93% | -2.98% |