Nordic American Tankers Ltd. (NAT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.23	$0.22	-4.3%	—	$79.3M	—
Q1 26	$0.19	$0.15	-21.1%	—	$77.5M	—
Q4 25	$0.14	$0.06	-57.1%	—	$167.9M	—
Q3 25	$0.03	-$0.01	-133.3%	—	$45.7M	—
Q2 25	$0.05	-$0.04	-180.0%	—	$40.2M	—
Q1 25	-$0.01	-$0.02	-100.0%	—	$37.9M	—
Q4 24	$0.04	$0.01	-75.0%	—	$171M	—
Q3 24	$0.06	$0.04	-33.3%	—	$52M	—
Q2 24	$0.08	$0.1	+25.0%	—	$132.5M	—
Q1 24	$0.1	$0.07	-30.0%	—	$60.6M	—
Q4 23	$0.13	$0.08	-38.5%	—	$188.8M	—
Q3 23	$0.05	$0.04	-20.0%	—	$48M	—
Q2 23	$0.14	$0.13	-7.1%	—	$133.4M	—
Q1 23	$0.2	$0.22	+10.0%	—	$87.1M	—
Q4 22	$0.2	$0.17	-15.0%	—	$241.6M	—
Q3 22	$0.04	$0.05	+25.0%	—	$47.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.06	—	—	$291.7M	—
FY24	—	$0.22	—	—	$349.7M	—
FY23	—	$0.47	—	—	$391.7M	—
FY22	—	$0.07	—	—	$339.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$357.5M	$297.1M	$289M	$317.2M	$354.6M	$191.1M	$339.3M	$391.7M	$349.7M	$291.7M
YoY change	-19.8%	-16.9%	-2.73%	+9.76%	+11.8%	-46.1%	+77.6%	+15.4%	-10.7%	-16.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	357.5M	297.1M	289M	317.2M	354.6M	191.1M	339.3M	391.7M	349.7M	291.7M
Cost of revenue	297.1M	330.8M	306.1M	271.8M	255.8M	264.3M	284.4M	240.9M	243.6M	234.6M
Gross profit	60.3M	-33.7M	-17.1M	45.5M	98.8M	-73.2M	55M	150.8M	106.1M	57.1M
Gross margin	16.9%	-11.3%	-5.92%	14.3%	27.9%	-38.3%	16.2%	38.5%	30.3%	19.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.3M	12.6M	12.7M	13.5M	17.6M	15.6M	18.8M	22.9M	28.8M	28.1M
Operating expenses	12.3M	12.6M	12.7M	13.5M	17.6M	10.9M	18.8M	22.9M	28.8M	27.4M
Operating income	48M	-46.2M	-29.8M	32M	81.2M	-84.2M	36.2M	127.9M	77.3M	—
Operating margin	13.4%	-15.6%	-10.3%	10.1%	22.9%	-44%	10.7%	32.7%	22.1%	—
Non-operating income, net	5.3M	-129.5M	-8.8M	—	—	-60.3M	5.7M	—	—	16.6M
Pretax income	42.3M	-196.5M	-87.6M	-10.3M	50.1M	-171.3M	15.1M	98.8M	46.6M	12.3M
Income tax	102K	83K	79K	71K	64K	59K	23K	120K	-10K	48K
Net income	-4.5M	-205M	-95.3M	-10.4M	50M	-171.3M	15.1M	98.7M	46.6M	12.3M
Net margin	-1.25%	-69%	-33%	-3.26%	14.1%	-89.7%	4.45%	25.2%	13.3%	4.21%
EBITDA	136.7M	52M	11.7M	87.7M	145.1M	-19.2M	83.3M	179.3M	132.7M	88.4M
EPS	-0.05	-0.73	-0.67	-0.07	0.34	-0.73	0.07	0.47	0.22	0.06
Diluted EPS	-0.05	-0.73	-0.67	-0.07	0.34	-0.73	0.07	0.47	0.22	0.06

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	48M	188.8M	60.6M	132.5M	52M	171M	37.9M	40.2M	45.7M	167.9M	77.5M	79.3M
Cost of revenue	27.3M	158.3M	29.7M	97.2M	30M	153.2M	29.7M	33.3M	31.9M	139.6M	29.9M	28.6M
Gross profit	20.8M	30.5M	30.9M	35.4M	22.1M	17.8M	8.2M	6.8M	13.8M	28.3M	47.6M	50.7M
Gross margin	43.2%	16.1%	51%	26.7%	42.4%	10.4%	21.6%	17%	30.3%	16.9%	61.5%	64%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6.3M	5.9M	7.9M	6.1M	5.8M	9.1M	6.8M	6.4M	7M	7.9M	9.3M	9.6M
Operating expenses	6.3M	5.9M	7.9M	6.1M	5.8M	9.1M	6.8M	6.4M	7M	7.9M	7.5M	-5.1M
Operating income	14.5M	24.6M	23.1M	29.3M	16.2M	8.8M	1.3M	434K	6.8M	21.2M	40.2M	55.8M
Operating margin	30.1%	13%	38.1%	22.1%	31.2%	5.12%	3.55%	1.08%	14.8%	12.6%	51.8%	70.4%
Non-operating income, net	—	—	—	—	—	—	9.5M	7.1M	—	0	14.4M	21.3M
Pretax income	7.5M	17.6M	15.1M	21.6M	8.7M	1.3M	4.2M	-852K	-2.8M	11.7M	46.3M	68.3M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	7.5M	17.5M	15.1M	21.6M	8.7M	1.3M	4.2M	-852K	-2.8M	11.7M	46.3M	68.3M
Net margin	15.6%	9.27%	24.9%	16.3%	16.7%	0.76%	11.2%	-2.12%	-6.09%	6.94%	59.7%	86.2%
EBITDA	15M	23.4M	23.1M	29.5M	16.4M	7.5M	2.1M	1.3M	7M	20.3M	40.4M	55M
EPS	0.04	0.08	0.07	—	0.04	0.01	0.02	0	-0.01	0.06	0.22	0.32
Diluted EPS	0.04	0.08	0.07	—	0.04	0.01	0.02	0	-0.01	0.06	0.22	0.32

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	771.1M	—	—	701.5M	440.4M	274.7M	—	876.9M	523.1M	728.4M	1.6B
Enterprise value	1.1B	—	—	1.1B	740M	562.1M	—	1.1B	753.6M	1.1B	1.9B
Shares outstanding	92.5M	103.8M	142M	142.6M	149.3M	162.5M	202M	208.8M	209.2M	211.8M	211.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	8.8	—	—	8.88	11.2	59.4	13.4
P/S	2.16	—	—	2.21	1.24	1.44	—	2.24	1.5	2.5	4.44
P/B	0.89	—	—	1.18	0.74	0.55	—	1.63	1.03	1.63	3.45
EV/EBITDA	8.28	—	—	12	5.1	-29.3	—	6.4	5.68	12.5	11.7
EV/Sales	3.17	—	—	3.32	2.09	2.94	—	2.93	2.15	3.79	5.18
Earnings yield	—	—	—	—	11.4%	—	—	11.3%	8.92%	1.68%	7.45%
FCF yield	-7.87%	—	—	7.17%	21.1%	-22.6%	—	7.5%	24%	-15.7%	4.4%
PEG	—	—	—	—	—	—	—	—	—	—	0

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	16.9%	-11.3%	-5.92%	14.3%	27.9%	-38.3%	16.2%	38.5%	30.3%	19.6%	64%
Operating margin	13.4%	-15.6%	-10.3%	10.1%	22.9%	-44%	10.7%	32.7%	22.1%	—	51.9%
Net margin	-1.25%	-69%	-33%	-3.26%	14.1%	-89.7%	4.45%	25.2%	13.3%	4.21%	33.3%
ROE	-0.51%	-28.8%	-15.8%	-1.74%	8.35%	-34.4%	2.8%	18.3%	9.17%	2.75%	25.7%
ROA	-0.33%	-18%	-8.9%	-1%	5.14%	-20.1%	1.72%	11.2%	5.7%	1.36%	7.17%
ROIC	3.89%	-4.44%	-3.02%	3.38%	9.03%	-10.7%	4.59%	15.8%	10.5%	—	—
Return on tangible assets	-0.34%	-18%	-8.9%	-1%	5.14%	-20.1%	1.72%	11.2%	5.7%	1.36%	13.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	7.61	5.01	3.11	2.19	2.51	1.58	1.97	1.55	1.65	2.24	3.27
Quick ratio	6.64	4.1	2.55	1.81	2.02	1.27	1.62	1.1	1.29	1.94	3.05
Debt / equity	0.51	0.55	0.73	0.67	0.6	0.65	0.57	0.56	0.53	0.95	0.85
Debt / assets	0.33	0.34	0.41	0.39	0.37	0.38	0.35	0.34	0.33	0.47	0.44
Net debt / EBITDA	2.64	6.36	33.2	3.99	2.07	-15	2.96	1.51	1.74	4.28	2.23
Interest coverage	5.8	-9.74	-1.94	0.7	2.85	-6.32	1.64	4.4	2.56	1.35	4.54
Effective tax rate	0.24%	0%	0%	0%	0.13%	0%	0.15%	0.12%	0%	0.39%	0.39%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.86	2.86	2.04	2.22	2.38	1.18	1.68	1.88	1.67	1.38	1.75
EPS (basic)	-0.05	-0.73	-0.67	-0.07	0.34	-0.73	0.07	0.47	0.22	0.06	0.06
EPS (diluted)	-0.05	-0.73	-0.67	-0.07	0.34	-0.73	0.07	0.47	0.22	0.06	0.58
Book value per share	9.41	6.85	4.24	4.18	4.01	3.07	2.67	2.58	2.43	2.1	2.26
FCF per share	-0.66	-0.06	-0.15	0.35	0.62	-0.38	-0.35	0.32	0.6	-0.54	0.56
Cash per share	0.89	0.56	0.35	0.35	0.39	0.21	0.29	0.15	0.19	0.22	0.63
Capex per share	2.04	0.36	0.6	0.02	0.12	0.02	0.07	0.35	0.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	52.7%	12.6%	29.3%	0.8%	5.1%	1.81%	4.23%	18.8%	0.75%	—	—
Capex / operating cash flow	239.5%	-34.9%	-320.8%	4.9%	13.9%	-2.97%	44.4%	50.7%	2.06%	—	—
Payout ratio	-2.8K%	-26.5%	-10.4%	-137.7%	134.4%	-5.66%	150.2%	91%	188%	690.2%	106.9%
Dividend yield	16.3%	—	—	2.03%	15.3%	3.53%	—	10.2%	16.8%	11.6%	13.8%

Yield

13.8%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.27

ex-dividend Sep 10, 2026

Payout ratio

107%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$0.27
Jun 10, 2026	$0.22
Mar 10, 2026	$0.17

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$48M	$188.8M	$60.6M	$132.5M	$52M	$171M	$37.9M	$40.2M	$45.7M	$167.9M	$77.5M	$79.3M
YoY change	+1.38%	-21.9%	-30.5%	-0.69%	+8.33%	-9.39%	-37.4%	-69.7%	-12.2%	-1.83%	+104.3%	+97.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	82.2M	58.4M	49.3M	49.7M	57.8M	34.7M	59.6M	31.1M	39.2M	45.9M
Receivables	18.1M	22.5M	22.6M	24.6M	6.3M	9.4M	20.5M	26.3M	16.2M	19M
Inventory	20.9M	23.1M	20.3M	22.5M	19.4M	20.9M	25.4M	31.2M	21.9M	19.9M
Total current assets	163.7M	127M	112.9M	129.4M	99.5M	107.1M	142.7M	108.9M	98.8M	150.9M
Property, plant & equipment	-658.7M	-903.2M	-405.5M	-468.1M	-524.9M	-582M	-410.2M	-462M	718.8M	751.3M
Goodwill & intangibles	38M	0	—	—	—	—	—	—	—	—
Total assets	1.3B	1.1B	1.1B	1B	974.3M	851.2M	879.9M	879.2M	817.6M	902.2M
Accounts payable	4.3M	3.2M	3.6M	8.4M	4.1M	6.6M	7M	3.4M	4.3M	2.5M
Short-term debt	—	—	18.7M	23.5M	22.1M	37.5M	39.7M	31.9M	21.6M	35.4M
Total current liabilities	21.5M	25.3M	36.3M	59M	39.7M	67.6M	72.4M	70.5M	59.8M	67.4M
Long-term debt	442.8M	388.9M	417.8M	376.3M	335.3M	284.6M	266.9M	269.7M	248.1M	388.7M
Total liabilities	478.9M	430M	469.1M	435.5M	375.2M	352.9M	339.9M	340.9M	308.8M	456.6M
Shareholders' equity	871M	711.1M	602M	595.4M	599.1M	498.2M	540M	538.3M	508.8M	445.5M
Total debt	442.8M	388.9M	436.5M	399.8M	357.4M	322.1M	306.6M	301.6M	269.7M	424.1M
Net debt	360.6M	330.5M	387.2M	351M	299.6M	287.4M	247M	270.5M	230.5M	378.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	69.2M	31.1M	45.9M	40.8M	40.5M	39.2M	103.2M	94.5M	67.6M	45.9M	81.1M	133.3M
Receivables	22M	26.3M	22.3M	22.8M	20.1M	16.2M	16.8M	14.5M	16.1M	19M	23.2M	21.8M
Inventory	22.2M	31.2M	25M	23.9M	24.1M	21.9M	20.8M	19.1M	21M	19.9M	15.9M	15.1M
Total current assets	132.6M	108.9M	113.2M	117.5M	106.7M	98.8M	156.4M	150.9M	131.9M	150.9M	194.9M	224.1M
Property, plant & equipment	—	-462M	—	741.6M	729.3M	718.8M	707.5M	803.1M	791.8M	751.3M	703.4M	690.6M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	836.3M	879.2M	869.7M	861.8M	839.8M	817.6M	867.3M	957.4M	927M	902.2M	901.3M	917.5M
Accounts payable	4M	3.4M	2.9M	2.6M	5.5M	4.3M	4.1M	5.3M	4M	2.5M	5.7M	3.6M
Short-term debt	25.9M	31.9M	101.5M	98.7M	95.9M	21.6M	76.1M	35.4M	35.4M	35.4M	35.4M	35.4M
Total current liabilities	73.4M	70.5M	147.7M	147.8M	146.4M	59.8M	101.5M	64.7M	67.5M	67.4M	65M	68.4M
Long-term debt	229.3M	269.7M	192.1M	187.4M	181.8M	248.1M	264.3M	406.9M	397.6M	388.7M	380M	371.2M
Total liabilities	303.4M	340.9M	341M	336M	329.7M	308.8M	366.7M	472.3M	465.8M	456.6M	445.3M	439.9M
Shareholders' equity	532.9M	538.3M	528.7M	525.9M	510.1M	508.8M	500.6M	485M	461.1M	445.5M	455.9M	477.6M
Total debt	255.2M	301.6M	293.7M	286.2M	277.7M	269.7M	340.4M	442.3M	433.1M	424.1M	415.4M	406.6M
Net debt	186M	270.5M	247.7M	245.4M	237.3M	230.5M	237.2M	347.8M	365.5M	378.3M	334.3M	273.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-4.5M	-205M	-95.3M	-10.4M	50M	-171.3M	15.1M	98.7M	46.6M	12.3M
Depreciation & amortization	90.9M	100.7M	60.7M	64M	67.8M	68.4M	50.4M	51.4M	56.2M	57.7M
Stock-based compensation	430K	522K	413K	156K	285K	339K	476K	2.2M	1.8M	0
Change in working capital	5.8M	13.7M	-2.4M	-2.2M	29.7M	-10.3M	-29.2M	1.3M	23.9M	-11.9M
Operating cash flow	78.7M	-107.6M	-26.4M	51.6M	130.3M	-116.8M	32.3M	145.4M	127M	19.8M
Capital expenditure	-188.5M	-37.6M	84.8M	-2.5M	-18.1M	-3.5M	-14.3M	-73.7M	-2.6M	—
Investing cash flow	-236.9M	-57.6M	84.7M	-2.3M	-17.5M	-3.5M	-14.3M	-73.7M	-2.6M	—
Dividends paid	-125.7M	-54.2M	-9.9M	-14.3M	-67.2M	-9.7M	-22.7M	-89.8M	-87.7M	-84.7M
Share repurchases	—	—	—	—	—	—	—	—	-3.5M	0
Financing cash flow	111.3M	-74.3M	-156.3M	-351.7M	-93.1M	30.5M	9M	-95.7M	-115.1M	69M
Net change in cash	-47M	-239.5M	-98M	-302.4M	19.8M	-89.8M	27M	-24M	9.3M	88.8M
Free cash flow	-60.7M	-5.8M	-21M	50.3M	92.9M	-62.2M	-71.3M	65.8M	125.5M	-114.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	1.4M	3.9M	15.4M	29.7M	68.8M
Capital expenditure	-137K	-73.2M	-186K	-1.9M	-471K	-86K	23M	—	—	—	—	—
Investing cash flow	-137K	-73.2M	-186K	-1.9M	-471K	-86K	9.8M	—	—	—	—	—
Dividends paid	-31.3M	-27.1M	-12.5M	-25.1M	-25.1M	-25.1M	-21.2M	-14.8M	-21.2M	-27.5M	-36M	-46.6M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-55.2M	19.8M	-20.6M	-33.2M	-33.3M	-33.3M	49.9M	88.3M	-30.6M	-36.1M	-44.9M	-55.6M
Net change in cash	-55.3M	-53.4M	-20.8M	-35.1M	-33.7M	-33.4M	59.6M	89.7M	-26.7M	-20.7M	-15.2M	13.2M
Free cash flow	26.8M	-59.8M	37.4M	30.9M	34.4M	22.9M	-1.1M	-134M	3.9M	16.6M	29.7M	68.8M

Date	Ratio
Aug 10, 2017	1008:1000
Jul 23, 2014	1014:1000

Nordic American Tankers Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history