Tsakos Energy Navigation Ltd. (TEN) 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	$2.4	$3.14	+30.8%	—	—	—
Q1 26	$2.02	$2.72	+34.7%	—	$253M	—
Q4 25	$1.07	$1.7	+58.9%	—	$222.1M	—
Q3 25	$0.63	$0.75	+19.0%	—	$186.2M	—
Q2 25	$0.61	$0.67	+9.8%	—	$193.3M	—
Q1 25	$0.4	$0.92	+130.0%	—	$197.1M	—
Q4 24	$0.4	$0.42	+5.0%	—	$188.3M	—
Q3 24	$0.66	$0.67	+1.5%	—	$200.2M	—
Q2 24	$1.19	$1.26	+5.9%	—	$214.1M	—
Q1 24	$1.47	$1.6	+8.8%	—	$201.6M	—
Q4 23	$1.72	$1.74	+1.2%	—	$220.2M	—
Q3 23	$0.83	$0.83	0.0%	—	$186.7M	—
Q2 23	$2.79	$2.94	+5.4%	—	—	—
Q1 23	$3.84	$3.17	-17.4%	—	—	—
Q4 22	$2.19	$1.49	-32.0%	—	—	—
Q3 22	$1.53	$1.6	+4.6%	—	—	—

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	—	$4.45	—	—	$798.7M	—
FY24	—	$5.03	—	—	$804.1M	—
FY23	—	$9.04	—	—	$889.6M	—
FY22	—	$6.02	—	—	$860.4M

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	$481.8M	$529.2M	$529.9M	$597.5M	$644.1M	$546.1M	$860.4M	$889.6M	$804.1M	$798.7M
YoY change	-18%	+9.84%	+0.13%	+12.8%	+7.81%	-15.2%	+57.5%	+3.39%	-9.61%	-0.67%

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	481.8M	529.2M	529.9M	597.5M	644.1M	546.1M	860.4M	889.6M	804.1M	798.7M
Cost of revenue	366.4M	426.6M	464.7M	456.3M	483.2M	544.7M	573.8M	519.6M	528.8M	—
Gross profit	115.4M	102.6M	65.2M	141.2M	161M	1.5M	286.6M	370M	275.3M	281.9M
Gross margin	24%	19.4%	12.3%	23.6%	25%	0.27%	33.3%	41.6%	34.2%	35.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	25.6M	26.3M	27M	27.7M	29M	29.1M	29.9M	33.3M	45.4M	42.1M
Operating expenses	25.6M	26.3M	27M	27.7M	29M	29.1M	29.9M	33.3M	45.4M	42.1M
Operating income	89.8M	76.3M	38.2M	113.5M	131.9M	-27.7M	256.8M	336.7M	229.9M	239.9M
Operating margin	18.6%	14.4%	7.21%	19%	20.5%	-5.07%	29.8%	37.8%	28.6%	30%
Non-operating income, net	5.4M	-1.9M	-65.4M	-29.1M	-49.7M	-81.2M	9.3M	55M	50M	10.9M
Pretax income	56.5M	9.2M	-101M	14M	27.2M	-150.6M	208.5M	305.1M	181.6M	164.9M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	56.5M	9.2M	-101M	14M	27.2M	-150.6M	208.5M	305.1M	181.6M	164.9M
Net margin	11.7%	1.74%	-19.1%	2.34%	4.23%	-27.6%	24.2%	34.3%	22.6%	20.7%
EBITDA	197.6M	206.4M	174.7M	240.1M	253.8M	96M	376.5M	475.6M	384.8M	396.3M
EPS	2.35	-0.95	-7.65	-1.58	-0.8	-9.53	6.02	9.04	5.03	4.45
Diluted EPS	2.35	-0.95	-7.65	-1.58	-0.8	-9.53	6.01	9.04	5.03	4.45

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	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	221.5M	186.7M	220.2M	201.6M	214.1M	200.2M	188.3M	197.1M	193.3M	186.2M	222.1M	253M
Cost of revenue	126.6M	127.3M	129.6M	134.2M	135.7M	—	—	130.1M	130M	125.5M	131.2M	130.6M
Gross profit	94.9M	59.4M	90.6M	67.4M	78.4M	—	—	67M	63.3M	60.8M	90.9M	122.3M
Gross margin	42.9%	31.8%	41.2%	33.4%	36.6%	—	—	34%	32.7%	32.6%	40.9%	48.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.3M	6.3M	7.5M	7.3M	7.9M	—	—	9.9M	13.2M	9.2M	9.7M	12.4M
Operating expenses	12.3M	6.3M	7.5M	7.3M	7.9M	—	—	9.9M	13.2M	9.2M	9.7M	12.4M
Operating income	82.6M	53M	83.1M	60.1M	70.5M	57M	-6.2M	57.1M	50M	51.6M	81.2M	109.9M
Operating margin	37.3%	28.4%	37.8%	29.8%	32.9%	28.5%	-3.32%	29%	25.9%	27.7%	36.6%	43.4%
Non-operating income, net	802K	154K	-26.1M	16.2M	32.3M	—	—	3.5M	-1.5M	8.9M	-1.5M	-21K
Pretax income	62.1M	32.3M	33.2M	54.4M	77.6M	—	—	38.9M	28.3M	38.9M	58.9M	91.3M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	62.1M	32.3M	33.2M	54.4M	77.6M	28M	21.6M	38.9M	28.3M	38.9M	58.9M	91.3M
Net margin	28%	17.3%	15.1%	27%	36.2%	14%	11.5%	19.7%	14.6%	20.9%	26.5%	36.1%
EBITDA	86.8M	56.4M	88.9M	63.4M	74.9M	57M	58.8M	59.4M	52.7M	53.7M	81.7M	112.1M
EPS	1.65	0.83	—	1.6	2.36	0.67	—	1.04	0.67	1.05	—	2.72
Diluted EPS	1.65	0.83	—	1.6	2.36	0.67	—	1.04	0.67	1.05	—	2.72

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	398.2M	331.2M	231.7M	387M	150.7M	142.3M	—	655.6M	511.6M	666.8M	1.4B
Enterprise value	2B	1.9B	1.6B	1.8B	1.6B	1.5B	—	1.9B	1.8B	2.1B	3B
Shares outstanding	17M	16.9M	17.4M	17.8M	18.8M	19.7M	28M	29.5M	29.5M	29.7M	29.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	7.05	36.1	—	27.6	5.54	—	—	2.15	2.82	4.04	4.74
P/S	0.83	0.63	0.44	0.65	0.23	0.26	—	0.74	0.64	0.83	1.47
P/B	0.28	0.22	0.15	0.26	0.11	0.11	—	0.4	0.29	0.36	0.68
EV/EBITDA	9.93	9.15	9.29	7.32	6.14	15.5	—	3.96	4.63	5.36	5.83
EV/Sales	4.07	3.57	3.06	2.94	2.42	2.73	—	2.12	2.22	2.66	3.15
Earnings yield	14.2%	2.77%	—	3.62%	18.1%	—	—	46.5%	35.5%	24.7%	21.1%
FCF yield	-101.9%	-37%	24.4%	21.2%	11.4%	-5.71%	—	14.8%	-66.9%	-33.6%	9.48%
PEG	—	—	—	—	—	—	—	—	—	—	0.03

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24%	19.4%	12.3%	23.6%	25%	0.27%	33.3%	41.6%	34.2%	35.3%	48.4%
Operating margin	18.6%	14.4%	7.21%	19%	20.5%	-5.07%	29.8%	37.8%	28.6%	30%	41.8%
Net margin	11.7%	1.74%	-19.1%	2.34%	4.23%	-27.6%	24.2%	34.3%	22.6%	20.7%	33.8%
ROE	3.99%	0.61%	-6.71%	0.95%	1.97%	-11.7%	13.7%	18.5%	10.3%	8.85%	17.2%
ROA	1.72%	0.27%	-3.15%	0.44%	0.87%	-5.2%	6.3%	9.07%	4.9%	4.17%	5.61%
Return on tangible assets	1.72%	0.27%	-3.15%	0.44%	0.87%	-5.2%	6.3%	9.07%	4.9%	4.17%	5.12%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.91	0.9	1.25	1.12	0.84	0.72	1.39	1.58	1.11	0.95	0.95
Quick ratio	0.86	0.85	1.17	1.08	0.78	0.65	1.32	1.51	1.06	0.92	0.92
Debt / equity	1.24	1.16	1.06	1.06	1.14	1.13	1.1	0.97	0.91	0.96	1.02
Debt / assets	0.54	0.52	0.5	0.49	0.5	0.51	0.5	0.48	0.44	0.45	0.5
Net debt / EBITDA	7.91	7.54	7.96	5.71	5.55	14.1	3.62	2.59	3.3	3.68	6.05
Interest coverage	2.51	1.15	-0.4	1.2	1.55	-2.9	4.76	3.97	2.6	2.75	3.45

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.4	31.2	30.4	33.7	34.3	27.8	30.8	30.1	27.3	26.9	32.1
EPS (basic)	2.35	-0.95	-7.65	-1.58	-0.8	-9.53	6.02	9.04	5.03	4.45	4.45
EPS (diluted)	2.35	-0.95	-7.65	-1.58	-0.8	-9.53	6.01	9.04	5.03	4.45	9.87
Book value per share	83.5	89	86.5	82.9	73.6	65.7	54.4	56	59.9	62.6	68.6
FCF per share	-23.9	-7.23	3.25	4.63	0.92	-0.41	-1.6	3.28	-11.6	-7.54	-14.8
Cash per share	11.2	11.5	11.8	10.5	8.55	5.96	10.9	12.6	11.6	11.1	15.6
Capex per share	33.9	14.3	0.01	5.76	5.04	0.41	10.8	4.49	14.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	119.6%	45.7%	0.03%	17.1%	14.7%	1.47%	35.1%	14.9%	52.4%	—	—
Capex / operating cash flow	338.2%	158.6%	-3.42%	67.1%	54.7%	-57.7%	110%	29%	119.4%	—	—
Payout ratio	71.4%	434.1%	-44%	352%	171.6%	-24.1%	21%	20.3%	39.5%	36.5%	16.2%
Dividend yield	10.1%	12%	19.2%	12.7%	31%	25.5%	—	9.44%	14%	9.02%	4.36%

Yield

4.36%

trailing twelve months

Frequency

Semi-annual

Last dividend

$1.00

ex-dividend Jul 23, 2026

Payout ratio

16%

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
Jul 23, 2026	$1.00
Jul 14, 2025	$0.60
Dec 16, 2024	$0.90

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	$221.5M	$186.7M	$220.2M	$201.6M	$214.1M	$200.2M	$188.3M	$197.1M	$193.3M	$186.2M	$222.1M	$253M
YoY change	+2.19%	-16.6%	-18.5%	-22.8%	-3.34%	+7.23%	-14.5%	-2.25%	-9.69%	-6.96%	+18%	+28.4%

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	190.1M	195.5M	205M	185.6M	160.5M	117.2M	304.4M	372M	343.4M	328.9M
Receivables	38.3M	27.4M	35.4M	40.3M	25.3M	30.6M	78.2M	46.7M	26.5M	41.1M
Inventory	18.8M	16.3M	20.4M	13M	21.8M	22.9M	26.2M	22.5M	18.9M	12.6M
Total current assets	358.3M	304.4M	317.5M	397M	321.5M	239.7M	513.1M	509.3M	451.8M	434.6M
Property, plant & equipment	2.9B	3B	2.8B	2.7B	2.7B	2.6B	2.7B	2.8B	3.2B	3.5B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	3.3B	3.4B	3.2B	3.2B	3.1B	2.9B	3.3B	3.4B	3.7B	4B
Accounts payable	52.5M	46.9M	37.5M	36.6M	55.3M	74.9M	48.2M	40.2M	55.8M	42.7M
Short-term debt	288.1M	225.9M	160.6M	243M	254.3M	203.7M	251.8M	214.1M	255.4M	300.7M
Total current liabilities	393.3M	338.9M	254.3M	354.2M	382M	332.1M	369.7M	323.2M	408.5M	458M
Long-term debt	1.5B	1.5B	1.4B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.5B
Total liabilities	1.9B	1.9B	1.7B	1.7B	1.7B	1.6B	1.8B	1.7B	1.9B	2.1B
Shareholders' equity	1.4B	1.5B	1.5B	1.5B	1.4B	1.3B	1.5B	1.7B	1.8B	1.9B
Total debt	1.8B	1.8B	1.6B	1.6B	1.6B	1.5B	1.7B	1.6B	1.6B	1.8B
Net debt	1.6B	1.6B	1.4B	1.4B	1.4B	1.3B	1.4B	1.2B	1.3B	1.5B

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	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	529.2M	393.5M	372M	344M	471.8M	385.9M	343.4M	349.6M	282.4M	264.3M	328.9M	321.4M
Receivables	37.6M	—	46.7M	—	34.1M	—	26.5M	—	34M	—	41.1M	—
Inventory	21M	—	22.5M	—	20.6M	—	18.9M	—	16.2M	—	12.6M	—
Total current assets	644M	393.5M	509.3M	344M	577.2M	—	451.8M	349.6M	453.7M	264.3M	434.6M	321.4M
Property, plant & equipment	2.7B	2.7B	2.8B	2.9B	3.1B	203.1M	3.2B	3.1B	3.3B	3.5B	3.5B	3.6B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	3.4B	3.4B	3.4B	3.5B	3.8B	3.7B	3.7B	3.7B	3.8B	3.9B	4B	4.2B
Accounts payable	44.6M	—	40.2M	—	51.4M	—	55.8M	—	45.7M	—	42.7M	—
Short-term debt	191.4M	—	214.1M	—	305M	—	255.4M	—	207.2M	—	300.7M	—
Total current liabilities	416.9M	—	323.2M	—	436.4M	—	408.5M	—	349.3M	—	458M	—
Long-term debt	1.4B	1.6B	1.4B	1.7B	1.5B	—	1.4B	1.7B	1.5B	1.9B	1.5B	2.1B
Total liabilities	1.8B	1.7B	1.7B	1.8B	2B	2B	1.9B	1.9B	2B	2.1B	2.1B	2.3B
Shareholders' equity	1.6B	1.6B	1.7B	1.7B	1.8B	1.7B	1.8B	1.8B	1.8B	1.8B	1.9B	1.9B
Total debt	1.6B	1.6B	1.6B	1.7B	1.8B	—	1.6B	1.7B	1.7B	1.9B	1.8B	2.1B
Net debt	1.1B	1.2B	1.2B	1.3B	1.5B	—	1.3B	1.4B	1.4B	1.6B	1.5B	1.8B

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	56.5M	9.2M	-101M	14M	27.2M	-150.6M	208.5M	305.1M	181.6M	164.9M
Depreciation & amortization	107.1M	131.9M	137M	128.8M	127.3M	126.8M	121.6M	123.1M	139.8M	148.3M
Stock-based compensation	510K	487K	0	0	—	—	—	—	8.1M	7.1M
Change in working capital	9.8M	12.2M	-40.1M	7M	19.2M	17.4M	-47.1M	26.6M	38.9M	-19.9M
Operating cash flow	170.3M	152.5M	-5.2M	152.4M	172.9M	-13.9M	274.4M	455.9M	353M	297.6M
Capital expenditure	-576.1M	-241.8M	-179K	-102.2M	-94.6M	-8M	-301.8M	-132.4M	-421.6M	—
Investing cash flow	-685.6M	-241.8M	-179K	-102.2M	-94.6M	-8M	-301.8M	-137.4M	-441.6M	-35.4M
Dividends paid	-40.4M	-39.9M	-44.4M	-49.3M	-46.7M	-36.3M	-43.7M	-61.9M	-71.8M	-60.1M
Share repurchases	-20.7M	0	0	-50M	-59.8M	-168K	-2.5M	-108.3M	0	0
Financing cash flow	298.5M	75.9M	-55.9M	-104.9M	-136.8M	-89.7M	195.5M	-190.6M	105.5M	110.3M
Net change in cash	-216.8M	-13.4M	-61.3M	-54.7M	-58.5M	-111.6M	168.1M	127.9M	16.9M	372.5M
Free cash flow	-405.7M	-122.5M	56.6M	82.1M	17.2M	-8.1M	-44.8M	96.9M	-342.3M	-224.1M

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	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	63.8M	85.5M	96.2M	97.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	—	63.8M	85.5M	96.2M	97.2M
Free cash flow	14.6M	44.6M	-206.2M	75M	-400.2M	59.7M	-562.2M	52.1M	-201.8M	85.5M	-425.5M	97.2M

Date	Ratio
Jul 1, 2020	1:5
Nov 15, 2007	2:1
Nov 5, 1999	1:5

Tsakos Energy Navigation 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