Frontierby eninvs

Language: EN / RU

← Region

International Seaways (INSW) USD

At a glance: strengths & risks
✓Revenue growing (+139% y/y, Q2 2026)✓Profit growing (+378% y/y, Q2 2026)✓Margins improving (51%→73%, Q2 2026)✓Low leverage (0.9x EBITDA)✗Pricier than own history (EV/EBITDA 6.9 vs avg 4.5)

Sector: Crude tankers

Geography: Global (worldwide crude and product tanker trades)

COMM_INSW

Price chart

114.38 USDDay 3.25%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
114.38 USD · 3.25%
Market cap
5.7 bn USD

Growth

Δ revenue y/y
138.8%
Δ EBITDA y/y
242.8%

Multiples

P/E (LTM)
7.3x
3y avg: 5.2x
P/B (FY)
2.8x
P/E (ann.)
4.8x
EV/EBITDA (LTM)
6.9x
3y avg: 4.5x
EV/EBITDA (ann.)
4.3x

Cash return

Dividend yield
11.1%
FCF yield (LTM)
5.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+12.1%
↓ details

Liquidity

Daily turnover (listing)
36.2 mln USD

Shares: yahoo_fundamentals_timeseries/INSW

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK467.3
y/y 138.8%
301.3
y/y 418.3%
39.7
y/y -4.0%
341.0
y/y 242.8%
294.9
y/y 378.4%
267.7-52.33018.9
y/y 19.6%
2265.3
y/y 19.2%
52.9%243.4Link
2026-03-31Q1 2026 (3M)OK325.5
y/y 77.5%
200.4 *
y/y 307.7%
40.6
y/y 2.2%
241.0 *
y/y 171.2%
286.1
y/y 477.3%
141.1-71.02871.3
y/y 12.9%
2194.3
y/y 17.4%
54.3%233.3Link
2025-12-31Q4 2025 (3M)OK267.9
y/y 37.6%
130.5 *
y/y 189.8%
41.4
y/y 4.8%
171.9 *
y/y 103.4%
127.5
y/y 255.9%
146.0-152.72668.6
y/y 1.2%
2020.3
y/y 8.8%
15.6%409.3Link
2025-09-30Q3 2025 (3M)OK196.4
y/y -12.8%
65.0 *
y/y -35.6%
41.2
y/y 4.7%
106.2 *
y/y -24.3%
70.5
y/y -23.1%
78.3-87.72789.6
y/y 7.8%
1933.8
y/y 3.2%
4.9%391.3Link
2025-06-30Q2 2025 (3M)OK195.6
y/y -24.0%
58.1 *
y/y -62.4%
41.3
y/y 13.2%
99.5 *
y/y -48.0%
61.6
y/y -57.4%
85.8-18.12523.2
y/y -5.7%
1899.8
y/y 0.7%
13.1%412.9Link
2025-03-31Q1 2025 (3M)OK183.4
y/y -33.2%
49.2 *
y/y -68.2%
39.7
y/y 16.3%
88.9 *
y/y -52.9%
49.6
y/y -65.7%
69.9—2542.4
y/y -0.4%
1868.8
y/y 4.1%
10.6%481.1Link
2024-12-31Q4 2024 (3M)OK194.6
y/y -22.4%
45.0
y/y -69.4%
39.5
y/y 17.2%
84.5
y/y -53.3%
35.8
y/y -72.9%
93.6-158.92636.4
y/y 4.5%
1856.0
y/y 8.1%
22.3%554.2Link
2024-09-30Q3 2024 (3M)OK225.2
y/y -6.8%
101.0
y/y -11.6%
39.3
y/y 17.8%
140.3
y/y -4.9%
91.7
y/y -6.4%
129.1-40.72587.8
y/y 1.0%
1874.6
y/y 13.6%
6.5%511.6Link
2024-06-30Q2 2024 (3M)OK257.4
y/y -11.9%
154.8
y/y -8.2%
36.5
y/y 12.6%
191.3
y/y -4.9%
144.7
y/y -5.9%
167.9-53.52674.7
y/y 0.7%
1887.4
y/y 16.5%
31.4%553.5Link
2024-03-31Q1 2024 (3M)OK274.4
y/y -4.4%
154.4
y/y -16.7%
34.2
y/y 15.6%
188.6
y/y -12.2%
144.5
y/y -16.3%
156.4-27.12551.4
y/y -0.8%
1794.9
y/y 15.3%
32.9%496.7Link
2023-12-31Q4 2023 (3M)OK250.7
y/y —
147.3
y/y —
33.7
y/y —
181.0
y/y —
132.1
y/y —
125.5—2521.8
y/y —
1716.8
y/y —
33.1%557.8Link
2023-09-30Q3 2023 (3M)OK241.7
y/y —
114.2
y/y —
33.4
y/y —
147.5
y/y —
97.9
y/y —
148.5—2561.0
y/y —
1650.1
y/y —
8.0%651.5Link
2023-06-30Q2 2023 (3M)OK292.2
y/y —
168.7
y/y —
32.4
y/y —
201.1
y/y —
153.8
y/y —
193.6-136.42655.7
y/y —
1620.3
y/y —
38.7%750.0Link
2023-03-31Q1 2023 (3M)OK287.1
y/y —
185.3
y/y —
29.5
y/y —
214.8
y/y —
172.6
y/y —
220.8-67.22571.5
y/y —
1557.3
y/y —
—698.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)41
Long-term debt (incl. LT leases)612
− Cash & equivalents159
Net debt493

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-500501001502002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.23x of reported net profit; after capex, 0.54x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—0.74x1.24x1.31x1.23x
accruals, % of assets-2.4%3.8%-5.2%-5.0%-2.6%
Last twelve months (to 2026-06-30): 0.81x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · EBIT covers interest 7.1x · capex 1.5x of depreciation · dividends 89% of free cash flow · share count +6.6% a year
● Diluted share count grew 6.6% a year.
Midstream partnerships distribute nearly all cash and carry contracted leverage; the leverage bar is set higher for them here.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — VLCC TD3C AG-China TCE, USD/day

Current 1 347 500spot vs LTM +121%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +12.1% → +0.0 pp 1d

Main driver: VLCC TD3C AG-China TCE, USD/day +579% vs LTM; revenue ×2.21 vs costs ×1.04; EBITDA 860→1 586; at 4.0× EV/EBITDA → +12%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
VLCC TD3C AG-China TCE, USD/day (rev)+24%1 347 500.00198 330.46175 740.62+579%-11%
LR1 TC5 AG-Japan TCE, USD/day (rev)+20%244 750.0053 359.2050 056.26+359%-6%
Suezmax TD20 WAF-UKC TCE, USD/day (rev)+16%429 250.0077 681.0371 715.13+453%-8%
MR TC7 Singapore-EC Aus TCE, USD/day (rev)+14%78 250.0027 867.8228 751.23+181%+3%
Aframax TD25 USG-UKC TCE, USD/day (rev)+6%209 250.0069 062.2660 988.88+203%-12%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 257
LTM EBITDA860
LTM cash costs (revenue − EBITDA)397
2 · Revenue projection
Revenue multiplier — spot×2.214 (+121%)
= Spot revenue2 782
Revenue multiplier — 3y price×0.967 (-3%)
= 3-year-price revenue1 216
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs413
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs413
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 370
= 3-year-price EBITDA803
Conservative EBITDA = min(spot, avg)1 586
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.0x
Target EV = EV/EBITDA × conservative EBITDA6 377
Net debt243
Target market cap = EV − net debt6 134
Current market cap5 473

Upside = target market cap ÷ current − 1 = +12.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q4251385-34.9%181299-39.6%
2024 Q1274308-10.8%189224-15.8%
2024 Q2257278-7.5%191191+0.3%
2024 Q3225215+4.8%140134+4.7%
2024 Q4195208-6.5%85130-34.8%
2025 Q1183220-16.8%89131-32.4%
2025 Q2196222-11.7%99131-23.8%
2025 Q3196222-11.5%106123-13.7%
2025 Q4268251+6.6%172151+13.7%
2026 Q1325316+3.1%241219+9.9%
2026 Q2467414+12.9%341320+6.6%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -11% vs -11% the year before — a -0.2 pp move. 3-year CAGR -1%.
revenue growth by year: 2023 +24% · 2024 -11% · 2025 -11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.4x · target 75th pct (3y) 13.0x · LTM avg 6.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Crude tankers. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Teekay Tankersglobal3.54.2x
Okeanis Eco Tankersglobal3.47.9x
DHT Holdingsglobal4.08.2x
Frontlineglobal11.88.4x
Nordic American Tankersglobal1.710.7x
Group median8.2x
Group average7.9x
This companyglobal5.56.9x

Group median 8.2x; this company 6.9x — a 16% discount.

Group average 7.9x; against the average this company is at a 13% discount.

At the adjusted group median the market cap would be +21% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-26; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-105.05 USDEx-dividend: 5.05 USD per sharePaidYahoo Finance (ex-div)
2026-06-124.55 USDEx-dividend: 4.55 USD per sharePaidYahoo Finance (ex-div)
2026-03-202.15 USDEx-dividend: 2.15 USD per sharePaidYahoo Finance (ex-div)
2025-12-090.86 USDEx-dividend: 0.86 USD per sharePaidYahoo Finance (ex-div)
2025-09-100.77 USDEx-dividend: 0.77 USD per sharePaidYahoo Finance (ex-div)
2025-06-120.6 USDEx-dividend: 0.6 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2024-12-131.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2024-09-111.5 USDEx-dividend: 1.5 USD per sharePaidYahoo Finance (ex-div)
2024-06-121.75 USDEx-dividend: 1.75 USD per sharePaidYahoo Finance (ex-div)
2024-03-131.32 USDEx-dividend: 1.32 USD per sharePaidYahoo Finance (ex-div)
2023-12-121.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)
2023-09-121.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2023-06-131.62 USDEx-dividend: 1.62 USD per sharePaidYahoo Finance (ex-div)
2023-03-132 USDEx-dividend: 2 USD per sharePaidYahoo Finance (ex-div)
2022-12-071.12 USDEx-dividend: 1.12 USD per sharePaidYahoo Finance (ex-div)
2022-09-130.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2022-06-160.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2022-03-110.06 USDEx-dividend: 0.06 USD per sharePaidYahoo Finance (ex-div)
2021-12-080.06 USDEx-dividend: 0.06 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of International Seaways (INSW) — from primary filings.

Frequently asked questions

What is International Seaways (INSW)'s P/E ratio?
International Seaways (INSW) trades at a P/E of 7.3x (price to trailing 12-month earnings).
What is International Seaways (INSW)'s EV/EBITDA?
International Seaways (INSW) trades at 6.9x EV/EBITDA.
What is International Seaways (INSW)'s P/B ratio?
International Seaways (INSW) trades at a P/B of 2.8x.
What is International Seaways (INSW)'s dividend yield?
International Seaways (INSW)'s trailing 12-month dividend yield is 11.1%.
What is International Seaways (INSW)'s return on equity (ROE)?
International Seaways (INSW)'s ROE is 52.9%.
What is International Seaways (INSW)'s market capitalization?
International Seaways (INSW)'s market cap is 5.7 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map