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Nordic American Tankers (NAT) USD

At a glance: strengths & risks
✓Revenue growing (+97% y/y, Q2 2026)✓Margins improving (38%→87%, Q2 2026)✗High leverage (3.6x EBITDA)✗Pricier than own history (EV/EBITDA 11.2 vs avg 7.6)

Sector: Crude tankers

COMM_NAT

Price chart

7.46 USDDay 3.47%

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
7.46 USD · 3.47%
Market cap
1.6 bn USD

Growth

Δ revenue y/y
97.5%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
20.5x
3y avg: 26.6x
P/B (FY)
3.5x
P/E (ann.)
5.8x
EV/EBITDA (LTM)
11.2x
3y avg: 7.6x
EV/EBITDA (ann.)
6.7x

Cash return

Dividend yield
8.8%
FCF yield (LTM)
-7.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-41.1%
↓ details

Liquidity

Daily turnover (listing)
41 mln USD

Shares: yahoo_fundamentals_timeseries/NAT

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)OK79.3
y/y 97.5%
55.8
y/y —
12.8
y/y —
68.6
y/y —
22.0
y/y —
39.1—917.5
y/y -4.2%
477.6
y/y -1.5%
58.6%273.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK77.5
y/y 104.3%
40.2
y/y 2879.5%
14.0
y/y —
54.2
y/y 3918.1%
46.3
y/y 990.2%
29.7—901.3
y/y 3.9%
455.9
y/y -8.9%
41.1%≈ 378.3Yahoo Finance
2025-12-31Q4 2025 (3M)OK58.8
y/y —
21.2
y/y —
—
y/y 2.8%
21.2
y/y —
11.7
y/y —
——902.2
y/y 10.3%
445.5
y/y -12.4%
2.7%378.3Link
2025-09-30Q3 2025 (3M)OK45.7
y/y -12.2%
6.8
y/y -58.2%
—
y/y —
22.1
y/y 36.3%
-2.8
y/y -132.0%
——927.0
y/y 10.4%
461.1
y/y -9.6%
-0.8%365.5Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL40.2
y/y -39.3%
0.4
y/y -98.5%
—
y/y —
0.4
y/y -98.5%
-0.9
y/y -103.9%
——957.4
y/y 11.1%
485.0
y/y -7.8%
-0.7%347.8Yahoo Finance
2025-03-31Q1 2025 (3M)OK37.9
y/y -37.4%
1.3
y/y -94.2%
—
y/y —
1.3
y/y -94.2%
4.2
y/y -71.8%
——867.3
y/y -0.3%
500.6
y/y -5.3%
3.4%237.2Yahoo Finance
2024-12-31FY 2024 (12M)OK—
y/y -10.7%
—
y/y -39.5%
—
y/y 9.2%
—
y/y -25.6%
—
y/y -52.7%
——817.6
y/y -7.0%
508.8
y/y -5.5%
9.2%230.5Link
2024-09-30Q3 2024 (3M)OK52.0
y/y 8.3%
16.2
y/y 12.1%
—
y/y —
16.2
y/y 12.1%
8.7
y/y 16.0%
——839.8
y/y 0.4%
510.1
y/y -4.3%
2.2%237.2Yahoo Finance
2024-06-30Q2 2024 (3M)OK66.1
y/y -2.5%
29.3
y/y -14.3%
—
y/y —
29.3
y/y -14.3%
21.6
y/y -19.4%
——861.8
y/y -2.3%
525.9
y/y -4.7%
16.4%244.9Yahoo Finance
2024-03-31Q1 2024 (3M)OK60.6
y/y -30.5%
23.1
y/y -57.8%
—
y/y —
23.1
y/y -57.8%
15.1
y/y -67.9%
——869.7
y/y —
528.7
y/y —
11.3%247.7Yahoo Finance
2023-12-31Q4 2023 (3M)OK188.8
y/y —
24.6
y/y —
—
y/y —
24.6
y/y —
17.5
y/y —
——879.2
y/y —
538.3
y/y —
18.4%270.5Link
2023-09-30Q3 2023 (3M)OK48.0
y/y —
14.5
y/y —
—
y/y —
14.5
y/y —
7.5
y/y —
——836.3
y/y —
532.9
y/y —
1.8%186.0Yahoo Finance
2023-06-30Q2 2023 (3M)OK67.8
y/y —
34.1
y/y —
—
y/y —
34.1
y/y —
26.8
y/y —
——882.5
y/y —
552.0
y/y —
—182.3Yahoo Finance
2023-03-31Q1 2023 (3M)PARTIAL87.1
y/y —
54.7
y/y —
—
y/y —
54.7
y/y —
46.9
y/y —
———
y/y —
—
y/y —
——Yahoo Finance

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)35
Long-term debt (incl. LT leases)389
− Cash & equivalents46
Net debt378

Net debt / LTM EBITDA: 2.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

FCF ($ mln)

02550751002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01002003004002024 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 1.61x of reported net profit; after capex, -2.03x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—1.60x1.41x2.75x1.62x
accruals, % of assets-14.9%-1.0%-4.6%-10.0%-0.8%
Last twelve months (to 2025-12-31): 1.62x of profit came back as operating cash flow.
net debt / EBITDA 3.6x · capex 1.1x of depreciation · share count +6.8% a year
● Diluted share count grew 6.8% 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 — Suezmax TD20 WAF-UKC TCE, USD/day

Current 171 500spot vs LTM +55%

Commodity-player potential

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

Upside: -41.1% → +0.0 pp 1d

Main driver: Suezmax TD20 WAF-UKC TCE, USD/day +121% vs LTM; revenue ×1.55 vs costs ×1.04; EBITDA 180→230; at 6.7× EV/EBITDA → -41%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Suezmax TD20 WAF-UKC TCE, USD/day (rev)+95%171 500.0077 722.2257 778.70+121%-26%

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

1 · Reported baseline (LTM)
LTM revenue261
LTM EBITDA180
LTM cash costs (revenue − EBITDA)81
2 · Revenue projection
Revenue multiplier — spot×1.553 (+55%)
= Spot revenue406
Revenue multiplier — 3y price×0.850 (-15%)
= 3-year-price revenue222
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs84
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs84
4 · EBITDA projection (revenue − costs)
= Spot EBITDA322
= 3-year-price EBITDA138
Conservative EBITDA = min(spot, avg)230
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.7x
Target EV = EV/EBITDA × conservative EBITDA1 528
Net debt273
Target market cap = EV − net debt1 254
Current market cap1 580

Upside = target market cap ÷ current − 1 = -41.1%

Life of mine: 12 yrs — before haircut -20.6%

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 Q4189130+45.5%38109-65.2%
2024 Q16195-36.5%3741-9.3%
2024 Q26691-27.1%4335+22.6%
2024 Q35274-29.7%3018+67.6%
2024 Q417182+107.3%2326-14.4%
2025 Q13881-52.9%1525-42.1%
2025 Q24086-53.5%1531-50.4%
2025 Q34684-45.5%2228-21.0%
2025 Q459104-43.7%3548-26.2%
2026 Q17873+5.9%5449+10.9%
2026 Q27975+5.3%6951+34.7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -17% vs -11% the year before — a -5.9 pp move. 3-year CAGR -5%.
revenue growth by year: 2023 +15% · 2024 -11% · 2025 -17%
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 5.7x · target 75th pct (3y) 36.7x · LTM avg 12.2x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-100.27 USDEx-dividend: 0.27 USD per sharePaidYahoo Finance (ex-div)
2026-06-100.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2026-03-100.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2025-06-120.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2025-03-100.06 USDEx-dividend: 0.06 USD per sharePaidYahoo Finance (ex-div)
2024-12-170.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2024-09-260.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-06-280.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-03-190.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-12-190.06 USDEx-dividend: 0.06 USD per sharePaidYahoo Finance (ex-div)
2023-09-130.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-03-130.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-12-050.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2022-09-140.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2022-06-130.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
2022-03-100.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2021-12-070.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2021-12-060.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2021-09-230.01 USDEx-dividend: 0.01 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 Nordic American Tankers (NAT) — from primary filings.

Frequently asked questions

What is Nordic American Tankers (NAT)'s P/E ratio?
Nordic American Tankers (NAT) trades at a P/E of 20.5x (price to trailing 12-month earnings).
What is Nordic American Tankers (NAT)'s EV/EBITDA?
Nordic American Tankers (NAT) trades at 11.2x EV/EBITDA.
What is Nordic American Tankers (NAT)'s P/B ratio?
Nordic American Tankers (NAT) trades at a P/B of 3.5x.
What is Nordic American Tankers (NAT)'s dividend yield?
Nordic American Tankers (NAT)'s trailing 12-month dividend yield is 8.8%.
What is Nordic American Tankers (NAT)'s return on equity (ROE)?
Nordic American Tankers (NAT)'s ROE is 58.6%.
What is Nordic American Tankers (NAT)'s market capitalization?
Nordic American Tankers (NAT)'s market cap is 1.6 bn USD.

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