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Nordic American Tankers (NAT) USD

At a glance: strengths & risks
✓Revenue growing (+57% y/y, Q2 2026)✓Margins improving (23%→66%, Q2 2026)✗High leverage (3.6x EBITDA)✗Pricier than own history (EV/EBITDA 10.7 vs avg 7.6)

Sector: Crude tankers

Geography: Global (worldwide crude tanker trades)

COMM_NAT

Price chart

7.86 USDDay 4.24%

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
7.86 USD · 4.24%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
56.9%
Δ EBITDA y/y
345.6%

Multiples

P/E (LTM)
13.5x
3y avg: 26.6x
P/B (FY)
3.7x
P/E (ann.)
6.1x
EV/EBITDA (LTM)
10.7x
3y avg: 7.6x
EV/EBITDA (ann.)
7.1x

Cash return

Dividend yield
8.4%
FCF yield (LTM)
-2.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-5.8%
↓ details

Liquidity

Daily turnover (listing)
27.7 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)OK104.7
y/y 56.9%
55.8
y/y —
12.8
y/y -14.2%
68.6
y/y 345.6%
68.3
y/y —
68.8—917.5
y/y -4.2%
477.6
y/y -1.5%
58.6%273.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK106.5
y/y 64.3%
40.2
y/y 2879.5%
14.0
y/y 5.7%
54.2
y/y 271.1%
46.3
y/y 990.2%
29.7—901.3
y/y 3.9%
455.9
y/y -8.9%
41.1%334.3Yahoo Finance
2025-12-31Q4 2025 (3M)OK85.9
y/y -49.8%
21.2
y/y 141.7%
14.2
y/y 2.4%
35.4
y/y 56.3%
11.7
y/y 800.4%
——902.2
y/y 10.3%
445.5
y/y -12.4%
2.7%378.3Link
2025-09-30Q3 2025 (3M)PARTIAL75.0
y/y 44.1%
6.8
y/y -58.2%
15.3
y/y 7.8%
22.1
y/y -27.4%
-2.8
y/y -132.0%
3.9135.4927.0
y/y 10.4%
461.1
y/y -9.6%
-0.8%365.5Yahoo Finance
2025-06-30Q2 2025 (3M)OK66.7
y/y 1.0%
0.4
y/y -98.5%
15.0
y/y 7.4%
15.4
y/y -64.4%
-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)OK64.8
y/y 7.0%
1.3
y/y -94.2%
13.2
y/y -6.3%
14.6
y/y -60.8%
4.2
y/y -71.8%
——867.3
y/y -0.3%
500.6
y/y -5.3%
3.4%237.2Yahoo Finance
2024-12-31Q4 2024 (3M)OK171.0
y/y -9.4%
8.8
y/y -64.4%
13.9
y/y 4.4%
22.6
y/y -40.3%
1.3
y/y -92.6%
——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%
14.2
y/y 12.2%
30.4
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%
13.9
y/y 9.5%
43.2
y/y -7.8%
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%
14.1
y/y 11.1%
37.2
y/y -44.8%
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 —
13.3
y/y —
37.9
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 —
12.7
y/y —
27.1
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 —
12.7
y/y —
46.9
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 —
12.7
y/y —
67.4
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: 2.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-100-500501001502024 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 - H1 2025): 1.07x of profit came back as operating cash flow.
net debt / EBITDA 3.6x · EBIT covers interest 1.3x · capex 1.1x of depreciation · share count +6.8% a year
● EBIT covers interest 1.3x.
● 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 429 250spot vs LTM +236%

Commodity-player potential

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

Upside: -5.8% → +0.0 pp 1d

Main driver: Suezmax TD20 WAF-UKC TCE, USD/day +453% vs LTM; revenue ×2.61 vs costs ×1.04; EBITDA 180→361; at 6.6× EV/EBITDA → -6%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Suezmax TD20 WAF-UKC TCE, USD/day (rev)+95%429 250.0077 681.0371 715.13+453%-8%

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

1 · Reported baseline (LTM)
LTM revenue372
LTM EBITDA180
LTM cash costs (revenue − EBITDA)192
2 · Revenue projection
Revenue multiplier — spot×2.610 (+161%)
= Spot revenue971
Revenue multiplier — 3y price×0.957 (-4%)
= 3-year-price revenue356
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs199
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs199
4 · EBITDA projection (revenue − costs)
= Spot EBITDA772
= 3-year-price EBITDA157
Conservative EBITDA = min(spot, avg)361
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.6x
Target EV = EV/EBITDA × conservative EBITDA2 387
Net debt273
Target market cap = EV − net debt2 113
Current market cap1 664

Upside = target market cap ÷ current − 1 = -5.8%

Life of mine: 12 yrs — before haircut +27.0%

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 Q16195-36.4%3741-8.9%
2024 Q26691-27.1%4335+22.3%
2024 Q35274-29.5%3018+69.6%
2024 Q417183+107.1%2327-14.7%
2025 Q16581-19.6%1525-42.0%
2025 Q26794-28.8%1531-50.9%
2025 Q375100-24.9%2230-26.9%
2025 Q486133-35.5%3556-36.3%
2026 Q1106117-9.1%5465-16.1%
2026 Q2105113-7.1%6960+15.0%

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 5.5x · target 75th pct (3y) 6.6x · LTM avg 12.0x

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
International Seawaysglobal5.56.6x
Okeanis Eco Tankersglobal3.47.9x
DHT Holdingsglobal4.08.2x
Frontlineglobal11.88.4x
Group median7.9x
Group average7.1x
This companyglobal1.710.7x

Group median 7.9x; this company 10.7x — a 35% premium.

Group average 7.1x; against the average this company is at a 52% premium.

At the adjusted group median the market cap would be -32% 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 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

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)

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 13.5x (price to trailing 12-month earnings).
What is Nordic American Tankers (NAT)'s EV/EBITDA?
Nordic American Tankers (NAT) trades at 10.7x EV/EBITDA.
What is Nordic American Tankers (NAT)'s P/B ratio?
Nordic American Tankers (NAT) trades at a P/B of 3.7x.
What is Nordic American Tankers (NAT)'s dividend yield?
Nordic American Tankers (NAT)'s trailing 12-month dividend yield is 8.4%.
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 1.7 bn USD.

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