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Teekay Tankers (TNK) USD

At a glance: strengths & risks
✓Revenue growing (+63% y/y, Q2 2026)✓Profit growing (+271% y/y, Q2 2026)✓Margins improving (27%→55%, Q2 2026)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 4.7 vs avg 2.4)

Sector: Crude tankers

Geography: Global (worldwide crude tanker trades)

COMM_TNK

Price chart

106.14 USDDay -0.45%

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
106.14 USD · -0.45%
Market cap
3.7 bn USD

Growth

Δ revenue y/y
63.0%
Δ EBITDA y/y
211.4%

Multiples

P/E (LTM)
6.2x
3y avg: 4.0x
P/B (FY)
2.3x
P/E (ann.)
4.0x
EV/EBITDA (LTM)
4.7x
3y avg: 2.4x
EV/EBITDA (ann.)
2.9x

Cash return

Dividend yield
1.6%
FCF yield (LTM)
15.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-15.7%
↓ details

Liquidity

Daily turnover (listing)
42.4 mln USD

Shares: yahoo_fundamentals_timeseries/TNK

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)OK379.5
y/y 63.0%
189.7
y/y 306.5%
20.8
y/y -0.6%
210.5
y/y 211.4%
231.0
y/y 271.5%
244.742.02592.0
y/y 25.9%
2375.9
y/y 28.6%
40.5%-1211.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK286.1
y/y 23.5%
125.0
y/y -4.1%
22.2
y/y -4.5%
147.2
y/y -4.1%
153.6
y/y 103.2%
119.6-43.02390.5
y/y 18.2%
2189.9
y/y 20.0%
29.0%-996.2Yahoo Finance
2025-12-31Q4 2025 (3M)OK258.3
y/y -0.0%
88.6
y/y 91.1%
21.5
y/y -12.0%
110.1
y/y 55.5%
120.5
y/y 46.7%
101.0-100.12241.7
y/y 13.6%
2043.6
y/y 16.3%
17.7%-792.4Link
2025-09-30Q3 2025 (3M)OK229.0
y/y -16.5%
43.5
y/y -29.2%
20.9
y/y 17.5%
64.4
y/y -18.7%
92.1
y/y 48.5%
74.9-70.82113.2
y/y 10.3%
1931.3
y/y 10.7%
6.5%-774.7Yahoo Finance
2025-06-30Q2 2025 (3M)OK232.9
y/y -29.1%
46.7
y/y -56.3%
20.9
y/y -6.4%
67.6
y/y -47.7%
62.2
y/y -45.9%
72.4—2059.5
y/y 9.5%
1847.3
y/y 8.9%
13.5%-711.0Yahoo Finance
2025-03-31Q1 2025 (3M)PARTIAL231.6
y/y -37.1%
130.3
y/y -2.0%
23.2
y/y -0.3%
153.6
y/y -1.8%
75.6
y/y -48.3%
57.6—2023.2
y/y 9.6%
1824.2
y/y 9.5%
16.9%-621.8Yahoo Finance
2024-12-31Q4 2024 (3M)OK258.4
y/y -38.9%
46.4
y/y -62.2%
24.4
y/y -5.5%
70.8
y/y -52.3%
82.1
y/y -25.4%
——1974.0
y/y 1.7%
1756.5
y/y 10.2%
23.1%-480.7Link
2024-09-30Q3 2024 (3M)PARTIAL274.4
y/y -4.0%
61.4
y/y -24.7%
17.8
y/y -27.5%
79.2
y/y -25.4%
62.0
y/y -21.4%
——1916.3
y/y 8.2%
1744.9
y/y 22.7%
4.8%-282.9Yahoo Finance
2024-06-30Q2 2024 (3M)PARTIAL328.3
y/y -11.4%
106.9
y/y -33.0%
22.4
y/y -8.2%
129.2
y/y -29.7%
114.9
y/y -27.9%
——1880.6
y/y 5.7%
1695.9
y/y 25.7%
27.4%-246.5Yahoo Finance
2024-03-31Q1 2024 (3M)PARTIAL368.3
y/y -6.7%
133.0
y/y -27.3%
23.3
y/y 2.6%
156.4
y/y -24.0%
146.0
y/y -14.9%
——1845.6
y/y 0.4%
1665.3
y/y 34.3%
35.8%-184.5Yahoo Finance
2023-12-31Q4 2023 (3M)OK422.5
y/y —
122.5
y/y —
25.9
y/y —
148.4
y/y —
110.0
y/y —
——1941.7
y/y —
1594.0
y/y —
34.5%-175.6Link
2023-09-30Q3 2023 (3M)PARTIAL285.9
y/y —
81.6
y/y —
24.6
y/y —
106.1
y/y —
78.8
y/y —
——1770.6
y/y —
1421.7
y/y —
7.6%348.9Yahoo Finance
2023-06-30Q2 2023 (3M)PARTIAL370.6
y/y —
159.6
y/y —
24.4
y/y —
184.0
y/y —
159.4
y/y —
——1779.8
y/y —
1348.8
y/y —
49.2%397.4Yahoo Finance
2023-03-31Q1 2023 (3M)PARTIAL394.7
y/y —
183.1
y/y —
22.7
y/y —
205.8
y/y —
171.7
y/y —
——1838.9
y/y —
1240.3
y/y —
—406.5Yahoo Finance

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

Short-term debt (incl. ST leases)21
Long-term debt (incl. LT leases)17
− Cash & equivalents831
Net debt-792

Net debt / LTM EBITDA: -1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002024 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)

-150-100-500501002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 250-1 000-750-500-25002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.02x of reported net profit; after capex, 0.92x.
year2022202320242025
cash flow / profit0.85x1.21x1.17x0.87x
accruals, % of assets2.0%-5.7%-3.5%2.0%
Last twelve months (to 2026-06-30): 0.91x of profit came back as operating cash flow.
net debt / EBITDA -2.0x · EBIT covers interest 106.6x · capex 0.7x of depreciation · dividends 17% of free cash flow
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 — Aframax TD25 USG-UKC TCE, USD/day

Current 325 000spot vs LTM +232%

Commodity-player potential

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

Upside: -15.7% → +0.0 pp 1d

Main driver: Aframax TD25 USG-UKC TCE, USD/day +371% vs LTM; revenue ×2.72 vs costs ×1.04; EBITDA 532→1 064; at 2.7× EV/EBITDA → -16%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Aframax TD25 USG-UKC TCE, USD/day (rev)+52%325 000.0069 062.2658 088.27+371%-16%
Suezmax TD20 WAF-UKC TCE, USD/day (rev)+43%590 250.0077 681.0365 158.85+660%-16%

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

1 · Reported baseline (LTM)
LTM revenue1 153
LTM EBITDA532
LTM cash costs (revenue − EBITDA)621
2 · Revenue projection
Revenue multiplier — spot×2.718 (+172%)
= Spot revenue3 134
Revenue multiplier — 3y price×0.909 (-9%)
= 3-year-price revenue1 048
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs645
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs645
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 488
= 3-year-price EBITDA402
Conservative EBITDA = min(spot, avg)1 064
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.7x
Target EV = EV/EBITDA × conservative EBITDA2 885
Net debt-1 215
Target market cap = EV − net debt4 100
Current market cap3 691

Upside = target market cap ÷ current − 1 = -15.7%

Life of mine: 13 yrs — before haircut +11.1%

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 Q4423791-46.6%148601-75.3%
2024 Q1368370-0.4%156157-0.6%
2024 Q2328354-7.2%129135-4.6%
2024 Q3274279-1.7%7957+37.9%
2024 Q4258318-18.7%7192-23.1%
2025 Q1232273-15.1%5970-14.5%
2025 Q2233288-19.1%6295-34.5%
2025 Q3229265-13.6%6479-18.4%
2025 Q4258314-17.7%110136-18.9%
2026 Q1286380-24.8%147212-30.7%
2026 Q2380341+11.2%210182+15.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -23% vs -17% the year before — a -6.0 pp move. 3-year CAGR -7%.
revenue growth by year: 2023 +25% · 2024 -17% · 2025 -23%
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 2.3x · target 75th pct (3y) 2.7x · LTM avg 4.0x

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
International Seawaysglobal5.97.2x
Okeanis Eco Tankersglobal3.37.8x
DHT Holdingsglobal4.08.2x
Frontlineglobal12.58.9x
Nordic American Tankersglobal1.811.5x
Group median8.2x
Group average8.7x
This companyglobal3.74.7x

Group median 8.2x; this company 4.7x — a 43% discount.

Group average 8.7x; against the average this company is at a 46% discount.

At the adjusted group median the market cap would be +72% 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 23.7x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.6x, India 18.1x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-11; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-100.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2026-05-261.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)
2026-03-020.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-08-110.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-05-191.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)
2025-03-030.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-11-120.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-08-120.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-05-202.25 USDEx-dividend: 2.25 USD per sharePaidYahoo Finance (ex-div)
2024-03-010.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-11-130.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-08-110.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-05-191.25 USDEx-dividend: 1.25 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 Teekay Tankers (TNK) — from primary filings.

Frequently asked questions

What is Teekay Tankers (TNK)'s P/E ratio?
Teekay Tankers (TNK) trades at a P/E of 6.2x (price to trailing 12-month earnings).
What is Teekay Tankers (TNK)'s EV/EBITDA?
Teekay Tankers (TNK) trades at 4.7x EV/EBITDA.
What is Teekay Tankers (TNK)'s P/B ratio?
Teekay Tankers (TNK) trades at a P/B of 2.3x.
What is Teekay Tankers (TNK)'s dividend yield?
Teekay Tankers (TNK)'s trailing 12-month dividend yield is 1.6%.
What is Teekay Tankers (TNK)'s return on equity (ROE)?
Teekay Tankers (TNK)'s ROE is 40.5%.
What is Teekay Tankers (TNK)'s market capitalization?
Teekay Tankers (TNK)'s market cap is 3.7 bn USD.

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