Nordic American Tankers Limited (NAT) 10-Year Financial Performance & Capital Metrics

NAT • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutNordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 24 Suezmax crude oil tankers. The company was formerly known as Nordic American Tanker Shipping Limited and changed its name to Nordic American Tankers Limited in June 2011. The company was incorporated in 1995 and is based in Hamilton, Bermuda.Show more

Revenue $350M -10.7%
EBITDA $133M -25.6%
Net Income $47M -52.7%
EPS (Diluted) 0.22 -53.2%
Gross Margin 30.35% -21.2%
EBITDA Margin 38.16% -16.6%
Operating Margin 22.11% -32.3%
Net Margin 13.34% -47.1%
ROE 8.91% -51.3%
ROIC 7.49% -37.7%
Debt/Equity 0.53 -5.4%
Interest Coverage 2.52 -40.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 35.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.04%

5Y1.97%

3Y21.34%

TTM-16.03%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-96.96%

EPS CAGR

10Y-

5Y-

3Y-

TTM-96.9%

ROCE

10Y Avg4.05%

5Y Avg5.79%

3Y Avg10.08%

Latest9.87%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	445.74M	357.45M	297.14M	289.02M	317.22M	354.62M	195.76M	339.34M	391.69M	349.74M
Revenue Growth %	0.27%	-0.2%	-0.17%	-0.03%	0.1%	0.12%	-0.45%	0.73%	0.15%	-0.11%
Cost of Goods Sold+	307.86M	297.14M	330.8M	306.12M	271.77M	255.81M	264.29M	284.37M	240.91M	243.61M
COGS % of Revenue	0.69%	0.83%	1.11%	1.06%	0.86%	0.72%	1.35%	0.84%	0.62%	0.7%
Gross Profit+	137.88M	60.31M	-33.66M	-17.1M	45.45M	98.81M	-68.53M	54.97M	150.78M	106.14M
Gross Margin %	0.31%	0.17%	-0.11%	-0.06%	0.14%	0.28%	-0.35%	0.16%	0.38%	0.3%
Gross Profit Growth %	15.06%	-0.56%	-1.56%	0.49%	3.66%	1.17%	-1.69%	1.8%	1.74%	-0.3%
Operating Expenses+	9.79M	12.3M	12.57M	12.73M	13.48M	17.59M	15.62M	18.8M	22.89M	28.82M
OpEx % of Revenue	0.02%	0.03%	0.04%	0.04%	0.04%	0.05%	0.08%	0.06%	0.06%	0.08%
Selling, General & Admin	9.79M	12.3M	12.57M	12.73M	13.48M	17.59M	15.62M	18.8M	22.89M	28.82M
SG&A % of Revenue	0.02%	0.03%	0.04%	0.04%	0.04%	0.05%	0.08%	0.06%	0.06%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	128.09M	48.01M	-46.23M	-29.83M	31.97M	81.23M	-84.15M	36.18M	127.89M	77.31M
Operating Margin %	0.29%	0.13%	-0.16%	-0.1%	0.1%	0.23%	-0.43%	0.11%	0.33%	0.22%
Operating Income Growth %	21.41%	-0.63%	-1.96%	0.35%	2.07%	1.54%	-2.04%	1.43%	2.54%	-0.4%
EBITDA+	210.7M	138.9M	54.44M	30.87M	95.94M	149.06M	-15.8M	86.6M	179.29M	133.46M
EBITDA Margin %	0.47%	0.39%	0.18%	0.11%	0.3%	0.42%	-0.08%	0.26%	0.46%	0.38%
EBITDA Growth %	1.84%	-0.34%	-0.61%	-0.43%	2.11%	0.55%	-1.11%	6.48%	1.07%	-0.26%
D&A (Non-Cash Add-back)	82.61M	90.89M	100.67M	60.7M	63.97M	67.83M	68.35M	50.42M	51.4M	56.15M
EBIT	128.21M	53.56M	-175.34M	-38.28M	32.27M	81.42M	-93.05M	42.18M	129.33M	77.37M
Net Interest Income+	-10.91M	-11.05M	-20.76M	-48.94M	-42.25M	-31.39M	-26.38M	-27.05M	-29.2M	-30.01M
Interest Income	114K	215K	347K	334K	298K	0	0	0	1.3M	731K
Interest Expense	11.02M	11.27M	21.11M	49.28M	42.55M	31.39M	26.38M	27.05M	30.5M	30.74M
Other Income/Expense	-13.37M	-52.37M	-158.66M	-65.4M	-42.25M	-31.19M	-35.27M	-21.05M	-29.06M	-30.68M
Pretax Income+	114.72M	-4.35M	-204.89M	-95.23M	-10.28M	50.03M	-119.42M	15.12M	98.83M	46.63M
Pretax Margin %	0.26%	-0.01%	-0.69%	-0.33%	-0.03%	0.14%	-0.61%	0.04%	0.25%	0.13%
Income Tax+	96K	102K	83K	79K	71K	0	0	23K	120K	-10K
Effective Tax Rate %	1%	1.02%	1%	1%	1.01%	1%	1%	1%	1%	1%
Net Income+	114.63M	-4.46M	-204.97M	-95.31M	-10.35M	50.03M	-119.42M	15.1M	98.71M	46.64M
Net Margin %	0.26%	-0.01%	-0.69%	-0.33%	-0.03%	0.14%	-0.61%	0.04%	0.25%	0.13%
Net Income Growth %	9.71%	-1.04%	-45%	0.54%	0.89%	5.83%	-3.39%	1.13%	5.54%	-0.53%
Net Income (Continuing)	114.63M	-4.46M	-204.97M	-95.31M	-10.35M	50.03M	-119.42M	15.1M	98.71M	46.64M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.29	-0.05	-0.73	-0.67	-0.07	0.34	-0.74	0.07	0.47	0.22
EPS Growth %	9.6%	-1.04%	-14.15%	0.08%	0.89%	5.65%	-3.18%	1.1%	5.28%	-0.53%
EPS (Basic)	1.29	-0.05	-0.73	-0.67	-0.07	0.34	-0.74	0.07	0.47	0.22
Diluted Shares Outstanding	89.18M	92.53M	103.83M	141.97M	142.57M	149.29M	162.55M	202.03M	208.81M	209.9M
Basic Shares Outstanding	89.18M	89.12M	103.83M	141.95M	142.57M	149.29M	162.55M	202.03M	208.8M	209.23M
Dividend Payout Ratio	1.07%	-	-	-	-	1.34%	-	1.5%	0.91%	1.88%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	115.17M	163.71M	126.99M	112.94M	129.37M	99.52M	107.11M	142.66M	108.91M	98.77M
Cash & Short-Term Investments	29.89M	82.17M	58.36M	49.33M	49.67M	57.85M	34.74M	59.58M	31.08M	39.18M
Cash Only	29.89M	82.17M	58.36M	49.33M	48.85M	57.85M	34.74M	59.58M	31.08M	39.18M
Short-Term Investments	0	0	0	0	825K	0	0	0	0	0
Accounts Receivable	28.6M	18.07M	22.47M	22.59M	24.58M	6.35M	9.37M	20.47M	26.29M	16.22M
Days Sales Outstanding	23.42	18.45	27.61	28.53	28.29	6.53	17.48	22.02	24.5	16.93
Inventory	14.84M	20.89M	23.09M	20.29M	22.48M	19.41M	20.87M	49.43M	42.36M	28.5M
Days Inventory Outstanding	17.6	25.66	25.47	24.19	30.19	27.69	28.83	63.44	64.18	42.7
Other Current Assets	3.13M	2.49M	4.38M	1.83M	29.26M	10.44M	37.27M	7.2M	4.87M	8.64M
Total Non-Current Assets+	1.13B	1.19B	1.14B	958.17M	901.53M	874.83M	744.04M	737.22M	770.29M	718.82M
Property, Plant & Equipment	1.03B	1.14B	1.1B	953.89M	900M	872.34M	742.15M	735.13M	770.13M	715.27M
Fixed Asset Turnover	0.43x	0.31x	0.27x	0.30x	0.35x	0.41x	0.26x	0.46x	0.51x	0.49x
Goodwill	18.98M	18.98M	18.98M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	64.88M	16.55M	12.16M	4.2M	0	0	0	0	0	0
Other Non-Current Assets	15.91M	10.15M	15.97M	83K	1.53M	2.48M	1.9M	2.09M	155K	3.54M
Total Assets+	1.24B	1.35B	1.27B	1.07B	1.03B	974.35M	851.15M	880.74M	879.2M	817.59M
Asset Turnover	0.36x	0.26x	0.23x	0.27x	0.31x	0.36x	0.23x	0.39x	0.45x	0.43x
Asset Growth %	0.06%	0.09%	-0.06%	-0.16%	-0.04%	-0.05%	-0.13%	0.03%	-0%	-0.07%
Total Current Liabilities+	17.85M	21.52M	25.33M	36.29M	59.03M	39.68M	67.64M	72.41M	70.48M	59.78M
Accounts Payable	4.25M	4.29M	3.22M	3.58M	8.4M	4.1M	6.55M	6.96M	3.45M	4.26M
Days Payables Outstanding	5.04	5.27	3.55	4.26	11.29	5.85	9.05	8.93	5.22	6.38
Short-Term Debt	0	0	0	18.69M	23.54M	22.09M	37.55M	39.7M	31.9M	21.56M
Deferred Revenue (Current)	0	0	0	0	1000K	140K	1000K	1000K	1000K	0
Other Current Liabilities	0	0	0	0	-4.35M	2.4M	1.8M	1.82M	1.62M	6.58M
Current Ratio	6.45x	7.61x	5.01x	3.11x	2.19x	2.51x	1.58x	1.97x	1.55x	1.65x
Quick Ratio	5.62x	6.64x	4.10x	2.55x	1.81x	2.02x	1.27x	1.29x	0.94x	1.18x
Cash Conversion Cycle	35.98	38.83	49.53	48.47	47.18	28.38	37.26	76.53	83.46	53.26
Total Non-Current Liabilities+	343.05M	457.33M	404.67M	432.79M	376.45M	335.54M	285.28M	267.49M	270.41M	248.99M
Long-Term Debt	324.57M	442.82M	388.86M	417.84M	375.36M	334.62M	283.41M	266.34M	269.7M	248.14M
Capital Lease Obligations	0	0	0	0	934K	730K	1.15M	535K	0	0
Deferred Tax Liabilities	-13.05M	-14.51M	-15.81M	-14.95M	0	0	0	0	0	0
Other Non-Current Liabilities	0	14.51M	15.81M	14.95M	153K	197K	724K	615K	717K	845K
Total Liabilities	360.89M	478.86M	430M	469.08M	435.48M	375.22M	352.93M	340.75M	340.89M	308.77M
Total Debt+	330M	442.82M	388.86M	436.53M	399.83M	356.71M	320.96M	306.04M	301.6M	269.7M
Net Debt	300.11M	360.65M	330.5M	387.2M	350.99M	298.86M	286.22M	246.45M	270.52M	230.53M
Debt / Equity	0.37x	0.51x	0.46x	0.73x	0.67x	0.60x	0.64x	0.57x	0.56x	0.53x
Debt / EBITDA	1.57x	3.19x	7.14x	14.14x	4.17x	2.39x	-	3.53x	1.68x	2.02x
Net Debt / EBITDA	1.42x	2.60x	6.07x	12.54x	3.66x	2.00x	-	2.85x	1.51x	1.73x
Interest Coverage	11.62x	4.26x	-2.19x	-0.61x	0.75x	2.59x	-3.19x	1.34x	4.19x	2.52x
Total Equity+	880.72M	871.05M	840.52M	602.03M	595.42M	599.13M	498.22M	539.98M	538.3M	508.81M
Equity Growth %	-0%	-0.01%	-0.04%	-0.28%	-0.01%	0.01%	-0.17%	0.08%	-0%	-0.05%
Book Value per Share	9.88	9.41	8.09	4.24	4.18	4.01	3.07	2.67	2.58	2.42
Total Shareholders' Equity	880.72M	871.05M	840.52M	602.03M	595.42M	599.13M	498.22M	539.98M	538.3M	508.81M
Common Stock	892K	1.02M	1.42M	1.42M	1.47M	1.51M	1.84M	2.09M	2.09M	2.12M
Retained Earnings	0	-4.46M	-209.43M	-308.8M	-10.35M	0	-171.33M	-156.23M	-57.52M	-10.87M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-972K	-1.04M	-1.19M	-1.32M	-1.4M	-1.32M	-1.58M	-1.81M	-2.09M	-1.82M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	174.39M	127.79M	31.74M	-16.1M	52.86M	110.94M	-44.46M	24.13M	139.44M	128.16M
Operating CF Margin %	0.39%	0.36%	0.11%	-0.06%	0.17%	0.31%	-0.23%	0.07%	0.36%	0.37%
Operating CF Growth %	2.03%	-0.27%	-0.75%	-1.51%	4.28%	1.1%	-1.4%	1.54%	4.78%	-0.08%
Net Income	114.63M	-4.46M	-204.97M	-95.31M	-10.35M	50.03M	-171.33M	15.1M	98.71M	46.64M
Depreciation & Amortization	83.85M	92.27M	102.06M	76.05M	68.26M	72.19M	71.34M	54.01M	52.84M	57M
Stock-Based Compensation	388K	430K	522K	413K	156K	285K	339K	476K	2.2M	1.85M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-12.59M	33.33M	121.33M	3.29M	-1.91M	-40.89M	65.24M	-13.59M	-18.12M	1.51M
Working Capital Changes	-11.88M	6.21M	12.8M	-548K	-3.29M	29.33M	-10.05M	-31.86M	3.81M	21.16M
Change in Receivables	-11.76M	10.1M	-4.4M	-120K	-1.99M	18.11M	-3.02M	-11.1M	-5.81M	10.06M
Change in Inventory	-387K	-4.3M	18.1M	-2.27M	-233K	11.55M	-7.31M	-18.07M	7.07M	13.86M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-197.42M	-186.81M	-46.53M	85.05M	-2.32M	-17.48M	-3.46M	-14.34M	-73.67M	-2.62M
Capital Expenditures	-187.37M	-138.36M	-37.57M	-4.87M	-2.53M	-18.08M	-17.73M	-95.42M	-73.67M	-2.62M
CapEx % of Revenue	0.42%	0.39%	0.13%	0.02%	0.01%	0.05%	0.09%	0.28%	0.19%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.77M	-50.13M	-8.96M	89.92M	212K	602K	14.26M	81.07M	0	0
Cash from Financing+	-47.71M	111.29M	-18.96M	-78.03M	-38.25M	-93.08M	30.51M	9.01M	-95.67M	-115.05M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-123.07M	-125.65M	-54.23M	-9.94M	-14.26M	-67.24M	-9.7M	-22.68M	-89.78M	-87.69M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.64M	-130K	-13.13M	0	-14.19M	-320K	-1.1M	0	-669K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-12.98M	-10.58M	-5.83M	-20.97M	50.33M	92.87M	-62.19M	-71.28M	65.78M	125.54M
FCF Margin %	-0.03%	-0.03%	-0.02%	-0.07%	0.16%	0.26%	-0.32%	-0.21%	0.17%	0.36%
FCF Growth %	0.22%	0.19%	0.45%	-2.6%	3.4%	0.85%	-1.67%	-0.15%	1.92%	0.91%
FCF per Share	-0.15	-0.11	-0.06	-0.15	0.35	0.62	-0.38	-0.35	0.31	0.60
FCF Conversion (FCF/Net Income)	1.52x	-28.68x	-0.15x	0.17x	-5.11x	2.22x	0.37x	1.60x	1.41x	2.75x
Interest Paid	9.37M	9.84M	19.48M	32.3M	35.62M	27.13M	23.39M	23.45M	29.04M	29.89M
Taxes Paid	47K	96K	102K	83K	79K	71K	64K	59K	23K	10K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.01%	-0.51%	-23.95%	-13.21%	-1.73%	8.38%	-21.77%	2.91%	18.31%	8.91%
Return on Invested Capital (ROIC)	8.69%	2.99%	-2.89%	-2.07%	2.48%	6.61%	-7.5%	3.45%	12.03%	7.49%
Gross Margin	30.93%	16.87%	-11.33%	-5.92%	14.33%	27.86%	-35.01%	16.2%	38.5%	30.35%
Net Margin	25.72%	-1.25%	-68.98%	-32.98%	-3.26%	14.11%	-61.01%	4.45%	25.2%	13.34%
Debt / Equity	0.37x	0.51x	0.46x	0.73x	0.67x	0.60x	0.64x	0.57x	0.56x	0.53x
Interest Coverage	11.62x	4.26x	-2.19x	-0.61x	0.75x	2.59x	-3.19x	1.34x	4.19x	2.52x
FCF Conversion	1.52x	-28.68x	-0.15x	0.17x	-5.11x	2.22x	0.37x	1.60x	1.41x	2.75x
Revenue Growth	26.97%	-19.81%	-16.87%	-2.73%	9.76%	11.79%	-44.8%	73.35%	15.43%	-10.71%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Spot Charter	259.98M	283.01M	274.22M	170.24M	296.81M	346.41M	273.63M
Spot Charter Growth	-	8.86%	-3.11%	-37.92%	74.35%	16.71%	-21.01%
Time Charter	29.04M	34.21M	80.4M	20.83M	42.53M	45.28M	76.11M
Time Charter Growth	-	17.82%	135.00%	-74.09%	104.15%	6.46%	68.09%

Frequently Asked Questions

Valuation & Price

Nordic American Tankers Limited (NAT) has a price-to-earnings (P/E) ratio of 18.6x. This is roughly in line with market averages.

Growth & Financials

Nordic American Tankers Limited (NAT) reported $280.9M in revenue for fiscal year 2024. This represents a 196% increase from $94.8M in 2011.

Nordic American Tankers Limited (NAT) saw revenue decline by 10.7% over the past year.

Yes, Nordic American Tankers Limited (NAT) is profitable, generating $1.9M in net income for fiscal year 2024 (13.3% net margin).

Dividend & Returns

Yes, Nordic American Tankers Limited (NAT) pays a dividend with a yield of 10.22%. This makes it attractive for income-focused investors.

Nordic American Tankers Limited (NAT) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Nordic American Tankers Limited (NAT) had negative free cash flow of $111.9M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Nordic American Tankers Limited (NAT) 10-Year Financial Performance & Capital Metrics

NAT • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

Revenue $350M -10.7%
EBITDA $133M -25.6%
Net Income $47M -52.7%
EPS (Diluted) 0.22 -53.2%
Gross Margin 30.35% -21.2%
EBITDA Margin 38.16% -16.6%
Operating Margin 22.11% -32.3%
Net Margin 13.34% -47.1%
ROE 8.91% -51.3%
ROIC 7.49% -37.7%
Debt/Equity 0.53 -5.4%
Interest Coverage 2.52 -40.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 35.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.04%

5Y1.97%

3Y21.34%

TTM-16.03%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-96.96%

EPS CAGR

10Y-

5Y-

3Y-

TTM-96.9%

ROCE

10Y Avg4.05%

5Y Avg5.79%

3Y Avg10.08%

Latest9.87%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	445.74M	357.45M	297.14M	289.02M	317.22M	354.62M	195.76M	339.34M	391.69M	349.74M
Revenue Growth %	0.27%	-0.2%	-0.17%	-0.03%	0.1%	0.12%	-0.45%	0.73%	0.15%	-0.11%
Cost of Goods Sold+	307.86M	297.14M	330.8M	306.12M	271.77M	255.81M	264.29M	284.37M	240.91M	243.61M
COGS % of Revenue	0.69%	0.83%	1.11%	1.06%	0.86%	0.72%	1.35%	0.84%	0.62%	0.7%
Gross Profit+	137.88M	60.31M	-33.66M	-17.1M	45.45M	98.81M	-68.53M	54.97M	150.78M	106.14M
Gross Margin %	0.31%	0.17%	-0.11%	-0.06%	0.14%	0.28%	-0.35%	0.16%	0.38%	0.3%
Gross Profit Growth %	15.06%	-0.56%	-1.56%	0.49%	3.66%	1.17%	-1.69%	1.8%	1.74%	-0.3%
Operating Expenses+	9.79M	12.3M	12.57M	12.73M	13.48M	17.59M	15.62M	18.8M	22.89M	28.82M
OpEx % of Revenue	0.02%	0.03%	0.04%	0.04%	0.04%	0.05%	0.08%	0.06%	0.06%	0.08%
Selling, General & Admin	9.79M	12.3M	12.57M	12.73M	13.48M	17.59M	15.62M	18.8M	22.89M	28.82M
SG&A % of Revenue	0.02%	0.03%	0.04%	0.04%	0.04%	0.05%	0.08%	0.06%	0.06%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	128.09M	48.01M	-46.23M	-29.83M	31.97M	81.23M	-84.15M	36.18M	127.89M	77.31M
Operating Margin %	0.29%	0.13%	-0.16%	-0.1%	0.1%	0.23%	-0.43%	0.11%	0.33%	0.22%
Operating Income Growth %	21.41%	-0.63%	-1.96%	0.35%	2.07%	1.54%	-2.04%	1.43%	2.54%	-0.4%
EBITDA+	210.7M	138.9M	54.44M	30.87M	95.94M	149.06M	-15.8M	86.6M	179.29M	133.46M
EBITDA Margin %	0.47%	0.39%	0.18%	0.11%	0.3%	0.42%	-0.08%	0.26%	0.46%	0.38%
EBITDA Growth %	1.84%	-0.34%	-0.61%	-0.43%	2.11%	0.55%	-1.11%	6.48%	1.07%	-0.26%
D&A (Non-Cash Add-back)	82.61M	90.89M	100.67M	60.7M	63.97M	67.83M	68.35M	50.42M	51.4M	56.15M
EBIT	128.21M	53.56M	-175.34M	-38.28M	32.27M	81.42M	-93.05M	42.18M	129.33M	77.37M
Net Interest Income+	-10.91M	-11.05M	-20.76M	-48.94M	-42.25M	-31.39M	-26.38M	-27.05M	-29.2M	-30.01M
Interest Income	114K	215K	347K	334K	298K	0	0	0	1.3M	731K
Interest Expense	11.02M	11.27M	21.11M	49.28M	42.55M	31.39M	26.38M	27.05M	30.5M	30.74M
Other Income/Expense	-13.37M	-52.37M	-158.66M	-65.4M	-42.25M	-31.19M	-35.27M	-21.05M	-29.06M	-30.68M
Pretax Income+	114.72M	-4.35M	-204.89M	-95.23M	-10.28M	50.03M	-119.42M	15.12M	98.83M	46.63M
Pretax Margin %	0.26%	-0.01%	-0.69%	-0.33%	-0.03%	0.14%	-0.61%	0.04%	0.25%	0.13%
Income Tax+	96K	102K	83K	79K	71K	0	0	23K	120K	-10K
Effective Tax Rate %	1%	1.02%	1%	1%	1.01%	1%	1%	1%	1%	1%
Net Income+	114.63M	-4.46M	-204.97M	-95.31M	-10.35M	50.03M	-119.42M	15.1M	98.71M	46.64M
Net Margin %	0.26%	-0.01%	-0.69%	-0.33%	-0.03%	0.14%	-0.61%	0.04%	0.25%	0.13%
Net Income Growth %	9.71%	-1.04%	-45%	0.54%	0.89%	5.83%	-3.39%	1.13%	5.54%	-0.53%
Net Income (Continuing)	114.63M	-4.46M	-204.97M	-95.31M	-10.35M	50.03M	-119.42M	15.1M	98.71M	46.64M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.29	-0.05	-0.73	-0.67	-0.07	0.34	-0.74	0.07	0.47	0.22
EPS Growth %	9.6%	-1.04%	-14.15%	0.08%	0.89%	5.65%	-3.18%	1.1%	5.28%	-0.53%
EPS (Basic)	1.29	-0.05	-0.73	-0.67	-0.07	0.34	-0.74	0.07	0.47	0.22
Diluted Shares Outstanding	89.18M	92.53M	103.83M	141.97M	142.57M	149.29M	162.55M	202.03M	208.81M	209.9M
Basic Shares Outstanding	89.18M	89.12M	103.83M	141.95M	142.57M	149.29M	162.55M	202.03M	208.8M	209.23M
Dividend Payout Ratio	1.07%	-	-	-	-	1.34%	-	1.5%	0.91%	1.88%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	115.17M	163.71M	126.99M	112.94M	129.37M	99.52M	107.11M	142.66M	108.91M	98.77M
Cash & Short-Term Investments	29.89M	82.17M	58.36M	49.33M	49.67M	57.85M	34.74M	59.58M	31.08M	39.18M
Cash Only	29.89M	82.17M	58.36M	49.33M	48.85M	57.85M	34.74M	59.58M	31.08M	39.18M
Short-Term Investments	0	0	0	0	825K	0	0	0	0	0
Accounts Receivable	28.6M	18.07M	22.47M	22.59M	24.58M	6.35M	9.37M	20.47M	26.29M	16.22M
Days Sales Outstanding	23.42	18.45	27.61	28.53	28.29	6.53	17.48	22.02	24.5	16.93
Inventory	14.84M	20.89M	23.09M	20.29M	22.48M	19.41M	20.87M	49.43M	42.36M	28.5M
Days Inventory Outstanding	17.6	25.66	25.47	24.19	30.19	27.69	28.83	63.44	64.18	42.7
Other Current Assets	3.13M	2.49M	4.38M	1.83M	29.26M	10.44M	37.27M	7.2M	4.87M	8.64M
Total Non-Current Assets+	1.13B	1.19B	1.14B	958.17M	901.53M	874.83M	744.04M	737.22M	770.29M	718.82M
Property, Plant & Equipment	1.03B	1.14B	1.1B	953.89M	900M	872.34M	742.15M	735.13M	770.13M	715.27M
Fixed Asset Turnover	0.43x	0.31x	0.27x	0.30x	0.35x	0.41x	0.26x	0.46x	0.51x	0.49x
Goodwill	18.98M	18.98M	18.98M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	64.88M	16.55M	12.16M	4.2M	0	0	0	0	0	0
Other Non-Current Assets	15.91M	10.15M	15.97M	83K	1.53M	2.48M	1.9M	2.09M	155K	3.54M
Total Assets+	1.24B	1.35B	1.27B	1.07B	1.03B	974.35M	851.15M	880.74M	879.2M	817.59M
Asset Turnover	0.36x	0.26x	0.23x	0.27x	0.31x	0.36x	0.23x	0.39x	0.45x	0.43x
Asset Growth %	0.06%	0.09%	-0.06%	-0.16%	-0.04%	-0.05%	-0.13%	0.03%	-0%	-0.07%
Total Current Liabilities+	17.85M	21.52M	25.33M	36.29M	59.03M	39.68M	67.64M	72.41M	70.48M	59.78M
Accounts Payable	4.25M	4.29M	3.22M	3.58M	8.4M	4.1M	6.55M	6.96M	3.45M	4.26M
Days Payables Outstanding	5.04	5.27	3.55	4.26	11.29	5.85	9.05	8.93	5.22	6.38
Short-Term Debt	0	0	0	18.69M	23.54M	22.09M	37.55M	39.7M	31.9M	21.56M
Deferred Revenue (Current)	0	0	0	0	1000K	140K	1000K	1000K	1000K	0
Other Current Liabilities	0	0	0	0	-4.35M	2.4M	1.8M	1.82M	1.62M	6.58M
Current Ratio	6.45x	7.61x	5.01x	3.11x	2.19x	2.51x	1.58x	1.97x	1.55x	1.65x
Quick Ratio	5.62x	6.64x	4.10x	2.55x	1.81x	2.02x	1.27x	1.29x	0.94x	1.18x
Cash Conversion Cycle	35.98	38.83	49.53	48.47	47.18	28.38	37.26	76.53	83.46	53.26
Total Non-Current Liabilities+	343.05M	457.33M	404.67M	432.79M	376.45M	335.54M	285.28M	267.49M	270.41M	248.99M
Long-Term Debt	324.57M	442.82M	388.86M	417.84M	375.36M	334.62M	283.41M	266.34M	269.7M	248.14M
Capital Lease Obligations	0	0	0	0	934K	730K	1.15M	535K	0	0
Deferred Tax Liabilities	-13.05M	-14.51M	-15.81M	-14.95M	0	0	0	0	0	0
Other Non-Current Liabilities	0	14.51M	15.81M	14.95M	153K	197K	724K	615K	717K	845K
Total Liabilities	360.89M	478.86M	430M	469.08M	435.48M	375.22M	352.93M	340.75M	340.89M	308.77M
Total Debt+	330M	442.82M	388.86M	436.53M	399.83M	356.71M	320.96M	306.04M	301.6M	269.7M
Net Debt	300.11M	360.65M	330.5M	387.2M	350.99M	298.86M	286.22M	246.45M	270.52M	230.53M
Debt / Equity	0.37x	0.51x	0.46x	0.73x	0.67x	0.60x	0.64x	0.57x	0.56x	0.53x
Debt / EBITDA	1.57x	3.19x	7.14x	14.14x	4.17x	2.39x	-	3.53x	1.68x	2.02x
Net Debt / EBITDA	1.42x	2.60x	6.07x	12.54x	3.66x	2.00x	-	2.85x	1.51x	1.73x
Interest Coverage	11.62x	4.26x	-2.19x	-0.61x	0.75x	2.59x	-3.19x	1.34x	4.19x	2.52x
Total Equity+	880.72M	871.05M	840.52M	602.03M	595.42M	599.13M	498.22M	539.98M	538.3M	508.81M
Equity Growth %	-0%	-0.01%	-0.04%	-0.28%	-0.01%	0.01%	-0.17%	0.08%	-0%	-0.05%
Book Value per Share	9.88	9.41	8.09	4.24	4.18	4.01	3.07	2.67	2.58	2.42
Total Shareholders' Equity	880.72M	871.05M	840.52M	602.03M	595.42M	599.13M	498.22M	539.98M	538.3M	508.81M
Common Stock	892K	1.02M	1.42M	1.42M	1.47M	1.51M	1.84M	2.09M	2.09M	2.12M
Retained Earnings	0	-4.46M	-209.43M	-308.8M	-10.35M	0	-171.33M	-156.23M	-57.52M	-10.87M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-972K	-1.04M	-1.19M	-1.32M	-1.4M	-1.32M	-1.58M	-1.81M	-2.09M	-1.82M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	174.39M	127.79M	31.74M	-16.1M	52.86M	110.94M	-44.46M	24.13M	139.44M	128.16M
Operating CF Margin %	0.39%	0.36%	0.11%	-0.06%	0.17%	0.31%	-0.23%	0.07%	0.36%	0.37%
Operating CF Growth %	2.03%	-0.27%	-0.75%	-1.51%	4.28%	1.1%	-1.4%	1.54%	4.78%	-0.08%
Net Income	114.63M	-4.46M	-204.97M	-95.31M	-10.35M	50.03M	-171.33M	15.1M	98.71M	46.64M
Depreciation & Amortization	83.85M	92.27M	102.06M	76.05M	68.26M	72.19M	71.34M	54.01M	52.84M	57M
Stock-Based Compensation	388K	430K	522K	413K	156K	285K	339K	476K	2.2M	1.85M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-12.59M	33.33M	121.33M	3.29M	-1.91M	-40.89M	65.24M	-13.59M	-18.12M	1.51M
Working Capital Changes	-11.88M	6.21M	12.8M	-548K	-3.29M	29.33M	-10.05M	-31.86M	3.81M	21.16M
Change in Receivables	-11.76M	10.1M	-4.4M	-120K	-1.99M	18.11M	-3.02M	-11.1M	-5.81M	10.06M
Change in Inventory	-387K	-4.3M	18.1M	-2.27M	-233K	11.55M	-7.31M	-18.07M	7.07M	13.86M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-197.42M	-186.81M	-46.53M	85.05M	-2.32M	-17.48M	-3.46M	-14.34M	-73.67M	-2.62M
Capital Expenditures	-187.37M	-138.36M	-37.57M	-4.87M	-2.53M	-18.08M	-17.73M	-95.42M	-73.67M	-2.62M
CapEx % of Revenue	0.42%	0.39%	0.13%	0.02%	0.01%	0.05%	0.09%	0.28%	0.19%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.77M	-50.13M	-8.96M	89.92M	212K	602K	14.26M	81.07M	0	0
Cash from Financing+	-47.71M	111.29M	-18.96M	-78.03M	-38.25M	-93.08M	30.51M	9.01M	-95.67M	-115.05M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-123.07M	-125.65M	-54.23M	-9.94M	-14.26M	-67.24M	-9.7M	-22.68M	-89.78M	-87.69M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.64M	-130K	-13.13M	0	-14.19M	-320K	-1.1M	0	-669K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-12.98M	-10.58M	-5.83M	-20.97M	50.33M	92.87M	-62.19M	-71.28M	65.78M	125.54M
FCF Margin %	-0.03%	-0.03%	-0.02%	-0.07%	0.16%	0.26%	-0.32%	-0.21%	0.17%	0.36%
FCF Growth %	0.22%	0.19%	0.45%	-2.6%	3.4%	0.85%	-1.67%	-0.15%	1.92%	0.91%
FCF per Share	-0.15	-0.11	-0.06	-0.15	0.35	0.62	-0.38	-0.35	0.31	0.60
FCF Conversion (FCF/Net Income)	1.52x	-28.68x	-0.15x	0.17x	-5.11x	2.22x	0.37x	1.60x	1.41x	2.75x
Interest Paid	9.37M	9.84M	19.48M	32.3M	35.62M	27.13M	23.39M	23.45M	29.04M	29.89M
Taxes Paid	47K	96K	102K	83K	79K	71K	64K	59K	23K	10K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.01%	-0.51%	-23.95%	-13.21%	-1.73%	8.38%	-21.77%	2.91%	18.31%	8.91%
Return on Invested Capital (ROIC)	8.69%	2.99%	-2.89%	-2.07%	2.48%	6.61%	-7.5%	3.45%	12.03%	7.49%
Gross Margin	30.93%	16.87%	-11.33%	-5.92%	14.33%	27.86%	-35.01%	16.2%	38.5%	30.35%
Net Margin	25.72%	-1.25%	-68.98%	-32.98%	-3.26%	14.11%	-61.01%	4.45%	25.2%	13.34%
Debt / Equity	0.37x	0.51x	0.46x	0.73x	0.67x	0.60x	0.64x	0.57x	0.56x	0.53x
Interest Coverage	11.62x	4.26x	-2.19x	-0.61x	0.75x	2.59x	-3.19x	1.34x	4.19x	2.52x
FCF Conversion	1.52x	-28.68x	-0.15x	0.17x	-5.11x	2.22x	0.37x	1.60x	1.41x	2.75x
Revenue Growth	26.97%	-19.81%	-16.87%	-2.73%	9.76%	11.79%	-44.8%	73.35%	15.43%	-10.71%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Spot Charter	259.98M	283.01M	274.22M	170.24M	296.81M	346.41M	273.63M
Spot Charter Growth	-	8.86%	-3.11%	-37.92%	74.35%	16.71%	-21.01%
Time Charter	29.04M	34.21M	80.4M	20.83M	42.53M	45.28M	76.11M
Time Charter Growth	-	17.82%	135.00%	-74.09%	104.15%	6.46%	68.09%

Frequently Asked Questions

Valuation & Price

Nordic American Tankers Limited (NAT) has a price-to-earnings (P/E) ratio of 18.6x. This is roughly in line with market averages.

Growth & Financials

Nordic American Tankers Limited (NAT) reported $280.9M in revenue for fiscal year 2024. This represents a 196% increase from $94.8M in 2011.

Nordic American Tankers Limited (NAT) saw revenue decline by 10.7% over the past year.

Yes, Nordic American Tankers Limited (NAT) is profitable, generating $1.9M in net income for fiscal year 2024 (13.3% net margin).

Dividend & Returns

Yes, Nordic American Tankers Limited (NAT) pays a dividend with a yield of 10.22%. This makes it attractive for income-focused investors.

Nordic American Tankers Limited (NAT) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Nordic American Tankers Limited (NAT) had negative free cash flow of $111.9M in fiscal year 2024, likely due to heavy capital investments.