Latest Ratios: P/E Ratio 131.4x · EV/EBITDA 23.0x · ROE 2.6%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $728M | $525M | $877M | $618M | $275M | $440M | $701M | $284M | $255M | $777M |
| Enterprise Value | $2.0B | $1.1B | $755M | $1.1B | $865M | $561M | $739M | $1.1B | $671M | $586M | $1.1B |
| P/E Ratio → | 131.38 | 59.31 | 11.36 | 8.94 | 40.91 | — | 8.68 | — | — | — | — |
| P/S Ratio | 5.52 | 2.49 | 1.50 | 2.24 | 1.82 | 1.40 | 1.24 | 2.21 | 0.98 | 0.86 | 2.17 |
| P/B Ratio | 3.62 | 1.63 | 1.03 | 1.63 | 1.14 | 0.55 | 0.74 | 1.18 | 0.47 | 0.30 | 0.89 |
| P/FCF | — | — | 4.18 | 13.33 | — | — | 4.74 | 13.94 | — | — | — |
| P/OCF | 81.34 | 36.72 | 4.09 | 6.29 | 25.62 | — | 3.97 | 13.27 | — | 8.05 | 6.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.78 | 2.16 | 2.93 | 2.55 | 2.87 | 2.08 | 3.32 | 2.32 | 1.97 | 3.18 |
| EV / EBITDA | 22.97 | 12.76 | 5.66 | 6.40 | 9.99 | — | 4.96 | 10.97 | 21.74 | 10.76 | 8.19 |
| EV / EBIT | 68.70 | 23.05 | 9.76 | 8.87 | 20.50 | — | 9.08 | 32.61 | — | — | 21.25 |
| EV / FCF | — | — | 6.02 | 17.45 | — | — | 7.96 | 20.91 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.8% | 19.8% | 30.3% | 38.5% | 16.2% | -35.0% | 27.9% | 14.3% | -5.9% | -11.3% | 16.9% |
| Operating Margin | 9.9% | 9.9% | 22.1% | 32.7% | 10.7% | -43.0% | 22.9% | 10.1% | -10.3% | -15.6% | 13.4% |
| Net Profit Margin | 4.2% | 4.2% | 13.3% | 25.2% | 4.5% | -61.0% | 14.1% | -3.3% | -33.0% | -69.0% | -1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.6% | 2.6% | 8.9% | 18.3% | 2.9% | -21.8% | 8.4% | -1.7% | -13.2% | -24.0% | -0.5% |
| ROA | 1.4% | 1.4% | 5.5% | 11.2% | 1.7% | -13.1% | 5.0% | -1.0% | -8.1% | -15.6% | -0.3% |
| ROIC | 2.8% | 2.8% | 7.5% | 12.0% | 3.5% | -7.5% | 6.6% | 2.5% | -2.1% | -2.9% | 3.0% |
| ROCE | 3.6% | 3.6% | 9.9% | 15.8% | 4.5% | -9.8% | 8.5% | 3.2% | -2.6% | -3.6% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.95 | 0.95 | 0.53 | 0.56 | 0.57 | 0.64 | 0.60 | 0.67 | 0.73 | 0.46 | 0.51 |
| Debt / EBITDA | 4.89 | 4.89 | 2.02 | 1.68 | 3.53 | — | 2.39 | 4.17 | 14.14 | 7.14 | 3.19 |
| Net Debt / Equity | — | 0.85 | 0.45 | 0.50 | 0.46 | 0.57 | 0.50 | 0.59 | 0.64 | 0.39 | 0.41 |
| Net Debt / EBITDA | 4.36 | 4.36 | 1.73 | 1.51 | 2.85 | — | 2.00 | 3.66 | 12.54 | 6.07 | 2.60 |
| Debt / FCF | — | — | 1.84 | 4.11 | — | — | 3.22 | 6.97 | — | — | — |
| Interest Coverage | 1.34 | 1.34 | 2.52 | 4.24 | 1.56 | -3.53 | 2.59 | 0.76 | -0.78 | -8.31 | 4.75 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.24 | 2.24 | 1.65 | 1.55 | 1.97 | 1.58 | 2.51 | 2.19 | 3.11 | 5.01 | 7.61 |
| Quick Ratio | 1.68 | 1.68 | 1.18 | 0.94 | 1.29 | 1.27 | 2.02 | 1.81 | 2.55 | 4.10 | 6.64 |
| Cash Ratio | 0.68 | 0.68 | 0.66 | 0.44 | 0.82 | 0.51 | 1.46 | 0.84 | 1.36 | 2.30 | 3.82 |
| Asset Turnover | — | 0.32 | 0.43 | 0.45 | 0.39 | 0.23 | 0.36 | 0.31 | 0.27 | 0.23 | 0.26 |
| Inventory Turnover | 6.26 | 6.26 | 8.55 | 5.69 | 5.75 | 12.66 | 13.18 | 12.09 | 15.09 | 14.33 | 14.23 |
| Days Sales Outstanding | — | 23.76 | 16.93 | 24.50 | 22.02 | 17.48 | 6.53 | 28.29 | 28.53 | 27.61 | 18.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.2% | 11.6% | 16.7% | 10.2% | 3.7% | 3.5% | 15.3% | 2.0% | 3.5% | 21.2% | 16.2% |
| Payout Ratio | 690.3% | 690.3% | 188.0% | 91.0% | 150.2% | — | 134.4% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 1.7% | 8.8% | 11.2% | 2.4% | — | 11.5% | — | — | — | — |
| FCF Yield | — | — | 23.9% | 7.5% | — | — | 21.1% | 7.2% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.2% | 11.6% | 17.4% | 10.2% | 3.7% | 3.5% | 15.3% | 2.0% | 3.5% | 21.2% | 16.2% |
| Shares Outstanding | — | $212M | $210M | $209M | $202M | $163M | $149M | $143M | $142M | $104M | $93M |
Includes 30+ ratios · 29 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NAT stock.
Nordic American Tankers Limited's current P/E ratio is 131.4x. The historical average is 18.4x. This places it at the 100th percentile of its historical range.
Nordic American Tankers Limited's current EV/EBITDA is 23.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
Nordic American Tankers Limited's return on equity (ROE) is 2.6%. The historical average is 4.3%.
Based on historical data, Nordic American Tankers Limited is trading at a P/E of 131.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nordic American Tankers Limited's current dividend yield is 5.25% with a payout ratio of 690.3%.
Nordic American Tankers Limited has 19.8% gross margin and 9.9% operating margin.
Nordic American Tankers Limited's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Dividend Exceeds Sustainable Cash Flow
Elevated Valuation Refracted Through Volatile Cycle
NAT's TTM P/E of 128.62 suggests the market is pricing in a sharp earnings recovery, but the forward P/E of 8.29 and P/B of 3.55 indicate this valuation is highly sensitive to spot rate assumptions and asset value preservation.
The extreme disparity between trailing and forward multiples highlights the cyclical distortion; the high TTM P/E likely reflects depressed earnings from the prior trough in 2025, not current operational strength. Compared to peers like Teekay Tankers (P/E 9.98) and DHT Holdings (P/E 16.79), NAT trades at a premium that appears difficult to justify without sustained, above-cycle Suezmax rates. Investors should note the P/B of 3.55 is the highest among its direct peers, suggesting the market is assigning significant value to future earnings potential or dividend yield rather than current asset-based valuation.
Margin Expansion Driven by Rate Recovery
While gross margin has rebounded sharply to 48.5% in Q2 2026 from a trough of 10.2% in Q2 2025, the 10-quarter average net margin of just 4.20% underscores the inherent fragility of profitability in NAT's spot-driven, fixed-cost model.
The recent surge in operating margin to 39.3% demonstrates strong operating leverage, where incremental revenue from higher Time Charter Equivalent (TCE) rates flows rapidly to the bottom line after covering fixed vessel operating expenses. However, the structural thinness of the net margin, even in strong quarters, leaves virtually no buffer for adverse market moves or unexpected costs like dry-docking. This margin profile confirms that NAT's earning power is almost entirely dictated by the volatile Suezmax spot market, making any estimate of 'normalized' profitability highly speculative.
ROIC Recovery Masked by Eroding Equity Base
The ROIC has improved to 4.0% in Q2 2026 from near-zero levels in early 2025, yet this return remains significantly below the cost of capital for a capital-intensive business and is partly inflated by a shrinking equity denominator.
The ROIC trend is more informative than the ROE, which swung to 14.6% in Q2 2026 but is heavily distorted by the declining book value of equity due to accumulated losses and dividend payouts. An ROIC of 4.0% in a capital-heavy industry like tanker shipping suggests the company is not generating returns sufficient to cover its reinvestment needs over a full cycle. The driver of the recent improvement appears to be a sharp increase in operating margins rather than enhanced asset efficiency, as indicated by the persistently low asset turnover of around 0.12.
Ample Liquidity, Yet Operational Volatility Persists
The current ratio has improved to a healthy 3.27 in Q2 2026 from a concerning 0.73 in Q3 2024, providing a substantial liquidity buffer, but this position is supported by volatile cash flows from operations that may not be sustainable.
The surge in liquidity, reflected in both the current and quick ratios, appears driven by a combination of increased cash holdings and higher working capital as charter rates improve. However, the prior analysis of cash flow indicates that operational cash generation is erratic, and the improved position may be temporary if rates soften. Under severe stress scenario of spot rates collapsing below operating cost, the company's liquidity would be tested, though the current 3.27x current ratio offers a meaningful cushion relative to its recent historical lows.
P/E Ratio: A Cyclical Trap for Yield Investors
The single most misapplied metric to NAT is its P/E ratio, which is currently 128.62, because earnings in this volatile cyclical business are not predictive of future cash flows and can fluctuate from large positive to negative within a single year.
Investors, particularly those attracted to the 5.4% dividend yield, may incorrectly assume the P/E ratio reflects sustainable earnings power. For a spot-market tanker operator, current earnings are a snapshot of a specific point in the shipping cycle and are highly unlikely to be repeated. A more appropriate metric for evaluation is the Net Asset Value (NAV) of the fleet, which estimates the market value of the ships minus liabilities, as it provides a more stable, asset-based anchor for valuation that is less distorted by temporary rate spikes or troughs. The P/E ratio obscures the fundamental risk that the 'E' could evaporate in the next quarter.