Revenue has surged 56.9% year-over-year in Q2 2026, driving gross margins to 48.5% from a cyclical low of 10.2% in Q2 2025, which indicates strong operating leverage but a historically thin 10-quarter average net margin of 4.2% warrants caution.
Nordic American Tankers Limited (NAT) annual income statement — 29-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 372.05M | 292.42M | 349.74M | 391.69M | 339.34M | 195.76M | 354.62M | 317.22M | 289.02M | 297.14M | 357.45M | 445.74M | 351.05M | 243.66M | 130.68M | 94.79M | 126.42M | 124.37M | 228M | 186.99M | 175.52M | 117.11M | 67.45M | 37.37M | 18.06M | 28.36M | 36.58M | 14.78M | 16.01M | 5.27M |
| Revenue Growth % | 29.11% | -16.39% | -10.71% | 15.43% | 73.35% | -44.8% | 11.79% | 9.76% | -2.73% | -16.87% | -19.81% | 26.97% | 44.08% | 86.45% | 37.87% | -25.02% | 1.65% | -45.45% | 21.93% | 6.53% | 49.88% | 73.62% | 80.49% | 106.95% | -36.32% | -22.47% | 147.44% | -7.65% | 203.96% | - |
| Cost of Goods Sold | 230.82M | 234.55M | 243.61M | 240.91M | 284.37M | 264.29M | 255.81M | 271.77M | 306.12M | 330.8M | 297.14M | 307.86M | 342.46M | 312.71M | 171.85M | 134.41M | 109.66M | 107.13M | 93.93M | 121.61M | 90.53M | 59.73M | 13.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 80.21% | 69.65% | 61.5% | 83.8% | 135.01% | 72.14% | 85.67% | 105.92% | 111.33% | 83.13% | 69.07% | 97.55% | 128.34% | 131.51% | 141.8% | 86.74% | 86.14% | 41.2% | 65.04% | 51.58% | 51% | 20.49% | - | - | - | - | - | - | - |
| Gross Profit | 141.23M | 57.87M | 106.14M | 150.78M | 54.97M | -68.53M | 98.81M | 45.45M | -17.1M | -33.66M | 60.31M | 137.88M | 8.59M | -69.05M | -41.17M | -39.62M | 16.76M | 17.24M | 134.07M | 65.38M | 84.99M | 57.38M | 53.63M | 37.37M | 18.06M | 28.36M | 36.58M | 14.78M | 16.01M | 5.27M |
| Gross Margin % | 37.96% | 19.79% | 30.35% | 38.5% | 16.2% | -35.01% | 27.86% | 14.33% | -5.92% | -11.33% | 16.87% | 30.93% | 2.45% | -28.34% | -31.51% | -41.8% | 13.26% | 13.86% | 58.8% | 34.96% | 48.42% | 49% | 79.51% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -45.48% | -29.61% | 174.28% | 180.22% | -169.36% | 117.4% | 365.77% | 49.19% | -155.81% | -56.26% | 1505.53% | 112.44% | -67.72% | -3.92% | -336.42% | -2.78% | -87.14% | 105.08% | -23.08% | 48.12% | 6.99% | 43.51% | 106.95% | -36.32% | -22.47% | 147.44% | -7.65% | 203.96% | - |
| Operating Expenses | 34.5M | 28.87M | 28.82M | 22.89M | 18.8M | 15.62M | 17.59M | 13.48M | 12.73M | 12.57M | 12.3M | 9.79M | 14.86M | 12.76M | 14.7M | 15.39M | 15.98M | 14.82M | 12.78M | 12.13M | 12.75M | 8.49M | 10.85M | 7.48M | 7.44M | 7.37M | 7.39M | 7.43M | 7.43M | 2.22M |
| OpEx % of Revenue | - | 9.87% | 8.24% | 5.84% | 5.54% | 7.98% | 4.96% | 4.25% | 4.4% | 4.23% | 3.44% | 2.2% | 4.23% | 5.23% | 11.25% | 16.24% | 12.64% | 11.92% | 5.61% | 6.49% | 7.26% | 7.25% | 16.09% | 20.03% | 41.22% | 25.99% | 20.2% | 50.24% | 46.41% | 42.09% |
| Selling, General & Admin | 34.5M | 28.87M | 28.82M | 22.89M | 18.8M | 15.62M | 17.59M | 13.48M | 12.73M | 12.57M | 12.3M | 9.79M | 14.86M | 12.76M | 14.7M | 15.39M | 15.98M | 14.82M | 12.78M | 12.13M | 12.75M | 8.49M | 10.85M | 468.09K | 427.05K | 353.74K | 373.29K | 411.5K | 412.78K | 461.67K |
| SG&A % of Revenue | - | 9.87% | 8.24% | 5.84% | 5.54% | 7.98% | 4.96% | 4.25% | 4.4% | 4.23% | 3.44% | 2.2% | 4.23% | 5.23% | 11.25% | 16.24% | 12.64% | 11.92% | 5.61% | 6.49% | 7.26% | 7.25% | 16.09% | 1.25% | 2.36% | 1.25% | 1.02% | 2.78% | 2.58% | 8.77% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.02M | 7.02M | 7.02M | 7.02M | 7.02M | 7.02M | 1.75M |
| Operating Income | 106.73M | 28.99M | 77.31M | 127.89M | 36.18M | -84.15M | 81.23M | 31.97M | -29.83M | -46.23M | 48.01M | 128.09M | -6.28M | -81.81M | -55.87M | -55.01M | 778K | 2.42M | 121.29M | 53.24M | 72.24M | 48.89M | 42.78M | 29.89M | 10.62M | 20.99M | 29.19M | 7.36M | 8.58M | 3.05M |
| Operating Margin % | 28.69% | 9.92% | 22.11% | 32.65% | 10.66% | -42.99% | 22.91% | 10.08% | -10.32% | -15.56% | 13.43% | 28.74% | -1.79% | -33.58% | -42.75% | -58.04% | 0.62% | 1.94% | 53.2% | 28.48% | 41.16% | 41.74% | 63.42% | 79.97% | 58.78% | 74.01% | 79.8% | 49.76% | 53.59% | 57.91% |
| Operating Income Growth % | - | -62.5% | -39.55% | 253.52% | 142.99% | -203.6% | 154.06% | 207.18% | 35.48% | -196.29% | -62.52% | 2141.32% | 92.33% | -46.42% | -1.56% | -7171.09% | -67.82% | -98.01% | 127.79% | -26.3% | 47.77% | 14.28% | 43.14% | 181.55% | -49.43% | -28.09% | 296.83% | -14.25% | 181.3% | - |
| EBITDA | 163.09M | 86.73M | 133.46M | 179.29M | 86.6M | -15.8M | 149.06M | 95.94M | 30.87M | 54.44M | 138.9M | 210.7M | 74.26M | -7.43M | 13.35M | 9.61M | 63.32M | 57.45M | 169.57M | 96.12M | 101.9M | 67.13M | 49.81M | 36.72M | 17.45M | 27.82M | 36.02M | 14.19M | 15.41M | 4.76M |
| EBITDA Margin % | 43.84% | 29.66% | 38.16% | 45.77% | 25.52% | -8.07% | 42.03% | 30.24% | 10.68% | 18.32% | 38.86% | 47.27% | 21.15% | -3.05% | 10.21% | 10.14% | 50.09% | 46.2% | 74.37% | 51.41% | 58.05% | 57.33% | 73.85% | 98.25% | 96.61% | 98.1% | 98.47% | 95.97% | 96.27% | 90.34% |
| EBITDA Growth % | 96.37% | -35.02% | -25.56% | 107.04% | 648.08% | -110.6% | 55.38% | 210.81% | -43.3% | -60.81% | -34.08% | 183.75% | 1099.14% | -155.68% | 38.84% | -84.82% | 10.22% | -66.12% | 76.41% | -5.67% | 51.78% | 34.78% | 35.66% | 110.46% | -37.29% | -22.76% | 153.9% | -7.93% | 223.91% | - |
| D&A (Non-Cash Add-back) | 56.35M | 57.73M | 56.15M | 51.4M | 50.42M | 68.35M | 67.83M | 63.97M | 60.7M | 100.67M | 90.89M | 82.61M | 80.53M | 74.38M | 69.22M | 64.63M | 62.54M | 55.03M | 48.28M | 42.88M | 29.66M | 18.25M | 7.03M | 6.83M | 6.83M | 6.83M | 6.83M | 6.83M | 6.83M | 1.71M |
| EBIT | 124.08M | 48.02M | 77.37M | 129.33M | 42.18M | -93.05M | 81.42M | 32.27M | -38.28M | -175.34M | 53.56M | 128.21M | -1.31M | -93.85M | -67.34M | -70.17M | 1.16M | 2.81M | 122.24M | 53.89M | 73.84M | 49.77M | 42.92M | 29.89M | 10.62M | 20.99M | 29.19M | 7.36M | 8.58M | 3.1M |
| Net Interest Income | -34.37M | -34.14M | -30.01M | -29.2M | -27.05M | -26.38M | -31.39M | -42.25M | -48.94M | -20.76M | -11.05M | -10.91M | -13.19M | -11.37M | -5.5M | -943K | -1.34M | -1.18M | -2.46M | -8.78M | -4.85M | -2.57M | -1.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.31M | 1.61M | 731K | 1.3M | 0 | 0 | 0 | 298K | 334K | 347K | 215K | 114K | 181K | 146K | 357K | 1.19M | 632K | 614K | 931K | 904K | 1.6M | 884.38K | 143.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.68M | 35.75M | 30.74M | 30.5M | 27.05M | 26.38M | 31.39M | 42.55M | 49.28M | 21.11M | 11.27M | 11.02M | 13.37M | 11.52M | 5.85M | 2.13M | 1.97M | 1.79M | 3.39M | 9.68M | 6.45M | 3.45M | 2.11M | 0 | 1.77M | 0 | 0 | 1.58M | 0 | 0 |
| Other Income/Expense | 16.77M | -16.72M | -30.68M | -29.06M | -21.05M | -35.27M | -31.19M | -42.25M | -65.4M | -158.66M | -52.37M | -13.37M | -6.84M | -23.52M | -17.32M | -17.29M | -1.59M | -1.41M | -2.44M | -9.04M | -4.85M | -2.57M | -1.96M | -1.79M | -1.77M | -1.6M | -1.52M | -1.58M | 51.91K | 0 |
| Pretax Income | 123.5M | 12.27M | 46.63M | 98.83M | 15.12M | -119.42M | 50.03M | -10.28M | -95.23M | -204.89M | -4.35M | 114.72M | -13.12M | -105.33M | -73.19M | -72.3M | -809K | 1.01M | 118.84M | 44.21M | 67.39M | 46.32M | 40.82M | 28.1M | 8.85M | 19.39M | 27.67M | 5.77M | 8.63M | 0 |
| Pretax Margin % | 33.2% | 4.2% | 13.33% | 25.23% | 4.46% | -61.01% | 14.11% | -3.24% | -32.95% | -68.95% | -1.22% | 25.74% | -3.74% | -43.23% | -56.01% | -76.27% | -0.64% | 0.81% | 52.12% | 23.64% | 38.4% | 39.55% | 60.51% | 75.19% | 48.99% | 68.36% | 75.65% | 39.06% | 53.91% | - |
| Income Tax | 0 | 0 | -10K | 120K | 23K | 0 | 0 | 71K | 79K | 83K | 102K | 96K | 47K | 86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -51.91K | -147.17K |
| Effective Tax Rate % | 0% | 0% | -0.02% | 0.12% | 0.15% | 0% | 0% | -0.69% | -0.08% | -0.04% | -2.34% | 0.08% | -0.36% | -0.08% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.6% | - |
| Net Income | 123.5M | 12.27M | 46.64M | 98.71M | 15.1M | -119.42M | 50.03M | -10.35M | -95.31M | -204.97M | -4.46M | 114.63M | -13.17M | -105.42M | -73.19M | -72.3M | -809K | 1.01M | 118.84M | 44.21M | 67.39M | 46.32M | 40.82M | 28.1M | 8.85M | 19.39M | 27.67M | 5.77M | 8.63M | 3.2M |
| Net Margin % | 33.2% | 4.2% | 13.34% | 25.2% | 4.45% | -61.01% | 14.11% | -3.26% | -32.98% | -68.98% | -1.25% | 25.72% | -3.75% | -43.26% | -56.01% | -76.27% | -0.64% | 0.81% | 52.12% | 23.64% | 38.4% | 39.55% | 60.51% | 75.19% | 48.99% | 68.36% | 75.65% | 39.06% | 53.91% | 60.7% |
| Net Income Growth % | 823.4% | -73.69% | -52.75% | 553.67% | 112.64% | -338.69% | 583.32% | 89.14% | 53.5% | -4499.84% | -103.89% | 970.63% | 87.51% | -44.03% | -1.24% | -8836.72% | -179.94% | -99.15% | 168.84% | -34.41% | 45.5% | 13.48% | 45.25% | 217.62% | -54.36% | -29.94% | 379.14% | -33.08% | 169.97% | - |
| Net Income (Continuing) | 123.5M | 12.27M | 46.64M | 98.71M | 15.1M | -119.42M | 50.03M | -10.35M | -95.31M | -204.97M | -4.46M | 114.63M | -13.17M | -105.42M | -73.19M | -72.3M | -809K | 1.01M | 118.84M | 44.21M | 67.39M | 46.32M | 40.82M | 28.1M | 8.85M | 19.39M | 27.67M | 5.77M | 8.63M | 3.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.58 | 0.06 | 0.22 | 0.47 | 0.07 | -0.74 | 0.34 | -0.07 | -0.67 | -0.73 | -0.05 | 1.29 | -0.15 | -1.64 | -1.39 | -1.53 | -0.02 | 0.03 | 3.63 | 1.56 | 3.14 | 3.03 | 4.05 | 2.89 | 0.91 | 2.00 | 2.85 | 0.59 | 0.73 | 0.27 |
| EPS Growth % | 812.23% | -73.64% | -53.19% | 528.34% | 110.11% | -317.65% | 565.12% | 89.09% | 8.22% | -1414.52% | -103.74% | 960% | 90.85% | -17.99% | 9.15% | -8693.1% | -158% | -99.17% | 132.69% | -50.32% | 3.63% | -25.19% | 40.14% | 217.58% | -54.5% | -29.82% | 383.05% | -19.18% | 170.37% | - |
| EPS (Basic) | - | 0.06 | 0.22 | 0.47 | 0.07 | -0.74 | 0.34 | -0.07 | -0.67 | -0.73 | -0.05 | 1.29 | -0.15 | -1.64 | -1.39 | -1.53 | -0.02 | 0.03 | 3.63 | 1.56 | 3.14 | 3.03 | 4.05 | 2.89 | 0.91 | 2.00 | 2.85 | 0.59 | 0.73 | 0.27 |
| Diluted Shares Outstanding | 211.75M | 211.75M | 209.9M | 208.81M | 202.03M | 162.55M | 149.29M | 142.57M | 141.97M | 103.83M | 92.53M | 89.18M | 85.4M | 64.1M | 52.55M | 47.16M | 46.55M | 42.2M | 32.74M | 28.29M | 21.48M | 15.26M | 10.08M | 9.71M | 9.71M | 9.71M | 9.71M | 10M | 11.82M | 11.85M |
| Basic Shares Outstanding | 211.75M | 211.75M | 209.23M | 208.8M | 202.03M | 162.55M | 149.29M | 142.57M | 141.95M | 103.83M | 89.12M | 89.18M | 85.4M | 64.1M | 52.55M | 47.16M | 46.55M | 40.45M | 32.74M | 28.25M | 21.48M | 15.26M | 10.08M | 9.71M | 9.71M | 9.71M | 9.71M | 9.71M | 11.82M | 11.85M |
| Dividend Payout Ratio | - | 690.3% | 188.01% | 90.96% | 150.2% | - | 134.4% | - | - | - | - | 107.37% | - | - | - | - | - | 9429.94% | 139.58% | 242.84% | 181.9% | 138.78% | 115.63% | 105.36% | 148.11% | 193.78% | 89.81% | 226.92% | 182.08% | 109.5% |
Quick answers to the most common questions about buying NAT stock.
For fiscal year 2025, Nordic American Tankers Limited (NAT) reported total revenue of $292.4M. This represents a 5453.1% increase compared to $5.3M in 1997.
Nordic American Tankers Limited (NAT) is profitable, generating $12.3M in net income for the fiscal year ending 2025 with a net profit margin of 4.2%.
Nordic American Tankers Limited (NAT) reported an operating income of $29.0M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Nordic American Tankers Limited (NAT) generated $57.9M in gross profit for the year, representing a gross profit margin of 19.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical Spot Market Volatility
Revenue Rebound from Cyclical Trough
NAT has demonstrated a sharp acceleration in revenue growth, moving from a 32% year-over-year decline in Q1 2025 to a 57% increase in Q2 2026, as reported in its recent financial statements.
This inflection suggests the company is successfully capturing a cyclical upturn in Suezmax tanker rates after a severe trough. The durability of this rebound is questionable, as it is entirely dependent on volatile spot market conditions and global oil trade flows rather than organic fleet expansion or new business lines.
Leveraging Rate Recovery for Profit Expansion
Gross margin has expanded dramatically from a low of 10.2% in Q2 2025 to 48.5% in Q2 2026, indicating that incremental revenue from higher spot rates flows directly to the bottom line given the company's fixed cost base.
This margin expansion is characteristic of asset-heavy, cyclical businesses and confirms the operating leverage within NAT's cost structure. However, the 19.8% average gross margin over the period remains well below peers like Scorpio Tankers (46.2%) and International Seaways (42.3%), pointing to a persistent structural disadvantage in cost control or vessel efficiency.
Strong Operating Leverage in Upturn
Operating income swung from a near-break-even $434,000 in Q2 2025 to $41.2 million in Q2 2026, a massive increase that demonstrates the high fixed-cost leverage inherent in its pure-play tanker model.
This extreme sensitivity confirms that NAT's earnings are almost entirely a function of the spread between spot rates and fixed voyage costs. Investors should note that this leverage works both ways; a reversal in rates would see profitability compress with equal speed, leaving minimal buffer given the 4.2% average net margin.
Thin Margins Signal Fragile Recovery
Despite recent strong results, NAT's 4.2% average net margin over ten quarters is critically thin and warrants caution, as it suggests the company remains vulnerable to even minor operational or market setbacks.
A short-seller would highlight that the reported profitability is heavily back-loaded to the most recent two quarters, masking a period of significant losses. Furthermore, the average net margin pales in comparison to peers like DHT Holdings (42.5%), suggesting NAT's fleet age or chartering strategy may be a permanent drag on its earnings power, making the current dividend payout potentially unsustainable through the next downturn.