Operating margins remain highly sensitive to spot rate fluctuations, compressing to a low of 0.7% in 2025Q2 before recovering to 36.0% in 2026Q1.
| 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 | 334.09M | 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 % | 4.65% | -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 | 236.78M | 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 | 97.31M | 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 % | 29.13% | 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 | 31.3M | 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 | 31.3M | 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 | 66.01M | 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 % | 19.76% | 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 | 124.5M | 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 % | 37.26% | 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 % | 12.3% | -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) | 58.49M | 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 | 91.31M | 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 | -35.45M | -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 | 1.55M | 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 | 36.99M | 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 | -11.69M | -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 | 54.32M | 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 % | 16.26% | 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 | 54.32M | 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 % | 16.26% | 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 % | 51.59% | -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) | 54.32M | 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) | 0.26 | 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 % | 53.75% | -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% |
Spot market rate volatility
According to the provided quarterly data, NAT experienced a significant revenue swing, peaking at 106.5M in 2026Q1 after a period of contraction, highlighting the inherent instability of a pure-play Suezmax spot market model that remains highly sensitive to global crude oil trade route demand shifts.
The revenue trajectory demonstrates extreme sensitivity to cyclical market conditions, with growth rates fluctuating wildly between -32% and +64% over the last ten quarters. This suggests that the company lacks the revenue stability provided by long-term time charters, leaving top-line performance entirely at the mercy of volatile daily charter rates.
As reported in financial statements, NAT's gross margin reached a low of 10.2% in 2025Q2, illustrating the company's limited ability to absorb rising voyage costs and the inherent difficulty of maintaining profitability when spot rates fail to cover the high fixed costs of a 24-vessel fleet.
The wide variance in gross margins, ranging from 10.2% to 51.4%, indicates that the company operates with very little pricing power. Investors should monitor whether the recent recovery in margins is sustainable or merely a temporary byproduct of favorable seasonal shifts in tanker demand.
Based on the income statement history, NAT's operating income scaling appears inconsistent, as evidenced by the 2025Q2 period where operating margins compressed to 0.7%, suggesting that the company struggles to achieve meaningful operating leverage during periods of depressed spot market activity for its Suezmax tanker fleet.
The company's inability to consistently scale operating income relative to revenue suggests that fixed vessel operating expenses represent a significant hurdle. This lack of operating leverage implies that profitability is highly dependent on achieving high utilization rates, which may be difficult to sustain in a fragmented global market.
Analysis of the reported figures suggests that NAT's historical commitment to high dividend payouts may be at odds with its thin net margins, which dipped into negative territory during 2025, raising questions about the long-term viability of returning capital while maintaining an aging Suezmax fleet.
Short-sellers would likely focus on the disconnect between the company's dividend-centric narrative and the reality of its cyclical, low-margin business model. The reliance on spot market revenue to fund shareholder distributions warrants further investigation into whether the company is effectively cannibalizing its asset base to maintain payouts.
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.