Nordic American Tankers Limited (NAT) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
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NAT Revenue Growth
Revenue Breakdown (FY 2024)
NAT's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
NAT Revenue Analysis (2013–2024)
As of May 8, 2026, Nordic American Tankers Limited (NAT) generated trailing twelve-month (TTM) revenue of $280.9 million, reflecting moderate decline in growth of -8.8% year-over-year. The most recent quarter (Q3 2025) recorded $75.0 million in revenue, up 12.4% sequentially.
Looking at the longer-term picture, NAT's 5-year compound annual growth rate (CAGR) stands at +2.0%, indicating moderate growth over time. The company achieved its highest annual revenue of $445.7 million in 2015.
Revenue diversification analysis shows NAT's business is primarily driven by Spot Charter (78%), and Time Charter (22%). With over half of revenue concentrated in Spot Charter, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including TNK (-26.3% YoY), INSW (-21.5% YoY), and DHT (+4.2% YoY), NAT has underperformed the peer group in terms of revenue growth. Compare NAT vs TNK →
NAT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NATCurrent | $281M | -8.8% | +2.0% | 22.1% | |
 TNK | $952M | -26.3% | +1.4% | 22.6% | |
 INSW | $843M | -21.5% | +14.9% | 36.3% | |
 DHT | $497M | +4.2% | -6.4% | 34.2% | |
 STNG | $938M | -2.8% | +0.5% | 33.0% | |
 TK | $1.2B | -26.0% | -8.7% | 29.9% |
NAT Historical Revenue Data (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $349.7M | -10.7% | $106.1M | 30.3% | $77.3M | 22.1% |
| 2023 | $391.7M | +15.4% | $150.8M | 38.5% | $127.9M | 32.7% |
| 2022 | $339.3M | +73.3% | $55.0M | 16.2% | $36.2M | 10.7% |
| 2021 | $195.8M | -44.8% | $-68,532,000 | -35.0% | $-84,152,000 | -43.0% |
| 2020 | $354.6M | +11.8% | $98.8M | 27.9% | $81.2M | 22.9% |
| 2019 | $317.2M | +9.8% | $45.5M | 14.3% | $32.0M | 10.1% |
| 2018 | $289.0M | -2.7% | $-17,102,000 | -5.9% | $-29,829,000 | -10.3% |
| 2017 | $297.1M | -16.9% | $-33,656,000 | -11.3% | $-46,231,000 | -15.6% |
| 2016 | $357.5M | -19.8% | $60.3M | 16.9% | $48.0M | 13.4% |
| 2015 | $445.7M | +27.0% | $137.9M | 30.9% | $128.1M | 28.7% |
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Start ComparisonNAT — Frequently Asked Questions
Quick answers to the most common questions about buying NAT stock.
Is NAT's revenue growth accelerating or slowing?
NAT revenue declined -8.8% year-over-year, contrasting with the 5-year CAGR of +2.0%. TTM revenue fell to $281M. This reverses the prior growth trend.
What is NAT's long-term revenue growth rate?
Nordic American Tankers Limited's 5-year revenue CAGR of +2.0% reflects the variable expansion pattern. Current YoY growth of -8.8% is below this long-term average.
How is NAT's revenue distributed by segment?
NAT reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.