Tsakos Energy Navigation Limited (TEN-PE) 10-Year Financial Performance & Capital Metrics

TEN-PE • • Industrial / General

EnergyMidstream Oil & GasMarine TransportationCrude Oil Tanker Operators

AboutTsakos Energy Navigation Limited provides seaborne crude oil and petroleum product transportation services worldwide. The company offers marine transportation services for national, major, and other independent oil companies and refiners under long, medium, and short-term charters. It also operates a fleet of double-hull vessels, comprising of conventional tankers, LNG carriers, and suezmax DP2 shuttle tankers. The company was formerly known as MIF Limited and changed its name to Tsakos Energy Navigation Limited in July 2001. The company was incorporated in 1993 and is based in Athens, Greece.Show more

Revenue $804M -9.6%
EBITDA $418M -18.7%
Net Income $176M -41.3%
EPS (Diluted) 0.00
Gross Margin 34.23% -17.7%
EBITDA Margin 52.03% -10.1%
Operating Margin 34.64% -21.3%
Net Margin 21.92% -35.0%
ROE 10.31% -45.5%
ROIC 7.62% -27.7%
Debt/Equity 0.78 -9.0%
Interest Coverage 2.46 -33.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 63.4%
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 11.1%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.84%

5Y6.12%

3Y13.76%

TTM-4.12%

Profit (Net Income) CAGR

10Y18.05%

5Y63.41%

3Y-

TTM-16.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg4.54%

5Y Avg6.03%

3Y Avg10.4%

Latest8.79%

Peer Comparison

Crude Oil Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DHTDHT Holdings, Inc.	2.21B	13.72	12.25	2%	41.18%	18.25%	9.14%	0.40
FROFrontline Ltd.	5.81B	26.11	11.71	13.77%	12.34%	9.37%		1.60
RBNERobin Energy Ltd.	10.52M	3.75	8.52	-56.64%	15.53%	4.38%	64.84%
TKTeekay Corporation	845.02M	9.91	6.98	-16.7%	18.53%	9.96%	46.37%	0.03
INSWInternational Seaways, Inc.	2.79B	56.46	6.73	-11.21%	28.26%	11.25%	9.39%	0.38
TNKTeekay Tankers Ltd.	1.84B	61.42	5.29	-16.58%	31%	16.77%	21.58%	0.04
TENTsakos Energy Navigation Limited	783.92M	26.02	5.17	-9.61%	20%	8.97%		1.00
TEN-PETsakos Energy Navigation Limited		26.65		-9.61%	18.73%	8.25%		0.78

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	587.72M	481.79M	529.18M	529.88M	597.45M	644.13M	546.12M	860.4M	889.57M	804.06M
Revenue Growth %	0.17%	-0.18%	0.1%	0%	0.13%	0.08%	-0.15%	0.58%	0.03%	-0.1%
Cost of Goods Sold+	379.93M	366.37M	426.6M	464.66M	456.28M	483.17M	544.66M	573.75M	519.56M	528.79M
COGS % of Revenue	0.65%	0.76%	0.81%	0.88%	0.76%	0.75%	1%	0.67%	0.58%	0.66%
Gross Profit+	207.79M	115.42M	102.58M	65.22M	141.17M	160.96M	1.46M	286.65M	370.01M	275.27M
Gross Margin %	0.35%	0.24%	0.19%	0.12%	0.24%	0.25%	0%	0.33%	0.42%	0.34%
Gross Profit Growth %	1.14%	-0.44%	-0.11%	-0.36%	1.16%	0.14%	-0.99%	195.87%	0.29%	-0.26%
Operating Expenses+	19.71M	25.61M	39.11M	93.36M	55.31M	64.27M	121.31M	30.29M	-21.49M	-3.29M
OpEx % of Revenue	0.03%	0.05%	0.07%	0.18%	0.09%	0.1%	0.22%	0.04%	-0.02%	-0%
Selling, General & Admin	21.79M	25.61M	26.32M	27.03M	27.7M	29.04M	29.13M	29.85M	33.34M	45.37M
SG&A % of Revenue	0.04%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.03%	0.04%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-2.08M	0	12.78M	66.33M	27.61M	35.23M	92.19M	440K	-54.83M	-48.66M
Operating Income+	188.08M	89.81M	63.48M	-28.14M	85.86M	96.69M	-119.86M	256.35M	391.5M	278.56M
Operating Margin %	0.32%	0.19%	0.12%	-0.05%	0.14%	0.15%	-0.22%	0.3%	0.44%	0.35%
Operating Income Growth %	1.47%	-0.52%	-0.29%	-1.44%	4.05%	0.13%	-2.24%	3.14%	0.53%	-0.29%
EBITDA+	287.65M	196.9M	195.35M	108.88M	214.65M	223.97M	6.96M	377.93M	514.62M	418.37M
EBITDA Margin %	0.49%	0.41%	0.37%	0.21%	0.36%	0.35%	0.01%	0.44%	0.58%	0.52%
EBITDA Growth %	0.65%	-0.32%	-0.01%	-0.44%	0.97%	0.04%	-0.97%	53.28%	0.36%	-0.19%
D&A (Non-Cash Add-back)	99.57M	107.09M	131.87M	137.02M	128.78M	127.28M	126.82M	121.58M	123.12M	139.81M
EBIT	187.06M	93.93M	71.08M	-29.1M	82.97M	76.84M	-112M	263.92M	407.68M	294.93M
Net Interest Income+	-31.07M	-38.7M	-65.13M	-73.83M	-70.33M	-52.6M	-41.12M	-57.92M	-91.87M	-98.31M
Interest Income	234K	623K	1.08M	2.51M	3.69M	1.07M	703K	2M	14.58M	15.12M
Interest Expense	28.64M	37.44M	61.9M	71.94M	74.02M	53.67M	41.82M	59.92M	106.45M	113.3M
Other Income/Expense	-29.66M	-33.31M	-54.29M	-72.9M	-71.85M	-69.47M	-30.72M	-47.89M	-86.42M	-96.93M
Pretax Income+	158.42M	56.49M	9.19M	-101.04M	14.01M	27.22M	-150.58M	208.47M	305.08M	181.63M
Pretax Margin %	0.27%	0.12%	0.02%	-0.19%	0.02%	0.04%	-0.28%	0.24%	0.34%	0.23%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	0.99%	0.83%	0.98%	1.08%	0.88%	1.01%	0.98%	0.98%	0.97%
Net Income+	158.22M	55.78M	7.61M	-99.2M	15.13M	24M	-151.4M	204.23M	300.18M	176.23M
Net Margin %	0.27%	0.12%	0.01%	-0.19%	0.03%	0.04%	-0.28%	0.24%	0.34%	0.22%
Net Income Growth %	3.72%	-0.65%	-0.86%	-14.03%	1.15%	0.59%	-7.31%	2.35%	0.47%	-0.41%
Net Income (Continuing)	158.42M	56.49M	9.19M	-101.04M	14.01M	27.22M	-150.58M	208.47M	305.08M	181.63M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	11.6M	12.31M	13.88M	12.04M	20.92M	28.14M	50.99M	51.02M	34.09M	39.49M
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EPS Growth %	-	-	-	-	-	-	-	-	-	-
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Diluted Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Basic Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Dividend Payout Ratio	0.13%	0.72%	5.24%	-	3.26%	1.95%	-	0.21%	0.21%	0.41%

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+	452.23M	358.31M	304.39M	317.5M	397.01M	321.47M	239.66M	513.11M	509.34M	451.8M
Cash & Short-Term Investments	289.68M	187.78M	189.76M	204.76M	184.84M	160.47M	117.19M	304.37M	372.03M	343.37M
Cash Only	289.68M	187.78M	189.76M	204.76M	184.84M	160.47M	117.19M	304.37M	372.03M	343.37M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	49.63M	44.98M	41.57M	56.27M	60.45M	46.06M	57.97M	87.09M	51.98M	33.66M
Days Sales Outstanding	30.82	34.08	28.68	38.76	36.93	26.1	38.74	36.94	21.33	15.28
Inventory	14.41M	18.76M	16.29M	20.39M	13.03M	21.81M	22.92M	26.22M	22.51M	18.95M
Days Inventory Outstanding	13.84	18.69	13.94	16.02	10.42	16.48	15.36	16.68	15.82	13.08
Other Current Assets	82.61M	80.73M	36.13M	16.6M	114.52M	73.69M	19.55M	73.06M	62.81M	55.82M
Total Non-Current Assets+	2.44B	2.92B	3.07B	2.89B	2.76B	2.79B	2.66B	2.8B	2.85B	3.25B
Property, Plant & Equipment	2.42B	2.89B	3.03B	2.85B	2.72B	2.73B	2.6B	2.73B	2.79B	3.18B
Fixed Asset Turnover	0.24x	0.17x	0.17x	0.19x	0.22x	0.24x	0.21x	0.32x	0.32x	0.25x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	1M	1M	1M	1M	0	0	0	0	5.06M	25.23M
Other Non-Current Assets	15.42M	24.67M	38.19M	40.95M	40.94M	59.55M	58.99M	67.68M	62.13M	46.4M
Total Assets+	2.89B	3.28B	3.37B	3.21B	3.15B	3.11B	2.89B	3.31B	3.36B	3.71B
Asset Turnover	0.20x	0.15x	0.16x	0.17x	0.19x	0.21x	0.19x	0.26x	0.26x	0.22x
Asset Growth %	0.07%	0.13%	0.03%	-0.05%	-0.02%	-0.01%	-0.07%	0.14%	0.02%	0.1%
Total Current Liabilities+	400.57M	393.29M	338.92M	254.3M	354.2M	382.04M	332.1M	369.69M	323.2M	408.52M
Accounts Payable	33.26M	52.51M	46.92M	37.53M	36.61M	55.29M	74.91M	48.16M	40.21M	55.85M
Days Payables Outstanding	31.96	52.31	40.14	29.48	29.29	41.77	50.2	30.64	28.25	38.55
Short-Term Debt	318.22M	288.13M	225.88M	160.58M	235.51M	232.43M	172.94M	201.05M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5.71M	3.61M	1.38M	48K	3.9M	15.26M	8.88M	0	192.05M	251.78M
Current Ratio	1.13x	0.91x	0.90x	1.25x	1.12x	0.84x	0.72x	1.39x	1.58x	1.11x
Quick Ratio	1.09x	0.86x	0.85x	1.17x	1.08x	0.78x	0.65x	1.32x	1.51x	1.06x
Cash Conversion Cycle	12.71	0.45	2.47	25.3	18.07	0.81	3.9	22.99	8.9	-10.19
Total Non-Current Liabilities+	1.08B	1.47B	1.53B	1.44B	1.33B	1.35B	1.27B	1.42B	1.39B	1.53B
Long-Term Debt	1.07B	1.47B	1.53B	1.44B	1.3B	1.27B	1.2B	1.38B	1.37B	1.35B
Capital Lease Obligations	0	0	0	0	13.89M	46.13M	62.02M	39.13M	17.03M	4.33M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.18M	1.12M	589K	8.96M	14.91M	34.35M	8.66M	5K	524K	172.05M
Total Liabilities	1.48B	1.86B	1.87B	1.7B	1.68B	1.73B	1.6B	1.79B	1.71B	1.94B
Total Debt+	1.39B	1.75B	1.75B	1.6B	1.56B	1.57B	1.47B	1.67B	1.41B	1.37B
Net Debt	1.1B	1.57B	1.56B	1.39B	1.37B	1.41B	1.35B	1.36B	1.04B	1.03B
Debt / Equity	0.98x	1.24x	1.16x	1.06x	1.06x	1.14x	1.13x	1.10x	0.85x	0.78x
Debt / EBITDA	4.84x	8.91x	8.97x	14.65x	7.25x	7.00x	210.56x	4.41x	2.74x	3.28x
Net Debt / EBITDA	3.83x	7.95x	8.00x	12.77x	6.39x	6.29x	193.73x	3.61x	2.02x	2.46x
Interest Coverage	6.57x	2.40x	1.03x	-0.39x	1.16x	1.80x	-2.87x	4.28x	3.68x	2.46x
Total Equity+	1.42B	1.42B	1.51B	1.51B	1.47B	1.38B	1.29B	1.52B	1.65B	1.77B
Equity Growth %	0.2%	0%	0.06%	-0%	-0.02%	-0.06%	-0.07%	0.18%	0.09%	0.07%
Book Value per Share	-	-	-	-	-	-	-	-	-	-
Total Shareholders' Equity	1.4B	1.41B	1.49B	1.49B	1.45B	1.35B	1.24B	1.47B	1.62B	1.73B
Common Stock	87.34M	87.34M	87.34M	87.61M	95.08M	95.97M	126.22M	150.92M	150.92M	151.54M
Retained Earnings	567.46M	582.89M	547.94M	400.93M	364M	338.8M	149.5M	311.73M	548.24M	652.65M
Treasury Stock	0	-20.17M	-5.74M	0	0	-9.83M	-6.79M	-6.79M	-6.79M	-6.79M
Accumulated OCI	-10.73M	-4.31M	-5.3M	-8.66M	-18.35M	-36.99M	-17.18M	7.67M	2.48M	-904K
Minority Interest	11.6M	12.31M	13.88M	12.04M	20.92M	28.14M	50.99M	51.02M	34.09M	39.49M

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+	231.87M	163.93M	167.65M	69.64M	180.79M	202.45M	51.84M	282.23M	391.33M	302.88M
Operating CF Margin %	0.39%	0.34%	0.32%	0.13%	0.3%	0.31%	0.09%	0.33%	0.44%	0.38%
Operating CF Growth %	1.23%	-0.29%	0.02%	-0.58%	1.6%	0.12%	-0.74%	4.44%	0.39%	-0.23%
Net Income	158.22M	55.78M	7.61M	-99.2M	15.13M	24M	-151.4M	204.23M	300.18M	175.27M
Depreciation & Amortization	105.93M	113.42M	139.02M	146.8M	139.42M	137.1M	143.25M	140.82M	144.24M	159.9M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-23.63M	-20.29M	-407K	59.61M	14.07M	33.03M	55.74M	-19.15M	-79.75M	-78.12M
Working Capital Changes	-8.65M	15.03M	21.43M	-37.56M	12.17M	8.32M	4.25M	-43.67M	26.65M	45.83M
Change in Receivables	-9.19M	-5.45M	8.57M	-15.99M	-9.06M	19.66M	-1.33M	-35.24M	28.37M	16.87M
Change in Inventory	1.53M	-4.35M	2.46M	-4.09M	7.36M	-8.78M	-1.1M	-3.3M	3.7M	3.56M
Change in Payables	-8.18M	23.4M	-4.04M	-12.46M	2.42M	14.98M	23.36M	-27.06M	-11.83M	12.96M
Cash from Investing+	-174.75M	-576.08M	-241.8M	-179K	-92.2M	-90.61M	-8M	-301.81M	-137.44M	-441.61M
Capital Expenditures	-217.51M	-576.08M	-293.35M	-17.32M	-102.2M	-188.24M	-61.23M	-333.37M	-298.38M	-650.02M
CapEx % of Revenue	0.37%	1.2%	0.55%	0.03%	0.17%	0.29%	0.11%	0.39%	0.34%	0.81%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	30.46M	310.24M	76.13M	-51.61M	-111.34M	-137.84M	-88.41M	201.82M	-186.63M	110.34M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-33.4M	-40.36M	-39.87M	-44.44M	-49.31M	-46.71M	-36.31M	-43.71M	-61.86M	-71.82M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-3M	5.33M	-2.91M	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	14.35M	-412.14M	-125.7M	52.33M	78.59M	14.21M	-9.39M	-51.14M	92.94M	-347.14M
FCF Margin %	0.02%	-0.86%	-0.24%	0.1%	0.13%	0.02%	-0.02%	-0.06%	0.1%	-0.43%
FCF Growth %	1.1%	-29.72%	0.7%	1.42%	0.5%	-0.82%	-1.66%	-4.45%	2.82%	-4.74%
FCF per Share	-	-	-	-	-	-	-	-	-	-
FCF Conversion (FCF/Net Income)	1.47x	2.94x	22.02x	-0.70x	11.95x	8.43x	-0.34x	1.38x	1.30x	1.72x
Interest Paid	29.56M	35.34M	56.58M	67.92M	70.75M	53.81M	40.84M	48.95M	101.34M	108.65M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.2%	3.94%	0.52%	-6.58%	1.02%	1.68%	-11.33%	14.51%	18.91%	10.31%
Return on Invested Capital (ROIC)	5.74%	2.45%	1.57%	-0.71%	2.24%	2.57%	-3.31%	6.96%	10.53%	7.62%
Gross Margin	35.36%	23.96%	19.39%	12.31%	23.63%	24.99%	0.27%	33.32%	41.59%	34.23%
Net Margin	26.92%	11.58%	1.44%	-18.72%	2.53%	3.73%	-27.72%	23.74%	33.74%	21.92%
Debt / Equity	0.98x	1.24x	1.16x	1.06x	1.06x	1.14x	1.13x	1.10x	0.85x	0.78x
Interest Coverage	6.57x	2.40x	1.03x	-0.39x	1.16x	1.80x	-2.87x	4.28x	3.68x	2.46x
FCF Conversion	1.47x	2.94x	22.02x	-0.70x	11.95x	8.43x	-0.34x	1.38x	1.30x	1.72x
Revenue Growth	17.31%	-18.02%	9.84%	0.13%	12.75%	7.81%	-15.22%	57.55%	3.39%	-9.61%

Frequently Asked Questions

Growth & Financials

Tsakos Energy Navigation Limited (TEN-PE) reported $795.8M in revenue for fiscal year 2024. This represents a 101% increase from $395.2M in 2011.

Tsakos Energy Navigation Limited (TEN-PE) saw revenue decline by 9.6% over the past year.

Yes, Tsakos Energy Navigation Limited (TEN-PE) is profitable, generating $149.0M in net income for fiscal year 2024 (21.9% net margin).

Dividend & Returns

Tsakos Energy Navigation Limited (TEN-PE) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Tsakos Energy Navigation Limited (TEN-PE) had negative free cash flow of $347.1M in fiscal year 2024, likely due to heavy capital investments.

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