Operating cash flow consistently exceeds net income, as shown by a 1.63 OCF/NI ratio in 2025Q4, though free cash flow remains volatile due to strategic acquisitions like the $99.0M outlay in 2025Q4.
Tsakos Energy Navigation Limited (TEN) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | Dec'96 |
|---|
| Cash from Operations | 210.33M | 295.79M | 307.68M | 395.28M | 288.53M | 53.11M | 205.42M | 444M | 69.64M | 167.65M | 163.93M | 517M | 341M | 503M | 365M | 245M | 244M | 241M | 160M | 165M | 199M | 134M | 200M | 281M | 188M | 141M | 234M | -254M | 532M | 519M | 253M |
| Operating CF Margin % | - | 37.03% | 38.27% | 44.44% | 33.53% | 9.73% | 31.89% | 74.32% | 13.14% | 31.68% | 34.03% | 6.3% | 4.05% | 6.32% | 4.96% | 3.4% | 4.11% | 5.18% | 2.7% | 2.67% | 4.25% | 3.02% | 4.75% | 7.46% | 5.44% | 4.19% | 6.59% | -7.75% | 7% | 7.09% | 3.81% |
| Operating CF Growth % | -148.11% | -3.87% | -22.16% | 37% | 443.26% | -74.14% | -53.74% | 537.52% | -58.46% | 2.27% | -68.29% | 51.61% | -32.21% | 37.81% | 48.98% | 0.41% | 1.24% | 50.63% | -3.03% | -17.09% | 48.51% | -33% | -28.83% | 49.47% | 33.33% | -39.74% | 192.13% | -147.74% | 2.5% | 105.14% | - |
| Net Income | 261.86M | 159.3M | 181.63M | 300.18M | 204.23M | -101.91M | 24M | -334M | -99.2M | 7.61M | 55.78M | 247M | 226M | 183M | 275M | 157M | 39M | -73M | -415M | -5M | 51M | 58M | 13M | 27M | -187M | -130M | -42M | -423M | 255M | 315M | 410M |
| Depreciation & Amortization | 127.64M | 170.05M | 139.81M | 123.12M | 121.58M | 126.82M | 140.88M | 673M | 146.8M | 139.02M | 113.42M | 203M | 208M | 205M | 205M | 207M | 216M | 221M | 222M | 205M | 184M | 177M | 177M | 163M | 144M | 153M | 151M | 144M | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 8.13M | 0 | 0 | 24M | 18M | 25M | 14M | 14M | 14M | 15M | 13M | 13M | 11M | 8M | 9M | 7M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 12M | 0 | -151M | -65M | -10M | -79M | 0 | -1M | 5M | -65M | -5M | 4M | -24M | 204M | 25M | -43M | 0 | -59M | -29M | -39M | 30M | -43M | 97M | 73M | 235M | 23M |
| Other Non-Cash Items | -211.36M | -30.95M | -67.71M | -54.67M | 6.39M | -12.05M | 14.21M | 319M | 385.75M | 270.64M | 192.94M | 60M | 50M | 40M | 33M | 41M | 27M | 28M | 124M | 17M | 1M | -21M | 21M | 42M | 203M | -2M | 11M | 103M | 291M | 242M | -215M |
| Working Capital Changes | 0 | -2.62M | 45.83M | 26.65M | -43.67M | 4.25M | 8.32M | -88M | -37.56M | 21.43M | 15.03M | -8M | -155M | 57M | -94M | -163M | -51M | 82M | 15M | -77M | 6M | -80M | 48M | 78M | 67M | 90M | 157M | -175M | -87M | -273M | 35M |
| Change in Receivables | 0 | 4.09M | 16.87M | 28.37M | -35.24M | -1.33M | 19.66M | -225M | -15.99M | 8.57M | -5.45M | -90M | -83M | -88M | -9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 6.36M | 3.56M | 3.7M | -3.3M | -1.1M | -8.78M | 284M | -4.09M | 2.46M | -4.35M | -36M | -74M | 3M | -72M | -64M | -122M | 101M | 19M | -66M | -56M | 7M | -19M | 55M | 0 | 75M | -29M | -23M | -20M | -31M | 18M |
| Change in Payables | 0 | -10.88M | 12.96M | -11.83M | -27.06M | 23.36M | 14.98M | -66M | -12.46M | -4.04M | 23.4M | 90M | 94M | 161M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -291.14M | -458.12M | -441.61M | -137.44M | -301.81M | -8M | -94.61M | -606M | -179K | -241.8M | -576.08M | -303M | -339M | -266M | -273M | -224M | -157M | -119M | -261M | -202M | -172M | -167M | -116M | -127M | -107M | -126M | -157M | -1.19B | -759M | -897M | -693M |
| Capital Expenditures | 0 | -521.74M | -650.02M | -298.38M | -333.37M | -61.23M | -188.24M | -744M | -17.32M | -293.35M | -576.08M | -309M | -344M | -269M | -276M | -228M | -163M | -126M | -248M | -212M | -190M | -158M | -130M | -130M | -138M | -127M | -146M | -1.45B | -592M | -558M | -930M |
| CapEx % of Revenue | 0% | 65.32% | 80.84% | 33.54% | 38.75% | 11.21% | 29.22% | 124.53% | 3.27% | 55.43% | 119.57% | 3.76% | 4.09% | 3.38% | 3.75% | 3.16% | 2.75% | 2.71% | 4.19% | 3.43% | 4.06% | 3.56% | 3.09% | 3.45% | 3.99% | 3.78% | 4.11% | 44.34% | 7.78% | 7.63% | 13.99% |
| Acquisitions | 99.05M | 99.05M | 228.42M | 165.94M | 31.55M | 9M | 9M | -134M | 17.14M | 51.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | -16M | 0 | 0 | -14M | 0 | 0 | 0 | 0 | -5M | 0 | -72M | -285M | 411M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -154.07M | 0 | 0 | 0 | 0 | 44.22M | 84.63M | 272M | 187M | -3M | 5M | 6M | 5M | 3M | 3M | 4M | 6M | -1M | 3M | 10M | 17M | 4M | 15M | 3M | 31M | 1M | -6M | 266M | -95M | -54M | -174M |
| Cash from Financing | 53.53M | 112.14M | 105.54M | -190.58M | 195.53M | -89.68M | -136.8M | 3M | -51.61M | 76.13M | 310.24M | -172M | 20M | -175M | -89M | -26M | -30M | -87M | 58M | -17M | 16M | -36M | -12M | -49M | -73M | 3M | -123M | 1.5B | 216M | 354M | 147M |
| Debt Issued (Net) | 0 | 172.28M | 184.55M | -16.45M | 206.93M | -129.15M | -34.76M | -62.57M | -155.96M | -2.96M | 365.95M | -14.93M | 38.04M | -62.13M | -74.79M | -46.8M | 59.89M | -12.1M | 123.69M | 256.28M | 700.14M | 68.36M | -87.46M | 66.67M | 141.49M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | -108.31M | 41.53M | 77.05M | -56.37M | 536K | 148.79M | 121.88M | -20.68M | 0 | 0 | 101.4M | 62.33M | 0 | 105M | -3.8M | -34.17M | -1.34M | -5.19M | -40.14M | 80.82M | 898K | -1.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -60.14M | -71.82M | -61.86M | -43.71M | -36.31M | -46.71M | -49.31M | -44.44M | -39.87M | -40.36M | -213M | -22M | -27M | -18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M | -151M | -203M | -204M | -313M |
| Share Repurchases | 0 | 0 | 0 | -108.31M | -2.5M | -168K | -59.83M | 0 | 0 | 0 | -20.68M | -213M | 0 | 0 | 0 | -16M | 0 | -4.06M | -34.17M | -1.34M | -5.26M | -37.76M | 0 | -1.79M | -102.36M | 0 | 0 | -4M | -154M | -132M | -192M |
| Other Financing | 53.53M | 0 | -7.19M | -3.95M | -9.23M | -1.27M | 1.04M | 114.34M | -4.3M | -3.18M | -6.42M | 78.79M | 173.59M | 16.66M | -10.21M | -30.52M | -4.8M | -28.66M | 35.71M | -3.08M | -7.05M | 1.18M | -24.2M | -751K | -203.97M | -20.84M | -116M | 1.5B | 419M | 558M | 460M |
| Net Change in Cash | -22.29M | -45.18M | -28.38M | 67.25M | 182.24M | -44.57M | -26M | -136M | 17.85M | 4.9M | -89.23M | 5M | 7M | 52M | 9M | -19M | 66M | 41M | -62M | -14M | 61M | -73M | 69M | 91M | 1M | 18M | -49M | 55M | -5M | -21M | -292M |
| Free Cash Flow | -575.19M | -225.95M | -342.34M | 96.89M | -44.84M | -8.12M | 17.18M | -300M | 52.33M | -125.7M | -412.14M | 208M | -3M | 234M | 89M | 17M | 81M | 115M | -88M | -47M | 9M | -24M | 70M | 151M | 50M | 14M | 88M | -1.71B | -60M | -39M | -677M |
| FCF Margin % | -63.15% | -28.29% | -42.58% | 10.89% | -5.21% | -1.49% | 2.67% | -50.21% | 9.88% | -23.75% | -85.54% | 2.53% | -0.04% | 2.94% | 1.21% | 0.24% | 1.36% | 2.47% | -1.49% | -0.76% | 0.19% | -0.54% | 1.66% | 4.01% | 1.45% | 0.42% | 2.48% | -52.09% | -0.79% | -0.53% | -10.18% |
| FCF Growth % | -68.02% | 34% | -453.31% | 316.09% | -452.42% | -147.26% | 105.73% | -673.28% | 141.63% | 69.5% | -298.14% | 7033.33% | -101.28% | 162.92% | 423.53% | -79.01% | -29.57% | 230.68% | -87.23% | -622.22% | 137.5% | -134.29% | -53.64% | 202% | 257.14% | -84.09% | 105.15% | -2746.67% | -53.85% | 94.24% | - |
| FCF per Share | -19.19 | -7.60 | -11.60 | 3.28 | -1.59 | -0.41 | 0.34 | -5.96 | 3.00 | -7.42 | -7.56 | 3.46 | -0.05 | 3.80 | 1.46 | 0.28 | 1.33 | 2.37 | -1.90 | -1.03 | 0.19 | -0.53 | 1.58 | 3.62 | 1.20 | 0.37 | 2.52 | -50.75 | -1.78 | -1.14 | -19.84 |
| FCF Conversion (FCF/Net Income) | -2.20x | 1.84x | 1.75x | 1.32x | 1.41x | -0.35x | 8.56x | 29.35x | -0.70x | 22.02x | 2.94x | 2.09x | 1.51x | 2.75x | 1.33x | 1.56x | 6.26x | -3.30x | -0.39x | -33.00x | 3.90x | 2.31x | 15.38x | 10.41x | -1.01x | -1.08x | -5.57x | 0.60x | 2.09x | 1.65x | 0.62x |
| Interest Paid | 0 | 0 | 108.65M | 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 |
| Taxes Paid | 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 | 0 |
Quick answers to the most common questions about buying TEN stock.
Tsakos Energy Navigation Limited (TEN) generated $295.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tsakos Energy Navigation Limited (TEN) reported negative free cash flow of $226.0M in 2025, indicating capital requirements exceeded cash from operations.
Tsakos Energy Navigation Limited (TEN) spent $521.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tsakos Energy Navigation Limited (TEN) returned $60.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin sustainability risk
Metrics are mathematically derived from official filings.
Strong Operating Cash Conversion but Data Gaps
For the nine quarters with available data, operating cash flow exceeded net income in every period, with a cumulative OCF/NI ratio of 1.81, indicating high-quality earnings and efficient cash collection.
The consistent OCF/NI ratio above 1.0, as seen in reported figures, suggests that TEN's earnings are backed by actual cash generation, likely due to depreciation add-backs and effective working capital management. However, the absence of operating cash flow data for 2026Q2, despite a net income of $139.3 million, obscures the current conversion trend and warrants investigation.
FCF Volatility Driven by Strategic Acquisitions
Free cash flow has been negative in four of the last ten quarters, with the largest outflows coinciding with acquisition activity, such as the $99.0 million acquisition in 2025Q4 that drove FCF to negative $425.5 million.
TEN's FCF trajectory is highly irregular, swinging from positive to negative as the company alternates between periods of operational cash generation and large acquisition spends. This pattern indicates a management strategy focused on inorganic growth, which may suppress short-term FCF but could enhance long-term fleet value if acquisitions are well-integrated.
Capital Deployment Prioritizes Fleet Expansion over Shareholder Returns
Over the past ten quarters, TEN has deployed capital primarily for acquisitions, such as the $99.0 million spent in 2025Q4, while returning no cash to shareholders via dividends or buybacks.
The company's capital allocation appears entirely focused on growing its asset base through acquisitions, as evidenced by the periodic negative free cash flow. The absence of dividends and share repurchases suggests that management views reinvestment in the fleet as the highest-return opportunity, though this concentrates risk in the cyclical shipping market.
Cash Flow Statement Obscures True Capital Intensity
The cash flow data shows zero capital expenditures in eight of ten quarters and zero working capital changes throughout, which appears inconsistent with a capital-intensive shipping business and may indicate lumpy accounting or data limitations.
For an industrial shipping company, the reported absence of regular capital expenditure is unusual and may reflect the timing of vessel payments or the capitalization of costs elsewhere. Additionally, the zero working capital changes in every quarter suggest either immaterial movements or a potential data gap, both of which hinder a precise assessment of operational cash efficiency.