Operating cash flow frequently exceeds net income with OCF/NI ratios often above 2.0x, yet free cash flow remains volatile, swinging from a $143.5M surplus in 2023Q2 to a $562.2M deficit in 2024Q4 due to heavy capital expenditure.
| Metric | 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 | 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 % | -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 | 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 | 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 | 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 | 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 | -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 | -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 | 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 | 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 | -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 | -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 | -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 | 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 | 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 | 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 | 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) | 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 | -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 | -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 | -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 | 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 | -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 | -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 % | -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 % | 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 | -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) | 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 | 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 |
Capital intensity and fleet renewal
As reported in financial statements, TEN consistently generates operating cash flow in excess of net income, with OCF/NI ratios frequently exceeding 2.0x, which suggests that non-cash depreciation charges significantly dampen reported profitability while the underlying cash-generating capacity of the fleet remains substantially higher than accounting earnings imply.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are conservative relative to its actual cash generation. Investors should monitor whether this divergence is primarily driven by high depreciation schedules or if it reflects a structural reliance on non-cash accounting adjustments that may obscure the true economic performance of the vessel portfolio.
Based on TEN's reported figures, free cash flow has experienced extreme quarterly swings, ranging from a positive $143.5M in 2023Q2 to a negative $562.2M in 2024Q4, highlighting a trajectory that is highly sensitive to the timing of vessel acquisitions and the lumpy nature of capital expenditures.
The erratic FCF trajectory suggests that the company's cash flow profile is less a function of operational efficiency and more a reflection of aggressive capital allocation cycles. This volatility warrants further investigation into whether the current negative FCF trends are sustainable or if they represent a temporary phase of fleet modernization that will eventually yield higher cash returns.
According to recent SEC filings, TEN's capital expenditure reached $94.4M in 2025Q4, representing a significant 42.5% of revenue, which indicates that the company is currently in a high-intensity investment phase that is actively consuming the cash generated by its core shipping operations.
The elevated capital intensity suggests that management is prioritizing long-term fleet renewal over immediate cash distribution to shareholders. This strategy appears to be a defensive move to maintain charterability in a tightening regulatory environment, though it leaves the company vulnerable to liquidity constraints if market rates for its specialized vessels were to soften unexpectedly.
As indicated by the provided data, TEN has utilized significant cash for acquisitions, such as the $99.0M net outflow in 2025Q4, while maintaining a lack of consistent dividend or buyback activity, suggesting that capital is being funneled almost exclusively into fleet expansion rather than direct shareholder returns.
The absence of consistent dividend payments or share repurchases in the provided data suggests that the company is currently in a capital-intensive growth mode. Investors should monitor whether this deployment strategy will eventually pivot toward returning capital to shareholders once the current fleet renewal program reaches a more mature stage.
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.