The company has achieved a fortress balance sheet by reducing total debt from $224.7 million in 2023Q4 to a minimal $33.0 million as of 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 |
|---|
| Total Current Assets | 1.27B | 1.08B | 747.94M | 666.98M | 459.51M | 245.4M | 245.41M | 429.81M | 225.59M | 176.69M | 215.48M | 279.81M | 253.61M | 215.07M | 85.14M | 199.78M | 25.68M | 23.5M | 48.73M | 41.02M | 14.2M | 18.71M |
| Cash & Short-Term Investments | 996.15M | 853.26M | 534.33M | 391.46M | 180.51M | 50.57M | 97.23M | 88.82M | 54.92M | 71.44M | 68.11M | 96.42M | 162.8M | 161.71M | 26.34M | 18.57M | 12.45M | 10.43M | 26.7M | 34.84M | 0 | 0 |
| Cash Only | 722.01M | 831.26M | 511.89M | 391.46M | 180.51M | 50.57M | 97.23M | 88.82M | 54.92M | 71.44M | 68.11M | 96.42M | 162.8M | 25.65M | 26.34M | 18.57M | 12.45M | 10.43M | 26.7M | 34.84M | 0 | 0 |
| Short-Term Investments | 274.14M | 22M | 22.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 113M | 152.94M | 145.28M | 194.58M | 202.12M | 89.81M | 68.08M | 203.22M | 131.52M | 83.94M | 58.39M | 158.21M | 81.93M | 43M | 39.98M | 174.65M | 20.08M | 10.74M | 18.36M | 140.31M | 10.64M | 15.82M |
| Days Sales Outstanding | 43.63 | 58.65 | 43.13 | 48.19 | 62.63 | 60.44 | 28.03 | 78.58 | 63.52 | 71.06 | 40.45 | 112.3 | 132.05 | 96.64 | 78.48 | 296.39 | 52.54 | 34.6 | 46.48 | 350.05 | 25.37 | 46.06 |
| Inventory | 28.72M | 29.41M | 45.99M | 53.22M | 60.83M | 49.03M | 34.61M | 49.79M | 39.15M | -1.02M | 0 | 0 | 0 | 0 | 9.11M | 6.26M | 0 | 0 | 2.68M | 2.08M | 0 | 0 |
| Days Inventory Outstanding | 17.85 | 15.55 | 20.1 | 21.78 | 25.46 | 29.81 | 19.89 | 23.36 | 20.19 | - | - | - | - | - | 19.55 | 24.94 | - | - | 29.71 | 10.96 | - | - |
| Other Current Assets | 115.13M | 26.83M | 9.55M | 12.6M | 5.8M | 45.76M | 35.75M | 77.69M | 5.06M | 2.62M | 84.14M | 870K | 0 | 0 | 9.11M | 308K | 146K | 268K | 983K | 10K | 116K | 235K |
| Total Non-Current Assets | 1.12B | 1.16B | 1.23B | 1.27B | 1.32B | 1.37B | 1.59B | 1.81B | 1.94B | 2.02B | 1.72B | 1.89B | 911.75M | 882.46M | 1.02B | 1.44B | 910.84M | 516.47M | 442.08M | 269.3M | 284.42M | 298.7M |
| Property, Plant & Equipment | 1.09B | 1.04B | 1.18B | 1.23B | 1.3B | 1.35B | 1.56B | 1.77B | 1.88B | 1.97B | 1.61B | 1.77B | 828.29M | 859.31M | 885.99M | 1.31B | 757.44M | 506.31M | 433.98M | 267.73M | 282.45M | 296.9M |
| Fixed Asset Turnover | 0.97x | 0.92x | 1.04x | 1.19x | 0.91x | 0.40x | 0.57x | 0.53x | 0.40x | 0.22x | 0.33x | 0.29x | 0.27x | 0.19x | 0.21x | 0.16x | 0.18x | 0.22x | 0.33x | 0.55x | 0.54x | 0.42x |
| Goodwill | 0 | 2.43M | 2.43M | 2.43M | 2.43M | 2.43M | 2.43M | 2.43M | 8.06M | 8.06M | 8.06M | 0 | 0 | 0 | 0 | 13.31M | 13.31M | 6.76M | 4.67M | 0 | 0 | 0 |
| Intangible Assets | 10.48M | 0 | 307K | 658K | 1.05M | 1.49M | 1.99M | 2.54M | 11.63M | 14.61M | 17.66M | 29.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 16.89M | 0 | 16M | 15.73M | 16.2M | 12.95M | 28.56M | 28.11M | 25.77M | 25.46M | 81.27M | 86.81M | 73.4M | 8.37M | 117.82M | 116.84M | 116.01M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 23.74M | 121.15M | 18.79M | 21.35M | 8.21M | 5.22M | 4.03M | 5.36M | 3.51M | 2.8M | 41K | 146K | 10.06M | 14.78M | 16.7M | 4.52M | 11.72M | 3.4M | 3.44M | 1.57M | 1.97M | 1.81M |
| Total Assets | 2.39B | 2.24B | 1.97B | 1.94B | 1.78B | 1.62B | 1.84B | 2.24B | 2.16B | 2.2B | 1.93B | 2.17B | 1.17B | 1.1B | 1.11B | 1.64B | 936.52M | 539.96M | 490.81M | 310.32M | 298.63M | 317.41M |
| Asset Turnover | 0.46x | 0.42x | 0.62x | 0.76x | 0.66x | 0.34x | 0.48x | 0.42x | 0.35x | 0.20x | 0.27x | 0.24x | 0.19x | 0.15x | 0.17x | 0.13x | 0.15x | 0.21x | 0.29x | 0.47x | 0.51x | 0.39x |
| Asset Growth % | 51.51% | 13.56% | 1.66% | 8.86% | 10.19% | -12.04% | -17.77% | 3.56% | -1.65% | 13.71% | -10.93% | 86.16% | 6.18% | -0.73% | -32.64% | 75.27% | 73.44% | 10.01% | 58.16% | 3.92% | -5.92% | - |
| Total Current Liabilities | 135.15M | 135.29M | 132.04M | 168.03M | 170.17M | 157.09M | 197.12M | 288.29M | 197.76M | 236.71M | 236.92M | 279.38M | 79.72M | 70.19M | 61.83M | 146.84M | 18.69M | 21.64M | 22.4M | 8.21M | 53.95M | 53.32M |
| Accounts Payable | 103.45M | 104.65M | 25.55M | 33.89M | 42.35M | 34.83M | 31.06M | 70.98M | 11.15M | 7.86M | 14.41M | 16.72M | 1.94M | 2.25M | 3.35M | 4.36M | 2.12M | 2.04M | 1.61M | 787K | 2.32M | 1.43M |
| Days Payables Outstanding | 47.18 | 55.34 | 11.17 | 13.87 | 17.73 | 21.18 | 17.85 | 33.3 | 5.75 | 7.47 | 13.09 | 19.96 | 4.03 | 5.33 | 7.18 | 17.39 | 16.5 | 20.53 | 17.87 | 4.15 | 12.43 | 10.32 |
| Short-Term Debt | 19.42M | 21.11M | 0 | 0 | 0 | 40.62M | 20.86M | 93.57M | 106.24M | 166.78M | 171.02M | 174.05M | 41.96M | 25.25M | 25.25M | 26.27M | 1.8M | 7.46M | 3.6M | 0 | 46.1M | 47.27M |
| Deferred Revenue (Current) | 0 | 0 | 2.5M | 0 | 0 | 10.94M | 3.12M | 2.14M | 18.57M | 557K | 4.39M | 3.9M | 637K | 2.96M | 4.56M | 3.71M | 2.03M | 3.57M | 4.71M | 0 | 0 | 0 |
| Other Current Liabilities | 12.28M | 9.53M | 48.9M | 5.93M | 38.14M | 1.69M | 1.74M | 20.21M | 60K | 0 | 58.61M | 6.33M | 34.91M | 18.67M | 10.79M | 6.77M | 4.79M | 277K | 10.89M | 6.98M | 4.44M | 3.32M |
| Current Ratio | 9.40x | 7.98x | 5.66x | 3.97x | 2.70x | 1.56x | 1.24x | 1.49x | 1.14x | 0.75x | 0.91x | 1.00x | 3.18x | 3.06x | 1.38x | 1.36x | 1.37x | 1.09x | 2.18x | 4.99x | 0.26x | 0.35x |
| Quick Ratio | 9.19x | 7.76x | 5.32x | 3.65x | 2.34x | 1.25x | 1.07x | 1.32x | 0.94x | 0.75x | 0.91x | 1.00x | 3.18x | 3.06x | 1.23x | 1.32x | 1.37x | 1.09x | 2.06x | 4.74x | 0.26x | 0.35x |
| Cash Conversion Cycle | 14.29 | 18.86 | 52.07 | 56.1 | 70.36 | 69.07 | 30.07 | 68.64 | 77.96 | - | - | - | - | - | 90.85 | 303.94 | - | - | 58.33 | 356.85 | - | - |
| Total Non-Current Liabilities | 65.46M | 62.77M | 85.38M | 223.48M | 543.47M | 623.25M | 564.22M | 959.85M | 1.02B | 954.03M | 774.88M | 1.01B | 629.92M | 742.66M | 741.64M | 916.47M | 475.14M | 312.05M | 346.11M | 153.31M | 35.1M | 221.65M |
| Long-Term Debt | 0 | 17.05M | 0 | 0 | 0 | 304.79M | 232.1M | 516.11M | 629.17M | 785.56M | 762M | 990.56M | 614.1M | 719.39M | 710.46M | 882.46M | 452.23M | 301.63M | 325.23M | 145.5M | 35.1M | 221.65M |
| Capital Lease Obligations | 91.27M | 17.05M | 37.41M | 168.28M | 499.46M | 272.32M | 281.88M | 392.7M | 354.39M | 141.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 70.47M | 0 | 130K | 47.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 51.88M | 28.66M | 47.96M | 7.39M | 44.02M | 46.14M | 50.24M | 51.04M | 32.83M | 26.8M | 13.68M | 11.8M | 63.05M | 23.27M | 31.19M | 34.01M | 17.07M | 10.42M | 20.88M | 7.82M | 0 | 0 |
| Total Liabilities | 200.61M | 198.06M | 217.42M | 391.51M | 713.65M | 780.34M | 761.34M | 1.25B | 1.21B | 1.19B | 1.01B | 1.29B | 709.64M | 812.86M | 803.47M | 1.06B | 493.83M | 333.69M | 368.5M | 161.53M | 89.05M | 274.97M |
| Total Debt | 33M | 55.22M | 62.29M | 224.68M | 576.2M | 654.03M | 617M | 1.04B | 1.11B | 1.1B | 933.02M | 1.16B | 656.06M | 744.63M | 735.7M | 908.73M | 459.87M | 309.09M | 328.83M | 149.1M | 38.7M | 225.25M |
| Net Debt | -689.01M | -776.05M | -449.6M | -166.79M | 395.69M | 603.46M | 519.77M | 955.2M | 1.06B | 1.03B | 864.91M | 1.07B | 493.27M | 718.99M | 709.36M | 890.16M | 447.42M | 298.66M | 302.13M | 114.26M | 38.7M | 225.25M |
| Debt / Equity | 0.02x | 0.03x | 0.04x | 0.14x | 0.54x | 0.78x | 0.57x | 1.05x | 1.17x | 1.09x | 1.00x | 1.33x | 1.44x | 2.62x | 2.43x | 1.57x | 1.04x | 1.50x | 2.69x | 1.00x | 0.18x | 5.31x |
| Debt / EBITDA | 0.08x | 0.18x | 0.13x | 0.35x | 1.59x | - | 2.38x | 4.21x | 8.83x | 10.81x | 4.90x | 4.46x | 6.05x | 14.53x | - | 30.26x | 5.69x | 4.40x | 3.18x | 2.31x | 0.53x | 3.42x |
| Net Debt / EBITDA | -1.73x | -2.57x | -0.95x | -0.26x | 1.09x | - | 2.01x | 3.85x | 8.40x | 10.11x | 4.54x | 4.09x | 4.55x | 14.03x | - | 29.64x | 5.54x | 4.25x | 2.92x | 1.77x | 0.53x | 3.42x |
| Interest Coverage | 140.54x | 74.24x | 55.08x | 20.21x | 7.65x | -5.97x | 4.12x | 1.94x | 0.26x | -0.04x | 3.28x | 11.76x | 7.62x | 0.74x | -17.50x | -1.79x | 3.17x | 6.55x | 3.10x | 7.57x | 3.63x | 7.62x |
| Total Equity | 2.19B | 2.04B | 1.76B | 1.55B | 1.07B | 838.41M | 1.08B | 989.92M | 946.93M | 1.01B | 932.74M | 877.46M | 455.72M | 284.67M | 302.18M | 578.16M | 442.69M | 206.27M | 122.31M | 148.79M | 209.57M | 42.45M |
| Equity Growth % | 56% | 16.34% | 13.31% | 44.87% | 27.62% | -22.29% | 8.99% | 4.54% | -5.93% | 7.92% | 6.3% | 92.54% | 60.09% | -5.79% | -47.73% | 30.6% | 114.62% | 68.65% | -17.8% | -29% | 393.75% | - |
| Book Value per Share | 62.73 | 58.77 | 50.61 | 44.84 | 31.21 | 24.76 | 31.81 | 29.35 | 28.21 | 43.01 | 43.81 | 48.58 | 42.27 | 27.24 | 30.39 | 76.11 | 83.66 | 57.61 | 39.14 | 77.38 | 111.77 | 22.64 |
| Total Shareholders' Equity | 2.19B | 2.04B | 1.76B | 1.55B | 1.07B | 838.41M | 1.08B | 989.92M | 946.93M | 1.01B | 920.62M | 877.46M | 455.72M | 284.67M | 302.18M | 578.16M | 442.69M | 206.27M | 122.31M | 148.79M | 209.57M | 42.45M |
| Common Stock | 0 | 0 | 1.31B | 1.31B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.29B | 1.1B | 1.09B | 802.65M | 673.22M | 672.56M | 588.44M | 481.34M | 246.75M | 181.25M | 180.91M | 0 | 0 |
| Retained Earnings | 0 | 0 | 447.06M | 220.02M | -233.6M | -462.69M | -220.32M | -307.63M | -349M | -288.4M | -182.68M | -217.41M | -346.93M | -388.55M | -370.38M | -99.07M | -38.65M | -40.48M | -58.94M | -33.03M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -605.7M | -537.4M | 24.23M | -391M | -323.3M | -251.4M | -203.6M | -247M | -203.8M | -135.7M | 0 | 912K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fleet renewal capital intensity
As reported in recent financial statements, TNK has successfully transitioned from a debt-laden entity to a net-cash position, with total debt falling from $224.7 million in 2023Q4 to just $33.0 million by 2026Q1, signaling a significant improvement in the company's long-term financial stability and risk profile.
The aggressive reduction of interest-bearing liabilities suggests a management strategy focused on insulating the firm from cyclical downturns. This trajectory indicates that the company is prioritizing balance sheet durability over aggressive expansion, which may provide a competitive advantage during periods of industry-wide volatility.
Based on the latest quarterly data, TNK maintains a current ratio of 9.40 as of 2026Q1, supported by a substantial cash reserve of $722 million, which provides the firm with an immense buffer against the inherent volatility of the global tanker spot market.
This liquidity profile appears far superior to industry peers, suggesting that the company is well-positioned to navigate prolonged periods of depressed charter rates. Investors should monitor whether this cash pile remains idle or is eventually deployed toward fleet modernization, which remains a critical long-term operational necessity.
According to historical balance sheet filings, TNK's net PPE has remained relatively stagnant at approximately $1.1 billion to $1.2 billion over the last ten quarters, suggesting that capital expenditures are primarily focused on maintenance rather than significant fleet expansion or modernization efforts.
The lack of growth in the net asset base, despite strong cash generation, implies that the company may be approaching a critical juncture regarding vessel replacement. The reliance on an aging fleet warrants further investigation into potential future impairment risks or rising maintenance costs that could impact long-term profitability.
As evidenced by the discrepancy between book value and potential market value, the reported $1.1 billion in net PPE may not fully reflect the economic reality of an aging fleet, as noted in recent regulatory filings regarding environmental compliance and vessel efficiency standards.
The market value of the fleet is highly sensitive to regulatory shifts, and the current book value may mask the potential for future impairment charges if older vessels fail to meet modern carbon intensity requirements. This suggests that the headline equity value could be subject to downward revisions if the company is forced to accelerate its fleet renewal cycle.
Quick answers to the most common questions about buying TNK stock.
As of 2025, Teekay Tankers Ltd. (TNK) had total assets of $2.24B including $1.08B in current assets.
Teekay Tankers Ltd. (TNK) carries total debt of $55.2M, offset by $853.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Teekay Tankers Ltd. (TNK) has total shareholders' equity (book value) of $2.04B ($58.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Teekay Tankers Ltd. (TNK) reported a current ratio of 7.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.