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International Seaways

INSW NYSE Oil & Gas Storage & Transportation Financials FY2016–FY2025

International Seaways' revenue fell 11.4% to $843 million in fiscal 2025. Its operating margin was 41.0%, down from 47.8% a year earlier. Free cash flow was $379 million, down 30.6%. It paid out $145 million in dividends and buybacks, 38% of free cash flow. The diluted share count fell 0.2%.

Last close · Oct 23, 2026

$110.78

2.2%
Value it Compare
Revenue Total sales reported in the income statement.
$843M
11.4% vs prior year
Operating margin Operating income as a share of revenue.
41.0%
6.9 pts
Net income Profit after all expenses, interest and tax.
$309M
25.8%
Free cash flow Cash from operations minus capital spending.
$379M
30.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$5.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
7.1x
On $15.64 EPS (TTM)

What International Seaways does

No business description yet.

Legal name
INTERNATIONAL SEAWAYS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-020113
0001679049

Revenue and margins

International Seaways had $843M of revenue in fiscal 2025, down 11.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $379M in fiscal 2025, 44.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

International Seaways returned $145M to shareholders in fiscal 2025, 38% of free cash flow. The diluted share count fell 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value International Seaways yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$400M and divides by 49.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 7.1x · peers 24.8x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably International Seaways can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $97.9M$324M$187M—$167M
Debt incl. finance leases $1.1B$1.0B$723M$688M$567M
Net debt / EBITDA —1.3x0.7x—0.8x
Debt / equity 0.9x0.7x0.4x0.4x0.3x
Interest coverage −3.1x7.7x9.4x9.2x8.1x
Current ratio 1.0x2.5x2.4x2.9x3.7x
Quick ratio 1.0x2.5x2.4x2.9x3.7x
Total assets $2.3B$2.6B$2.5B$2.6B$2.7B
Total liabilities $1.2B$1.1B$805M$780M$648M
Shareholders' equity $1.2B$1.5B$1.7B$1.9B$2.0B
Net debt (− = net cash) $1.0B$700M$536M—$400M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.5M

4 insiders

Of sales under plans

29%

$1.3M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Lois K ZabrockyPresident & CEO, Director Sold plan 2,000 $108.01 $0.2M Form 4
Aug 17, 2026 Lois K ZabrockyPresident & CEO, Director Sold plan 2,000 $98.44 $0.2M Form 4
Jul 15, 2026 Jeffrey PriborSVP & CFO Sold plan 1,000 $87.49 $0.1M Form 4
Jul 15, 2026 Lois K ZabrockyPresident & CEO, Director Sold plan 2,000 $87.59 $0.2M Form 4
Jun 15, 2026 Jeffrey PriborSVP & CFO Sold plan 1,000 $81.68 $0.1M Form 4
Jun 15, 2026 Lois K ZabrockyPresident & CEO, Director Sold plan 2,000 $81.34 $0.2M Form 4
May 15, 2026 Jeffrey PriborSVP & CFO Sold plan 1,000 $83.72 $0.1M Form 4
May 15, 2026 Lois K ZabrockyPresident & CEO, Director Sold plan 2,000 $84.23 $0.2M Form 4
May 14, 2026 William F. NugentSenior Vice President Sold 6,830 $85.23 $0.6M Form 4
May 12, 2026 Derek G. SolonSenior Vice President Sold 4,700 $89.22 $0.4M Form 4
May 12, 2026 Lois K ZabrockyDirector Sold 25,000 $88.08 $2.2M Form 4
Apr 15, 2026 Lois K ZabrockyPresident & CEO, Director Sold plan 2,000 $74.57 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 85 / 86 / 8
Accruals ratio −5.1%−5.1%−2.7%
Altman Z'' 4.874.715.44

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
International Seaways INSW $5.5B −11.4% 41.0% 44.9% — 7.1x 6
Antero Midstream AM $9.9B 7.4% 54.3% — 9.2% 24.8x 7 Compare →
DT Midstream DTM $12.7B 26.7% 49.4% 35.5% 5.7% 27.1x 7 Compare →
Viper Energy VNOM $9.1B 62.0% −10.0% — −1.3% — 3 Compare →
Dorian LPG LPG $2.3B 36.3% 43.7% — 12.5% 7.2x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $398M $290M $270M $366M $422M $273M $865M $1.1B $952M $843M
Operating income $7.2M −$108M −$54.5M $55.2M $39.9M −$112M $443M $615M $455M $345M
Interest expense $40.4M $41.2M $60.2M $66.3M $36.7M $36.8M $57.7M $65.8M $49.7M $42.7M
Pretax income −$17.7M −$106M −$89.0M −$0.8M −$5.5M −$133M $388M $560M $416M $309M
Income tax $0.4M $0.0M −$0.1M $0.0M $0.0M $1.6M $0.1M $3.9M −$1.1M −$0.4M
Net income −$18.2M −$106M −$88.9M −$0.8M −$5.5M −$134M $388M $556M $417M $309M
Diluted EPS −$0.62 −$3.64 −$3.05 −$0.03 −$0.20 −$3.48 $7.77 $11.25 $8.38 $6.23
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.04B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $129M $17.4M −$12.5M $87.5M $216M −$76.2M $288M $688M $547M $380M
Capital expenditure $2.0M $174M $149M $0.6M $0.5M $1.0M $0.7M $1.5M $1.4M $1.4M
Free cash flow $127M −$156M −$161M $86.9M $216M −$77.2M $287M $687M $546M $379M
Depreciation and amortization $79.9M $78.9M $72.4M $75.7M $74.3M $86.7M $110M $129M $149M $164M
Stock-based compensation $2.8M $3.8M $3.2M $4.3M $5.6M $10.5M $6.7M $8.5M $9.0M $8.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $30.0M $16.7M $20.0M $13.9M $25.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $6.8M $40.9M $69.8M $308M $284M $145M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $36.8M $57.6M $89.9M $322M $309M $145M
Balance sheet
Cash and short-term investments $92.0M $60.0M $58.3M $89.7M $199M $97.9M $324M $187M — $167M
Total debt $440M $553M $811M $661M $536M $1.1B $1.0B $723M $688M $567M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $171M $132M $168M $187M $257M $225M $643M $465M $376M $367M
Current liabilities $45.1M $47.2M $75.3M $115M $109M $235M $257M $196M $131M $98.9M
Inventory $1.3M $3.3M $3.1M $3.9M $3.6M $2.1M $0.5M $1.3M $1.9M $0.6M
Property and equipment, net $1.1B $1.1B $1.3B $1.3B $1.1B $1.8B $1.7B $1.9B $2.1B $2.1B
Total assets $1.7B $1.7B $1.8B $1.8B $1.6B $2.3B $2.6B $2.5B $2.6B $2.7B
Total liabilities $483M $579M $839M $731M $615M $1.2B $1.1B $805M $780M $648M
Shareholders' equity $1.2B $1.1B $1.0B $1.0B $972M $1.2B $1.5B $1.7B $1.9B $2.0B
Margins
Operating margin 1.8% −37.2% −20.2% 15.1% 9.5% −41.1% 51.2% 57.4% 47.8% 41.0%
EBITDA margin 21.9% −10.0% 6.6% 35.7% 27.1% −9.3% 64.0% 69.5% 63.5% 60.4%
Net margin −4.6% −36.6% −32.9% −0.2% −1.3% −49.0% 44.9% 51.9% 43.8% 36.7%
FCF margin 31.9% −53.8% −59.7% 23.7% 51.1% −28.3% 33.2% 64.1% 57.4% 44.9%
Returns
Return on capital 0.4% −5.5% −2.6% 2.6% 2.2% −5.1% 20.3% 27.5% — —
Return on capital employed 0.4% −6.7% −3.2% 3.2% 2.6% −6.3% 19.8% 26.3% 18.8% 13.6%
Return on equity −1.4% −9.4% −8.5% −0.1% −0.6% −12.5% 29.2% 34.7% 23.3% 16.0%
Return on assets −1.0% −6.4% −5.1% −0.1% −0.3% −6.8% 15.6% 21.7% 16.2% 11.7%
Growth
Revenue growth −20.0% −27.2% −6.8% 35.4% 15.2% −35.4% 217.3% 24.0% −11.2% −11.4%
Net income growth −110.5% — — — — — — 43.5% −25.1% −25.8%
EPS growth −110.4% — — — — — — 44.8% −25.5% −25.7%
FCF growth −42.8% −223.0% — — 148.1% −135.8% — 139.3% −20.6% −30.6%
Share count change 0.0% 0.0% −0.1% 0.3% −2.9% 35.4% 29.8% −0.8% 0.5% −0.2%
Financial health
Net debt / EBITDA 4.0x — 42.0x 4.4x 3.0x — 1.3x 0.7x — 0.8x
Debt / equity 0.4x 0.5x 0.8x 0.7x 0.6x 0.9x 0.7x 0.4x 0.4x 0.3x
Interest coverage 0.2x −2.6x −0.9x 0.8x 1.1x −3.1x 7.7x 9.4x 9.2x 8.1x
Current ratio 3.8x 2.8x 2.2x 1.6x 2.4x 1.0x 2.5x 2.4x 2.9x 3.7x
Quick ratio 3.8x 2.7x 2.2x 1.6x 2.3x 1.0x 2.5x 2.4x 2.9x 3.7x
Capital allocation
Capex / revenue 0.5% 59.8% 55.1% 0.2% 0.1% 0.4% 0.1% 0.1% 0.2% 0.2%
Stock comp / revenue 0.7% 1.3% 1.2% 1.2% 1.3% 3.9% 0.8% 0.8% 1.0% 1.0%
Payouts / FCF 0.0% — — 0.0% 17.1% — 31.3% 46.9% 56.7% 38.2%
Quality scores
Piotroski F-score — 2.0 3.0 5.0 6.0 1.0 6.0 7.0 5.0 6.0
Altman Z'' 2.9 1.5 0.9 1.5 1.9 0.1 3.5 4.9 4.7 5.4
Accruals ratio −8.0% −7.4% −4.4% −4.9% −13.3% −2.9% 4.0% −5.1% −5.1% −2.7%

Source: SEC EDGAR XBRL filings (CIK 0001679049). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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