NORDIC AMERICAN TANKERS Ltd
NAT NYSE Water Transportation Financials FY2016–FY2025
Last close · Oct 23, 2026
$7.86
4.2%
Revenue
Total sales reported in the income statement.
$292M
16.6%
vs prior year
Operating margin
Operating income as a share of revenue.
15.9%
6.2 pts
Net income
Profit after all expenses, interest and tax.
$12.3M
73.7%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.6%
4.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.7B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
131.0x
On $0.06 EPS (TTM)
What NORDIC AMERICAN TANKERS Ltd does
No business description yet.
- Legal name
- NORDIC AMERICAN TANKERS Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 29, 2026
- Accession · CIK
- 0001140361-26-017809
0001000177
Revenue and margins
NORDIC AMERICAN TANKERS Ltd had $292M of revenue in fiscal 2025, down 16.6% on the year before.
FY16
Revenue $357M
FY17
Revenue $297M
FY18
Revenue $289M
FY19
Revenue $317M
FY20
Revenue $355M
FY21
Revenue $191M
FY22
Revenue $339M
FY23
Revenue $392M
FY24
Revenue $350M
FY25
Revenue $292M
Q4 '10
Revenue —
Q4 '11
Revenue —
Q3 '16
Revenue —
Q4 '16
Revenue —
Q4 '17
Revenue $72.6M
Q3 '18
Revenue $62.8M
Q4 '18
Revenue $86.2M
FY16
Gross 64.8%
Operating 14.9%
Net −1.2%
FCF —
FY17
Gross 52.1%
Operating −59.1%
Net −69.0%
FCF —
FY18
Gross 42.9%
Operating −13.4%
Net −33.0%
FCF —
FY19
Gross 55.3%
Operating 10.1%
Net −3.3%
FCF —
FY20
Gross 65.9%
Operating 22.9%
Net 14.1%
FCF —
FY21
Gross 32.9%
Operating −75.6%
Net −89.7%
FCF —
FY22
Gross 49.8%
Operating 12.3%
Net 4.5%
FCF —
FY23
Gross 66.9%
Operating 32.7%
Net 25.2%
FCF —
FY24
Gross 64.4%
Operating 22.1%
Net 13.3%
FCF —
FY25
Gross 62.3%
Operating 15.9%
Net 4.2%
FCF —
Gross
Operating
Net
FCF
Q4 '10
Gross —
Operating —
Net —
FCF —
Q4 '11
Gross —
Operating —
Net —
FCF —
Q3 '16
Gross —
Operating —
Net —
FCF —
Q4 '16
Gross —
Operating —
Net —
FCF —
Q4 '17
Gross 50.6%
Operating −197.8%
Net −208.5%
FCF —
Q3 '18
Gross 36.9%
Operating −24.4%
Net −60.5%
FCF —
Q4 '18
Gross 51.3%
Operating 6.3%
Net −12.1%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$4.5M
FY17
Net income −$205M
FY18
Net income −$95.3M
FY19
Net income −$10.4M
FY20
Net income $50.0M
FY21
Net income −$171M
FY22
Net income $15.1M
FY23
Net income $98.7M
FY24
Net income $46.6M
FY25
Net income $12.3M
Q4 '10
Net income −$12.8M
Q4 '11
Net income −$17.7M
Q3 '16
Net income −$7.6M
Q4 '16
Net income −$39.2M
Q4 '17
Net income −$151M
Q3 '18
Net income −$38.0M
Q4 '18
Net income −$10.5M
FY16
Diluted EPS −$0.05
FY17
Diluted EPS −$1.97
FY18
Diluted EPS −$0.67
FY19
Diluted EPS −$0.07
FY20
Diluted EPS $0.34
FY21
Diluted EPS −$1.05
FY22
Diluted EPS $0.07
FY23
Diluted EPS $0.47
FY24
Diluted EPS $0.22
FY25
Diluted EPS $0.06
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 4.3%
Return on equity −0.5%
Return on assets −0.3%
FY17
Return on capital −13.3%
Return on equity −25.9%
Return on assets −16.5%
FY18
Return on capital −3.1%
Return on equity −14.5%
Return on assets −8.6%
FY19
Return on capital 2.7%
Return on equity −1.7%
Return on assets −1.0%
FY20
Return on capital 9.0%
Return on equity 8.4%
Return on assets 5.0%
FY21
Return on capital −14.5%
Return on equity −31.2%
Return on assets −18.8%
FY22
Return on capital 5.3%
Return on equity 2.9%
Return on assets 1.7%
FY23
Return on capital 15.8%
Return on equity 18.3%
Return on assets 11.2%
FY24
Return on capital 10.5%
Return on equity 8.9%
Return on assets 5.5%
FY25
Return on capital 5.6%
Return on equity 2.6%
Return on assets 1.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $128M
Capital spending —
FY17
Cash from operations $31.7M
Capital spending —
FY18
Cash from operations −$16.1M
Capital spending —
FY19
Cash from operations $52.9M
Capital spending —
FY20
Cash from operations $111M
Capital spending —
FY21
Cash from operations −$44.5M
Capital spending —
FY22
Cash from operations $24.1M
Capital spending —
FY23
Cash from operations $139M
Capital spending —
FY24
Cash from operations $128M
Capital spending —
FY25
Cash from operations $19.8M
Capital spending —
Cash from operations
Capital spending
Q4 '10
Cash from operations $2.7M
Capital spending —
Q4 '11
Cash from operations −$11.7M
Capital spending —
Q3 '16
Cash from operations $19.8M
Capital spending —
Q4 '16
Cash from operations $3.5M
Capital spending —
Q4 '17
Cash from operations −$5.3M
Capital spending —
Q3 '18
Cash from operations −$12.7M
Capital spending —
Q4 '18
Cash from operations $9.3M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
NORDIC AMERICAN TANKERS Ltd returned $76.2M to shareholders in fiscal 2025. The diluted share count rose 0.9%.
FY16
Dividends $126M
Buybacks —
FY17
Dividends $59.1M
Buybacks —
FY18
Dividends $9.9M
Buybacks —
FY19
Dividends $14.3M
Buybacks —
FY20
Dividends $67.2M
Buybacks —
FY21
Dividends $9.7M
Buybacks —
FY22
Dividends $22.7M
Buybacks —
FY23
Dividends $89.8M
Buybacks —
FY24
Dividends $75.1M
Buybacks —
FY25
Dividends $76.2M
Buybacks —
Dividends
Buybacks
Q4 '10
Dividends —
Buybacks —
Q4 '11
Dividends —
Buybacks —
Q3 '16
Dividends $22.3M
Buybacks —
Q4 '16
Dividends $26.6M
Buybacks —
Q4 '17
Dividends $7.9M
Buybacks —
Q3 '18
Dividends $2.8M
Buybacks —
Q4 '18
Dividends $1.4M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.09B
FY17
Diluted shares 0.10B
FY18
Diluted shares 0.14B
FY19
Diluted shares 0.14B
FY20
Diluted shares 0.15B
FY21
Diluted shares 0.16B
FY22
Diluted shares 0.20B
FY23
Diluted shares 0.21B
FY24
Diluted shares 0.21B
FY25
Diluted shares 0.21B
Balance sheet
Cash, debt and the ratios that show how comfortably NORDIC AMERICAN TANKERS Ltd can carry it.
FY16
Cash $82.2M
Debt $443M
FY17
Cash $58.4M
Debt $389M
FY18
Cash $49.3M
Debt $437M
FY19
Cash $48.8M
Debt $399M
FY20
Cash $57.8M
Debt $357M
FY21
Cash $34.7M
Debt $321M
FY22
Cash $59.6M
Debt $306M
FY23
Cash $31.1M
Debt $302M
FY24
Cash $39.2M
Debt $270M
FY25
Cash $45.9M
Debt $424M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $34.7M | $59.6M | $31.1M | $39.2M | $45.9M |
| Debt incl. finance leases | $321M | $306M | $302M | $270M | $424M |
| Net debt / EBITDA | — | 2.7x | 1.5x | 1.7x | 3.6x |
| Debt / equity | 0.6x | 0.6x | 0.6x | 0.5x | 1.0x |
| Interest coverage | −5.5x | 1.5x | 4.2x | 2.5x | 1.3x |
| Current ratio | 1.6x | 2.0x | 1.5x | 1.7x | 2.2x |
| Quick ratio | 1.6x | 2.0x | 1.5x | 1.7x | 2.2x |
| Total assets | $851M | $880M | $879M | $818M | $902M |
| Total liabilities | $353M | $340M | $341M | $309M | $457M |
| Shareholders' equity | $498M | $540M | $538M | $509M | $446M |
| Net debt (− = net cash) | $286M | $246M | $271M | $231M | $378M |
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
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | — / 3 | 2 / 9 | 3 / 9 | 6 / 9 | 8 / 9 | 1 / 9 | 8 / 9 | 7 / 9 | 5 / 9 | 4 / 9 |
| Accruals ratio | −9.8% | −19.0% | −7.2% | −6.0% | −6.1% | −13.9% | −1.0% | −4.6% | −9.6% | −0.9% |
| Altman Z'' | 2.86 | 0.69 | 0.63 | 2.06 | 2.64 | −0.01 | 1.93 | 2.71 | 2.64 | 1.98 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $357M | $297M | $289M | $317M | $355M | $191M | $339M | $392M | $350M | $292M |
| Provision for credit losses | — | — | — | $0.0M | $25.0M | $0.1M | $0.1M | $0.1M | $0.2M | $406M |
| Gross profit | $231M | $155M | $124M | $175M | $234M | $62.8M | $169M | $262M | $225M | $182M |
| Operating income | $53.3M | −$176M | −$38.6M | $32.0M | $81.2M | −$144M | $41.9M | $128M | $77.3M | $46.3M |
| Interest expense | $11.2M | $20.5M | $34.5M | $38.4M | $31.5M | $26.4M | $27.1M | $30.5M | $30.7M | $35.8M |
| Pretax income | $42.3M | −$196M | −$87.6M | −$10.3M | $50.1M | −$171M | $15.1M | $98.8M | $46.6M | $12.3M |
| Income tax | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.0M | $0.1M | −$0.0M | $0.0M |
| Net income | −$4.5M | −$205M | −$95.3M | −$10.4M | $50.0M | −$171M | $15.1M | $98.7M | $46.6M | $12.3M |
| Diluted EPS | −$0.05 | −$1.97 | −$0.67 | −$0.07 | $0.34 | −$1.05 | $0.07 | $0.47 | $0.22 | $0.06 |
| Diluted shares | 0.09B | 0.10B | 0.14B | 0.14B | 0.15B | 0.16B | 0.20B | 0.21B | 0.21B | 0.21B |
| Cash flow | ||||||||||
| Cash from operations | $128M | $31.7M | −$16.1M | $52.9M | $111M | −$44.5M | $24.1M | $139M | $128M | $19.8M |
| Depreciation and amortization | $90.9M | $101M | $60.7M | $64.0M | $67.8M | $68.4M | $50.4M | $51.4M | $56.2M | $57.7M |
| Stock-based compensation | $0.4M | $0.5M | $0.4M | $0.2M | $0.3M | $0.3M | $0.5M | $2.2M | $1.8M | $0.0M |
| Dividends paid | $126M | $59.1M | $9.9M | $14.3M | $67.2M | $9.7M | $22.7M | $89.8M | $75.1M | $76.2M |
| Dividends and buybacks | $126M | $59.1M | $9.9M | $14.3M | $67.2M | $9.7M | $22.7M | $89.8M | $75.1M | $76.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $82.2M | $58.4M | $49.3M | $48.8M | $57.8M | $34.7M | $59.6M | $31.1M | $39.2M | $45.9M |
| Total debt | $443M | $389M | $437M | $399M | $357M | $321M | $306M | $302M | $270M | $424M |
| Current assets | $164M | $127M | $113M | $129M | $99.5M | $107M | $143M | $109M | $98.8M | $151M |
| Current liabilities | $21.5M | $25.3M | $36.3M | $59.0M | $39.7M | $67.6M | $72.4M | $70.5M | $59.8M | $67.4M |
| Inventory | $20.9M | $23.1M | — | — | — | — | — | — | — | — |
| Property and equipment, net | $0.3M | $0.2M | $0.1M | $0.1M | $0.2M | $0.8M | $0.7M | $1.0M | $0.7M | — |
| Goodwill | $19.0M | $0.0M | — | — | — | — | — | — | — | — |
| Total assets | $1.3B | $1.1B | $1.1B | $1.0B | $974M | $851M | $880M | $879M | $818M | $902M |
| Total liabilities | $479M | $430M | $469M | $435M | $375M | $353M | $340M | $341M | $309M | $457M |
| Shareholders' equity | $871M | $711M | $602M | $595M | $599M | $498M | $540M | $538M | $509M | $446M |
| Margins | ||||||||||
| Gross margin | 64.8% | 52.1% | 42.9% | 55.3% | 65.9% | 32.9% | 49.8% | 66.9% | 64.4% | 62.3% |
| Operating margin | 14.9% | −59.1% | −13.4% | 10.1% | 22.9% | −75.6% | 12.3% | 32.7% | 22.1% | 15.9% |
| EBITDA margin | 40.3% | −25.2% | 7.6% | 30.2% | 42.0% | −39.8% | 27.2% | 45.8% | 38.2% | 35.7% |
| Net margin | −1.2% | −69.0% | −33.0% | −3.3% | 14.1% | −89.7% | 4.5% | 25.2% | 13.3% | 4.2% |
| Returns | ||||||||||
| Return on capital | 4.3% | −13.3% | −3.1% | 2.7% | 9.0% | −14.5% | 5.3% | 15.8% | 10.5% | 5.6% |
| Return on capital employed | 4.0% | −15.7% | −3.7% | 3.3% | 8.7% | −18.4% | 5.2% | 15.8% | 10.2% | 5.6% |
| Return on equity | −0.5% | −25.9% | −14.5% | −1.7% | 8.4% | −31.2% | 2.9% | 18.3% | 8.9% | 2.6% |
| Return on assets | −0.3% | −16.5% | −8.6% | −1.0% | 5.0% | −18.8% | 1.7% | 11.2% | 5.5% | 1.4% |
| Return on tangible equity | −0.5% | −28.8% | −15.8% | −1.7% | 8.4% | −34.4% | 2.8% | 18.3% | 9.2% | 2.8% |
| Growth | ||||||||||
| Revenue growth | — | −16.9% | −2.7% | 9.8% | 11.8% | −46.1% | 77.6% | 15.4% | −10.7% | −16.6% |
| Net income growth | — | — | — | — | — | −442.4% | — | 553.7% | −52.7% | −73.7% |
| EPS growth | — | — | — | — | — | −408.8% | — | 571.4% | −53.2% | −72.7% |
| Share count change | — | 12.2% | 36.7% | 0.4% | 4.7% | 8.9% | 24.3% | 3.4% | 0.5% | 0.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.5x | — | 17.5x | 3.6x | 2.0x | — | 2.7x | 1.5x | 1.7x | 3.6x |
| Debt / equity | 0.5x | 0.5x | 0.7x | 0.7x | 0.6x | 0.6x | 0.6x | 0.6x | 0.5x | 1.0x |
| Interest coverage | 4.8x | −8.6x | −1.1x | 0.8x | 2.6x | −5.5x | 1.5x | 4.2x | 2.5x | 1.3x |
| Current ratio | 7.6x | 5.0x | 3.1x | 2.2x | 2.5x | 1.6x | 2.0x | 1.5x | 1.7x | 2.2x |
| Quick ratio | 6.6x | 4.1x | 3.1x | 2.2x | 2.5x | 1.6x | 2.0x | 1.5x | 1.7x | 2.2x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.1% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 0.1% | 0.6% | 0.5% | 0.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 2.0 | 3.0 | 6.0 | 8.0 | 1.0 | 8.0 | 7.0 | 5.0 | 4.0 |
| Altman Z'' | 2.9 | 0.7 | 0.6 | 2.1 | 2.6 | −0.0 | 1.9 | 2.7 | 2.6 | 2.0 |
| Accruals ratio | −9.8% | −19.0% | −7.2% | −6.0% | −6.1% | −13.9% | −1.0% | −4.6% | −9.6% | −0.9% |
Source: SEC EDGAR XBRL filings (CIK 0001000177). Data updated October 24, 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.