International Seaways vs Viper Energy
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The short version
- Viper Energy is the larger business, with $1.4B of revenue in fiscal 2025 against $843M for International Seaways, about 1.7 times as much.
- Viper Energy grew revenue faster (62.0%, against −11.4%).
- International Seaways kept more of each dollar of sales as operating profit (41.0% operating margin, against −10.0%).
| Latest fiscal year | INSW · FY25 | VNOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.5B | $9.1B |
| Revenue | $843M | $1.4B |
| Free cash flow | $379M | — |
| Net income | $309M | −$68.0M |
| Growth | ||
| Revenue growth | −11.4% | 62.0% |
| 5-year growth | 14.9% | 41.0% |
| Share count change | −0.2% | 51.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 41.0% | −10.0% |
| Net margin | 36.7% | −4.9% |
| FCF margin | 44.9% | — |
| Return on capital | — | −1.3% |
| Return on equity | 16.0% | −2.2% |
| Balance sheet | ||
| Net debt | $400M | $2.2B |
| Net debt / EBITDA | 0.8x | 4.7x |
| Dividends and buybacks | $145M | $328M |
| Valuation & quality | ||
| P/E | 7.1x | — |
| Piotroski F-score | 6 | 3 |
Revenue
FY16
INSW $398M
VNOM $79.1M
FY17
INSW $290M
VNOM $172M
FY18
INSW $270M
VNOM $289M
FY19
INSW $366M
VNOM $298M
FY20
INSW $422M
VNOM $251M
FY21
INSW $273M
VNOM $505M
FY22
INSW $865M
VNOM $867M
FY23
INSW $1.1B
VNOM $828M
FY24
INSW $952M
VNOM $861M
FY25
INSW $843M
VNOM $1.4B
INSW
VNOM
Operating margin
FY16
INSW 1.8%
VNOM −11.8%
FY17
INSW −37.2%
VNOM 66.2%
FY18
INSW −20.2%
VNOM 70.3%
FY19
INSW 15.1%
VNOM 64.9%
FY20
INSW 9.5%
VNOM 21.1%
FY21
INSW −41.1%
VNOM 71.6%
FY22
INSW 51.2%
VNOM 78.5%
FY23
INSW 57.4%
VNOM 74.9%
FY24
INSW 47.8%
VNOM 65.9%
FY25
INSW 41.0%
VNOM −10.0%
INSW
VNOM
Free cash flow
FY16
INSW $127M
VNOM $68.6M
FY17
INSW −$156M
VNOM $139M
FY18
INSW −$161M
VNOM $240M
FY19
INSW $86.9M
VNOM $237M
FY20
INSW $216M
VNOM $197M
FY21
INSW −$77.2M
VNOM —
FY22
INSW $287M
VNOM —
FY23
INSW $687M
VNOM —
FY24
INSW $546M
VNOM —
FY25
INSW $379M
VNOM —
INSW
VNOM
Return on capital
FY16
INSW 0.4%
VNOM —
FY17
INSW −5.5%
VNOM 13.9%
FY18
INSW −2.6%
VNOM 15.6%
FY19
INSW 2.6%
VNOM 8.8%
FY20
INSW 2.2%
VNOM 1.6%
FY21
INSW −5.1%
VNOM 13.4%
FY22
INSW 20.3%
VNOM 23.3%
FY23
INSW 27.5%
VNOM 16.7%
FY24
INSW —
VNOM 12.8%
FY25
INSW —
VNOM −1.3%
INSW
VNOM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.