Nordic American Tankers Financials

NAT

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Nordic American Tankers (NAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 55/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Nordic American Tankers has an operating margin of 22.1%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 32.6% the prior year.

Growth

Nordic American Tankers's revenue declined 10.7% year-over-year, from $391.7M to $349.7M. This contraction results in a growth score of 0/100.

Leverage

Nordic American Tankers carries a low D/E ratio of 0.49, meaning only $0.49 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Nordic American Tankers's current ratio of 1.65 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Nordic American Tankers's ROE of 9.2% shows moderate profitability relative to equity, earning a score of 37/100. This is down from 18.3% the prior year.

Altman Z-Score Grey Zone

2.77

Nordic American Tankers scores 2.77, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.0B) relative to total liabilities ($308.8M). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

5/9

Nordic American Tankers passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.75x

For every $1 of reported earnings, Nordic American Tankers generates $2.75 in operating cash flow ($128.2M OCF vs $46.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

91.0x

Nordic American Tankers earns $91.0 in operating income for every $1 of interest expense ($77.3M vs $850K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Revenue

$349.7M

YoY-10.7%

5Y CAGR+2.0%

10Y CAGR+72.5%

Nordic American Tankers generated $349.7M in revenue in fiscal year 2024. This represents a decrease of 10.7% from the prior year.

EBITDA

$133.5M

YoY-25.6%

5Y CAGR+6.8%

10Y CAGR+5.8%

Nordic American Tankers's EBITDA was $133.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 25.6% from the prior year.

Free Cash Flow

N/A

Net Income

$46.6M

YoY-52.7%

Nordic American Tankers reported $46.6M in net income in fiscal year 2024. This represents a decrease of 52.7% from the prior year.

EPS (Diluted)

$0.22

YoY-53.2%

Nordic American Tankers earned $0.22 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 53.2% from the prior year.

Cash & Debt

$39.2M

YoY+26.1%

5Y CAGR-4.3%

10Y CAGR-9.0%

Nordic American Tankers held $39.2M in cash against $248.1M in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.40

5Y CAGR+32.0%

10Y CAGR-4.1%

Nordic American Tankers paid $0.40 per share in dividends in fiscal year 2024.

Shares Outstanding

212M

YoY+1.4%

5Y CAGR+7.5%

10Y CAGR+9.0%

Nordic American Tankers had 212M shares outstanding in fiscal year 2024. This represents an increase of 1.4% from the prior year.

Gross Margin

64.4%

YoY-2.6pp

5Y CAGR+9.0pp

Nordic American Tankers's gross margin was 64.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.6 percentage points from the prior year.

Operating Margin

22.1%

YoY-10.5pp

5Y CAGR+12.0pp

10Y CAGR+340.4pp

Nordic American Tankers's operating margin was 22.1% in fiscal year 2024, reflecting core business profitability. This is down 10.5 percentage points from the prior year.

Net Margin

13.3%

YoY-11.9pp

5Y CAGR+16.6pp

10Y CAGR+891.1pp

Nordic American Tankers's net profit margin was 13.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 11.9 percentage points from the prior year.

Return on Equity

9.2%

YoY-9.2pp

Nordic American Tankers's ROE was 9.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 9.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$3.5M

Nordic American Tankers spent $3.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

NAT Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$349.7M-10.7%	$391.7M+15.4%	$339.3M+77.6%	$191.1M-46.1%	$354.6M+11.8%	$317.2M
Cost of Revenue	$124.6M-3.8%	$129.5M-24.0%	$170.5M+32.9%	$128.3M+5.9%	$121.1M-14.6%	$141.8M
Gross Profit	$225.1M-14.1%	$262.2M+55.3%	$168.8M+168.8%	$62.8M-73.1%	$233.5M+33.1%	$175.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$28.8M+25.9%	$22.9M+21.8%	$18.8M+20.3%	$15.6M-11.2%	$17.6M+30.5%	$13.5M
Operating Income	$77.3M-39.5%	$127.9M+205.5%	$41.9M+129.0%	-$144.5M-277.9%	$81.2M+154.1%	$32.0M
Interest Expense	$850K-97.2%	$30.5M+12.7%	$27.1M+2.6%	$26.4M-16.2%	$31.5M-18.0%	$38.4M
Income Tax	-$10K-108.3%	$120K+421.7%	$23K-61.0%	$59K-7.8%	$64K-9.9%	$71K
Net Income	$46.6M-52.7%	$98.7M+553.7%	$15.1M+108.8%	-$171.3M-442.4%	$50.0M+583.3%	-$10.4M
EPS (Diluted)	$0.22-53.2%	$0.47+571.4%	$0.07+106.7%	$-1.05-408.8%	$0.34+585.7%	$-0.07

Metric	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NAT Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$817.6M-7.0%	$879.2M-0.1%	$879.9M+3.4%	$851.2M-12.6%	$974.3M-5.5%	$1.0B
Current Assets	$98.8M-9.3%	$108.9M-23.7%	$142.7M+33.2%	$107.1M+7.6%	$99.5M-23.1%	$129.4M
Cash & Equivalents	$39.2M+26.1%	$31.1M-47.8%	$59.6M+71.5%	$34.7M-39.9%	$57.8M+18.4%	$48.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$16.2M-38.3%	$26.3M+28.4%	$20.5M+118.4%	$9.4M+48.8%	$6.3M-74.4%	$24.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$308.8M-9.4%	$340.9M+0.3%	$339.9M-3.7%	$352.9M-5.9%	$375.2M-13.8%	$435.5M
Current Liabilities	$59.8M-15.2%	$70.5M-2.7%	$72.4M+7.1%	$67.6M+70.5%	$39.7M-32.8%	$59.0M
Long-Term Debt	$248.1M-8.0%	$269.7M+1.3%	$266.3M-6.0%	$283.4M-15.3%	$334.6M-10.9%	$375.4M
Total Equity	$508.8M-5.5%	$538.3M-0.3%	$540.0M+8.4%	$498.2M-16.8%	$599.1M+0.6%	$595.4M
Retained Earnings	-$10.9M+81.1%	-$57.5M+63.2%	-$156.2M+8.8%	-$171.3M	$0+100.0%	-$10.4M

Metric	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Total Assets	$817.6M-5.1%	$861.8M-2.0%	$879.2M-0.4%	$882.5M+0.3%	$879.9M-2.1%	$899.2M+5.6%	$851.2M-8.4%	$929.6M
Current Assets	$98.8M-15.9%	$117.5M+7.9%	$108.9M-36.2%	$170.7M+19.6%	$142.7M+5.2%	$135.6M+26.6%	$107.1M+24.6%	$86.0M
Cash & Equivalents	$39.2M-3.9%	$40.8M+31.1%	$31.1M-67.8%	$96.5M+61.9%	$59.6M+67.5%	$35.6M+2.4%	$34.7M+1.3%	$34.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$16.2M-28.9%	$22.8M-13.2%	$26.3M-4.5%	$27.5M+34.5%	$20.5M	N/A	$9.4M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$308.8M-8.1%	$336.0M-1.4%	$340.9M+3.1%	$330.5M-2.8%	$339.9M-15.7%	$403.3M+14.3%	$352.9M-3.8%	$366.9M
Current Liabilities	$59.8M-59.6%	$147.8M+109.8%	$70.5M-25.0%	$93.9M+29.7%	$72.4M-18.4%	$88.8M+31.3%	$67.6M+58.6%	$42.6M
Long-Term Debt	$248.1M+32.7%	$187.0M-30.7%	$269.7M+14.4%	$235.8M-11.5%	$266.3M-14.9%	$313.0M+10.4%	$283.4M-12.4%	$323.5M
Total Equity	$508.8M-3.2%	$525.9M-2.3%	$538.3M-2.5%	$552.0M+2.2%	$540.0M+8.9%	$495.9M-0.5%	$498.2M-11.5%	$562.7M
Retained Earnings	-$10.9M+47.9%	-$20.9M+63.7%	-$57.5M+30.3%	-$82.5M+47.2%	-$156.2M+22.8%	-$202.3M-18.1%	-$171.3M-218.9%	-$53.7M

NAT Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$128.2M-8.1%	$139.4M+477.8%	$24.1M+154.3%	-$44.5M-140.1%	$110.9M+109.9%	$52.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$2.6M+96.4%	-$73.7M-413.6%	-$14.3M-313.9%	-$3.5M+80.2%	-$17.5M-653.6%	-$2.3M
Financing Cash Flow	-$115.1M-20.3%	-$95.7M-1162.4%	$9.0M-70.5%	$30.5M+132.8%	-$93.1M-143.3%	-$38.3M
Dividends Paid	$75.1M-16.4%	$89.8M+295.6%	$22.7M+134.0%	$9.7M-85.6%	$67.2M+369.9%	$14.3M
Share Buybacks	$3.5M	$0	$0	N/A	N/A	N/A

Metric	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	$25.1M+100.8%	$12.5M	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NAT Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	64.4%-2.6pp	66.9%+17.2pp	49.8%+16.9pp	32.9%-33.0pp	65.8%+10.5pp	55.3%
Operating Margin	22.1%-10.5pp	32.6%+20.3pp	12.3%+87.9pp	-75.6%-98.5pp	22.9%+12.8pp	10.1%
Net Margin	13.3%-11.9pp	25.2%+20.8pp	4.5%+94.1pp	-89.7%-103.8pp	14.1%+17.4pp	-3.3%
Return on Equity	9.2%-9.2pp	18.3%+15.5pp	2.8%	N/A	8.3%	N/A
Return on Assets	5.7%-5.5pp	11.2%+9.5pp	1.7%+21.9pp	-20.1%-25.3pp	5.1%+6.1pp	-1.0%
Current Ratio	1.65+0.1	1.55-0.4	1.97+0.4	1.58-0.9	2.51+0.3	2.19
Debt-to-Equity	0.49-0.0	0.500.0	0.49-0.1	0.57+0.0	0.56-0.1	0.63
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.65+0.9	0.79-0.8	1.55-0.3	1.82-0.2	1.97+0.4	1.53-0.1	1.58-0.4	2.02
Debt-to-Equity	0.49+0.1	0.36-0.1	0.50+0.1	0.43-0.1	0.49-0.1	0.63+0.1	0.570.0	0.57
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Nordic American Tankers's annual revenue?

Nordic American Tankers (NAT) reported $349.7M in total revenue for fiscal year 2024. This represents a -10.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nordic American Tankers's revenue growing?

Nordic American Tankers (NAT) revenue declined by 10.7% year-over-year, from $391.7M to $349.7M in fiscal year 2024.

Is Nordic American Tankers profitable?

Yes, Nordic American Tankers (NAT) reported a net income of $46.6M in fiscal year 2024, with a net profit margin of 13.3%.

What is Nordic American Tankers's earnings per share (EPS)?

Nordic American Tankers (NAT) reported diluted earnings per share of $0.22 for fiscal year 2024. This represents a -53.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Nordic American Tankers's EBITDA?

Nordic American Tankers (NAT) had EBITDA of $133.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Nordic American Tankers have?

As of fiscal year 2024, Nordic American Tankers (NAT) had $39.2M in cash and equivalents against $248.1M in long-term debt.

What is Nordic American Tankers's gross margin?

Nordic American Tankers (NAT) had a gross margin of 64.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nordic American Tankers's operating margin?

Nordic American Tankers (NAT) had an operating margin of 22.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Nordic American Tankers's net profit margin?

Nordic American Tankers (NAT) had a net profit margin of 13.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Nordic American Tankers pay dividends?

Yes, Nordic American Tankers (NAT) paid $0.40 per share in dividends during fiscal year 2024.

What is Nordic American Tankers's return on equity (ROE)?

Nordic American Tankers (NAT) has a return on equity of 9.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Nordic American Tankers's operating cash flow?

Nordic American Tankers (NAT) generated $128.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Nordic American Tankers's total assets?

Nordic American Tankers (NAT) had $817.6M in total assets as of fiscal year 2024, including both current and long-term assets.

Does Nordic American Tankers buy back shares?

Yes, Nordic American Tankers (NAT) spent $3.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Nordic American Tankers have outstanding?

Nordic American Tankers (NAT) had 212M shares outstanding as of fiscal year 2024.

What is Nordic American Tankers's current ratio?

Nordic American Tankers (NAT) had a current ratio of 1.65 as of fiscal year 2024, which is generally considered healthy.

What is Nordic American Tankers's debt-to-equity ratio?

Nordic American Tankers (NAT) had a debt-to-equity ratio of 0.49 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nordic American Tankers's return on assets (ROA)?

Nordic American Tankers (NAT) had a return on assets of 5.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Nordic American Tankers's Altman Z-Score?

Nordic American Tankers (NAT) has an Altman Z-Score of 2.77, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Nordic American Tankers's Piotroski F-Score?

Nordic American Tankers (NAT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nordic American Tankers's earnings high quality?

Nordic American Tankers (NAT) has an earnings quality ratio of 2.75x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Nordic American Tankers cover its interest payments?

Nordic American Tankers (NAT) has an interest coverage ratio of 91.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Nordic American Tankers?

Nordic American Tankers (NAT) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.