Nordic American Tanker (NAT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NAT SEC filings page.
Nordic American Tanker (NAT) reported $291.7M in revenue for fiscal year 2025, down 16.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Profits remain positive, but 2025 cash generation weakened sharply as distributions and investment coincided with materially higher debt.
Cash conversion deteriorated: operating cash flow fell84.5% from FY2024 to FY2025, while net income fell73.7% , showing that accounting profit became much less cash-generative. Financing cash flow was$69.0M while operating cash flow was$19.8M , so distributions were not funded by operating cash alone.
Revenue contracted
Debt-to-equity rose from
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nordic American Tanker's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nordic American Tanker has an operating margin of 15.9%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 44/100, indicating healthy but not exceptional operating efficiency. This is down from 22.1% the prior year.
Nordic American Tanker's revenue declined 16.6% year-over-year, from $349.7M to $291.7M. This contraction results in a growth score of 8/100.
Nordic American Tanker has elevated debt relative to equity (D/E of 0.87), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 20/100, reflecting increased financial risk.
With a current ratio of 2.24, Nordic American Tanker holds $2.24 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 77/100.
Not available for Nordic American Tanker, and counted as zero in the overall score.
Nordic American Tanker's ROE of 2.8% shows moderate profitability relative to equity, earning a score of 46/100. This is down from 9.2% the prior year.
Nordic American Tanker scores 2.96, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($456.6M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nordic American Tanker 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.
For every $1 of reported earnings, Nordic American Tanker generates $1.62 in operating cash flow ($19.8M OCF vs $12.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Nordic American Tanker earns $1.30 in operating income for every $1 of interest expense ($46.3M vs $35.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Nordic American Tanker held $45.9M in cash against $388.7M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
NAT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
NAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F | Q2'2410-Q | Q4'2310-K | Q2'2310-Q | Q4'2210-K | Q2'2210-Q | Q4'2110-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $902.2M+10.3% | $817.6M-7.0% | $861.8M-2.3% | $879.2M-0.1% | $882.5M-1.9% | $879.9M+3.4% | $899.2M-3.3% | $851.2M-12.6% |
| Current Assets | $150.9M+52.7% | $98.8M-9.3% | $117.5M-31.2% | $108.9M-23.7% | $170.7M+25.9% | $142.7M+33.2% | $135.6M+57.7% | $107.1M+7.6% |
| Cash & Equivalents | $45.9M+17.1% | $39.2M+26.1% | $40.8M-57.8% | $31.1M-47.8% | $96.5M+171.2% | $59.6M+71.5% | $35.6M+3.7% | $34.7M-39.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $19.0M+17.4% | $16.2M-38.3% | $22.8M-17.2% | $26.3M+28.5% | $27.5M | $20.5M+118.4% | N/A | $9.4M+48.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $456.6M+47.9% | $308.8M-9.4% | $336.0M+1.7% | $340.9M+0.3% | $330.5M-18.0% | $339.9M-3.7% | $403.3M+9.9% | $352.9M-5.9% |
| Current Liabilities | $67.4M+12.8% | $59.8M-15.2% | $147.8M+57.4% | $70.5M-2.7% | $93.9M+5.8% | $72.4M+7.1% | $88.8M+108.2% | $67.6M+70.5% |
| Non-Current Liabilities | $389.2M+56.3% | $249.0M-7.9% | $188.1M-20.5% | $270.4M+1.1% | $236.6M-24.8% | $267.5M-6.2% | $314.5M-3.0% | $285.3M-15.0% |
| Long-Term Debt | $388.7M+56.7% | $248.1M-8.0% | $187.0M-20.7% | $269.7M+1.3% | $235.8M-24.7% | $266.3M-6.0% | $313.0M-3.2% | $283.4M-15.3% |
| Total Equity | $445.5M-12.4% | $508.8M-5.5% | $525.9M-4.7% | $538.3M-0.3% | $552.0M+11.3% | $540.0M+8.4% | $495.9M-11.9% | $498.2M-16.8% |
| Retained Earnings | $1.4M+112.9% | -$10.9M+81.1% | -$20.9M+74.7% | -$57.5M+63.2% | -$82.5M+59.2% | -$156.2M+8.8% | -$202.3M-276.5% | -$171.3M |
Not reported in any period shown, so not listed: Inventory, Goodwill.
NAT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Share Buybacks.
NAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Nordic American Tanker NAT | FY2025 | $291.7M | $12.3M | 4.2% | $1.8B | 33/100 |
| Teekay Corporation Ltd. TK | FY2025 | $949.5M | $98.1M | 10.3% | $1.3B | 70/100 |
| Tsakos Energy Navigation Ltd. TEN | FY2025 | $798.7M | $160.9M | 20.2% | $1.6B | 34/100 |
| NGL ENERGY PARTNERS LP NGL | FY2026 | $3.2B | -$142.3M | -4.5% | $1.9B | 30/100 |
| Cool Company Ltd. CLCO | FY2024 | $338.5M | $98.1M | 29.0% | $511.2M | 63/100 |
Where Nordic American Tanker Ranks
Frequently Asked Questions
What is Nordic American Tanker's annual revenue?
Nordic American Tanker (NAT) reported $291.7M in total revenue for fiscal year 2025. This represents a -16.6% 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 Tanker's revenue growing?
Nordic American Tanker (NAT) revenue declined by 16.6% year-over-year, from $349.7M to $291.7M in fiscal year 2025.
Is Nordic American Tanker profitable?
Yes, Nordic American Tanker (NAT) reported a net income of $12.3M in fiscal year 2025, with a net profit margin of 4.2%.
What is Nordic American Tanker's EBITDA?
Nordic American Tanker (NAT) had EBITDA of $104.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nordic American Tanker have?
As of fiscal year 2025, Nordic American Tanker (NAT) had $45.9M in cash and equivalents against $388.7M in long-term debt.
What is Nordic American Tanker's gross margin?
Nordic American Tanker (NAT) had a gross margin of 62.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nordic American Tanker's operating margin?
Nordic American Tanker (NAT) had an operating margin of 15.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Nordic American Tanker's net profit margin?
Nordic American Tanker (NAT) had a net profit margin of 4.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Nordic American Tanker pay dividends?
Yes, Nordic American Tanker (NAT) paid $0.36 per share in dividends during fiscal year 2025.
What is Nordic American Tanker's return on equity (ROE)?
Nordic American Tanker (NAT) has a return on equity of 2.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nordic American Tanker's operating cash flow?
Nordic American Tanker (NAT) generated $19.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nordic American Tanker's total assets?
Nordic American Tanker (NAT) had $902.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Nordic American Tanker's current ratio?
Nordic American Tanker (NAT) had a current ratio of 2.24 as of fiscal year 2025, which is generally considered healthy.
What is Nordic American Tanker's debt-to-equity ratio?
Nordic American Tanker (NAT) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nordic American Tanker's return on assets (ROA)?
Nordic American Tanker (NAT) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nordic American Tanker's P/E ratio?
Nordic American Tanker (NAT) trades at 146x earnings, its market capitalization divided by net income of $12.3M net income, FY2025. The market capitalization is $1.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nordic American Tanker's price-to-sales ratio?
Nordic American Tanker (NAT) trades at 6.1x sales, its market capitalization divided by revenue of $291.7M revenue, FY2025. The market capitalization is $1.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nordic American Tanker's Altman Z-Score?
Nordic American Tanker (NAT) has an Altman Z-Score of 2.96, 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 Tanker's Piotroski F-Score?
Nordic American Tanker (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nordic American Tanker's earnings high quality?
Nordic American Tanker (NAT) has an earnings quality ratio of 1.62x, 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 Tanker cover its interest payments?
Nordic American Tanker (NAT) has an interest coverage ratio of 1.30x, meaning it can struggle to 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 Tanker?
Nordic American Tanker (NAT) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.