Nordic American Tankers Financials
Nordic American Tankers (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).
Profitability stayed positive, but cash generation and leverage moved the other way, revealing a more debt-backed and less self-funded payout model.
Cash conversion weakened sharply even though the income statement remained profitable: operating cash flow fell from$128.2M to$19.8M even though net income stayed positive. Because dividends still consumed$76.2M and long-term debt rose to$388.7M , shareholder returns were supported more by financing capacity than by that year's internally generated cash, a very different funding pattern from the previous year.
The business still shows a high gross margin structure, with gross margin at
Short-term liquidity looks adequate: the current ratio was 2.2x and cash ended at
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 Tankers'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.
Not available for Nordic American Tankers, and counted as zero in the overall score.
Nordic American Tankers scores 2.55, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.5B) 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 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.
For every $1 of reported earnings, Nordic American Tankers 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 Tankers 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
Nordic American Tankers generated $291.7M in revenue in fiscal year 2025. This represents a decrease of 16.6% from the prior year.
Nordic American Tankers's EBITDA was $104.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 22.0% from the prior year.
Nordic American Tankers reported $12.3M in net income in fiscal year 2025. This represents a decrease of 73.7% from the prior year.
Nordic American Tankers earned $0.06 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 72.7% from the prior year.
Cash & Balance Sheet
Nordic American Tankers held $45.9M in cash against $388.7M in long-term debt as of fiscal year 2025.
Nordic American Tankers paid $0.36 per share in dividends in fiscal year 2025. This represents a decrease of 10.0% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Nordic American Tankers's gross margin was 62.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.0 percentage points from the prior year.
Nordic American Tankers's operating margin was 15.9% in fiscal year 2025, reflecting core business profitability. This is down 6.2 percentage points from the prior year.
Nordic American Tankers's net profit margin was 4.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.1 percentage points from the prior year.
Nordic American Tankers's ROE was 2.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.4 percentage points from the prior year.
Capital Allocation
Nordic American Tankers repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $291.7M-16.6% | $349.7M-10.7% | $391.7M+15.4% | $339.3M+77.6% | $191.1M-46.1% | $354.6M+11.8% | $317.2M+9.8% | $289.0M-2.7% | $297.1M-16.9% | $357.5M | $0-100.0% | $1.5M | $0 | $0 | N/A |
| Cost of Revenue | $109.9M-11.8% | $124.6M-3.8% | $129.5M-24.0% | $170.5M+32.9% | $128.3M+5.9% | $121.1M-14.6% | $141.8M-14.1% | $165.0M+15.8% | $142.5M+13.1% | $126.0M | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $181.8M-19.2% | $225.1M-14.1% | $262.2M+55.3% | $168.8M+168.8% | $62.8M-73.1% | $233.5M+33.1% | $175.4M+41.5% | $124.0M-19.8% | $154.7M-33.2% | $231.5M | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $28.1M-2.4% | $28.8M+25.9% | $22.9M+21.8% | $18.8M+20.3% | $15.6M-11.2% | $17.6M+30.5% | $13.5M+5.9% | $12.7M+1.2% | $12.6M+2.3% | $12.3M+25.6% | $9.8M-34.1% | $14.9M-24.0% | $19.6M+33.0% | $14.7M-4.5% | $15.4M |
| Operating Income | $46.3M-40.1% | $77.3M-39.5% | $127.9M+205.5% | $41.9M+129.0% | -$144.5M-277.9% | $81.2M+154.1% | $32.0M+182.8% | -$38.6M+78.0% | -$175.7M-429.4% | $53.3M-58.4% | $128.1M+2782.6% | -$4.8M+94.9% | -$93.6M-37.9% | -$67.9M+4.6% | -$71.2M |
| Interest Expense | $35.8M+4106.1% | $850K-97.2% | $30.5M+12.7% | $27.1M+2.6% | $26.4M-16.2% | $31.5M-18.0% | $38.4M+11.1% | $34.5M+68.8% | $20.5M+83.2% | $11.2M+2.9% | $10.9M-11.3% | $12.2M+6.3% | $11.5M+96.8% | $5.9M+174.8% | $2.1M |
| Income Tax | $48K+580.0% | -$10K-108.3% | $120K+421.7% | $23K-61.0% | $59K-7.8% | $64K-9.9% | $71K-10.1% | $79K-4.8% | $83K-18.6% | $102K+6.3% | $96K+104.3% | $47K-45.3% | $86K | $0 | $0 |
| Net Income | $12.3M-73.7% | $46.6M-52.7% | $98.7M+553.7% | $15.1M+108.8% | -$171.3M-442.4% | $50.0M+583.3% | -$10.4M+89.1% | -$95.3M+53.5% | -$205.0M-4499.8% | -$4.5M-103.9% | $114.6M+970.6% | -$13.2M+87.5% | -$105.4M-44.0% | -$73.2M-1.2% | -$72.3M |
| EPS (Diluted) | $0.06-72.7% | $0.22-53.2% | $0.47+571.4% | $0.07+106.7% | -$1.05-408.8% | $0.34+585.7% | -$0.07+89.6% | -$0.67+66.0% | -$1.97-3840.0% | -$0.05-103.9% | $1.29+960.0% | -$0.15+90.9% | -$1.64-18.0% | -$1.39+9.2% | -$1.53 |
Not reported in any period shown, so not listed: R&D Expenses.
NAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $902.2M+10.3% | $817.6M-7.0% | $879.2M-0.1% | $879.9M+3.4% | $851.2M-12.6% | $974.3M-5.5% | $1.0B-3.8% | $1.1B-6.1% | $1.1B-15.5% | $1.3B+8.9% | $1.2B+6.0% | $1.2B+2.9% | $1.1B+4.7% | $1.1B-3.5% | $1.1B |
| Current Assets | $150.9M+52.7% | $98.8M-9.3% | $108.9M-23.7% | $142.7M+33.2% | $107.1M+7.6% | $99.5M-23.1% | $129.4M+14.5% | $112.9M-11.1% | $127.0M-22.4% | $163.7M+38.5% | $118.2M-33.0% | $176.5M+34.3% | $131.4M+67.2% | $78.6M-5.4% | $83.1M |
| Cash & Equivalents | $45.9M+17.1% | $39.2M+26.1% | $31.1M-47.8% | $59.6M+71.5% | $34.7M-39.9% | $57.8M+18.4% | $48.8M-1.0% | $49.3M-15.5% | $58.4M-29.0% | $82.2M+174.9% | $29.9M-70.3% | $100.7M+53.4% | $65.7M+18.3% | $55.5M+131.2% | $24.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $23.1M+10.5% | $20.9M+40.7% | $14.8M-33.2% | $22.2M-8.5% | $24.3M+499.8% | $4.0M-46.6% | $7.6M |
| Accounts Receivable | $19.0M+17.4% | $16.2M-38.3% | $26.3M+28.5% | $20.5M+118.4% | $9.4M+48.8% | $6.3M-74.4% | $24.6M+11.3% | $22.1M+1.8% | $21.7M+24.0% | $17.5M-38.8% | $28.6M+74.4% | $16.4M | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $19.0M0.0% | $19.0M0.0% | $19.0M0.0% | $19.0M | $0 | N/A |
| Total Liabilities | $456.6M+47.9% | $308.8M-9.4% | $340.9M+0.3% | $339.9M-3.7% | $352.9M-5.9% | $375.2M-13.8% | $435.5M-7.2% | $469.1M+9.1% | $430.0M-10.2% | $478.9M+33.6% | $358.5M+24.9% | $286.9M+2.0% | $281.5M+1.9% | $276.2M+7.1% | $257.8M |
| Current Liabilities | $67.4M+12.8% | $59.8M-15.2% | $70.5M-2.7% | $72.4M+7.1% | $67.6M+70.5% | $39.7M-32.8% | $59.0M+62.7% | $36.3M+43.3% | $25.3M+17.7% | $21.5M+3.2% | $20.9M-13.2% | $24.0M+24.8% | $19.3M+28.6% | $15.0M-16.6% | $17.9M |
| Long-Term Debt | $388.7M+56.7% | $248.1M-8.0% | $269.7M+1.3% | $266.3M-6.0% | $283.4M-15.3% | $334.6M-10.9% | $375.4M-10.2% | $417.8M+7.5% | $388.9M-12.2% | $442.8M+36.4% | $324.6M+29.8% | $250.0M0.0% | $250.0M0.0% | $250.0M+8.7% | $230.0M |
| Total Equity | $445.5M-12.4% | $508.8M-5.5% | $538.3M-0.3% | $540.0M+8.4% | $498.2M-16.8% | $599.1M+0.6% | $595.4M-1.1% | $602.0M-15.3% | $711.1M-18.4% | $871.0M-1.1% | $880.7M-0.9% | $888.9M+4.0% | $855.0M+5.6% | $809.4M-6.7% | $867.6M |
| Retained Earnings | $1.4M+112.9% | -$10.9M+81.1% | -$57.5M+63.2% | -$156.2M+8.8% | -$171.3M | $0+100.0% | -$10.4M+96.6% | -$308.8M-47.5% | -$209.4M-4599.8% | -$4.5M | $0+100.0% | -$12.8M+87.9% | -$105.4M-44.0% | -$73.2M-1.2% | -$72.3M |
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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $19.8M-84.5% | $128.2M-8.1% | $139.4M+477.8% | $24.1M+154.3% | -$44.5M-140.1% | $110.9M+109.9% | $52.9M+428.2% | -$16.1M-150.7% | $31.7M-75.2% | $127.8M-26.7% | $174.4M+203.4% | $57.5M+221.6% | -$47.3M-8236.0% | -$567K+95.3% | -$12.2M |
| Investing Cash Flow | -$87.7M-3247.3% | -$2.6M+96.4% | -$73.7M-413.6% | -$14.3M-313.9% | -$3.5M+80.2% | -$17.5M-653.6% | -$2.3M-102.7% | $85.1M+282.8% | -$46.5M+75.1% | -$186.8M+2.9% | -$192.4M | N/A | -$73.3M-1295.8% | $6.1M+107.5% | -$81.8M |
| Financing Cash Flow | $69.0M+160.0% | -$115.1M-20.3% | -$95.7M-1162.4% | $9.0M-70.5% | $30.5M+132.8% | -$93.1M-143.3% | -$38.3M+51.0% | -$78.0M-311.5% | -$19.0M-117.0% | $111.3M+333.3% | -$47.7M | N/A | $130.9M+404.3% | $25.9M-74.2% | $100.7M |
| Dividends Paid | $76.2M+1.5% | $75.1M-16.4% | $89.8M+295.6% | $22.7M+134.0% | $9.7M-85.6% | $67.2M+369.9% | $14.3M+44.4% | $9.9M-83.2% | $59.1M-53.0% | $125.7M+2.2% | $123.0M+127.5% | $54.1M+29.5% | $41.8M-34.2% | $63.5M+17.0% | $54.3M |
| Share Buybacks | $0-100.0% | $3.5M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
NAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.3%-2.0pp | 64.4%-2.6pp | 66.9%+17.2pp | 49.8%+16.9pp | 32.9%-33.0pp | 65.8%+10.5pp | 55.3%+12.4pp | 42.9%-9.1pp | 52.0%-12.7pp | 64.8% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 15.9%-6.2pp | 22.1%-10.5pp | 32.6%+20.3pp | 12.3%+87.9pp | -75.6%-98.5pp | 22.9%+12.8pp | 10.1%+23.4pp | -13.4%+45.8pp | -59.1%-74.1pp | 14.9% | N/A | -318.3% | N/A | N/A | N/A |
| Net Margin | 4.2%-9.1pp | 13.3%-11.9pp | 25.2%+20.8pp | 4.5%+94.1pp | -89.7%-103.8pp | 14.1%+17.4pp | -3.3%+29.7pp | -33.0%+36.0pp | -69.0%-67.7pp | -1.3% | N/A | -877.7% | N/A | N/A | N/A |
| Return on Equity | 2.8%-6.4pp | 9.2%-9.2pp | 18.3%+15.5pp | 2.8%+37.2pp | -34.4%-42.7pp | 8.3%+10.1pp | -1.7%+14.1pp | -15.8%+13.0pp | -28.8%-28.3pp | -0.5%-13.5pp | 13.0%+14.5pp | -1.5%+10.9pp | -12.3%-3.3pp | -9.0%-0.7pp | -8.3% |
| Return on Assets | 1.4%-4.3pp | 5.7%-5.5pp | 11.2%+9.5pp | 1.7%+21.9pp | -20.1%-25.3pp | 5.1%+6.1pp | -1.0%+7.9pp | -8.9%+9.1pp | -18.0%-17.6pp | -0.3%-9.6pp | 9.3%+10.4pp | -1.1%+8.1pp | -9.3%-2.5pp | -6.7%-0.3pp | -6.4% |
| Current Ratio | 2.24+0.6x | 1.65+0.1x | 1.55-0.4x | 1.97+0.4x | 1.58-0.9x | 2.51+0.3x | 2.19-0.9x | 3.11-1.9x | 5.01-2.6x | 7.61+1.9x | 5.67-1.7x | 7.34+0.5x | 6.82+1.6x | 5.25+0.6x | 4.63 |
| Debt-to-Equity | 0.87+0.4x | 0.490.0x | 0.500.0x | 0.49-0.1x | 0.570.0x | 0.56-0.1x | 0.63-0.1x | 0.69+0.1x | 0.550.0x | 0.51+0.1x | 0.37+0.1x | 0.280.0x | 0.290.0x | 0.310.0x | 0.27 |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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Where Nordic American Tankers Ranks
Frequently Asked Questions
What is Nordic American Tankers's annual revenue?
Nordic American Tankers (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 Tankers's revenue growing?
Nordic American Tankers (NAT) revenue declined by 16.6% year-over-year, from $349.7M to $291.7M in fiscal year 2025.
Is Nordic American Tankers profitable?
Yes, Nordic American Tankers (NAT) reported a net income of $12.3M in fiscal year 2025, with a net profit margin of 4.2%.
What is Nordic American Tankers's EBITDA?
Nordic American Tankers (NAT) had EBITDA of $104.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nordic American Tankers have?
As of fiscal year 2025, Nordic American Tankers (NAT) had $45.9M in cash and equivalents against $388.7M in long-term debt.
What is Nordic American Tankers's gross margin?
Nordic American Tankers (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 Tankers's operating margin?
Nordic American Tankers (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 Tankers's net profit margin?
Nordic American Tankers (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 Tankers pay dividends?
Yes, Nordic American Tankers (NAT) paid $0.36 per share in dividends during fiscal year 2025.
What is Nordic American Tankers's return on equity (ROE)?
Nordic American Tankers (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 Tankers's operating cash flow?
Nordic American Tankers (NAT) generated $19.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nordic American Tankers's total assets?
Nordic American Tankers (NAT) had $902.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Nordic American Tankers's current ratio?
Nordic American Tankers (NAT) had a current ratio of 2.24 as of fiscal year 2025, 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 0.87 as of fiscal year 2025, 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 1.4% for fiscal year 2025, 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 2.55, 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 to 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 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 Tankers cover its interest payments?
Nordic American Tankers (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 Tankers?
Nordic American Tankers (NAT) scores 32 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.