Tsakos Energy Financials

TEN

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows Tsakos Energy (TEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 50/100

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

Profitability

100

Tsakos Energy has an operating margin of 34.6%, meaning the company retains $35 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 44.0% the prior year.

Growth

Tsakos Energy's revenue declined 9.6% year-over-year, from $889.6M to $804.1M. This contraction results in a growth score of 1/100.

Leverage

Tsakos Energy carries a low D/E ratio of 0.78, meaning only $0.78 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Tsakos Energy's current ratio of 1.11 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.

Returns

Tsakos Energy's ROE of 10.2% shows moderate profitability relative to equity, earning a score of 41/100. This is down from 18.6% the prior year.

Altman Z-Score Distress

1.00

Tsakos Energy scores 1.00, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak

3/9

Tsakos Energy passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.75x

For every $1 of reported earnings, Tsakos Energy generates $1.75 in operating cash flow ($307.7M OCF vs $176.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.5x

Tsakos Energy earns $2.5 in operating income for every $1 of interest expense ($278.6M vs $113.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Revenue

$804.1M

YoY-9.6%

5Y CAGR+6.1%

10Y CAGR+4.8%

Tsakos Energy generated $804.1M in revenue in fiscal year 2024. This represents a decrease of 9.6% from the prior year.

EBITDA

$438.5M

YoY-18.2%

5Y CAGR+14.2%

10Y CAGR+9.4%

Tsakos Energy's EBITDA was $438.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.2% from the prior year.

Free Cash Flow

N/A

Net Income

$176.2M

YoY-41.3%

5Y CAGR+63.4%

10Y CAGR+18.1%

Tsakos Energy reported $176.2M in net income in fiscal year 2024. This represents a decrease of 41.3% from the prior year.

EPS (Diluted)

$5.03

YoY-44.4%

Tsakos Energy earned $5.03 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 44.4% from the prior year.

Cash & Debt

$343.4M

YoY-7.7%

5Y CAGR+13.2%

10Y CAGR+5.4%

Tsakos Energy held $343.4M in cash against $1.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.50

YoY+50.0%

Tsakos Energy paid $1.50 per share in dividends in fiscal year 2024. This represents an increase of 50.0% from the prior year.

Shares Outstanding

30M

YoY+2.1%

Tsakos Energy had 30M shares outstanding in fiscal year 2024. This represents an increase of 2.1% from the prior year.

Gross Margin

N/A

Operating Margin

34.6%

YoY-9.4pp

5Y CAGR+20.3pp

10Y CAGR+19.5pp

Tsakos Energy's operating margin was 34.6% in fiscal year 2024, reflecting core business profitability. This is down 9.4 percentage points from the prior year.

Net Margin

21.9%

YoY-11.8pp

5Y CAGR+19.4pp

10Y CAGR+15.2pp

Tsakos Energy's net profit margin was 21.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 11.8 percentage points from the prior year.

Return on Equity

10.2%

YoY-8.3pp

5Y CAGR+9.2pp

10Y CAGR+7.3pp

Tsakos Energy's ROE was 10.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 8.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TEN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$804.1M-9.6%	$889.6M+3.4%	$860.4M+57.5%	$546.1M-15.2%	$644.1M+7.8%	$597.5M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$45.4M+36.1%	$33.3M+11.7%	$29.9M+2.5%	$29.1M+0.3%	$29.0M+4.9%	$27.7M
Operating Income	$278.6M-28.8%	$391.5M+52.7%	$256.4M+313.9%	-$119.9M-224.0%	$96.7M+12.6%	$85.9M
Interest Expense	$113.3M+11.3%	$101.8M+83.6%	$55.5M+43.8%	$38.6M-22.2%	$49.6M-28.1%	$69.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$176.2M-41.3%	$300.2M+47.0%	$204.2M+234.9%	-$151.4M-730.8%	$24.0M+58.7%	$15.1M
EPS (Diluted)	$5.03-44.4%	$9.04+50.4%	$6.01+163.1%	$-9.53-1091.2%	$-0.80	N/A

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Revenue	$193.3M	N/A	$214.1M	N/A	$221.5M	N/A	$216.7M	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	$13.2M	N/A	$7.9M	N/A	$12.3M	N/A	$7.4M	N/A
Operating Income	$50.0M	N/A	$103.0M	N/A	$82.6M	N/A	$57.4M	N/A
Interest Expense	$22.9M	N/A	$29.6M	N/A	$25.1M	N/A	$10.7M	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$26.8M	N/A	$76.4M	N/A	$60.6M	N/A	$46.2M	N/A
EPS (Diluted)	$0.67	N/A	$2.36	N/A	$1.65	N/A	$1.31	N/A

TEN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.7B+10.2%	$3.4B+1.7%	$3.3B+14.3%	$2.9B-7.0%	$3.1B-1.3%	$3.2B
Current Assets	$451.8M-11.3%	$509.3M-0.7%	$513.1M+114.1%	$239.7M-25.4%	$321.5M-19.0%	$397.0M
Cash & Equivalents	$343.4M-7.7%	$372.0M+22.2%	$304.4M+159.7%	$117.2M-27.0%	$160.5M-13.2%	$184.8M
Inventory	$18.9M-15.8%	$22.5M-14.1%	$26.2M+14.4%	$22.9M+5.1%	$21.8M+67.4%	$13.0M
Accounts Receivable	$26.5M-43.4%	$46.7M-40.3%	$78.2M+155.4%	$30.6M+21.2%	$25.3M-37.4%	$40.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B+13.4%	$1.7B-5.0%	$1.8B+11.0%	$1.7B-5.9%	$1.8B+3.3%	$1.7B
Current Liabilities	$408.5M+26.4%	$323.2M-12.6%	$369.7M+11.3%	$332.1M-13.1%	$382.0M+7.9%	$354.2M
Long-Term Debt	$1.4B+11.0%	$1.2B+0.2%	$1.2B+1.5%	$1.2B-5.3%	$1.3B-2.4%	$1.3B
Total Equity	$1.7B+6.7%	$1.6B+10.0%	$1.5B+18.6%	$1.2B-8.3%	$1.4B-6.7%	$1.5B
Retained Earnings	$652.7M+19.0%	$548.2M+75.9%	$311.7M+108.5%	$149.5M-55.9%	$338.8M-6.9%	$364.0M

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Total Assets	$3.8B+2.7%	$3.7B-1.7%	$3.8B+12.0%	$3.4B-2.5%	$3.4B+4.3%	$3.3B+8.0%	$3.1B+5.8%	$2.9B
Current Assets	$453.7M+0.4%	$451.8M-21.7%	$577.2M+13.3%	$509.3M-20.9%	$644.0M+25.5%	$513.1M+58.0%	$324.8M+35.5%	$239.7M
Cash & Equivalents	$282.4M-17.8%	$343.4M-9.0%	$377.3M+1.4%	$372.0M-29.7%	$529.2M+73.9%	$304.4M+88.9%	$161.1M+37.5%	$117.2M
Inventory	$16.2M-14.6%	$18.9M-8.2%	$20.6M-8.3%	$22.5M+7.3%	$21.0M-20.0%	$26.2M-20.4%	$33.0M+43.8%	$22.9M
Accounts Receivable	$34.0M+28.6%	$26.5M-22.3%	$34.1M-27.1%	$46.7M+24.2%	$37.6M-51.9%	$78.2M+45.6%	$53.7M+75.4%	$30.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B+3.2%	$2.0B-3.6%	$2.1B+17.6%	$1.7B-6.4%	$1.9B+1.6%	$1.8B+5.7%	$1.7B+5.0%	$1.7B
Current Liabilities	$349.3M-14.5%	$408.5M-6.4%	$436.4M+35.0%	$323.2M-22.5%	$416.9M+12.8%	$369.7M+2.6%	$360.4M+8.5%	$332.1M
Long-Term Debt	$1.5B+9.2%	$1.4B-2.3%	$1.4B+13.6%	$1.2B+0.5%	$1.2B-0.3%	$1.2B-4.5%	$1.3B+6.2%	$1.2B
Total Equity	$1.8B+2.1%	$1.7B+0.7%	$1.7B+6.0%	$1.6B+2.2%	$1.6B+7.6%	$1.5B+10.9%	$1.3B+7.0%	$1.2B
Retained Earnings	$685.6M+5.1%	$652.7M+0.8%	$647.5M+18.1%	$548.2M+7.4%	$510.6M+63.8%	$311.7M+72.2%	$181.0M+21.1%	$149.5M

TEN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$307.7M-22.2%	$395.3M+37.0%	$288.5M+443.3%	$53.1M-74.1%	$205.4M+11.4%	$184.3M
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	-$441.6M-221.3%	-$137.4M+54.5%	-$301.8M-3670.8%	-$8.0M+91.5%	-$94.6M+7.4%	-$102.2M
Financing Cash Flow	$105.5M+155.4%	-$190.6M-197.5%	$195.5M+318.0%	-$89.7M+34.4%	-$136.8M-30.4%	-$104.9M
Dividends Paid	$71.8M+16.1%	$61.9M+41.5%	$43.7M+20.4%	$36.3M-22.3%	$46.7M-5.3%	$49.3M
Share Buybacks	N/A	$0	$0-100.0%	$168K-98.3%	$9.8M	$0

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
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	N/A	N/A	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

TEN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	34.6%-9.4pp	44.0%+14.2pp	29.8%+51.7pp	-21.9%-37.0pp	15.0%+0.6pp	14.4%
Net Margin	21.9%-11.8pp	33.7%+10.0pp	23.7%+51.5pp	-27.7%-31.4pp	3.7%+1.2pp	2.5%
Return on Equity	10.2%-8.3pp	18.6%+4.7pp	13.9%	N/A	1.8%+0.7pp	1.0%
Return on Assets	4.8%-4.2pp	8.9%+2.8pp	6.2%+11.4pp	-5.2%-6.0pp	0.8%+0.3pp	0.5%
Current Ratio	1.11-0.5	1.58+0.2	1.39+0.7	0.72-0.1	0.84-0.3	1.12
Debt-to-Equity	0.78+0.0	0.75-0.1	0.83-0.1	0.97+0.0	0.94+0.0	0.89
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	25.9%	N/A	48.1%	N/A	37.3%	N/A	26.5%	N/A
Net Margin	13.9%	N/A	35.7%	N/A	27.4%	N/A	21.3%	N/A
Return on Equity	1.5%	N/A	4.5%	N/A	3.8%	N/A	3.5%	N/A
Return on Assets	0.7%	N/A	2.0%	N/A	1.8%	N/A	1.5%	N/A
Current Ratio	1.30+0.2	1.11-0.2	1.32-0.3	1.58+0.0	1.54+0.2	1.39+0.5	0.90+0.2	0.72
Debt-to-Equity	0.84+0.1	0.78-0.0	0.81+0.1	0.75-0.0	0.77-0.1	0.83-0.1	0.960.0	0.97
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 Tsakos Energy's annual revenue?

Tsakos Energy (TEN) reported $804.1M in total revenue for fiscal year 2024. This represents a -9.6% 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 Tsakos Energy's revenue growing?

Tsakos Energy (TEN) revenue declined by 9.6% year-over-year, from $889.6M to $804.1M in fiscal year 2024.

Is Tsakos Energy profitable?

Yes, Tsakos Energy (TEN) reported a net income of $176.2M in fiscal year 2024, with a net profit margin of 21.9%.

What is Tsakos Energy's earnings per share (EPS)?

Tsakos Energy (TEN) reported diluted earnings per share of $5.03 for fiscal year 2024. This represents a -44.4% 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 Tsakos Energy's EBITDA?

Tsakos Energy (TEN) had EBITDA of $438.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Tsakos Energy have?

As of fiscal year 2024, Tsakos Energy (TEN) had $343.4M in cash and equivalents against $1.4B in long-term debt.

What is Tsakos Energy's operating margin?

Tsakos Energy (TEN) had an operating margin of 34.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Tsakos Energy's net profit margin?

Tsakos Energy (TEN) had a net profit margin of 21.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Tsakos Energy pay dividends?

Yes, Tsakos Energy (TEN) paid $1.50 per share in dividends during fiscal year 2024.

What is Tsakos Energy's return on equity (ROE)?

Tsakos Energy (TEN) has a return on equity of 10.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Tsakos Energy's operating cash flow?

Tsakos Energy (TEN) generated $307.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Tsakos Energy's total assets?

Tsakos Energy (TEN) had $3.7B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Tsakos Energy have outstanding?

Tsakos Energy (TEN) had 30M shares outstanding as of fiscal year 2024.

What is Tsakos Energy's current ratio?

Tsakos Energy (TEN) had a current ratio of 1.11 as of fiscal year 2024, which is considered adequate.

What is Tsakos Energy's debt-to-equity ratio?

Tsakos Energy (TEN) had a debt-to-equity ratio of 0.78 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tsakos Energy's return on assets (ROA)?

Tsakos Energy (TEN) had a return on assets of 4.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Tsakos Energy's Altman Z-Score?

Tsakos Energy (TEN) has an Altman Z-Score of 1.00, placing it in the Distress Zone (elevated bankruptcy 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 Tsakos Energy's Piotroski F-Score?

Tsakos Energy (TEN) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Tsakos Energy's earnings high quality?

Tsakos Energy (TEN) has an earnings quality ratio of 1.75x, 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 Tsakos Energy cover its interest payments?

Tsakos Energy (TEN) has an interest coverage ratio of 2.5x, meaning it can adequately 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 Tsakos Energy?

Tsakos Energy (TEN) scores 50 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.