NAT revenueFY2025$291.69M
- FY YoY
- -16.6%
- 5Y CAGR
- -3.8%
NAT revenue was $291.69M for fiscal 2025 (ended Dec 31, 2025), down 16.6% from fiscal 2024. Compound annual growth was -3.8% over 5 years. It rose in 4 of the last 9 fiscal years.
Nordic American Tankers Limited (NAT) financials
For fiscal 2025 (ended Dec 31, 2025), Nordic American Tankers Limited reported $291.69M of revenue and $12.27M of net income.
- Revenue, FY2025
- $291.69M
- Revenue growth, YoY
- -16.6%
- Net income, FY2025
- $12.27M
- Net income growth, YoY
- -73.7%
- Net margin
- 4.2%
- EPS, diluted, FY2025
- $0.06
- EPS growth, YoY
- -72.7%
- Cash
- $45.86M
- Total debt
- $424.14M
- P/E
- 115.01
- P/S
- 4.84
- Market cap
- $1.41B
FY2016FY2025
FY2016FY2025
NAT revenue and earnings growth
NAT net incomeFY2025$12.27M
- FY YoY
- -73.7%
- 5Y CAGR
- -24.5%
- 10Y CAGR
- -20.0%
NAT net income was $12.27M for fiscal 2025 (ended Dec 31, 2025), down 73.7% from fiscal 2024. Compound annual growth was -24.5% over 5 years and -20.0% over 10 years. It rose in 1 of the last 3 fiscal years.
NAT EPSFY2025$0.06
- FY YoY
- -72.7%
- 5Y CAGR
- -29.3%
- 10Y CAGR
- -26.4%
NAT diluted EPS was $0.06 for fiscal 2025 (ended Dec 31, 2025), down 72.7% from fiscal 2024. Compound annual growth was -29.3% over 5 years and -26.4% over 10 years.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $291.69M | $349.74M | $391.69M | $339.34M | $191.07M | $354.62M | $317.22M | $289.02M | $297.14M | $357.45M |
| Cost of revenue | $109.88M | $124.65M | $129.51M | $170.51M | $128.26M | $121.09M | $141.77M | $165.01M | $142.47M | $125.99M |
| Gross profit | $181.81M | $225.10M | $262.18M | $168.82M | $62.81M | $233.53M | $175.45M | $124.00M | $154.68M | $231.46M |
| Selling, general and admin | $28.14M | $28.82M | $22.89M | $18.80M | $15.62M | $17.59M | $13.48M | $12.73M | $12.57M | $12.30M |
| Operating income | $46.34M | $77.31M | $127.89M | $41.87M | -$144.46M | $81.23M | $31.97M | -$38.62M | -$175.69M | $53.34M |
| Interest expense | $35.75M | $30.74M | $30.50M | $27.05M | $26.38M | $31.48M | $38.39M | $34.55M | $20.46M | $11.17M |
| Pre-tax income | $12.32M | $46.63M | $98.83M | $15.12M | -$171.27M | $50.10M | -$10.28M | -$87.56M | -$196.45M | $42.29M |
| Income tax | $48.0K | -$10.0K | $120.0K | $23.0K | $59.0K | $64.0K | $71.0K | $79.0K | $83.0K | $102.0K |
| Net income | $12.27M | $46.64M | $98.71M | $15.10M | -$171.33M | $50.03M | -$10.35M | -$95.31M | -$204.97M | -$4.46M |
| EPS, basic | $0.06 | $0.22 | $0.47 | $0.07 | -$1.05 | $0.34 | -$0.07 | -$0.67 | -$1.97 | -$0.05 |
| EPS, diluted | $0.06 | $0.22 | $0.47 | $0.07 | -$1.05 | $0.34 | -$0.07 | -$0.67 | -$1.97 | -$0.05 |
| Diluted shares | 211.8M | 209.9M | 208.8M | 202.0M | 162.5M | 149.3M | 142.6M | 142.0M | 103.8M | 92.5M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $45.86M | $39.18M | $31.08M | $63.30M | $44.65M | $62.07M | $61.64M | $49.33M | $58.36M | $92.17M |
| Receivables | $19.04M | $16.22M | $26.30M | $20.47M | $9.37M | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | $23.09M | $20.89M |
| Current assets | $150.87M | $98.77M | $108.91M | $142.66M | $107.11M | $99.52M | $129.37M | $112.94M | $126.99M | $163.71M |
| Goodwill | - | - | - | - | - | - | - | - | $0 | $18.98M |
| Total assets | $902.16M | $817.59M | $879.20M | $879.88M | $851.15M | $974.35M | $1.03B | $1.07B | $1.14B | $1.35B |
| Current liabilities | $67.42M | $59.78M | $70.48M | $72.41M | $67.64M | $39.68M | $59.03M | $36.29M | $25.33M | $21.52M |
| Short-term debt | $35.40M | $21.56M | $31.90M | $39.70M | $37.55M | $22.09M | $23.54M | $18.69M | $0 | - |
| Long-term debt | $388.74M | $248.14M | $269.70M | $266.34M | $283.41M | $334.62M | $375.36M | $417.84M | $388.86M | $442.82M |
| Total debt | $424.14M | $269.70M | $301.60M | $306.04M | $320.96M | $356.71M | $398.90M | $436.53M | $388.86M | $442.82M |
| Shareholders' equity | $445.52M | $508.81M | $538.30M | $539.98M | $498.22M | $599.13M | $595.42M | $602.03M | $711.06M | $871.05M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19.82M | $128.16M | $139.44M | $24.13M | -$44.46M | $110.94M | $52.86M | -$16.10M | $31.74M | $127.79M |
| Investing cash flow | -$87.70M | -$2.62M | -$73.67M | -$14.34M | -$3.46M | -$17.48M | -$2.32M | $85.05M | -$46.53M | -$186.81M |
| Financing cash flow | $68.99M | -$115.05M | -$95.67M | $9.01M | $30.51M | -$93.08M | -$38.25M | -$78.03M | -$18.96M | $111.29M |
| Dividends paid | $76.20M | $75.10M | $89.80M | $22.70M | $9.70M | $67.24M | $14.26M | $9.94M | $54.23M | $125.65M |
| Stock-based compensation | $0 | $1.85M | $2.20M | $476.0K | $339.0K | $285.0K | $156.0K | $413.0K | $522.0K | $430.0K |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -16.6% | -10.7% | 15.4% | 77.6% | -46.1% | 11.8% | 9.8% | -2.7% | -16.9% | - |
| Net income growth, YoY | -73.7% | -52.7% | 553.7% | - | - | - | - | - | - | - |
| EPS growth, YoY | -72.7% | -53.2% | 571.4% | - | - | - | - | - | - | - |
| Gross margin | 62.3% | 64.4% | 66.9% | 49.8% | 32.9% | 65.9% | 55.3% | 42.9% | 52.1% | 64.8% |
| Operating margin | 15.9% | 22.1% | 32.7% | 12.3% | -75.6% | 22.9% | 10.1% | -13.4% | -59.1% | 14.9% |
| Net margin | 4.2% | 13.3% | 25.2% | 4.5% | -89.7% | 14.1% | -3.3% | -33.0% | -69.0% | -1.2% |
| Return on equity | 2.8% | 9.2% | 18.3% | 2.8% | -34.4% | 8.4% | -1.7% | -15.8% | -28.8% | -0.5% |
| Return on assets | 1.4% | 5.7% | 11.2% | 1.7% | -20.1% | 5.1% | -1.0% | -8.9% | -18.0% | -0.3% |
| Current ratio | 2.24 | 1.65 | 1.55 | 1.97 | 1.58 | 2.51 | 2.19 | 3.11 | 5.01 | 7.61 |
| Debt to equity | 0.95 | 0.53 | 0.56 | 0.57 | 0.64 | 0.60 | 0.67 | 0.73 | 0.55 | 0.51 |
Source: XBRL data Nordic American Tankers Limited files with the SEC, latest filing dated Apr 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
NAT peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| NAT | $291.69M | -16.6% | $12.27M | 4.2% | $1.41B |
| GD | $56.52B | +9.7% | $4.66B | 8.2% | $95.67B |
| RCL | $19.13B | +9.7% | $4.55B | 23.8% | $87.50B |
| CCL | $27.59B | +5.2% | $3.14B | 11.4% | $39.77B |
| VIK | $6.50B | +21.9% | $1.15B | 17.7% | $39.00B |
| BIP | $23.10B | +9.8% | $2.53B | 11.0% | $18.06B |
| HII | $13.53B | +12.6% | $733.00M | 5.4% | $11.38B |
| FRO | $1.97B | -8.8% | $379.08M | 19.2% | $10.11B |
| NCLH | $10.16B | +4.9% | $832.94M | 8.2% | $8.23B |
NAT FAQ
8 questionsWhat is NAT revenue?
Nordic American Tankers Limited (NAT) reported $291.69M of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 16.6% from the year before.Is NAT profitable?
Yes. Nordic American Tankers Limited earned $12.27M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 4.2%.How much cash and debt does NAT have?
Nordic American Tankers Limited reported $45.86M in cash and cash equivalents and $424.14M of debt on its most recent balance sheet in SEC filings.How fast is NAT revenue growing?
Nordic American Tankers Limited's revenue changed -16.6% in fiscal 2025, to $291.69M. Its compound annual growth rate was -3.8% over 5 years.What is NAT gross margin?
Nordic American Tankers Limited's gross profit was $181.81M on $291.69M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 62.3%.What is NAT earnings per share?
Diluted earnings per share were $0.06 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did NAT last report financial results?
The latest statements here come from Nordic American Tankers Limited's 20-F filed on Apr 29, 2026, covering the period ended Dec 31, 2025.Where does this NAT financial data come from?
Quantisnow builds these statements from the structured XBRL data Nordic American Tankers Limited files with the SEC. It is provided for information only and is not investment advice.