Okeanis Eco Tankers Corp. ECO

EnergyOil & Gas Related Equipment and ServicesGreece

Last close 91.25 USD on Nov 2, 2026, +214.5% year to date

Quant rating

Quant rating A Rank 14 of 113 in Energy

Growth D 82 of 113
Valuation C 74 of 113
Quality B 28 of 113
Revisions B 20 of 113
Momentum A 1 of 113

Wall Street consensus Buy (2.00)Average target 95.00 USD +4.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.6B
Enterprise value: 4.1B
52-week range: 31.77 – 102.50
3-year range: 18.54 – 102.50
Dividend yield: 9.42%
Beta (5 years): –
Shares outstanding: 39.7M
Next earnings: Nov 11, 2026

About the company

Okeanis Eco Tankers Corp is a Greece-based company primarily engaged in the maritime industry. The Company focuses on deep sea freight transportation, as it is charters and operates tanker vessels for transporting crude oil. The Company, through its subsidiaries, owns a fleet of various modern ECO-standard vessels that consume less bunker fuel, equipped with exhaust gas cleaning systems (scrubbers), and comply with ballast water treatment regulations. The fleet consists of multiple Suezmax and several VLCC vessels. The Company, through its customer network, retains an international presence in countries such as Singapore, the United Kingdom, Hong Kong, Switzerland, Turkey and Brazil, as well as the United States among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	392	393	413	271	169	–
Revenue growth	−0.4%	−4.8%	52.4%	60.3%	−40.3%	6.7%
EPS (basic, normalized)	3.77	3.33	–	–	–	–
EPS growth	13.2%	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	31.4%	27.7%	35.2%	31.2%	−0.5%	25.0%
ROE	25.0%	26.6%	35.0%	21.7%	−0.2%	21.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	223
Current ratio	4.43x
Long-term debt (mil)	671
Net debt (mil)	500
Total equity (mil)	878
Net debt / equity	0.57x
Net debt / EBITDA	2.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	392	−0.4%	10.5x	204	+2.9%	20.2x	3.77	+13.2%	24.2x
2026	889	+127.1%	4.6x	714	+249.9%	5.8x	16.07	+326.1%	5.7x
2027	661	−25.7%	6.2x	472	−33.8%	8.7x	9.71	−39.5%	9.4x
2028	405	−38.7%	10.2x	324	−31.4%	12.7x	6.20	−36.2%	14.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	889	0.0%	+40.1%	+72.6%	16.07	+0.1%	+63.7%	+122.4%
2027	661	0.0%	+30.2%	+45.6%	9.71	0.0%	+61.4%	+80.6%
2028	405	0.0%	+4.4%	+4.4%	6.20	0.0%	+9.0%	+9.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	111	112	84.9	85.2	80.1	93.9	90.6	127	170	319
Sales mean (mil)	–	101	74.6	82.5	74.6	68.7	63.7	86.5	138	259
Surprise	–	+11.2%	+13.8%	+3.3%	+7.5%	+36.8%	+42.2%	+46.7%	+23.2%	+23.1%
EPS reported	1.23	1.23	0.45	0.41	0.36	0.83	0.75	1.76	2.31	5.90
EPS mean	–	0.88	0.09	0.22	0.24	0.46	0.35	1.68	1.74	4.41
Surprise	–	+39.8%	+400.0%	+86.4%	+50.0%	+82.2%	+111.3%	+5.1%	+32.8%	+33.8%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ECO Okeanis Eco Tankers Corp.	3.6B	2.45x	31.4%	4.06x	5.7x	9.4x	5.8x	8.7x
PBA Pembina Pipeline Corporation	29.3B	3.46x	19.9%	2.40x	23.1x	22.6x	12.7x	12.3x
DTM DT Midstream, Inc.	12.3B	2.80x	35.5%	2.56x	26.1x	24.1x	12.9x	12.3x
AM Antero Midstream Corporation	9.9B	2.80x	34.7%	4.46x	19.6x	15.3x	10.8x	9.8x
INSW International Seaways, Inc.	5.4B	0.50x	36.7%	2.31x	6.2x	8.4x	4.6x	6.6x
GLNG Golar LNG Limited	4.6B	7.76x	16.7%	2.35x	42.2x	99.5x	21.9x	22.3x
Mean		3.29x	29.1%	3.02x	20.5x	29.9x	11.5x	12.0x
Median		2.80x	33.1%	2.48x	21.3x	19.0x	11.8x	11.0x

Technical analysis

1M+4.5%
3M+64.4%
1Y+205.5%
3Y+413.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Okeanis Eco Tankers Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	392	393	413	271	169	283
Cost of revenue	–	–	–	–	–	–
Gross profit	392	393	413	271	169	283
Selling, general & administrative expenses	142	147	130	87.1	57.8	59.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	41.4	41.1	40.4	38.0	38.7	41.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.4	–	0	0	−0.1	–
Other operating expenses	45.2	42.4	41.7	35.7	40.7	40.2
Operating income	161	163	201	110	32.0	141
Net interest income (expense)	−37.7	−55.1	−55.4	−24.3	−27.8	−38.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.5	1.0	−0.5	−1.3	−5.1	−1.4
Net income before taxes	123	109	145	84.6	−0.9	101
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	123	109	145	84.6	−0.9	101
Extraordinary items	–	–	–	–	–	–
Net income	123	109	145	84.6	−0.9	101
EBIT, normalized	163	163	201	110	31.9	141
EBITDA, normalized	204	204	242	148	70.5	183
Basic EPS, normalized	3.77	3.33	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Okeanis Eco Tankers Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	117	49.3	50.0	81.3	38.2	23.3
Receivables	91.7	40.0	57.5	50.2	8.8	21.9
Total inventory	17.3	24.3	25.4	17.0	12.6	5.8
Prepaid expenses	6.5	4.8	3.0	3.2	1.0	1.0
Other current assets	2.9	0.4	2.1	2.6	1.9	2.0
Total current assets	235	119	138	154	62.6	53.9
Property, plant & equipment	922	959	988	1,024	883	1,199
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	43.5	4.5	3.0	4.5	8.6	6.4
Total assets	1,201	1,082	1,129	1,183	955	1,260
Liabilities
Accounts payable	13.7	19.5	23.5	11.8	16.0	17.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8.6	5.9	3.5	6.0	2.6	2.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	135	46.7	77.9	70.8	42.2	75.3
Other current liabilities	0	0.6	0.7	4.3	0.7	6.8
Total current liabilities	157	72.7	106	92.9	61.5	102
Long-term debt	471	599	615	668	535	759
Minority interest	–	–	–	–	–	–
Other liabilities	0.1	0	0	0	0	1.2
Total liabilities	628	672	721	761	596	863
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	125	14.5	121	280	300	334
Retained earnings (accumulated deficit)	453	400	292	146	61.8	65.9
Treasury stock	−4.6	−4.6	−4.6	−4.6	−3.6	−3.1
Other equity	0	0	0	0	0	0
Total equity	573	410	408	422	358	397
Total liabilities & shareholders' equity	1,201	1,082	1,129	1,183	955	1,260

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Okeanis Eco Tankers Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	123	109	145	84.6	−0.9	101
Depreciation, depletion & amortization	41.4	41.1	40.4	38.0	38.7	41.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	39.1	51.8	55.8	38.7	27.0	38.0
Changes in working capital	−92.2	−39.0	−67.4	−78.7	−36.1	−28.7
Cash from operations	111	163	174	82.5	28.6	152
Investing activities
Capital expenditures	−43.6	−11.2	−3.3	−180	−22.3	−174
Other investing cash flows	1.2	3.2	4.3	1.4	308	−10.2
Cash from investing	−42.4	−7.9	1.0	−179	286	−184
Financing activities
Financing cash flow items	−1.3	−1.3	−1.4	−2.4	0.3	−14.5
Cash dividends paid	−70.7	–	0	0	−3.2	−43.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	68.5	−153	−206	141	−297	99.7
Cash from financing	−3.4	−155	−207	139	−299	41.5
Foreign exchange effects	1.9	−0.8	0.7	0.4	–	–
Net change in cash	67.3	−0.6	−31.4	43.2	14.8	9.9
Free cash flow	67.7	152	171	−97.6	6.3	−21.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.