Nordic American Tankers Limited NAT

EnergyOil & Gas Related Equipment and ServicesBermuda

Last close 7.91 USD on Nov 1, 2026, +156.6% year to date

Quant rating

Quant rating B Rank 28 of 113 in Energy

Growth B 26 of 113
Valuation D 86 of 113
Quality B 33 of 113
Revisions C 59 of 113
Momentum A 10 of 113

Wall Street consensus Buy (2.50)Average target 7.63 USD −3.5%

Historical valuation

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

Key data

Market cap: 1.7B
Enterprise value: 1.9B
52-week range: 3.33 – 8.86
3-year range: 2.21 – 8.86
Dividend yield: 9.99%
Beta (5 years): −0.48
Shares outstanding: 212M
Next earnings: Nov 26, 2026

About the company

Nordic American Tankers Limited is an international tanker company focusing solely on owning, operating, and chartering of Suezmax tankers. The Company has a fleet of approximately 20 Suezmax crude oil tankers. Its Suezmax vessels have a carrying capacity of one million barrels of oil. The Company's tankers operating in the spot market are chartered for a single voyage. The vessels in the Company's fleet are homogenous and interchangeable as they have the same freight capacity and ability to transport the same type of cargo. Its vessels include Nordic Pollux, Nordic Apollo, Nordic Luna, Nordic Castor, Nordic Freedom, Nordic Sprinter, Nordic Skier, Nordic Vega, Nordic Light, Nordic Cross, Nordic Breeze, Nordic Zenith, Nordic Star, Nordic Space, Nordic Aquarius, Nordic Cygnus, Nordic Tellus, Nordic Hunter and Nordic Harrier.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	292	350	392	339	191	–
Revenue growth	−16.6%	−10.7%	15.4%	77.6%	−46.1%	−3.8%
EPS (basic, normalized)	−0.02	0.22	0.47	0.07	−0.73	–
EPS growth	–	−53.2%	571.4%	–	–	–
Gross margin	39.4%	46.4%	51.6%	31.1%	−2.5%	33.2%
Net margin	4.2%	13.3%	25.2%	4.5%	−89.7%	−8.5%
ROE	2.6%	8.9%	18.3%	2.9%	−31.2%	0.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	133
Current ratio	3.27x
Long-term debt (mil)	371
Net debt (mil)	273
Total equity (mil)	478
Net debt / equity	0.57x
Net debt / EBITDA	3.07x

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	292	−16.6%	6.7x	89.1	−37.1%	21.9x	−0.02	−109.1%	−395.5x
2026	321	+9.9%	6.1x	227	+154.8%	8.6x	0.79	+4,062.5%	10.0x
2027	284	−11.6%	6.9x	190	−16.3%	10.2x	0.52	−34.4%	15.2x
2028	202	−28.6%	9.6x	112	−40.9%	17.3x	0.17	−68.3%	47.9x

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	321	0.0%	+7.4%	+2.8%	0.79	0.0%	+15.7%	+48.6%
2027	284	0.0%	+16.2%	+7.2%	0.52	0.0%	+76.3%	+61.2%
2028	202	0.0%	–	−3.6%	0.17	0.0%	–	−17.5%

Earnings surprises EPS beat in 1 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)	60.6	66.1	52.0	46.4	37.9	40.2	45.7	58.8	77.5	79.3
Sales mean (mil)	76.6	64.7	52.0	51.4	54.1	61.3	51.3	72.2	86.0	84.2
Surprise	−20.9%	+2.1%	0.0%	−9.7%	−29.9%	−34.5%	−11.0%	−18.6%	−9.8%	−5.8%
EPS reported	0.07	0.10	0.04	0.01	−0.02	−0.04	−0.01	0.06	0.15	0.32
EPS mean	0.10	0.10	0.04	0.04	−0.01	0.05	0.01	0.14	0.15	0.19
Surprise	−32.5%	+2.6%	0.0%	−72.0%	−172.9%	−177.4%	−166.7%	−55.6%	0.0%	+68.4%

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
NAT Nordic American Tankers Limited	1.7B	3.07x	4.2%	3.51x	10.0x	15.2x	8.6x	10.2x
FRO Frontline PLC	12.7B	–	–	4.01x	5.8x	9.6x	5.3x	7.7x
PBA Pembina Pipeline Corporation	29.8B	3.46x	19.9%	2.44x	23.5x	23.0x	12.9x	12.4x
INSW International Seaways, Inc.	5.7B	0.50x	36.7%	2.45x	6.6x	9.8x	4.8x	7.0x
GLNG Golar LNG Limited	4.7B	7.76x	16.7%	2.43x	43.7x	102.9x	22.5x	22.8x
STNG Scorpio Tankers Inc.	4.7B	−2.68x	36.7%	1.23x	7.1x	12.0x	3.5x	5.3x
Mean		2.42x	22.8%	2.68x	16.1x	28.8x	9.6x	10.9x
Median		3.07x	19.9%	2.44x	8.5x	13.6x	6.9x	9.0x

Technical analysis

1M+1.5%
3M+28.4%
1Y+147.2%
3Y+135.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nordic American Tankers Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	292	350	392	339	191	355
Cost of revenue	177	187	190	234	196	188
Gross profit	115	162	202	105	−4.9	167
Selling, general & administrative expenses	28.1	28.8	22.9	18.8	15.6	17.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	57.7	56.2	51.4	50.4	68.4	67.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−16.6	0	0	−5.7	60.3	0
Other operating expenses	−0.7	0	0	0	−4.7	0
Operating income	46.3	77.3	128	41.9	−144	81.2
Net interest income (expense)	−69.9	−30.0	−29.2	−27.1	−26.4	−31.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	35.9	−0.7	0.1	0.3	−0.4	0.3
Net income before taxes	12.3	46.6	98.8	15.1	−171	50.1
Provision for taxes	0	0	0.1	0	0.1	0.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	12.3	46.6	98.7	15.1	−171	50.0
Extraordinary items	–	–	–	–	–	–
Net income	12.3	46.6	98.7	15.1	−171	50.0
EBIT, normalized	29.7	77.3	128	36.2	−84.2	81.2
EBITDA, normalized	87.5	133	179	86.6	−15.8	149
Basic EPS, normalized	−0.02	0.22	0.47	0.07	−0.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Nordic American Tankers Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	45.9	39.2	31.1	59.6	34.7	57.8
Receivables	19.0	16.2	26.3	20.5	9.4	6.3
Total inventory	19.9	21.9	31.2	25.4	20.9	19.4
Prepaid expenses	8.4	6.2	4.3	6.0	4.8	5.5
Other current assets	57.6	15.2	16.0	31.2	37.3	10.4
Total current assets	151	98.8	109	143	107	99.5
Property, plant & equipment	750	717	770	737	742	874
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1.7	1.8	0.2	0.1	1.9	1.0
Total assets	902	818	879	880	851	974
Liabilities
Accounts payable	2.5	4.3	3.4	7.0	6.6	4.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	23.8	16.1	17.0	17.8	19.0	10.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	35.4	21.6	31.9	39.7	37.5	22.1
Other current liabilities	5.7	17.8	18.1	8.0	4.6	2.5
Total current liabilities	67.4	59.8	70.5	72.4	67.6	39.7
Long-term debt	389	248	270	266	283	335
Minority interest	–	–	–	–	–	–
Other liabilities	0.5	0.8	0.7	1.2	1.9	0.9
Total liabilities	457	309	341	340	353	375
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.1	2.1	2.1	2.1	1.8	1.5
Additional paid-in capital	443	519	596	696	669	599
Retained earnings (accumulated deficit)	1.4	−10.9	−57.5	−156	−171	0
Treasury stock	–	–	–	–	–	–
Other equity	−1.2	−1.8	−2.1	−1.8	−1.6	−1.3
Total equity	446	509	538	540	498	599
Total liabilities & shareholders' equity	902	818	879	880	851	974

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nordic American Tankers Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	12.3	46.6	98.7	15.1	−171	50.0
Depreciation, depletion & amortization	57.7	56.2	51.4	50.4	68.4	67.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	−32.9	0.2	−6.0	−9.8	56.8	−17.0
Changes in working capital	−17.3	25.1	−4.7	−31.6	1.7	5.8
Cash from operations	19.8	128	139	24.1	−44.5	107
Investing activities
Capital expenditures	−134	−2.6	−73.7	−5.1	−4.5	−7.1
Other investing cash flows	46.8	0	0	−9.2	1.0	−10.4
Cash from investing	−87.7	−2.6	−73.7	−14.3	−3.5	−17.5
Financing activities
Financing cash flow items	−2.5	0	−0.7	0	−1.1	−0.3
Cash dividends paid	−84.7	−87.7	−89.8	−22.7	−9.7	−67.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	156	−27.4	−5.2	31.7	41.3	−25.5
Cash from financing	69.0	−115	−95.7	9.0	30.5	−93.1
Foreign exchange effects	0.4	0.5	0	−0.1	0	0
Net change in cash	1.5	11.0	−29.9	18.7	−17.4	−3.8
Free cash flow	−115	126	65.8	19.0	−48.9	99.6

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 1, 2026 after market close.