NAT Financials Nordic American Tankers Ltd

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 16, 2026, 10:01 UTC Overview →

Growth & profitability

Revenue has declined 3.8% per year over the past 5 years.
Net income has grown slower than revenue (-24.5% vs -3.8% per year).
Operating margin has contracted, at 15.9% in the latest year.

Financial health

Total debt ($424M) exceeds cash ($46M); net debt is $378M.
Total debt has grown faster than revenue (3.5% vs -3.8% per year).
Operating income covered interest expense 1.3× in the latest year.
Total debt is 9.2× EBITDA.

Shareholder returns

Dividends have been paid for 11 consecutive years, consuming 621.0% of earnings.
The dividend has grown 2.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$292M	$12M	62.3%	15.9%	2.8%	1.4%	—	$424M	$46M
2024	$350M	$47M	64.4%	22.1%	9.2%	5.7%	—	$270M	$39M
2023	$392M	$99M	66.9%	32.7%	18.3%	11.2%	—	$302M	$31M
2022	$339M	$15M	49.8%	12.3%	2.8%	1.7%	—	$306M	$60M
2021	$191M	-$171M	32.9%	-75.6%	-34.4%	-20.1%	—	$321M	$35M
2020	$355M	$50M	65.9%	22.9%	8.4%	5.1%	—	$357M	$58M
2019	$317M	-$10M	55.3%	10.1%	-1.7%	-1.0%	—	$399M	$49M
2018	$289M	-$95M	42.9%	-13.4%	-15.8%	-8.9%	—	$437M	$49M
2017	$297M	-$205M	52.1%	-59.1%	-28.8%	-18.0%	—	$389M	$58M
2016	$357M	-$4M	64.8%	14.9%	-0.5%	-0.3%	—	$443M	$82M
2015	—	$115M	—	—	13.0%	9.3%	—	$325M	$30M
2014	—	-$13M	—	—	-1.5%	-1.1%	—	$250M	$101M
2013	—	-$105M	—	—	-12.3%	-9.3%	—	$250M	$66M
2012	—	-$73M	—	—	-9.0%	-6.7%	—	$250M	$56M
2011	—	-$72M	—	—	-8.3%	-6.4%	—	$230M	$24M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Dec '18	$86M	-$10M	51.3%	6.3%	-1.7%	-1.0%	—	$437M	$49M
Sep '18	$63M	-$38M	36.9%	-24.4%	-6.2%	-3.5%	—	$419M	$46M
Dec '17	$73M	-$151M	50.6%	-197.8%	-21.3%	-13.3%	—	$389M	$58M
Dec '16	—	-$39M	—	—	-4.5%	-2.9%	—	$443M	$82M
Dec '11	—	-$18M	—	—	-2.0%	-1.6%	—	$230M	$24M
Dec '10	—	-$13M	—	—	-1.3%	-1.2%	—	$75M	$17M

Valuation over time

How the market has priced NAT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 55.5× (Mar '23) to 128.4× (Nov '26).
The price-to-sales ratio has risen from 2.5× (Mar '23) to 5.4× (Nov '26).
The dividend yield has risen from 2.7% (Mar '23) to 4.8% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NAT growing its revenue and profit?

Over the past 5 years, Nordic American Tankers Ltd's revenue has declined 3.8% per year, and net income declined 24.5% per year. These are computed facts, not advice.

How much debt does NAT have?

As of FY2025, Nordic American Tankers Ltd reported $424M of total debt against $46M of cash; operating income covered interest expense 1.3×.

What is NAT's profit margin?

In FY2025, gross margin was 62.3%, operating margin 15.9%, and net margin 4.2%.

What is NAT's P/E ratio?

Nordic American Tankers Ltd's P/E (TTM) is 128.39 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NAT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 128.4× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.