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 28 h ago 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

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	FCF	Total debt	Cash
2025	$292M	$12M	62.3%	15.9%	—	$424M	$46M
2024	$350M	$47M	64.4%	22.1%	—	$270M	$39M
2023	$392M	$99M	66.9%	32.7%	—	$302M	$31M
2022	$339M	$15M	49.8%	12.3%	—	$306M	$60M
2021	$191M	-$171M	32.9%	-75.6%	—	$321M	$35M
2020	$355M	$50M	65.9%	22.9%	—	$357M	$58M
2019	$317M	-$10M	55.3%	10.1%	—	$399M	$49M
2018	$289M	-$95M	42.9%	-13.4%	—	$437M	$49M
2017	$297M	-$205M	52.1%	-59.1%	—	$389M	$58M
2016	$357M	-$4M	64.8%	14.9%	—	$443M	$82M
2015	—	$115M	—	—	—	$325M	$30M
2014	—	-$13M	—	—	—	$250M	$101M
2013	—	-$105M	—	—	—	$250M	$66M
2012	—	-$73M	—	—	—	$250M	$56M
2011	—	-$72M	—	—	—	$230M	$24M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Dec '18	$86M	-$10M	51.3%	6.3%	—	$437M	$49M
Sep '18	$63M	-$38M	36.9%	-24.4%	—	$419M	$46M
Dec '17	$73M	-$151M	50.6%	-197.8%	—	$389M	$58M
Dec '16	—	-$39M	—	—	—	$443M	$82M
Dec '11	—	-$18M	—	—	—	$230M	$24M
Dec '10	—	-$13M	—	—	—	$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 108.4× (Jun '26).
The price-to-sales ratio has risen from 2.5× (Mar '23) to 4.6× (Jun '26).
The dividend yield has risen from 2.7% (Mar '23) to 5.7% (Jun '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?

As of Jun '26, Nordic American Tankers Ltd traded at a price-to-earnings ratio of about 108.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.