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Owner and operator of a fleet of Suezmax crude oil tankers, chartered mainly in the spot market.
Owner and operator of a fleet of Suezmax crude oil tankers, chartered mainly in the spot market.
Has no fixed-rate charters, so earnings are the day-to-day Suezmax tanker rate the market pays less operating costs. As a result it has historically paid out most of its cash flow to shareholders as variable dividends, which move up and down with tanker rates.
In one line: A pure-play Suezmax crude tanker company.
Moat: none (scale). Single-vessel-class fleet with high spot-market exposure gives limited differentiation versus larger diversified peers.
Headquarters: Hamilton, Bermuda · Founded: 1995 · Employees: 18
Size Nordic American Tankers (NAT) is a United States Energy company (Marine Shipping) with a market value of $1.41B, the 2035th largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.67 on 6 Nov 2026.
Performance Over six months the shares gained 12.7%, against +3.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 18 in its peer set.
Growth Revenue grew 29.1% over the last twelve months (peer median +21.1%); the operating margin is 28.7% (peer median 38.8%).
Valuation It trades at 7.7× forward earnings against a peer median of 4.9× (5th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.1 points above its cost of capital (6.1% WACC).
Short interest Short interest is 7.7% of the free float (15 Oct 2026).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $372M | $292M | $350M | $392M | $339M |
| Revenue growth | — | -17% | -11% | +15% | — |
| Gross profit | $141M | $57.1M | $106M | $151M | $55.0M |
| EBITDA | $163M | $86.7M | $133M | $179M | $86.6M |
| Net income | $124M | $12.3M | $46.6M | $98.7M | $15.1M |
| Free cash flow | $119M | -$115M | $126M | $65.8M | -$71.3M |
| Capital expenditure | -$1.21M | $134M | $2.62M | $73.7M | $95.4M |
| Total debt | $407M | $424M | $270M | $302M | $307M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nordic American Tankers NAT | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% |
| DHT DHT | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% |
| Frontline FRO | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% |
| Teekay Tankers TNK | $2.97B | +3% | +19% | 39% | 3.5× | n/a |
| International Seaways INSW | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NAT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.3% | -17.4% | lowest of 18 |
| 6-month return | +12.7% | +3.2% | 3rd highest of 18 |
| Distance from 52-week high | -24.9% | -21.5% | 2nd lowest of 18 |
| Revenue growth (TTM) | +29.1% | +21.1% | 8th highest of 18 |
| Operating margin | 28.7% | 38.8% | 7th lowest of 18 |
| Forward P/E | 7.7× | 4.9× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -3.4% | -6.9% | 5th most demanding of 13 |
| Growth delivered (Del g) | -3.8% | +12.4% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +0.5 pp | -21.2 pp | most demanding of 13 |
| ROIC minus cost of capital | +5.1 pp | +6.3 pp | 6th lowest of 18 |
| EV / EBITDA | 10.3× | 6.2× | 2nd most expensive of 17 |
| Net debt / EBITDA | 1.7× | 0.8× | 6th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Navigator NVGS | United States | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% | +12.0% |
| Teekay TK | United States | $1.11B | -10% | +16% | 48% | n/a | n/a | n/a |
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| Ardmore Shipping ASC | United States | $712M | -11% | +21% | 29% | 4.1× | -14.9% | +7.1% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |