Nordic American Tankers Limited (NAT) financial statements
Nordic American Tankers Limited reported revenue of $292M in fiscal 2025, down 2.2% a year over 9 years.
Net income was $12M and the operating margin 15.9%, against 14.9% in 2016.
The diluted share count rose 129% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nordic American Tankers Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $357M | $297M | $289M | $317M | $355M | $191M | $339M | $392M | $350M | $292M |
| Cost of revenue | $126M | $142M | $165M | $142M | $121M | $128M | $171M | $130M | $125M | $110M |
| Gross profit | $231M | $155M | $124M | $175M | $234M | $63M | $169M | $262M | $225M | $182M |
| Selling, general and admin | $12M | $13M | $13M | $13M | $18M | $16M | $19M | $23M | $29M | $28M |
| Operating income | $53M | -$176M | -$39M | $32M | $81M | -$144M | $42M | $128M | $77M | $46M |
| Interest expense | $11M | $20M | $35M | $38M | $31M | $26M | $27M | $30M | $31M | $36M |
| Pre-tax income | $42M | -$196M | -$88M | -$10M | $50M | -$171M | $15M | $99M | $47M | $12M |
| Income tax | $102,000 | $83,000 | $79,000 | $71,000 | $64,000 | $59,000 | $23,000 | $120,000 | -$10,000 | $48,000 |
| Net income | -$4M | -$205M | -$95M | -$10M | $50M | -$171M | $15M | $99M | $47M | $12M |
| EPS (diluted) | -$0.05 | -$1.97 | -$0.67 | -$0.07 | $0.34 | -$1.05 | $0.07 | $0.47 | $0.22 | $0.06 |
| Diluted shares | 93M | 104M | 142M | 143M | 149M | 163M | 202M | 209M | 210M | 212M |
| Gross margin | 64.8% | 52.1% | 42.9% | 55.3% | 65.9% | 32.9% | 49.8% | 66.9% | 64.4% | 62.3% |
| Operating margin | 14.9% | -59.1% | -13.4% | 10.1% | 22.9% | -75.6% | 12.3% | 32.7% | 22.1% | 15.9% |
| Net margin | -1.2% | -69.0% | -33.0% | -3.3% | 14.1% | -89.7% | 4.5% | 25.2% | 13.3% | 4.2% |
Balance sheet
Fiscal years, from Nordic American Tankers Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $82M | $58M | $49M | $49M | $58M | $35M | $60M | $31M | $39M | $46M |
| Receivables | — | — | — | — | — | $9M | $20M | $26M | $16M | $19M |
| Inventory | $21M | $23M | — | — | — | — | — | — | — | — |
| Total current assets | $164M | $127M | $113M | $129M | $100M | $107M | $143M | $109M | $99M | $151M |
| Property, plant and equipment | $338,000 | $169,000 | $128,000 | $65,000 | $242,000 | $756,000 | $730,000 | $969,000 | $749,000 | — |
| Goodwill | $19M | $0 | — | — | — | — | — | — | — | — |
| Total assets | $1.3B | $1.1B | $1.1B | $1.0B | $974M | $851M | $880M | $879M | $818M | $902M |
| Total current liabilities | $22M | $25M | $36M | $59M | $40M | $68M | $72M | $70M | $60M | $67M |
| Long-term debt | $443M | $389M | $418M | $375M | $335M | $283M | $266M | $270M | $248M | $389M |
| Total liabilities | $479M | $430M | $469M | $435M | $375M | $353M | $340M | $341M | $309M | $457M |
| Shareholders' equity | $871M | $711M | $602M | $595M | $599M | $498M | $540M | $538M | $509M | $446M |
| Net debt | $361M | $330M | $387M | $350M | $299M | $286M | $246M | $271M | $231M | $378M |
Cash flow
Fiscal years, from Nordic American Tankers Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $128M | $32M | -$16M | $53M | $111M | -$44M | $24M | $139M | $128M | $20M |
| Stock-based compensation | $430,000 | $522,000 | $413,000 | $156,000 | $285,000 | $339,000 | $476,000 | $2M | $2M | $0 |
| Dividends paid | $126M | $59M | $10M | $14M | $67M | $10M | $23M | $90M | $75M | $76M |
| Dividends per share | $1.36 | $0.57 | $0.07 | $0.10 | $0.45 | $0.06 | $0.11 | $0.43 | $0.36 | $0.36 |
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What was Nordic American Tankers Limited's revenue in 2025?
$292M in fiscal 2025, from its 10-K filing.
From Nordic American Tankers Limited's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.