NATNORDIC AMERICAN TANKERS Ltd
Water Transportation
- Revenue
- $292M
- 17% YoY
- Operating margin
- 15.9%
- 28% YoY
- EBITDA
- $104M
- 22% YoY
- Market cap
- $1.7B
- Employees
- —
- Net debt / EBITDA
- 3.3×
- $343M net debt
- AI in 10-K
- —
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo162% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes427% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo3.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $191M | $339M | $392M | $350M | $292M | 17% |
| Operating income | −$144M | $42M | $128M | $77M | $46M | 40% |
| Net income | −$171M | $15M | $99M | $47M | $12M | 74% |
| Operating cash flow | −$44M | $24M | $139M | $128M | $20M | 85% |
| Stock-based comp | $339K | $476K | $2M | $2M | $0 | 100% |
| Dividends | $10M | $23M | $90M | $88M | $85M | 3.4% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.