Nordic American Tankers Limited (NAT) Balance Sheet
NAT balance sheet, 2025
December 31, 2025 · U.S. dollars$902.2M assets = $456.6M liabilities + $445.5M equity
Both columns are drawn to the same scale: what NAT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NAT financial health
Descriptive bands, not a rating. Fiscal 2025.
NAT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.35B2016 | $902.2M2025 | −4.4%/yr | |
| Total liabilities | $478.9M2016 | $456.6M2025 | −0.5%/yr | |
| Shareholders’ equity | $871.0M2016 | $445.5M2025 | −7.2%/yr | |
| Cash & short-term investments | $82.2M2016 | $45.9M2025 | −6.3%/yr | |
| Total debt | $442.8M2016 | $424.1M2025 | −0.5%/yr | |
| Net cash (debt) | −$360.6M2016 | −$378.3M2025 | −$17.6M | |
| Working capital | $142.2M2016 | $83.4M2025 | −$58.7M | |
| Book value per share | $9.412016 | $2.102025 | −15.3%/yr | |
| Current ratio | 7.612016 | 2.242025 | −5.37 | |
| Debt / equity | 0.512016 | 0.952025 | +0.44 | |
| Shares outstanding | 92.5M2016 | 211.8M2025 | +9.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NAT assets
NAT liabilities and equity
NAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NAT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $45.9M | $39.2M | $31.1M | $59.6M | $34.7M | $57.8M | $49.7M | $49.3M | $58.4M | $82.2M |
| Cash & equivalents | $45.9M | $39.2M | $31.1M | $59.6M | $34.7M | $57.8M | $48.8M | $49.3M | $58.4M | $82.2M |
| Short-term investments | — | — | −$2.3M | — | — | $0 | $825,000 | — | — | — |
| Receivables | $19.0M | $16.2M | $26.3M | $20.5M | $9.4M | $6.3M | $24.6M | $22.6M | $22.5M | $18.1M |
| Inventory | $37.5M | $28.5M | $42.4M | $49.4M | $20.9M | $19.4M | $22.5M | $20.3M | $23.1M | $20.9M |
| Other current assets | $48.5M | $14.9M | $9.2M | $13.2M | $42.1M | $15.9M | $32.6M | $20.7M | $23.1M | $42.6M |
| Total current assets | $150.9M | $98.8M | $108.9M | $142.7M | $107.1M | $99.5M | $129.4M | $112.9M | $127.0M | $163.7M |
| Property, plant & equipment (net) | $748.2M | $715.3M | $770.1M | $735.1M | $742.1M | $872.3M | $900.0M | $953.9M | $1.10B | $1.14B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $19.0M | $38.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.2M | $12.2M | $16.6M |
| Other non-current assets | $3.1M | $3.5M | $155,000 | $2.9M | $1.9M | $2.5M | $1.5M | $83,000 | $16.0M | $0 |
| Total assets | $902.2M | $817.6M | $879.2M | $880.7M | $851.2M | $974.3M | $1.03B | $1.07B | $1.27B | $1.35B |
| Liabilities | ||||||||||
| Accounts payable | $2.5M | $4.3M | $3.4M | $7.0M | $6.6M | $4.1M | $8.4M | $3.6M | $3.2M | $4.3M |
| Short-term debt | $35.4M | $21.6M | $31.9M | $39.7M | $37.5M | $22.1M | $23.5M | $18.7M | $388.9M | $442.8M |
| Deferred revenue | $3.8M | — | $3.9M | $6.1M | $2.8M | $140,000 | $11.5M | — | — | — |
| Total current liabilities | $67.4M | $59.8M | $70.5M | $72.4M | $67.6M | $39.7M | $59.0M | $36.3M | $25.3M | $21.5M |
| Long-term debt | $388.7M | $248.1M | $269.7M | $266.3M | $283.4M | $334.6M | $375.4M | $417.8M | $388.9M | $442.8M |
| Lease obligations | — | — | $0 | $535,000 | $1.1M | $730,000 | $934,000 | — | — | — |
| Other long-term liabilities | $482,999 | $845,000 | $717,000 | $1.2M | $1.9M | $927,000 | $1.1M | $15.0M | $15.8M | $14.5M |
| Total liabilities | $456.6M | $308.8M | $340.9M | $340.8M | $352.9M | $375.2M | $435.5M | $469.1M | $430.0M | $478.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.1M | $2.1M | $2.1M | $2.1M | $1.8M | $1.5M | $1.5M | $1.4M | $1.4M | $1.0M |
| Retained earnings (deficit) | $1.4M | −$10.9M | −$57.5M | −$156.2M | −$171.3M | $0 | −$10.4M | −$308.8M | −$209.4M | −$4.5M |
| Accumulated other comprehensive income | −$1.2M | −$1.8M | −$2.1M | −$1.8M | −$1.6M | −$1.3M | −$1.4M | −$1.3M | −$1.2M | −$1.0M |
| Total shareholders' equity | $445.5M | $508.8M | $538.3M | $540.0M | $498.2M | $599.1M | $595.4M | $602.0M | $840.5M | $871.0M |
| Key figures | ||||||||||
| Total debt | $424.1M | $269.7M | $301.6M | $306.0M | $321.0M | $356.7M | $399.8M | $436.5M | $388.9M | $442.8M |
| Net cash (debt) | −$378.3M | −$230.5M | −$270.5M | −$246.5M | −$286.2M | −$298.9M | −$350.2M | −$387.2M | −$330.5M | −$360.6M |
| Working capital | $83.4M | $39.0M | $38.4M | $70.2M | $39.5M | $59.8M | $70.3M | $76.7M | $101.7M | $142.2M |
| Tangible book value | $445.5M | $508.8M | $538.3M | $540.0M | $498.2M | $599.1M | $595.4M | $602.0M | $821.5M | $833.1M |
| Book value per share | $2.10 | $2.42 | $2.58 | $2.67 | $3.07 | $4.01 | $4.18 | $4.24 | $8.09 | $9.41 |
| Shares outstanding | 211.8M | 209.9M | 208.8M | 202.0M | 162.5M | 149.3M | 142.6M | 142.0M | 103.8M | 92.5M |
| Current ratio | 2.24 | 1.65 | 1.55 | 1.97 | 1.58 | 2.51 | 2.19 | 3.11 | 5.01 | 7.61 |
| Quick ratio | 0.96 | 0.93 | 0.81 | 1.11 | 0.65 | 1.62 | 1.26 | 1.98 | 3.19 | 4.66 |
| Debt / equity | 0.95 | 0.53 | 0.56 | 0.57 | 0.64 | 0.60 | 0.67 | 0.73 | 0.46 | 0.51 |
| Equity / assets | 49.4% | 62.2% | 61.2% | 61.3% | 58.5% | 61.5% | 57.8% | 56.2% | 66.2% | 64.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $133.3M | $81.1M | $45.9M | $67.6M | $94.5M | $103.2M | $39.2M | $40.5M | $47.6M | $50.0M | $33.4M | $69.2M |
| Cash & equivalents | $133.3M | $81.1M | $45.9M | $67.6M | $94.5M | $103.2M | $39.2M | $40.5M | $40.8M | $50.0M | $33.4M | $69.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $6.8M | — | — | — |
| Receivables | $21.8M | $23.2M | $19.0M | $16.1M | $14.5M | $16.8M | $16.2M | $20.1M | $22.8M | $22.3M | $26.3M | $22.0M |
| Inventory | $33.9M | $38.9M | $37.5M | $30.4M | $19.1M | $20.8M | $28.5M | $24.1M | $39.0M | $34.5M | $42.4M | $22.2M |
| Other current assets | $35.0M | $51.7M | $48.5M | $17.8M | $22.9M | $15.6M | $14.9M | $22.0M | $8.1M | $6.4M | $6.9M | $19.3M |
| Total current assets | $224.1M | $194.9M | $150.9M | $131.9M | $150.9M | $156.4M | $98.8M | $106.7M | $117.5M | $113.2M | $108.9M | $132.6M |
| Property, plant & equipment (net) | $690.6M | $703.4M | $748.2M | $791.8M | $803.1M | $707.5M | $715.3M | $729.3M | $741.6M | $754.5M | $768.6M | $702.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.8M | $2.9M | $3.1M | $3.2M | $3.4M | $3.5M | $3.5M | $3.9M | $2.8M | $2.0M | $1.7M | $1.5M |
| Total assets | $917.5M | $901.3M | $902.2M | $927.0M | $957.4M | $867.3M | $817.6M | $839.8M | $861.8M | $869.7M | $879.2M | $836.3M |
| Liabilities | ||||||||||||
| Accounts payable | $3.6M | $5.7M | $2.5M | $4.0M | $5.3M | $4.1M | $4.3M | $5.5M | $2.6M | $2.9M | $3.4M | $4.0M |
| Short-term debt | $35.4M | $35.4M | $35.4M | $35.4M | $35.4M | $76.1M | $21.6M | $95.9M | $98.7M | $101.5M | $31.9M | $25.9M |
| Deferred revenue | — | $3.8M | — | — | — | — | — | — | $5.2M | $25.1M | $12.5M | $33.1M |
| Total current liabilities | $68.4M | $65.0M | $67.4M | $67.5M | $64.7M | $101.5M | $59.8M | $146.4M | $147.8M | $147.7M | $70.5M | $73.4M |
| Long-term debt | $371.2M | $380.0M | $388.7M | $397.6M | $406.9M | $264.3M | $248.1M | $181.8M | $187.0M | $192.1M | $269.7M | $229.3M |
| Lease obligations | — | — | — | — | — | — | — | — | $418,000 | — | $0 | — |
| Other long-term liabilities | $278,000 | $342,999 | $482,999 | $693,000 | $751,000 | $802,000 | $845,000 | $1.4M | $1.1M | $1.1M | $717,000 | $660,000 |
| Total liabilities | $439.9M | $445.3M | $456.6M | $465.8M | $472.3M | $366.7M | $308.8M | $329.7M | $336.0M | $341.0M | $340.9M | $303.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $2.1M | — | $461.1M | — | — | $2.1M | — | $2.1M | $528.7M | $538.3M | $532.9M |
| Retained earnings (deficit) | — | $1.4M | $1.4M | — | — | — | −$10.9M | — | −$20.9M | −$57.5M | −$57.5M | — |
| Accumulated other comprehensive income | — | −$1.2M | — | — | — | — | — | — | −$2.2M | −$2.1M | — | — |
| Total shareholders' equity | $477.6M | $455.9M | $445.5M | $461.1M | $485.0M | $500.6M | $508.8M | $510.1M | $525.9M | $528.7M | $538.3M | $532.9M |
| Key figures | ||||||||||||
| Total debt | $406.6M | $415.4M | $424.1M | $433.1M | $442.3M | $340.4M | $269.7M | $277.7M | $286.2M | $293.7M | $301.6M | $255.2M |
| Net cash (debt) | −$273.3M | −$334.3M | −$378.3M | −$365.5M | −$347.8M | −$237.2M | −$230.5M | −$237.2M | −$238.6M | −$243.7M | −$268.2M | −$186.0M |
| Working capital | $155.6M | $129.9M | $83.4M | $64.4M | $86.2M | $54.8M | $39.0M | −$39.7M | −$30.4M | −$34.5M | $38.4M | $59.2M |
| Tangible book value | $477.6M | $455.9M | $445.5M | $461.1M | $485.0M | $500.6M | $508.8M | $510.1M | $525.9M | $528.7M | $538.3M | $532.9M |
| Book value per share | $2.26 | $2.15 | $2.10 | $2.18 | $2.29 | $2.36 | $2.42 | $2.44 | $2.52 | $2.53 | $2.58 | $2.55 |
| Shares outstanding | 211.8M | 211.8M | 211.8M | 211.8M | 211.8M | 211.8M | 210.5M | 208.8M | 208.8M | 208.8M | 208.8M | 208.8M |
| Current ratio | 3.27 | 3.00 | 2.24 | 1.95 | 2.33 | 1.54 | 1.65 | 0.73 | 0.79 | 0.77 | 1.55 | 1.81 |
| Quick ratio | 2.27 | 1.61 | 0.96 | 1.24 | 1.68 | 1.18 | 0.93 | 0.41 | 0.48 | 0.49 | 0.85 | 1.24 |
| Debt / equity | 0.85 | 0.91 | 0.95 | 0.94 | 0.91 | 0.68 | 0.53 | 0.54 | 0.54 | 0.56 | 0.56 | 0.48 |
| Equity / assets | 52.1% | 50.6% | 49.4% | 49.7% | 50.7% | 57.7% | 62.2% | 60.7% | 61.0% | 60.8% | 61.2% | 63.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 29, 2026); data from EODHD.
NAT financial position
At the end of fiscal 2025 (December 31, 2025), Nordic American Tankers had total assets of $902.2 million (up 10.3% from a year earlier), total liabilities of $456.6 million and shareholders' equity of $445.5 million. It held $45.9 million in cash and short-term investments against $424.1 million of debt, net debt of $378.3 million. Its current ratio was 2.24. In the latest quarter (ended June 30, 2026) total assets were $917.5 million and equity $477.6 million.
Related: NAT income statement, NAT cash flow statement, NAT key metrics. See the NAT stock overview for the latest quote and news.
NAT balance sheet FAQ
What are Nordic American Tankers's total assets?
Nordic American Tankers reported total assets of $902.2 million at the end of fiscal 2025 (December 31, 2025), compared with $817.6 million a year earlier.
How much debt does Nordic American Tankers have?
Nordic American Tankers had $424.1 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.95.
How much cash does Nordic American Tankers have?
Nordic American Tankers held $45.9 million in cash and short-term investments at the end of fiscal 2025; with $424.1 million of debt that is net debt of $378.3 million.
What is Nordic American Tankers's book value?
Nordic American Tankers's shareholders' equity (book value) was $445.5 million at the end of fiscal 2025, or $2.10 per share.
What is Nordic American Tankers's current ratio?
Nordic American Tankers had current assets of $150.9 million and current liabilities of $67.4 million, a current ratio of 2.24 (it can cover its short-term obligations).