Tsakos Energy Navigation Limited (TEN) Balance Sheet
TEN balance sheet, 2025
December 31, 2025 · U.S. dollars$3.95B assets = $2.09B liabilities + $1.86B equity
Both columns are drawn to the same scale: what TEN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TEN financial health
Descriptive bands, not a rating. Fiscal 2025.
TEN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.28B2016 | $3.95B2025 | +2.1%/yr | |
| Total liabilities | $1.86B2016 | $2.09B2025 | +1.3%/yr | |
| Shareholders’ equity | $1.42B2016 | $1.82B2025 | +2.8%/yr | |
| Cash & short-term investments | $187.8M2016 | $333.8M2025 | +6.6%/yr | |
| Total debt | $1.75B2016 | $1.93B2025 | +1.1%/yr | |
| Net cash (debt) | −$1.57B2016 | −$1.60B2025 | −$29.2M | |
| Working capital | −$35.0M2016 | −$24.2M2025 | +$10.8M | |
| Book value per share | $83.472016 | $61.182025 | −3.4%/yr | |
| Current ratio | 0.912016 | 0.952025 | +0.04 | |
| Debt / equity | 1.242016 | 1.062025 | −0.18 | |
| Shares outstanding | 17.0M2016 | 29.7M2025 | +6.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TEN assets
TEN liabilities and equity
TEN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TEN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $333.8M | $348.3M | $376.7M | $304.4M | $127.2M | $171.8M | $197.8M | $220.5M | $208.4M | $187.8M |
| Cash & equivalents | $303.1M | $348.3M | $376.7M | $304.4M | $127.2M | $171.8M | $197.8M | $220.5M | $202.7M | $187.8M |
| Short-term investments | $30.6M | $0 | $646,000 | $193,000 | $7,000 | $642,000 | $798,000 | $217,000 | $5.7M | $2.3M |
| Receivables | $53.8M | $33.7M | $52.0M | $87.1M | $58.0M | $46.1M | $60.5M | $56.3M | $41.6M | $45.0M |
| Inventory | $12.6M | $18.9M | $22.5M | $26.2M | $22.9M | $21.8M | $13.0M | $20.4M | $16.3M | $18.8M |
| Other current assets | $33.7M | $49.4M | $56.7M | $95.4M | $29.7M | $80.2M | $125.3M | $19.7M | $38.1M | $106.8M |
| Total current assets | $433.9M | $450.4M | $507.9M | $513.1M | $237.8M | $319.9M | $396.5M | $316.9M | $304.4M | $358.3M |
| Property, plant & equipment (net) | $3.47B | $3.18B | $2.79B | $2.73B | $2.60B | $2.73B | $2.72B | $2.85B | $3.03B | $2.89B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $1.56B | $1.70B | $2.20B | $2.39B | $71.0M | $0 |
| Long-term investments | $25.2M | $25.2M | $5.1M | $0 | $0 | $0 | $287,000 | $1.1M | $2.4M | $6.2M |
| Other non-current assets | $28.3M | $48.8M | $63.6M | $67.7M | $0 | $0 | $0 | $0 | $0 | $19.5M |
| Total assets | $3.95B | $3.71B | $3.36B | $3.31B | $2.89B | $3.11B | $3.15B | $3.21B | $3.37B | $3.28B |
| Liabilities | ||||||||||
| Accounts payable | $42.7M | $55.8M | $40.2M | $48.2M | $74.9M | $55.3M | $36.6M | $37.5M | $46.9M | $52.5M |
| Short-term debt | $309.8M | $264.5M | $214.1M | $251.8M | $202.7M | $253.4M | $243.0M | $160.6M | $225.9M | $288.1M |
| Deferred revenue | $17.3M | $37.4M | $31.9M | $26.0M | $9.0M | $12.6M | $12.1M | $6.0M | $13.6M | $8.4M |
| Total current liabilities | $458.0M | $408.5M | $323.2M | $369.7M | $332.1M | $382.0M | $354.2M | $254.3M | $338.9M | $393.3M |
| Long-term debt | $1.49B | $1.35B | $1.37B | $1.58B | $1.20B | $1.27B | $1.30B | $1.44B | $1.53B | $1.47B |
| Lease obligations | $8.0M | $17.0M | $39.1M | $88.9M | $88.6M | $67.1M | $21.4M | — | — | — |
| Other long-term liabilities | $144.7M | $176.4M | $17.6M | $0 | $70.7M | $80.5M | $28.8M | $9.0M | $589,000 | $1.1M |
| Total liabilities | $2.09B | $1.94B | $1.71B | $1.79B | $1.60B | $1.73B | $1.68B | $1.70B | $1.87B | $1.86B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $151.5M | $151.5M | $150.9M | $150.9M | $126.2M | $96.0M | $95.1M | $87.6M | $87.3M | $87.3M |
| Retained earnings (deficit) | $738.4M | $652.7M | $548.2M | $311.7M | $149.5M | $338.8M | $364.0M | $400.9M | $547.9M | $582.9M |
| Treasury stock | — | — | — | — | — | −$9.8M | — | — | −$5.7M | −$20.2M |
| Accumulated other comprehensive income | −$1.9M | −$904,000 | $2.5M | $7.7M | −$17.2M | −$37.0M | −$18.4M | −$8.7M | −$5.3M | −$4.3M |
| Minority interest | $43.5M | $39.5M | $34.1M | $51.0M | — | — | — | — | — | — |
| Total shareholders' equity | $1.82B | $1.73B | $1.62B | $1.52B | $1.24B | $1.35B | $1.45B | $1.49B | $1.49B | $1.42B |
| Key figures | ||||||||||
| Total debt | $1.93B | $1.76B | $1.60B | $1.83B | $1.46B | $1.57B | $1.56B | $1.60B | $1.75B | $1.75B |
| Net cash (debt) | −$1.60B | −$1.42B | −$1.23B | −$1.53B | −$1.33B | −$1.40B | −$1.36B | −$1.38B | −$1.54B | −$1.57B |
| Working capital | −$24.2M | $41.8M | $184.7M | $143.4M | −$94.3M | −$62.2M | $42.3M | $62.6M | −$34.5M | −$35.0M |
| Tangible book value | $1.82B | $1.73B | $1.62B | $1.52B | −$322.2M | −$348.3M | −$745.6M | −$893.3M | $1.42B | $1.42B |
| Book value per share | $61.18 | $58.56 | $54.86 | $54.03 | $63.14 | $26.88 | $28.82 | $85.79 | $88.19 | $83.47 |
| Shares outstanding | 29.7M | 29.5M | 29.5M | 28.2M | 19.7M | 50.4M | 50.4M | 17.4M | 16.9M | 17.0M |
| Current ratio | 0.95 | 1.10 | 1.57 | 1.39 | 0.72 | 0.84 | 1.12 | 1.25 | 0.90 | 0.91 |
| Quick ratio | 0.85 | 0.94 | 1.33 | 1.06 | 0.56 | 0.57 | 0.73 | 1.09 | 0.74 | 0.59 |
| Debt / equity | 1.06 | 1.02 | 0.99 | 1.20 | 1.18 | 1.16 | 1.07 | 1.07 | 1.17 | 1.24 |
| Equity / assets | 46.0% | 46.6% | 48.1% | 46.0% | 42.9% | 43.5% | 46.0% | 46.6% | 44.3% | 43.2% |
| 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 | $466.1M | $321.4M | $333.8M | $264.3M | $287.2M | $349.6M | $348.3M | $385.9M | $476.4M | $344.0M | $376.7M | $393.5M |
| Cash & equivalents | $466.1M | $321.4M | $303.1M | $264.3M | $287.2M | $349.6M | $348.3M | $385.9M | $381.9M | $344.0M | $376.7M | $393.5M |
| Short-term investments | $20.1M | — | $30.6M | — | — | — | $0 | — | $94.5M | $646,000 | — | — |
| Receivables | $66.5M | $0 | $53.8M | $0 | $49.4M | $0 | $33.7M | $0 | $38.9M | $52.0M | $52.0M | $0 |
| Inventory | $21.7M | $0 | $12.6M | $0 | $16.2M | $0 | $18.9M | $0 | $20.6M | $22.5M | $22.5M | $0 |
| Other current assets | $0 | $0 | $33.7M | $0 | $99.7M | $0 | $49.4M | $0 | $40.4M | $0 | $56.7M | $0 |
| Total current assets | $466.1M | $321.4M | $433.9M | $264.3M | $452.5M | $349.6M | $450.4M | $385.9M | $576.3M | $344.0M | $507.9M | $393.5M |
| Property, plant & equipment (net) | $3.16B | $3.59B | $3.47B | $3.10B | $3.29B | $3.13B | $3.18B | $3.15B | $3.13B | $2.93B | $2.79B | $2.75B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $91.3M | $0 | $25.2M | $0 | $35.3M | $0 | $25.2M | $0 | $10.1M | $0 | $5.1M | $0 |
| Other non-current assets | $665.0M | $331.4M | $28.3M | $534.2M | $31.7M | $195.5M | $48.8M | $175.9M | $51.5M | $229.8M | $63.6M | $217.2M |
| Total assets | $4.38B | $4.24B | $3.95B | $3.90B | $3.81B | $3.67B | $3.71B | $3.71B | $3.77B | $3.50B | $3.36B | $3.36B |
| Liabilities | ||||||||||||
| Accounts payable | $52.9M | — | $42.7M | — | $45.7M | — | $55.8M | — | $51.4M | $40.2M | $40.2M | — |
| Short-term debt | — | — | $309.8M | — | $216.2M | — | $264.5M | — | $305.0M | $214.1M | $214.1M | — |
| Deferred revenue | — | — | $17.3M | — | $13.9M | — | $37.4M | — | $17.6M | $31.9M | $31.9M | — |
| Total current liabilities | $440.2M | — | $458.0M | — | $349.3M | — | $408.5M | — | $436.4M | $323.2M | $323.2M | — |
| Long-term debt | $1.85B | $0 | $1.49B | $0 | $1.48B | $0 | $1.35B | $0 | $1.53B | $1.66B | $1.37B | $1.56B |
| Lease obligations | $24.6M | — | $8.0M | — | $10.6M | — | $17.0M | — | $66.2M | — | $39.1M | — |
| Other long-term liabilities | $471.3M | $2.29B | $144.7M | $2.06B | $172.5M | $1.89B | $176.4M | $1.97B | $49.3M | $161.5M | $17.6M | $172.1M |
| Total liabilities | $2.32B | $2.29B | $2.09B | $2.06B | $2.00B | $1.89B | $1.94B | $1.97B | $2.02B | $1.82B | $1.71B | $1.73B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.05B | — | $151.5M | $1.84B | $151.5M | $1.78B | $151.5M | $1.75B | $150.9M | $1.68B | $150.9M | $1.63B |
| Retained earnings (deficit) | $922.9M | — | $738.4M | — | $685.6M | — | $652.7M | — | $647.5M | $548.2M | $548.2M | — |
| Accumulated other comprehensive income | — | — | −$1.9M | — | −$1.5M | — | −$904,000 | — | $494,000 | $2.5M | $2.5M | — |
| Minority interest | $50.1M | — | $43.5M | — | $42.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.05B | $1.95B | $1.82B | $1.84B | $1.76B | $1.78B | $1.73B | $1.75B | $1.72B | $1.68B | $1.62B | $1.63B |
| Key figures | ||||||||||||
| Total debt | $2.10B | $2.14B | $1.93B | $1.91B | $1.83B | $1.71B | $1.76B | $1.78B | $1.85B | $1.66B | $1.60B | $1.56B |
| Net cash (debt) | −$1.64B | −$1.81B | −$1.60B | −$1.64B | −$1.54B | −$1.36B | −$1.42B | −$1.39B | −$1.37B | −$1.32B | −$1.23B | −$1.17B |
| Working capital | $25.9M | — | −$24.2M | — | $103.2M | — | $41.8M | — | $140.0M | $20.8M | $184.7M | — |
| Tangible book value | $2.05B | $1.95B | $1.82B | $1.84B | $1.76B | $1.78B | $1.73B | $1.75B | $1.72B | $1.68B | $1.62B | $1.63B |
| Book value per share | $68.55 | $64.99 | $61.02 | $61.71 | $59.49 | $60.12 | $58.31 | $59.04 | $58.15 | $56.99 | $54.86 | $55.16 |
| Shares outstanding | 30.0M | 30.0M | 29.8M | 29.8M | 29.7M | 29.7M | 29.6M | 29.6M | 29.5M | 29.5M | 29.5M | 29.5M |
| Current ratio | 1.06 | — | 0.95 | — | 1.30 | — | 1.10 | — | 1.32 | 1.06 | 1.57 | — |
| Quick ratio | 1.21 | — | 0.85 | — | 0.96 | — | 0.94 | — | 1.18 | 1.23 | 1.33 | — |
| Debt / equity | 1.02 | 1.10 | 1.06 | 1.04 | 1.04 | 0.96 | 1.02 | 1.02 | 1.08 | 0.99 | 0.99 | 0.96 |
| Equity / assets | 46.9% | 45.9% | 46.0% | 47.2% | 46.3% | 48.5% | 46.6% | 47.1% | 45.5% | 48.0% | 48.1% | 48.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
TEN financial position
At the end of fiscal 2025 (December 31, 2025), Tsakos Energy Navigation had total assets of $4.0 billion (up 6.7% from a year earlier), total liabilities of $2.1 billion and shareholders' equity of $1.8 billion. It held $333.8 million in cash and short-term investments against $1.9 billion of debt, net debt of $1.6 billion. Its current ratio was 0.95. In the latest quarter (ended June 30, 2026) total assets were $4.4 billion and equity $2.1 billion.
Related: TEN income statement, TEN cash flow statement, TEN key metrics. See the TEN stock overview for the latest quote and news.
TEN balance sheet FAQ
What are Tsakos Energy Navigation's total assets?
Tsakos Energy Navigation reported total assets of $4.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.7 billion a year earlier.
How much debt does Tsakos Energy Navigation have?
Tsakos Energy Navigation had $1.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.06.
How much cash does Tsakos Energy Navigation have?
Tsakos Energy Navigation held $333.8 million in cash and short-term investments at the end of fiscal 2025; with $1.9 billion of debt that is net debt of $1.6 billion.
What is Tsakos Energy Navigation's book value?
Tsakos Energy Navigation's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $61.18 per share.
What is Tsakos Energy Navigation's current ratio?
Tsakos Energy Navigation had current assets of $433.9 million and current liabilities of $458.0 million, a current ratio of 0.95 (current liabilities exceed current assets).