Nordic American Tankers Limited (NAT) Key Metrics
NAT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.62B
- Enterprise value
- $1.89B
- P/E (TTM)
- 13.0 10-yr median 11.3
- Forward P/E
- 14.0
- PEG ratio
- 1.21
- Price / sales
- 4.4 10-yr median 1.7
- Price / book
- 3.4 10-yr median 1.0
- EV / EBITDA
- 11.9 10-yr median 8.6
- Dividend yield
- 14.10% $1.08 a year
- Beta
- −0.52
NAT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNAT valuation Price multiples at each fiscal year-end price.
NAT returns How much profit the business earns on the capital it uses.
NAT per-share figures Results divided by the shares outstanding at year-end.
NAT financial health Debt, liquidity and how easily interest is covered.
NAT efficiency & capital use Working capital cycle and where the cash goes.
NAT valuation history
NAT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NAT cash returned to shareholders
NAT price vs earnings per share
NAT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $728.4M | $524.7M | $877.0M | $618.2M | $274.7M | $440.4M | $701.5M | $283.9M | $255.4M | $771.1M |
| Enterprise value | $1.11B | $755.3M | $1.15B | $864.7M | $560.9M | $739.3M | $1.05B | $671.1M | $585.9M | $1.13B |
| P/E ratio | 59.4 | 11.3 | 8.9 | 40.9 | — | 8.8 | — | — | — | — |
| Price / sales | 2.5 | 1.5 | 2.2 | 1.8 | 1.4 | 1.2 | 2.2 | 1.0 | 0.9 | 2.2 |
| Price / book | 1.6 | 1.0 | 1.6 | 1.1 | 0.6 | 0.7 | 1.2 | 0.5 | 0.3 | 0.9 |
| Price / free cash flow | — | 4.2 | 13.3 | — | — | 4.7 | 13.9 | — | — | — |
| Price / operating cash flow | 36.7 | 4.1 | 6.3 | 25.6 | — | 4.0 | 13.3 | — | 8.0 | 6.0 |
| EV / sales | 3.8 | 2.2 | 2.9 | 2.5 | 2.9 | 2.1 | 3.3 | 2.3 | 2.0 | 3.2 |
| EV / EBITDA | 10.5 | 5.7 | 6.3 | 9.3 | — | 5.0 | 10.9 | 29.9 | — | 7.8 |
| EV / free cash flow | — | 6.0 | 17.4 | — | — | 8.0 | 20.9 | — | — | — |
| Earnings yield | 1.7% | 8.9% | 11.3% | 2.4% | −43.5% | 11.4% | −1.5% | −33.6% | −80.2% | −0.6% |
| Free cash flow yield | −16.0% | 23.9% | 7.5% | −11.5% | −22.6% | 21.1% | 7.2% | −7.4% | −2.3% | −1.4% |
| Dividend yield | 11.6% | 16.7% | 10.2% | 3.7% | 3.5% | 15.3% | 2.0% | 3.5% | 21.2% | 16.3% |
| Shareholder yield (dividends + buybacks) | 11.6% | 17.4% | 10.2% | 3.7% | 3.5% | 15.3% | 2.0% | 3.5% | 21.2% | 16.3% |
| Share price at fiscal year-end | $3.44 | $2.50 | $4.20 | $3.06 | $1.69 | $2.95 | $4.92 | $2.00 | $2.46 | $8.33 |
| Per share | ||||||||||
| Revenue per share | $1.38 | $1.67 | $1.88 | $1.68 | $1.20 | $2.38 | $2.22 | $2.04 | $2.86 | $3.86 |
| Earnings per share | $0.06 | $0.22 | $0.47 | $0.07 | −$0.73 | $0.34 | −$0.07 | −$0.67 | −$1.97 | −$0.05 |
| Operating cash flow per share | $0.09 | $0.61 | $0.67 | $0.12 | −$0.27 | $0.74 | $0.37 | −$0.11 | $0.31 | $1.38 |
| Free cash flow per share | −$0.55 | $0.60 | $0.31 | −$0.35 | −$0.38 | $0.62 | $0.35 | −$0.15 | −$0.06 | −$0.11 |
| Cash per share | $0.22 | $0.19 | $0.15 | $0.29 | $0.21 | $0.39 | $0.35 | $0.35 | $0.56 | $0.89 |
| Book value per share | $2.10 | $2.42 | $2.58 | $2.67 | $3.07 | $4.01 | $4.18 | $4.24 | $8.09 | $9.41 |
| Tangible book value per share | $2.10 | $2.42 | $2.58 | $2.67 | $3.07 | $4.01 | $4.18 | $4.24 | $7.91 | $9.00 |
| Dividends per share | $0.40 | $0.42 | $0.43 | $0.11 | $0.06 | $0.45 | $0.10 | $0.07 | $0.52 | $1.36 |
| Capex per share | $0.64 | $0.01 | $0.35 | $0.47 | $0.11 | $0.12 | $0.02 | $0.03 | $0.36 | $1.50 |
| Debt per share | $2.00 | $1.28 | $1.44 | $1.51 | $1.97 | $2.39 | $2.80 | $3.07 | $3.75 | $4.79 |
| Shares outstanding | 211.8M | 209.9M | 208.8M | 202.0M | 162.5M | 149.3M | 142.6M | 142.0M | 103.8M | 92.5M |
| Change in shares outstanding | +0.9% | +0.5% | +3.4% | +24.3% | +8.9% | +4.7% | +0.4% | +36.7% | +12.2% | +3.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.6% | 8.9% | 18.3% | 2.9% | −21.8% | 8.4% | −1.7% | −13.2% | −24.0% | −0.5% |
| Return on invested capital (ROIC) | 2.9% | 10.0% | 16.0% | 4.6% | −7.9% | 8.8% | 2.6% | −2.2% | −3.0% | 3.1% |
| Return on assets (ROA) | 1.4% | 5.5% | 11.2% | 1.7% | −13.1% | 5.0% | −1.0% | −8.1% | −15.6% | −0.3% |
| Return on tangible assets | 1.4% | 5.7% | 11.2% | 1.7% | −14.0% | 5.1% | −1.0% | −8.9% | −16.4% | −0.3% |
| Free cash flow margin | −39.9% | 35.9% | 16.8% | −21.0% | −31.8% | 26.2% | 15.9% | −7.3% | −2.0% | −3.0% |
| Income quality (OCF / net income) | 1.62 | 2.75 | 1.41 | 1.60 | — | 2.22 | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $424.1M | $269.7M | $301.6M | $306.0M | $321.0M | $356.7M | $399.8M | $436.5M | $388.9M | $442.8M |
| Cash & short-term investments | $45.9M | $39.2M | $31.1M | $59.6M | $34.7M | $57.8M | $49.7M | $49.3M | $58.4M | $82.2M |
| Net debt | $378.3M | $230.5M | $270.5M | $246.5M | $286.2M | $298.9M | $350.2M | $387.2M | $330.5M | $360.6M |
| Debt / equity | 0.95 | 0.53 | 0.56 | 0.57 | 0.64 | 0.60 | 0.67 | 0.73 | 0.46 | 0.51 |
| Debt / assets | 0.47 | 0.33 | 0.34 | 0.35 | 0.38 | 0.37 | 0.39 | 0.41 | 0.31 | 0.33 |
| Net debt / EBITDA | 3.58 | 1.73 | 1.50 | 2.66 | — | 2.00 | 3.64 | 17.28 | — | 2.50 |
| Current ratio | 2.24 | 1.65 | 1.55 | 1.97 | 1.58 | 2.51 | 2.19 | 3.11 | 5.01 | 7.61 |
| Quick ratio | 1.68 | 1.18 | 0.94 | 1.29 | 1.27 | 2.02 | 1.81 | 2.55 | 4.10 | 6.64 |
| Interest coverage | 0.8 | 2.5 | 4.2 | 1.3 | -3.2 | 2.6 | 0.8 | -0.6 | -2.2 | 4.3 |
| Working capital | $83.4M | $39.0M | $38.4M | $70.2M | $39.5M | $59.8M | $70.3M | $76.7M | $101.7M | $142.2M |
| Invested capital | $823.8M | $739.3M | $808.8M | $786.4M | $784.4M | $898.0M | $945.6M | $989.2M | $1.17B | $1.23B |
| Tangible asset value | $445.5M | $508.8M | $538.3M | $540.0M | $498.2M | $599.1M | $595.4M | $602.0M | $821.5M | $833.1M |
| Net current asset value | −$305.8M | −$210.0M | −$232.0M | −$198.1M | −$245.8M | −$275.7M | −$306.1M | −$356.1M | −$303.0M | −$315.1M |
| Graham number | $1.66 | $3.48 | $5.24 | $2.12 | — | $5.50 | — | — | — | — |
| Graham net-net per share | −$1.78 | −$1.16 | −$1.29 | −$1.19 | −$1.85 | −$2.03 | −$2.50 | −$2.77 | −$3.31 | −$4.03 |
| Capital allocation | ||||||||||
| Dividends paid | $84.7M | $87.7M | $89.8M | $22.7M | $9.7M | $67.2M | $14.3M | $9.9M | $54.2M | $125.7M |
| Share buybacks (net) | $0 | $3.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 690.3% | 188.0% | 91.0% | 150.2% | — | 134.4% | — | — | — | — |
| Dividends + buybacks / free cash flow | — | 72.7% | 136.5% | — | — | 72.4% | 28.3% | — | — | — |
| Capex / revenue | 46.7% | 0.7% | 18.8% | 28.1% | 9.1% | 5.1% | 0.8% | 1.7% | 12.6% | 38.7% |
| Capex / operating cash flow | 688.3% | 2.0% | 52.8% | 395.4% | — | 16.3% | 4.8% | — | 118.4% | 108.3% |
| Capex / depreciation | 2.36 | 0.05 | 1.43 | 1.89 | 0.26 | 0.27 | 0.04 | 0.08 | 0.37 | 1.52 |
| Stock-based compensation / revenue | 0.0% | 0.5% | 0.6% | 0.1% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 0.1% |
| SG&A / revenue | 9.9% | 8.2% | 5.8% | 5.5% | 8.0% | 5.0% | 4.2% | 4.4% | 4.2% | 3.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 22.0 | 22.2 | 21.8 | 16.1 | 14.7 | 15.9 | 27.1 | 28.5 | 24.9 | 23.8 |
| Days of inventory on hand | 51.4 | 53.1 | 69.5 | 45.1 | 27.8 | 29.9 | 28.7 | 25.9 | 24.3 | 21.9 |
| Days payables outstanding | 5.3 | 5.8 | 7.9 | 8.7 | 7.4 | 8.9 | 8.0 | 4.0 | 4.1 | 5.2 |
| Cash conversion cycle (days) | 68.1 | 69.5 | 83.4 | 52.5 | 35.1 | 36.9 | 47.8 | 50.3 | 45.0 | 40.5 |
| Receivables turnover | 16.59 | 16.45 | 16.75 | 22.74 | 24.90 | 22.93 | 13.45 | 12.83 | 14.66 | 15.32 |
| Payables turnover | 69.14 | 63.25 | 46.30 | 42.09 | 49.63 | 40.92 | 45.37 | 90.13 | 88.07 | 69.60 |
| Inventory turnover | 7.11 | 6.88 | 5.25 | 8.09 | 13.12 | 12.22 | 12.71 | 14.11 | 15.05 | 16.63 |
| Asset turnover | 0.34 | 0.41 | 0.45 | 0.39 | 0.21 | 0.35 | 0.30 | 0.25 | 0.23 | 0.28 |
| Average receivables | $17.6M | $21.3M | $23.4M | $14.9M | $7.9M | $15.5M | $23.6M | $22.5M | $20.3M | $23.3M |
| Average payables | $3.4M | $3.9M | $5.2M | $6.8M | $5.3M | $6.3M | $6.0M | $3.4M | $3.8M | $4.3M |
| Average inventory | $33.0M | $35.4M | $45.9M | $35.1M | $20.1M | $20.9M | $21.4M | $21.7M | $22.0M | $17.9M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 2.8% |
Computed from NAT's annual financial statements (latest annual report filed April 29, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NAT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Nordic American Tankers traded at 59.4 times earnings, against a 10-year median of 11.3. Based on the latest twelve months, the trailing P/E is 13.0 and the forward P/E is 14.0. Nordic American Tankers earned a return on equity of 2.6% and a return on invested capital of 2.9% in fiscal 2025. It ended the year with $424.1 million of debt and $45.9 million in cash and short-term investments, net debt of $378.3 million. It returned $84.7 million to shareholders: $84.7 million in dividends and $0 in share buybacks. The share count rose 128.8% from 92.5M to 211.8M over 9 years.
See the NAT income statement, the NAT chart for price history, or the NAT stock overview for the latest quote and news.
NAT key metrics FAQ
What is Nordic American Tankers's P/E ratio?
Nordic American Tankers's trailing P/E ratio is 13.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.0. At the end of fiscal 2025 it was 59.4, compared with a 10-year median of 11.3.
What is Nordic American Tankers's EV/EBITDA?
Nordic American Tankers's enterprise value was 10.5 times EBITDA at the end of fiscal 2025 (enterprise value $1.1 billion, EBITDA $105.8 million); the current EV/EBITDA is 11.9.
What is Nordic American Tankers's return on equity?
Nordic American Tankers's return on equity (ROE) was 2.6% in fiscal 2025: net income of $12.3 million on average shareholders' equity of $477.2 million.
What is Nordic American Tankers's ROIC?
Nordic American Tankers's return on invested capital was 2.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Nordic American Tankers have?
Nordic American Tankers had total debt of $424.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.95 and $378.3 million of net debt (3.58 times EBITDA).
What is Nordic American Tankers's dividend yield?
Nordic American Tankers's forward dividend yield is 14.10%. Nordic American Tankers paid $84.7 million in dividends in fiscal 2025 ($0.40 per share), a payout ratio of 690.3%.
What is Nordic American Tankers's free cash flow yield?
Nordic American Tankers generated -$116.6 million of free cash flow in fiscal 2025, a free cash flow yield of −16.0% on its market value at year-end ($728.4 million).
What is Nordic American Tankers's current ratio?
Nordic American Tankers's current ratio was 2.24 at the end of fiscal 2025: current assets were 2.24 times current liabilities.