Latest Ratios: P/E Ratio 100.2x · EV/EBITDA 18.5x · ROE 2.6%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $728M | $525M | $877M | $618M | $275M | $440M | $701M | $284M | $255M | $777M |
| Enterprise Value | $1.6B | $1.1B | $755M | $1.1B | $865M | $561M | $739M | $1.1B | $671M | $586M | $1.1B |
| P/E Ratio → | 100.17 | 59.31 | 11.36 | 8.94 | 40.91 | — | 8.68 | — | — | — | — |
| P/S Ratio | 4.21 | 2.49 | 1.50 | 2.24 | 1.82 | 1.40 | 1.24 | 2.21 | 0.98 | 0.86 | 2.17 |
| P/B Ratio | 2.76 | 1.63 | 1.03 | 1.63 | 1.14 | 0.55 | 0.74 | 1.18 | 0.47 | 0.30 | 0.89 |
| P/FCF | — | — | 4.18 | 13.33 | — | — | 4.74 | 13.94 | — | — | — |
| P/OCF | 62.02 | 36.72 | 4.09 | 6.29 | 25.62 | — | 3.97 | 13.27 | — | 8.05 | 6.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.78 | 2.16 | 2.93 | 2.55 | 2.87 | 2.08 | 3.32 | 2.32 | 1.97 | 3.18 |
| EV / EBITDA | 18.55 | 12.76 | 5.66 | 6.40 | 9.99 | — | 4.96 | 10.97 | 21.74 | 10.76 | 8.19 |
| EV / EBIT | 55.48 | 23.05 | 9.76 | 8.87 | 20.50 | — | 9.08 | 32.61 | — | — | 21.25 |
| EV / FCF | — | — | 6.02 | 17.45 | — | — | 7.96 | 20.91 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.8% | 19.8% | 30.3% | 38.5% | 16.2% | -35.0% | 27.9% | 14.3% | -5.9% | -11.3% | 16.9% |
| Operating Margin | 9.9% | 9.9% | 22.1% | 32.7% | 10.7% | -43.0% | 22.9% | 10.1% | -10.3% | -15.6% | 13.4% |
| Net Profit Margin | 4.2% | 4.2% | 13.3% | 25.2% | 4.5% | -61.0% | 14.1% | -3.3% | -33.0% | -69.0% | -1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.6% | 2.6% | 8.9% | 18.3% | 2.9% | -21.8% | 8.4% | -1.7% | -13.2% | -24.0% | -0.5% |
| ROA | 1.4% | 1.4% | 5.5% | 11.2% | 1.7% | -13.1% | 5.0% | -1.0% | -8.1% | -15.6% | -0.3% |
| ROIC | 2.8% | 2.8% | 7.5% | 12.0% | 3.5% | -7.5% | 6.6% | 2.5% | -2.1% | -2.9% | 3.0% |
| ROCE | 3.6% | 3.6% | 9.9% | 15.8% | 4.5% | -9.8% | 8.5% | 3.2% | -2.6% | -3.6% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.95 | 0.95 | 0.53 | 0.56 | 0.57 | 0.64 | 0.60 | 0.67 | 0.73 | 0.46 | 0.51 |
| Debt / EBITDA | 4.89 | 4.89 | 2.02 | 1.68 | 3.53 | — | 2.39 | 4.17 | 14.14 | 7.14 | 3.19 |
| Net Debt / Equity | — | 0.85 | 0.45 | 0.50 | 0.46 | 0.57 | 0.50 | 0.59 | 0.64 | 0.39 | 0.41 |
| Net Debt / EBITDA | 4.36 | 4.36 | 1.73 | 1.51 | 2.85 | — | 2.00 | 3.66 | 12.54 | 6.07 | 2.60 |
| Debt / FCF | — | — | 1.84 | 4.11 | — | — | 3.22 | 6.97 | — | — | — |
| Interest Coverage | 1.34 | 1.34 | 2.52 | 4.24 | 1.56 | -3.53 | 2.59 | 0.76 | -0.78 | -8.31 | 4.75 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.24 | 2.24 | 1.65 | 1.55 | 1.97 | 1.58 | 2.51 | 2.19 | 3.11 | 5.01 | 7.61 |
| Quick Ratio | 1.68 | 1.68 | 1.18 | 0.94 | 1.29 | 1.27 | 2.02 | 1.81 | 2.55 | 4.10 | 6.64 |
| Cash Ratio | 0.68 | 0.68 | 0.66 | 0.44 | 0.82 | 0.51 | 1.46 | 0.84 | 1.36 | 2.30 | 3.82 |
| Asset Turnover | — | 0.32 | 0.43 | 0.45 | 0.39 | 0.23 | 0.36 | 0.31 | 0.27 | 0.23 | 0.26 |
| Inventory Turnover | 6.26 | 6.26 | 8.55 | 5.69 | 5.75 | 12.66 | 13.18 | 12.09 | 15.09 | 14.33 | 14.23 |
| Days Sales Outstanding | — | 23.76 | 16.93 | 24.50 | 22.02 | 17.48 | 6.53 | 28.29 | 28.53 | 27.61 | 18.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.9% | 11.6% | 16.7% | 10.2% | 3.7% | 3.5% | 15.3% | 2.0% | 3.5% | 21.2% | 16.2% |
| Payout Ratio | 690.3% | 690.3% | 188.0% | 91.0% | 150.2% | — | 134.4% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.7% | 8.8% | 11.2% | 2.4% | — | 11.5% | — | — | — | — |
| FCF Yield | — | — | 23.9% | 7.5% | — | — | 21.1% | 7.2% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.9% | 11.6% | 17.4% | 10.2% | 3.7% | 3.5% | 15.3% | 2.0% | 3.5% | 21.2% | 16.2% |
| Shares Outstanding | — | $212M | $210M | $209M | $202M | $163M | $149M | $143M | $142M | $104M | $93M |
Spot market rate volatility
According to current market data, NAT trades at a P/S ratio of 4.24 and an EV/EBITDA of 18.64, which appears significantly elevated compared to peer averages, suggesting that investors may be pricing in a recovery that the underlying spot market volatility has yet to confirm.
The disconnect between the forward P/E of 8.21 and the trailing P/E of 100.86 implies that the market is banking on a sharp rebound in earnings that may not materialize given the company's high fixed-cost structure. Investors should monitor whether this valuation premium is supported by asset value or merely reflects speculative interest in the dividend yield.
As reported in financial statements, NAT's net margin of 4.20% highlights a precarious earning profile, where even minor fluctuations in Suezmax spot rates can rapidly erode profitability, leaving the company with little buffer to absorb the high fixed costs inherent in its 24-vessel fleet.
The volatility in gross margins, which ranged from 10.2% to 44.7% over the last ten quarters, suggests that the company is a price-taker with limited ability to pass on rising bunker fuel or maintenance costs. This lack of margin stability warrants further investigation into whether the current fleet age is driving higher-than-expected operating expenses.
Based on recent quarterly data, NAT's ROIC has struggled to exceed 3.6%, indicating that the company is failing to generate returns that meaningfully exceed its cost of capital, a trend that appears consistent with the capital-intensive and cyclical nature of the Suezmax tanker industry.
The low ROIC suggests that the company's investments in its fleet are not compounding value effectively for shareholders. This performance gap compared to peers like Teekay Tankers suggests that NAT's pure-play strategy may be sacrificing operational efficiency for the sake of maintaining a specific fleet composition.
According to the reported CCC metrics, which reached 70 days in 2026Q1, NAT's working capital efficiency appears to be deteriorating, suggesting that the company is increasingly reliant on external financing to bridge the gap between voyage completion and cash collection in a volatile spot market.
The rising trend in the cash conversion cycle implies that the company is struggling to optimize its receivables and payables relative to its peers. This inefficiency may be a structural byproduct of the company's reliance on spot charters, which lack the predictable payment terms often found in long-term time charters.
The dividend yield of 6.8% is the most commonly misapplied metric for NAT, as it frequently masks the underlying erosion of the company's capital base and the reality that these distributions often function as a return of capital rather than a return on investment.
Investors should focus on the Free Cash Flow yield instead, as it provides a more accurate picture of the company's ability to fund dividends without resorting to dilutive equity raises. Relying on the dividend yield alone ignores the significant risk that the payout may be unsustainable during prolonged industry downturns.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying NAT stock.
Nordic American Tankers Limited's current P/E ratio is 100.2x. The historical average is 18.4x. This places it at the 100th percentile of its historical range.
Nordic American Tankers Limited's current EV/EBITDA is 18.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
Nordic American Tankers Limited's return on equity (ROE) is 2.6%. The historical average is 4.3%.
Based on historical data, Nordic American Tankers Limited is trading at a P/E of 100.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nordic American Tankers Limited's current dividend yield is 6.88% with a payout ratio of 690.3%.
Nordic American Tankers Limited has 19.8% gross margin and 9.9% operating margin.
Nordic American Tankers Limited's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.