Latest Ratios: P/E Ratio 5.2x · EV/EBITDA 5.6x · ROE 10.3%. (1999–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $780M | $764M | $760M | $675M | $466M | $389M | $418M | $308M | $427M | — | — |
| Enterprise Value | $2.2B | $2.2B | $2.0B | $2.0B | $1.8B | $1.8B | $1.8B | $1.7B | $2.0B | — | — |
| P/E Ratio → | 5.20 | 5.15 | 2.85 | 4.01 | — | — | — | — | 56.04 | — | — |
| P/S Ratio | 0.97 | 0.95 | 0.85 | 0.78 | 0.85 | 0.60 | 0.70 | 0.58 | 0.81 | — | — |
| P/B Ratio | 0.44 | 0.43 | 0.46 | 0.44 | 0.36 | 0.28 | 0.28 | 0.20 | 0.28 | — | — |
| P/FCF | — | — | 8.17 | — | — | 22.66 | 5.08 | 5.44 | — | — | — |
| P/OCF | 2.57 | 2.52 | 1.94 | 2.34 | 8.78 | 1.89 | 2.27 | 4.16 | 2.50 | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.71 | 2.23 | 2.37 | 3.32 | 2.79 | 2.99 | 3.21 | 3.76 | — | — |
| EV / EBITDA | 5.64 | 5.60 | 4.12 | 5.41 | 18.90 | 7.08 | 7.45 | 15.60 | 10.18 | — | — |
| EV / EBIT | 9.56 | 7.30 | 4.82 | 7.59 | — | 22.20 | 20.32 | — | 26.38 | — | — |
| EV / FCF | — | — | 21.36 | — | — | 104.58 | 21.77 | 30.00 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.2% | 34.2% | 41.7% | 33.3% | 0.3% | 25.0% | 23.6% | 12.3% | 19.4% | 24.0% | 35.4% |
| Operating Margin | 28.6% | 28.6% | 37.9% | 29.8% | -5.7% | 15.0% | 14.4% | -5.3% | 12.0% | 18.6% | 32.0% |
| Net Profit Margin | 21.8% | 21.8% | 33.7% | 23.7% | -34.8% | -4.0% | -8.9% | -18.7% | 1.4% | 11.6% | 26.9% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.3% | 10.3% | 18.9% | 14.5% | -14.2% | -1.8% | -3.6% | -6.6% | 0.5% | 3.9% | 12.2% |
| ROA | 5.0% | 5.0% | 9.0% | 6.6% | -6.3% | -0.8% | -1.7% | -3.0% | 0.2% | 1.8% | 5.7% |
| ROIC | 5.7% | 5.7% | 8.8% | 7.0% | -0.9% | 2.6% | 2.2% | -0.7% | 1.6% | 2.4% | 5.7% |
| ROCE | 7.2% | 7.2% | 11.3% | 9.3% | -1.2% | 3.5% | 3.0% | -0.9% | 2.1% | 3.3% | 7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 0.97 | 1.09 | 1.13 | 1.13 | 1.06 | 1.06 | 1.16 | 1.24 | 0.99 |
| Debt / EBITDA | 4.53 | 4.53 | 3.33 | 4.43 | 15.26 | 6.18 | 6.48 | 14.65 | 8.97 | 8.91 | 4.87 |
| Net Debt / Equity | — | 0.80 | 0.74 | 0.89 | 1.04 | 1.02 | 0.93 | 0.92 | 1.04 | 1.10 | 0.78 |
| Net Debt / EBITDA | 3.63 | 3.63 | 2.54 | 3.62 | 14.03 | 5.54 | 5.71 | 12.77 | 8.00 | 7.95 | 3.86 |
| Debt / FCF | — | — | 13.18 | — | — | 81.92 | 16.69 | 24.56 | — | — | 65.73 |
| Interest Coverage | 2.55 | 2.55 | 4.01 | 4.84 | -2.83 | 1.63 | 1.28 | -0.34 | 1.22 | 2.56 | 6.53 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.10 | 1.10 | 1.57 | 1.39 | 0.72 | 0.84 | 1.12 | 1.25 | 0.90 | 0.91 | 1.13 |
| Quick Ratio | 1.06 | 1.06 | 1.50 | 1.32 | 0.65 | 0.78 | 1.08 | 1.17 | 0.85 | 0.86 | 1.09 |
| Cash Ratio | 0.85 | 0.85 | 1.17 | 0.82 | 0.35 | 0.42 | 0.52 | 0.81 | 0.56 | 0.48 | 0.72 |
| Asset Turnover | — | 0.22 | 0.26 | 0.26 | 0.19 | 0.21 | 0.19 | 0.17 | 0.16 | 0.15 | 0.20 |
| Inventory Turnover | 27.92 | 27.92 | 23.05 | 21.88 | 23.77 | 22.15 | 35.01 | 22.79 | 26.18 | 19.53 | 26.37 |
| Days Sales Outstanding | — | 15.28 | 21.33 | 36.94 | 38.74 | 26.10 | 36.93 | 38.76 | 28.68 | 34.08 | 30.82 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.3% | 9.4% | 8.1% | 6.5% | 7.8% | 12.0% | 11.8% | 14.4% | 9.3% | — | — |
| Payout Ratio | 41.0% | 41.0% | 20.6% | 21.4% | — | — | — | — | 523.8% | 72.3% | 13.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 19.2% | 19.4% | 35.1% | 24.9% | — | — | — | — | 1.8% | — | — |
| FCF Yield | — | — | 12.2% | — | — | 4.4% | 19.7% | 18.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 14.3% | 0.4% | 0.0% | 15.4% | 12.0% | 100.0% | 100.0% | — | — |
| Total Shareholder Yield | 9.3% | 9.4% | 22.4% | 6.8% | 7.8% | 27.4% | 23.8% | 100.0% | 100.0% | — | — |
| Shares Outstanding | — | $30M | $30M | $28M | $20M | $19M | $18M | $17M | $17M | $17M | $17M |
Cyclical Charter Rate Volatility
According to current market data, TEN-PE trades at a 5.15x TTM P/E and a 0.43x P/B ratio, suggesting that investors are pricing the company at a significant discount to its book value due to persistent concerns regarding the cyclicality of the global tanker market.
The low P/B multiple appears to reflect market skepticism regarding the realizable value of the fleet in a downturn, despite the company's focus on modern, specialized assets. Investors should monitor whether this valuation gap represents a structural mispricing of the LNG and shuttle tanker segments or a rational response to the recent revenue contraction.
As reported in recent financial statements, TEN-PE's ROIC has trended downward to 1.2% in 2025Q2 from a peak of 5.3% in 2023Q1, indicating that the company is struggling to generate efficient returns on its expanding asset base amidst softening charter rates and rising maintenance costs.
The decline in ROIC suggests that the capital-intensive nature of fleet renewal is currently outpacing the incremental earnings generated by new vessels. This trend warrants further investigation into whether the company's recent capital allocation strategy is effectively creating long-term shareholder value or merely sustaining an aging operational footprint.
Based on the provided figures, TEN-PE's asset turnover remains consistently low at 0.05x, which is characteristic of the capital-intensive maritime industry, while the cash conversion cycle has fluctuated between -10 and 14 days, reflecting the inherent volatility in managing voyage-related receivables and payables.
The low asset turnover highlights the company's reliance on high-margin charter contracts to offset the massive capital investment required for fleet operations. The variability in the cash conversion cycle suggests that management's ability to optimize working capital is highly sensitive to the timing of spot market voyages and counterparty payment cycles.
According to recent SEC filings, TEN-PE maintains a debt-to-equity ratio of 1.01 as of 2025Q2, a figure that appears remarkably stable over the last ten quarters despite the company's significant capital expenditure requirements and the broader volatility inherent in the global energy shipping sector.
While a 1.01 D/E ratio is generally considered manageable, the high debt-to-EBITDA ratio of 19.80 suggests that the company's ability to service its debt is heavily dependent on maintaining robust operating cash flows. Investors should monitor the interest coverage ratio, which has declined to 2.19, as it indicates a narrowing margin of safety for debt obligations.
Based on an analysis of the business model, the P/E ratio is the most commonly misapplied metric for TEN-PE, as it fails to account for the significant non-cash depreciation and impairment charges that frequently distort reported net income in the capital-intensive maritime shipping industry.
Using P/E to evaluate TEN-PE obscures the company's true cash-generating capacity, which is better captured by metrics like EV/EBITDA or NAV-based valuations. Analysts should prioritize cash flow-based metrics to avoid being misled by accounting volatility that does not reflect the underlying operational health of the fleet.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying TEN-PE stock.
Tsakos Energy Navigation Limited's current P/E ratio is 5.2x. The historical average is 17.0x. This places it at the 75th percentile of its historical range.
Tsakos Energy Navigation Limited's current EV/EBITDA is 5.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Tsakos Energy Navigation Limited's return on equity (ROE) is 10.3%. The historical average is 8.0%.
Based on historical data, Tsakos Energy Navigation Limited is trading at a P/E of 5.2x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tsakos Energy Navigation Limited's current dividend yield is 9.31% with a payout ratio of 41.0%.
Tsakos Energy Navigation Limited has 34.2% gross margin and 28.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Tsakos Energy Navigation Limited's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.