Nordic American Tankers Limited
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow — and because of an operating question, not because of the price. There is no case for red: no going-concern warning, positive shareholders equity that grew to $455.9 million in the first quarter of 2026, cash up from $45.9 million to $81.1 million, net debt the company puts at $250.4 million across a fleet of 17 Suezmaxes, and interest cover that stayed above one even in the weak year 2025 at 1.3 times. But green is out of reach on the reliability of earning power: the 2025 result contained $16.6 million of book gains on vessel sales — without them a loss of $4.4 million — two of four quarters in 2025 were negative, and the company's own daily rate fell three years running to $27,681 while the indicative market rate climbed to $54,709. On top of that sits a payout pattern the business does not cover: $84.7 million of dividends paid against $19.8 million of cash from operations in 2025, charged against a paid-in account that shrank from $404.8 million to $245.0 million in two years. That is an open operating question rather than a threat to substance — and between two levels the more cautious one applies. Whether the stock is expensive or cheap at this price deliberately plays no part in this rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Nordic American Tankers runs Suezmax crude tankers almost entirely in the spot market and is currently benefiting from an unusually strong market: $46.3 million of net income in the first quarter of 2026 after $12.3 million for all of 2025, with roughly 90 percent of the fleet booked for the second quarter of 2026 at about $68,000 a day. The famous streak of 115 quarterly dividends is not covered by the business: 2025 saw $84.7 million distributed against $19.8 million of cash from operations, and the $76.2 million declared was charged against the shareholders' paid-in pot, which fell from $404.8 million to $245.0 million. Add a daily rate below the indicative market rate, $16.6 million of disposal gains inside 2025 earnings, and eight ships in sale-and-leaseback at SOFR plus 4.50 to 4.76 percent. Not investment advice.
Market backdrop & operating leverage
The daily rate rose from $27,490 in the third quarter and $35,000 in the fourth quarter of 2025 to $47,600 in the first quarter of 2026; for the second quarter of 2026 the company reported roughly 90 percent of the fleet booked at about $68,000 a day, against operating costs below $10,000 per ship per day. The result: $46.3 million of net income in the first quarter of 2026 after $12.3 million for all of 2025.
Balance sheet & leverage
As of March 31, 2026 the books showed $455.9 million of shareholders equity and $81.1 million of cash against $415.4 million of debt; the company puts net debt at $250.4 million, or $13.9 million per ship. But interest expense came to $35.8 million in 2025 and was covered only 1.3 times by net operating income — against roughly 6.3 times in the first quarter of 2026.
Earnings quality
The 2025 result of $12.3 million contains $16.6 million of book gains on vessel sales; without them the year would have closed with a loss of $4.4 million. Two of the four quarters of 2025 were negative (losses of $0.9 million and $2.8 million). The company's own daily rate fell three years running, from $40,522 (2023) to $27,681 (2025), while the indicative market rate rose to $54,709 in 2025.
Dividend & capital return
The 115 consecutive quarterly dividends since 1996 are a real achievement, but the coverage is missing: $84.7 million was distributed in 2025 against $19.8 million of cash from operations, and the $76.2 million declared was charged against the contributed surplus account, which fell from $404.8 million (2023) to $245.0 million (2025). In the first quarter of 2026, too, $36.0 million of payout exceeded $29.7 million of operating cash flow.
Ownership & governance
Founder Herbjørn Hansson is chairman, president and chief executive in one person, with his son as vice chairman. In 2025, $7.8 million of cash compensation went to five people against $12.3 million of net income; the audit committee consists, per the annual report, of a single independent director, and as a foreign private issuer the company may opt out of many NYSE governance rules.
Valuation
At the anchor price of $6.97 (August 21, 2026) market capitalization is about $1.48 billion, or 3.2 times shareholders equity of $455.9 million — a lot for a shipowner whose book value is essentially its fleet. The P/E is about 27 on twelve reported months and roughly 8 on the 2026 analyst estimate; the average price target of three analysts was $6.00.
Worth Noting
The hook was the striking combination of a dividend yield of about 12.6 percent annualized from the most recently declared quarterly payout and a price-to-earnings ratio of roughly 27 (data as of August 22, 2026) — not a screening criterion. The substance of this analysis rests exclusively on the company's SEC filings and metrics derived from them.
Nordic American Tankers is a foreign private issuer incorporated in Bermuda and therefore files no 10-K and no 10-Q. The basis here is the annual report on Form 20-F for 2025 (filed April 29, 2026), the interim report on Form 6-K of June 1, 2026 carrying the figures as of March 31, 2026, and the annual reports for 2024 and 2023. Reporting is under U.S. GAAP in U.S. dollars; the fiscal year equals the calendar year.
Name change: until June 29, 2011 the company was named "Nordic American Tanker Shipping Ltd." Older SEC documents appear under that name; the SEC identifier (CIK 0001000177) is unchanged. There is also a risk of confusion with the former sister company Nordic American Offshore, which is not covered here.
Data as of and cross-check: the anchor price of $6.97 is the close on August 21, 2026; multiplied by 211,750,663 shares that produces $1.476 billion, matching the market capitalization from the fundamental data. The $6.03 price documented in the annual report as of April 17, 2026 would produce $1.277 billion, a 15.6 percent gap. Fleet size is a moving target: 20 ships as of December 31, 2025, 18 as of March 31, 2026, 17 as of the annual report date.
The report for the second quarter of 2026 was still outstanding at the time of writing; the most recent filing carrying figures is the Form 6-K of June 1, 2026. After that date and through August 23, 2026, only three insider filings on Form 4 were submitted — no Form 15, no Form 25 and no further periodic report.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at NAT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.10 $ to 8.20 $ · Last price: 8.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Midstream
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Nordic American Tankers Limited NAT | 1.7 | 30.1 | 12.2 | 53.2 | 49.5 | -16.4 | 185.0 |
| Williams Companies Inc WMB | 86.8 | 31.7 | 14.9 | 63.6 | 33.6 | 13.8 | 25.4 |
| Enterprise Products Partners LP EPD | 83.1 | 13.3 | 11.5 | 13.3 | 11.8 | -6.4 | 27.7 |
| Energy Transfer LP ET | 72.6 | 14.4 | 8.2 | 17.5 | 10.4 | -0.1 | 29.1 |
| Kinder Morgan Inc KMI | 69.0 | 21.5 | 13.1 | 49.4 | 29.9 | 12.5 | 18.1 |
| Targa Resources Inc TRGP | 60.2 | 29.5 | 14.9 | 43.2 | 20.9 | 3.1 | 74.9 |
| MPLX LP MPLX | 59.5 | 12.6 | 11.7 | 55.7 | 38.3 | 8.4 | 22.6 |
| ONEOK Inc OKE | 57.5 | 16.6 | 11.6 | 27.2 | 14.9 | 55.4 | 34.7 |
| Cheniere Energy Inc LNG | 55.8 | 47.4 | 10.4 | 36.9 | -53.8 | 24.4 | 15.1 |
| Median of companies shown | 60.2 | 21.5 | 11.7 | 43.2 | 20.9 | 8.4 | 27.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 357 | 48 | -4 | -0.05 | 128 | 871 | 1,350 |
| 2017 | 297 | -46 | -205 | -1.97 | 32 | 841 | 1,271 |
| 2018 | 289 | -30 | -95 | -0.67 | -16 | 602 | 1,071 |
| 2019 | 317 | 32 | -10 | -0.07 | 53 | 595 | 1,031 |
| 2020 | 355 | 81 | 50 | 0.34 | 111 | 599 | 974 |
| 2021 | 196 | -84 | -119 | -0.73 | -44 | 498 | 851 |
| 2022 | 339 | 36 | 15 | 0.07 | 24 | 540 | 881 |
| 2023 | 392 | 128 | 99 | 0.47 | 139 | 538 | 879 |
| 2024 | 350 | 77 | 47 | 0.22 | 128 | 509 | 818 |
| 2025 | 292 | 29 | 12 | 0.06 | 20 | 446 | 902 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.10 | -23.10 | 98 | -1.30 | 22.10 | 33 | 31 |
| 2024: Q3 | 0.04 | 0.00 | 82 | 4.80 | 10.60 | 35 | 34 |
| 2024: Q4 | 0.01 | -87.50 | 74 | 25.60 | 1.70 | 19 | 19 |
| 2025: Q1 | -0.02 | -128.60 | 65 | -32.00 | 6.60 | -1 | -1 |
| 2025: Q2 | -0.04 | -140.00 | 67 | -31.80 | -1.30 | 1 | -134 |
| 2025: Q3 | -0.01 | -125.00 | 75 | -8.80 | -3.70 | 4 | 4 |
| 2025: Q4 | 0.06 | 500.00 | 86 | 15.40 | 13.60 | 15 | 15 |
| 2026: Q1 | 0.17 | 950.00 | 107 | 64.30 | 43.50 | 30 | 29 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Chris Perruna: Within 15% of Highs
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.71 | 0.64 – 0.78 | 311 | 3,563.4% | 2 |
| 12/31/2027 | 0.46 | 0.40 – 0.51 | 280 | -35.9% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 3.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $117.1M |
|---|---|
| Market cap | $1.74B |
| Free cash flow in year ten | $167.1M |
| Terminal value as a share of market value | 50.7% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Nordic American Tankers betreibt Suezmax-Tanker im Spotmarkt und erklärt im Jahresbericht 20-F für 2025 ausdrücklich, KI derzeit nicht in das Geschäft eingebunden zu haben und auch kein erhöhtes Risiko daraus zu erwarten; in den Jahresberichten für 2022, 2023 und 2024 sowie in den Zwischenberichten 6-K kommt das Thema überhaupt nicht vor.
View the full file — quotes, sources, reviewed filings
„While we have not integrated the use of artificial intelligence in our business currently, we could integrate it in the future and, at this time, cannot fully determine the impact of such evolving technology to our industry or business."
Wir haben künstliche Intelligenz derzeit nicht in unser Geschäft eingebunden, könnten dies aber künftig tun; die Auswirkungen dieser sich entwickelnden Technologie auf unsere Branche oder unser Geschäft lassen sich zum jetzigen Zeitpunkt nicht abschließend bestimmen.
20-F · 2026-04-29 · View SEC filing
„At this stage, we do not expect AI to cause increased risk to our industry or business."
Zum jetzigen Zeitpunkt erwarten wir nicht, dass KI zu einem erhöhten Risiko für unsere Branche oder unser Geschäft führt.
20-F · 2026-04-29 · View SEC filing
Filings Reviewed: 20-F 2026-04-29 · 6-K 2026-06-01 · 6-K 2026-03-02 · 6-K 2025-11-28 · 20-F 2025-04-29 · 20-F 2024-04-29
Rated on August 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -4.8%
- More than 10% revenue growth is expected for the coming year -81.5%
- Share count grows by less than 3% a year 1.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -56.3%
- Gross margin at 40% or higher and without meaningful erosion 19.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 3.6 x EBITDA
- Operating cash flow covers the profits of the last three years 130 m
- Return on capital at 15% or higher, or up versus two years ago 3.5%
- Insiders hold at least 10% or are net buyers 5.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -2.2%
- Exp. sales growth 3Y > 5% -2.1%
- EBIT growth 10Y > 5% -5.5%
- Exp. EBIT growth 3Y > 5% 180.3%
- Net debt < 4x EBIT 13.0x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 2.8%
- ROCE > 15% 3.5%
- Expected return > 10% 161.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Nordic American Tankers Limited, a tanker company, owns, operates, and charters double-hull tankers in Bermuda and internationally. As of December 31, 2025, the company fleet consisted of 20 Suezmax crude oil tankers. It serves oil companies, oil traders, and other entities requiring crude oil transportation services. The company was formerly known as Nordic American Tanker Shipping Limited and changed its name to American Tankers Limited in June, 2011. The company was incorporated in 1995 and is based in Hamilton, Bermuda.
- Employees
- 18
- Headquarters
- Hamilton, Bermuda
- Address
- Par La Ville Place, HM 08 Hamilton, Bermuda
- Phone
- 441 292 7202
- Website
- nat.bm
- IPO Date
- 09/30/1997
- ISIN
- BMG657731060
- Stock Split
- 1008:1000 on 08/10/2017
- Stock Split
- 1014:1000 on 07/23/2014
Management
| Name | Title | Birth Year |
|---|---|---|
| Herbjorn Hansson | Founder, Chairman, President & CEO | 1948 |
| Bjorn Giaever | Executive VP, CFO & Secretary | 1967 |
| Erik Tomstad | Executive Vice President of Chartering | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.