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Buy Day today: Good (62) Broad market participation · no major macro event
TK

Teekay Corporation Ltd.

Energy · Oil & Gas Midstream · listed since 1995

14.70$ +1.9% vs. previous close Closing price · As of: Sep 17, 2026
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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.

Quality confirmed Commitments largely kept

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

Green here stands for documented business quality, not for an entry point. The business works: 34 tankers in a record market, $117.2 million of attributable profit in the first half of 2026 alone, no debt since January 2023, $972.7 million in cash and short-term investments, a 91.6 percent equity ratio, no going-concern warning, no accounting or governance breach, a clean audit opinion and a group structure that is openly and traceably documented. The three weak spots are real, but none of them threatens the substance: a third of 2025 operating income came from vessel sales, revenue fell 35.2 percent in two years, and parent cash shrank from $183.4 million to $56.4 million in eighteen months — the last of these because money was voluntarily paid out, not burned. On price, which explicitly does not set the traffic light: the market pays roughly $1.0 billion for parent assets of $746.9 million (June 30, 2026). Paying that premium means buying control of the subsidiary along with it, and anyone who would rather hold the subsidiary directly should do that arithmetic first. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Teekay is the label trap in its purest form: a debt-free group with $949.5 million of revenue, $972.7 million of cash and record tanker rates — of which its own shareholders own barely a third. In 2025, $253.9 million of $352.0 million in group profit was reported as the share of Teekay Tankers' minority shareholders. The parent itself owns no vessel and no personnel, only a block of shares worth $690.5 million and $56.4 million in cash (June 30, 2026). Investing here means buying a controlling interest in the subsidiary — and paying a premium over its arithmetic value. Not investment advice.

Balance sheet and funding

The entire group carried no financial debt at December 31, 2025 — $197.5 million of total liabilities against $2,360.1 million of assets, a 91.6 percent equity ratio, and $972.7 million in cash and short-term investments. Interest income of $36.2 million exceeded interest expense of $2.9 million by a factor of twelve. For a shipping group, that is unusually conservative.

Earnings in the current market

The tanker market is running: $379.1 million of revenue and $69.5 million of attributable profit in the second quarter of 2026, against $232.2 million and $18.7 million a year earlier. On July 29, 2026 Teekay Tankers reported the highest quarterly adjusted net income in its history at Suezmax spot rates of $109,200 per day. The first half of 2026 delivered $117.2 million for Teekay shareholders, more than all of 2025.

Group structure and attribution

Teekay consolidates Teekay Tankers in full but owns only 30.7 percent of the capital (as of March 1, 2026). In 2025, $253.9 million of $352.0 million in group profit was therefore reported as the minority shareholders' share, and $1,438.1 million of $2,162.6 million in equity belongs to them as well. Any ratio derived from consolidated numbers — price-to-sales, enterprise value, net cash — is misleading without that correction.

Earnings quality

The $302.8 million of 2025 operating income included $101.7 million of gains on vessel sales (2024: $38.1 million, 2023: $10.4 million). Without them, $201.1 million remains, after $327.2 million and $521.4 million in the prior years. The disposals are part of a declared fleet renewal program and therefore ordinary business — but not repeatable at that scale. The second segment, marine services, produced $125.5 million of revenue and $3.5 million of operating income.

Capital returns

Three consecutive special dividends of $1.00 per share (2024, 2025, 2026) are a genuine return of capital — the June 2026 payout cost $87.4 million. It was funded largely out of substance: parent cash fell from $183.4 million (December 31, 2024) to $56.4 million (June 30, 2026). The buyback program has been idle since March 2025 with $28.1 million of authorization open, while the share count rose 4.3 percent to 87,691,370 through option exercises.

Spot market exposure

Practically all earnings depend on daily rates with no long-term hedging. The company's own July 29, 2026 release shows how fast that turns: third-quarter 2026 Aframax/LR2 rates stood at $59,900 per day, down from $74,100 in the second quarter, with roughly 44 percent of spot days booked. Group revenue has already fallen from $1,465.0 million (2023) to $949.5 million (2025).

Worth Noting

Teekay came onto our list through the SEC filing trail rather than a price or ratio screen. The risk of confusion is real: TK is the holding company, TNK the operating fleet company. Mixing their figures counts the same ships twice.

Teekay is a foreign private issuer and files no quarterly report (10-Q). The basis here is the 20-F annual report for 2025 (filed March 13, 2026) and the 6-K interim reports, most recently dated July 29, 2026. Every point-in-time figure — cash, share count, stake value — comes from the most recent document that states it.

Valuation figures are dated and deliberately kept as orders of magnitude: market capitalization roughly $1.0 billion (data as of July 30, 2026), cross-checked against 87,691,370 shares and the $12.37 per share price documented in a Form 144 notice dated June 22, 2026. An enterprise value derived from consolidated numbers is useless at Teekay, because it deducts the subsidiary's cash without adding back the $1,438.1 million non-controlling interest.

Stock Watch

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 7.90 $ to 14.70 $ · Last price: 14.70 $ (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

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 1.3$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 88m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 63.4%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 0.2

Performance

Perf. 1M ?Price performance over the last month. 10.40%
Perf. 3M ?Price performance over the last 3 months. -14.10%
Perf. 6M ?Price performance over the last 6 months. 17.30%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 26.80%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -19.1%
Perf. 1Y ?Price performance over the last 12 months. 84.88%
Perf. 3Y ?Price performance over the last 3 years. 378.07%
Perf. 5Y ?Price performance over the last 5 years. 807.07%
Perf. 10Y ?Price performance over the last 10 years. 357.68%
Perf. Since Inception ?Price performance since the first available trading day (07/20/1995) — with a complete history, that is since the IPO. 509.70%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 12.70$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 12.30$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 11.60$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 70.6
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 39.3%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 37.9%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 12.3
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 9.6
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 1.5
P/B ?Price-to-book ratio: market value relative to book equity. 1.7
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 1.3
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 0.02
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up.

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 50.4%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 43.7%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 15.8%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 17.2%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 11.3%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 30.2%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.03
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 3.63
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 5 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 23.50%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 96.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. -22.19%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee.
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee.

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 10.10%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 1.00$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 48.1%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 0Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 0Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 81
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 85
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (66 out of 100)

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

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Teekay Corporation Ltd. TK 1.3 12.3 0.0 50.4 43.7 -22.2 84.9
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 16.6 11.6 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

2016 · Revenue: 2,329 $M 2016 · Operating income: 384 $M 2016 · Net income: -123 $M 2017 · Revenue: 1,880 $M 2017 · Operating income: 7 $M 2017 · Net income: -163 $M 2018 · Revenue: 1,708 $M 2018 · Operating income: 164 $M 2018 · Net income: -79 $M 2019 · Revenue: 1,922 $M 2019 · Operating income: -109 $M 2019 · Net income: -311 $M 2020 · Revenue: 1,146 $M 2020 · Operating income: 70 $M 2020 · Net income: -83 $M 2021 · Revenue: 683 $M 2021 · Operating income: -185 $M 2021 · Net income: 8 $M 2022 · Revenue: 1,190 $M 2022 · Operating income: 246 $M 2022 · Net income: 78 $M 2023 · Revenue: 1,465 $M 2023 · Operating income: 532 $M 2023 · Net income: 151 $M 2024 · Revenue: 1,220 $M 2024 · Operating income: 365 $M 2024 · Net income: 134 $M 2025 · Revenue: 950 $M 2025 · Operating income: 207 $M 2025 · Net income: 98 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 2,329 384 -123 -1.56 625 4,089 12,815
2017 1,880 7 -163 -1.89 514 777 8,092
2018 1,708 164 -79 -0.80 182 809 8,392
2019 1,922 -109 -311 -3.08 383 2,572 8,080
2020 1,146 70 -83 -0.82 984 481 6,946
2021 683 -185 8 0.08 76 515 6,532
2022 1,190 246 78 0.77 199 623 2,165
2023 1,465 532 151 1.56 630 732 2,197
2024 1,220 365 134 1.43 467 710 2,153
2025 950 207 98 1.14 302 725 2,397

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.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

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.

Sales Per Quarter ($M)
2024: Q2 · 326.1 $M Q2 2024: Q3 · 272.6 $M Q3 2024: Q4 · 256.6 $M Q4 2025: Q1 · 231.6 $M Q1 2025: Q2 · 231.7 $M Q2 2025: Q3 · 228.5 $M Q3 2025: Q4 · 257.7 $M Q4 2026: Q1 · 285.8 $M Q1

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q2 0.36 -21.00 326 -17.50 10.40 161 157
2024: Q3 0.21 -21.10 273 -12.50 7.40 116 52
2024: Q4 0.19 -48.70 257 -24.40 9.80 61 60
2025: Q1 0.91 58.30 232 -36.50 32.80
2025: Q2 -0.50 -240.70 232 -29.00 -18.30 72 71
2025: Q3 0.34 59.60 229 -16.20 12.90 86 21
2025: Q4 0.40 110.50 258 0.40 13.60 86 21
2026: Q1 286 23.40 53.70

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.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 18 of our scanner strategies — each hit links to the scanner.

Best Hits

Growth

Quality & Balance Sheet

Breakout & Setup

Momentum & Trend

Research

Risk & Weakness

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. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. 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.

Consensus
Analyst Ratings
Price Target (average) 5.00$
Distance to price -66.0% The price target sits 66.0% below the current price.

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 -16.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $328.5M
Market cap $1.26B
Free cash flow in year ten $54.8M
Terminal value as a share of market value 22.9%

For comparison: over the past five years free cash flow shrank by 35.3% per year.

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

Uses AI

Teekay verkauft keine KI und ist von ihr nicht bedroht, prüft aber ausdrücklich den eigenen Einsatz: Der Jahresbericht 20-F für 2025 führt erstmals einen eigenen Risikohinweis zum „Einsatz künstlicher Intelligenz in unserem Betrieb“ und nennt Produktivität und schlankere Abläufe als Ziel — ein frühes Sondierungsstadium ohne bezifferten Nutzen, im Jahresbericht für 2024 kam KI nur als Randnotiz im Datenschutzkapitel vor.

View the full file — quotes, sources, reviewed filings
„We are investigating the use of artificial intelligence to improve productivity and streamline processes."

Wir prüfen den Einsatz künstlicher Intelligenz, um die Produktivität zu erhöhen und Abläufe zu straffen.

20-F · 2026-03-13 · View SEC filing

„The use of artificial intelligence in our operations may not result in expected benefits, and the use of artificial intelligence by any of our competitors may give them advantages relative to us."

Der Einsatz künstlicher Intelligenz in unserem Betrieb erbringt möglicherweise nicht die erwarteten Vorteile, und der Einsatz künstlicher Intelligenz durch unsere Wettbewerber könnte diesen Vorteile gegenüber uns verschaffen.

20-F · 2026-03-13 · View SEC filing

„Any vulnerabilities attributable to third-party vendors, suppliers or counterparties relating to artificial intelligence tools or other products or services we may purchase or use might not be identified or discovered by them or by us, and such vulnerabilities could increase our exposure to security breaches and cyber-attacks."

Etwaige Schwachstellen bei Drittanbietern, Lieferanten oder Vertragspartnern im Zusammenhang mit Werkzeugen künstlicher Intelligenz oder anderen Produkten oder Diensten, die wir erwerben oder nutzen, werden von diesen oder von uns möglicherweise nicht erkannt; solche Schwachstellen könnten unsere Anfälligkeit für Sicherheitsverletzungen und Cyberangriffe erhöhen.

20-F · 2026-03-13 · View SEC filing

„Data privacy is subject to frequently changing laws, rules and regulations, which sometimes conflict among the various jurisdictions and countries in which we provide services and continue to develop in ways which we cannot predict, including with respect to evolving technologies such as cloud computing and artificial intelligence."

Der Datenschutz unterliegt sich häufig ändernden Gesetzen, Vorschriften und Regelungen, die sich zwischen den verschiedenen Rechtsordnungen und Ländern, in denen wir Dienste erbringen, mitunter widersprechen und sich auf für uns nicht vorhersehbare Weise weiterentwickeln, auch mit Blick auf sich entwickelnde Technologien wie Cloud-Computing und künstliche Intelligenz.

20-F · 2025-03-14 · View SEC filing

Filings Reviewed: 20-F 2026-03-13 · 20-F 2025-03-14 · 6-K 2026-07-29 · 6-K 2026-05-13 · 6-K 2026-05-06 · 6-K 2026-02-18

Rated on July 30, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Operationally Teekay's record is very good: debt free since 2024-Q1, an all-time record result in 2026-Q2, and practically every announced single transaction was actually closed. The one exception is the handover of the company's only VLCC, which slipped from the second quarter to early July 2026. The narrative around the numbers also stands up to checking. The shift from net seller to buyer announced since 2024-Q4 did arrive, if more slowly than the company itself had planned: over the twelve months to 2026-Q2 purchases exceed sales in dollar terms. That buying in 2026 fell behind its own plan is raised by the CEO himself on two calls, who explains it with record prices for prompt tonnage. Two things are worth noting: per-share leverage has fallen by more than a third as the spot fleet shrank, without that trend ever being summarised, and the payout has been unchanged for two years while cash and earnings rose sharply.

Unremarkable Commitments largely kept 10 calls reviewed, 2024-Q1 through 2026-Q2 · As of August 2, 2026

Fleet renewal: announced since 2024-Q4, delivered more slowly

On the 2024-Q4 call the CEO said this was a good time to lean in on purchases and that in ship years the company was already buying more than it sold. On the 2025-Q1 call the message was that the net-seller trend would change over time; on 2025-Q2 that selling was largely done for now and capital would gradually be recycled into younger vessels. The 2025 scorecard initially showed 14 vessels sold for about 500 million dollars against 6 bought for about 300 million. The announced shift did then arrive: after 2025-Q2 only four further sales were decided, against eleven in the first half of 2025, and over the twelve months to 2026-Q2 seven modern units bought or firmly committed for about 427 million dollars stand against nine sales for 369.5 million. That buying ran slower than planned in 2026 is volunteered by the CEO on both the 2026-Q1 and 2026-Q2 calls, who explains it with the highest premiums for prompt tonnage he has ever seen. By vessel count the fleet therefore keeps shrinking; in dollar terms the ratio has flipped.

Order book rose from 9 to 18 percent, thesis underpinned early

On the 2024-Q1 call the small order book was the core argument: 9 percent of the fleet, implying close to zero fleet growth in 2024 and around 1 percent in 2025. The figure then rose on almost every call, to 11 percent in 2024-Q2, 13 percent in 2024-Q3, 15 percent in 2025-Q2, 16 percent in 2025-Q3 and a ten-year high of around 18 percent in 2025-Q4. That does not contradict the original claim: from 2024-Q2 onwards management pointed out that the yards were full through 2026 and almost full through 2027, so new orders only reach the fleet from 2027. Nor was the counter-argument that the order book is offset by vessels turning 20 over the same period added after the fact. It was already presented with numbers on the 2024-Q4 call: 307 midsized tankers on order against 312 existing midsized tankers turning 20 over the same time frame. That nobody knows when those vessels will actually leave the fleet is stated by management itself on the same calls. From 2025-Q4 the tone also becomes more cautious, flagging rising deliveries in 2026 and 2027 and a good deal of tonnage that has to be absorbed.

Breakeven falls, per-share leverage falls with it

The headline metric, free cash flow breakeven, fell from 16,000 dollars per day on the 2024-Q1 call to 14,300 in 2024-Q4, 13,000 in 2025-Q2, 11,300 in 2025-Q3 and 8,200 in 2026-Q1, then 9,700 in 2026-Q2. Management names the drivers itself each time: from 2025-Q3 mainly newly signed out-charters, with the CEO saying openly on the same call that every further deal of that kind lowers the number again; from 2026-Q1 the figure is explicitly scoped to the next twelve months. Anyone watching only the falling breakeven misses the counter-movement. Per-share leverage for every 5,000 dollar rise in rates declines on almost every call, from 2.40 dollars in 2024-Q1 to 2.15 in 2024-Q4, 1.89 in 2025-Q2, 1.66 in 2025-Q3 and 1.53 in 2026-Q1. That is a drop of more than 36 percent, caused by the vessel sales and the out-charters. Every individual figure is disclosed; the cumulative trend is summarised on none of the ten calls.

Capital returns: the same answer for two years

On 2024-Q4, 2025-Q4, 2026-Q1 and 2026-Q2 analysts ask about the special dividend, payout frequency and a rise in the base dividend, and each time the answer points to a future board meeting. On 2025-Q4 the CEO answers explicitly by reading out his note from exactly one year earlier. In substance that is consistent, because the process he describes, a decision in March and an announcement with the May results, was followed exactly in both years. What stands out is the outcome: the base dividend has been unchanged at 0.25 dollars since 2023 and the special at 1 dollar for two years running, after 2 dollars in 2024, while cash grew from 712 million on 2025-Q2 to more than 1.2 billion dollars on 2026-Q2 and adjusted earnings per share from 1.41 to 5.56 dollars. On minimum fleet size management never names a specific number, but has given the same substantive answer since 2025-Q1: it is close to the floor and does not want to go much below it.

What held up: single transactions and the pipeline thesis

Every dated single commitment was met: the acquisition of the Australian services business, announced on 2024-Q3 for 31 December 2024 and reported as completed on 2024-Q4; the five vessel sales announced on 2025-Q2 and confirmed on 2025-Q3; the three Aframaxes bought on 2025-Q4, which per the 2026-Q2 call moved into the company's own management by the third quarter as promised. The one exception is the VLCC handover, promised for the second quarter of 2026 and completed only in early July. The market thesis on the Canadian Trans Mountain pipeline from 2024-Q1 also played out, with the 2025-Q1 call reporting a record 30 loadings in March and April and 14 direct sailings to Asia. The related capacity figures did wander from call to call, however, from 590,000 barrels per day on 2024-Q1 to 550,000 on 2024-Q2 and shifting loading counts on 2024-Q3 and 2024-Q4. The original estimate of 25 to 30 additional Aframaxes needed was revisited on 2024-Q2 but never updated after that.

Management promises

  • 2024-Q3 — The acquisition of the Australian ship management business is targeted to close by 31 December 2024. Reported as completed on the 2024-Q4 call, including the transfer of the remaining management companies. Deadline met exactly. kept
  • 2025-Q1 — Within the next one to two years the company will find good entry levels in its core or adjacent segments; management would be very surprised if that did not happen. The stated window runs from May 2025 and therefore to mid-2027; it has not expired. On 2026-Q1 the message is that sensibly priced secondhand vessels are hard to find for a long-term holder, but in the same breath the CEO points to the two newbuilding resales with 2027 delivery as exactly that entry point. Over the twelve months to 2026-Q2 seven modern units were bought or firmly committed for about 427 million dollars. open
  • 2025-Q2 — Selling older vessels is largely done for now; the capital will gradually be recycled into younger vessels. The pace of selling did drop sharply, from eleven sales decided in the first half of 2025 to four over the following twelve months, while per the 2026-Q2 call seven more modern units were bought or committed for about 427 million dollars in the same period. kept
  • 2025-Q4 — The three Aframaxes bought in January 2026 are to move into the company's own technical and commercial management in the second and third quarter of 2026. Reported on 2026-Q2: all three vessels have come back from the bareboat charters, are managed by Teekay and trade in the spot market, delivering at the early end of the commitment. kept
  • 2025-Q4 — The sale of the company's only VLCC for 84.5 million dollars is to be delivered during the second quarter of 2026. Per the 2026-Q2 call it closed only in early July 2026, pushing the book gain of about 23 million dollars into the third quarter. Economically immaterial and missed by only days, but a missed dated commitment. broken
  • 2025-Q4 — The board decides on a special dividend in March and, as in prior years, it will be announced with the May results. On the 2026-Q1 call in May 2026 a special dividend of 1 dollar per share was declared. The process was honoured, though the amount was unchanged from the prior year despite record results. kept
  • 2026-Q1 — Two Korean Suezmax newbuilding resales for a combined 190 million dollars are due for delivery in 2027. The purchase is completed per the 2026-Q2 call, with delivery due in 2027. Only then can the timing and price be checked. open

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

4 of 10 Weak growth
  • Revenue grows by more than 15% a year over three years -7.3%
  • More than 10% revenue growth is expected for the coming year no data
  • Share count grows by less than 3% a year -5.5%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -10.8%
  • Gross margin at 40% or higher and without meaningful erosion 27.5%
  • Goodwill from acquisitions does not grow faster than revenue 0.1%
  • Net debt below twice EBITDA 927 m net cash
  • Operating cash flow covers the profits of the last three years 1,016 m
  • Return on capital at 15% or higher, or up versus two years ago 9.1%
  • Insiders hold at least 10% or are net buyers 36.8%

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

1/10

The 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% -9.5%
  • Exp. sales growth 3Y > 5%
  • EBIT growth 10Y > 5% -6.7%
  • Exp. EBIT growth 3Y > 5%
  • Net debt < 4x EBIT -4.5x
  • EBIT positive, 10Y straight 8
  • Max. EBIT decline < 50% 100.0%
  • Return on equity > 15% 13.6%
  • ROCE > 15% 9.1%
  • Expected return > 10%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Sep 11, 2026 Hvid Kenneth President and CEO Sell 132,884 14.28 1,897,597
Sep 11, 2026 Hvid Kenneth President and CEO Other 132,884 5.81 772,056
Sep 10, 2026 Locke Simon Heidi Director Sell 11,585 14.08 163,119
Sep 10, 2026 Locke Simon Heidi Director Other 11,585 5.81 67,309
Aug 21, 2026 Locke Simon Heidi Director Sell 1,000 13.64 13,640
Aug 20, 2026 Locke Simon Heidi Director Sell 485 13.24 6,421
Aug 19, 2026 Locke Simon Heidi Director Sell 96 13.19 1,266
Aug 19, 2026 Speers Brody Chief Financial Officer Sell 350 13.20 4,620
Aug 19, 2026 Speers Brody Chief Financial Officer Sell 2,000 13.08 26,160
Aug 3, 2026 Krediet Rudolph Director Sell 41,457 11.45 474,882

View all insider transactions →

The company

About the Company

Teekay Corporation Ltd. provides crude oil marine transportation and other marine services worldwide. The company operates in two segments, Tankers and Marine Services. It owns and operates crude oil and refined product tankers. The company also offers ship-to-ship support services; tanker commercial management operation services; technical management; and operational and maintenance marine services. It operates a fleet of 34 double-hull tankers. It serves energy and utility companies, oil traders, oil consumers and petroleum product producers, government agencies, and various other entities that depend upon marine transportation. The company was formerly known as Teekay Corporation and changed its name to Teekay Corporation Ltd. in October 2024. Teekay Corporation Ltd. was founded in 1973 and is headquartered in Hamilton, Bermuda.

Employees
2,130
Headquarters
Hamilton, Bermuda
Address
Swan Building, HM 12 Hamilton, Bermuda
Phone
441 298 2530
Website
teekay.com
IPO Date
07/19/1995
ISIN
BMG8726T1053
Stock Split
2:1 on 05/18/2004

Management

Management
Name Title Birth Year
Kenneth Hvid President, CEO & Director 1968
Brody Speers CFO & Treasurer 1984
Ryan Hamilton C.A. Manager of Finance & Investor Relations
Anne Elizabeth Liversedge General Counsel & Company Secretary 1970
Lee Edwards Financial Analyst

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.

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