Teekay Corporation Ltd. (TK)
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symbol.quality_heading
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.
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.
symbol.quality_note
Teekay's income statement reads like that of a large shipping company: $949.5 million in revenue and $352.0 million of net income for 2025. One line below, it says where that profit goes — $253.9 million to the minority shareholders of its listed subsidiary Teekay Tankers, $98.1 million to Teekay's own shareholders. The parent company no longer owns a single vessel. It holds 10.6 million shares of the subsidiary (market value $690.5 million as of June 30, 2026) and $56.4 million in cash — that is all. Because its Class B shares carry five votes each, a 30.7 percent economic interest delivers 54.8 percent of the votes, and control forces full consolidation. Not investment advice — just the question of who ends up on which line of the balance sheet.
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Stock Watch
This analysis is as of July 30, 2026. Stock Watch will tell you what's changed at TK since then.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 11.70 $ — 64% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AITeekay 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.
„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.
„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.
„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.
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
What the Earnings Calls Reveal
Unremarkable Commitments largely keptOperationally 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.
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 kept
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.
-
2025-Q1 open
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.
-
2025-Q2 kept
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.
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2025-Q4 kept
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.
-
2025-Q4 broken
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.
-
2025-Q4 kept
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.
-
2026-Q1 open
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.
Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.
Analysts & Price Target
The price target sits 57.3% below the current price.
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.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.36 | -21.00 | 326 | -17.50 | 10.40 | 161 | 157 |
| 2024: Q3 | 0.21 | -21.10 | 273 | -12.50 | 7.40 | 116 | 52 |
| 2024: Q4 | 0.19 | -48.70 | 257 | -24.40 | 9.80 | 61 | 60 |
| 2025: Q1 | 0.91 | 58.30 | 232 | -36.50 | 32.80 | – | – |
| 2025: Q2 | -0.50 | -240.70 | 232 | -29.00 | -18.30 | 72 | 71 |
| 2025: Q3 | 0.34 | 59.60 | 229 | -16.20 | 12.90 | 86 | 21 |
| 2025: Q4 | 0.40 | 110.50 | 258 | 0.40 | 13.60 | 86 | 21 |
| 2026: Q1 | – | – | 286 | 23.40 | 53.70 | – | – |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 | 1,816 | 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 |
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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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).
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.
- 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.
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 | 19. Jul 1995 |
| ISIN | MHY8564W1030 |
| Stock Split | 2:1 on 05/18/2004 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.