NAT
Nordic American Tankers LimitedNordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 24 Suezmax crude oil tankers. The company was formerly known as Nordic American Tanker Shipping Limited and changed its name to Nordic American Tankers Limited in June 2011. The company was incorporated in 1995 and is based in Hamilton, Bermuda.
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 68.0 | 17.7 | -- | 0.3 | -- | -3.4 | -10.2 | 63.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 70.0 | 19.6 | -- | 1.4 | -- | 1.4 | -5.6 | 67.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 75.0 | 24.8 | -- | 5.3 | -- | 3.8 | -7.5 | 65.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 72.0 | 21.6 | -- | 2.9 | -- | -14.4 | -21.6 | 61.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 78.0 | 26.5 | -- | 6.2 | -- | -11.7 | -19.5 | 76.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 80.0 | 28.8 | -- | 8.0 | -- | 8.0 | -2.4 | 88.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 88.0 | 37.0 | -- | 14.1 | -- | 19.4 | -1.8 | 80.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 82.0 | 31.2 | -- | 9.8 | -- | 14.8 | -1.2 | 60.6 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 85.9 | 34.6 | 20.4 | 11.7 | 15.4 | 14.7 | -0.8 | 45.9 | 424.1 | 211.8 | 16.4% | 3.7x | 10.3x |
| Act | 2025-Q3 | 75.0 | 22.4 | 6.8 | -2.8 | 3.9 | 3.9 | -0.0 | 67.6 | 433.1 | 211.8 | 5.2% | 2.3x | 9.9x |
| Act | 2025-Q2 | 66.7 | 23.4 | 0.4 | -0.9 | 1.4 | -134.0 | -135.4 | 94.5 | 442.3 | 211.8 | 0.3% | 2.5x | 8.6x |
| Act | 2025-Q1 | 64.8 | 24.9 | 1.4 | 4.3 | -0.9 | -1.1 | -0.3 | 103.2 | 340.5 | 211.8 | 1.1% | 3.4x | 6.3x |
| Act | 2024-Q4 | 74.4 | 22.3 | 8.8 | 1.3 | 19.4 | 19.4 | -0.1 | 39.2 | 269.7 | 210.5 | 8.4% | 3.1x | 7.5x |
| Act | 2024-Q3 | 82.2 | 30.6 | 16.2 | 8.7 | 34.8 | 34.4 | -0.5 | 40.5 | 277.8 | 208.8 | 15.2% | 4.0x | 7.2x |
| Act | 2024-Q2 | 97.8 | 43.4 | 29.3 | 21.6 | 32.8 | 30.9 | -1.9 | 47.6 | 286.2 | 208.8 | 25.8% | 5.5x | 7.4x |
| Act | 2024-Q1 | 95.3 | 37.2 | 23.1 | 15.1 | 37.6 | 37.4 | -0.2 | 50.0 | 293.7 | 208.8 | 19.7% | 4.6x | 7.6x |
| Act | 2023-Q4 | 59.3 | 38.0 | 24.6 | 17.5 | 13.4 | -59.8 | -73.2 | 33.4 | 301.6 | 208.8 | 20.2% | 5.3x | 6.0x |
| Act | 2023-Q3 | 78.5 | 27.7 | 14.5 | 7.5 | 27.0 | 26.8 | -0.1 | 69.2 | 255.2 | 208.8 | 13.2% | 3.7x | 4.8x |
| Act | 2023-Q2 | 99.1 | 47.2 | 34.2 | 26.8 | 48.0 | 47.9 | -0.1 | 96.5 | 279.7 | 208.8 | 28.1% | 6.1x | 4.5x |
| Act | 2023-Q1 | 121.4 | 67.7 | 54.7 | 46.9 | 51.1 | 50.9 | -0.2 | 56.6 | 284.9 | 208.8 | 43.9% | 8.4x | 5.0x |
| Act | 2022-Q4 | 71.1 | 56.8 | 38.1 | 36.0 | 40.5 | 35.4 | -5.2 | 59.6 | 306.6 | 208.8 | 30.0% | 7.1x | 8.9x |
| Act | 2022-Q3 | 104.9 | 29.6 | 16.0 | 10.0 | -2.5 | -2.9 | -0.4 | 37.2 | 332.7 | 206.9 | 12.5% | 4.1x | -- |
| Act | 2022-Q2 | 74.9 | 14.2 | 1.8 | -4.0 | -5.3 | -77.6 | -72.3 | 35.6 | 355.4 | 201.0 | 1.4% | 2.5x | -- |
| Act | 2022-Q1 | 49.3 | -8.0 | -19.6 | -27.0 | -8.6 | -26.2 | -17.6 | 37.1 | 302.3 | 191.1 | -17.0% | -1.3x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2.07 | — | 30.8% | 93 | 8.9× | n/m | 38.2× | 1.9× |
| 2023 | 3.24 | +19.4% | 50.4% | 181 | 6.0× | 16.6× | 8.3× | 2.3× |
| 2024 | 2.15 | -2.4% | 38.2% | 134 | 7.5× | 8.2× | 16.4× | 2.2× |
| 2025 | 3.34 | -16.4% | 36.0% | 105 | 10.3× | n/m | 57.8× | 2.4× |
| TTM | 5.15 | -16.4% | 36.0% | 105 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 5.15 | +12.2% | 0.4% | 1 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2027E | 5.15 | -13.1% | 0.3% | 1 | 0.0× | n/m | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
NAT is a high-risk, cyclically-exposed Suezmax tanker operator trading at a significant premium to NAV (1.35x) and well above analyst targets ($3.00-$3.50). While current spot rates are elevated and Q4 2025 showed improvement, the company faces a confluence of negatives: an aging fleet that's competitively disadvantaged vs. Frontline/DHT, a dividend payout ratio >148% that is destroying the balance sheet, $433M in debt with rising interest burden (interest coverage just 2.9x TTM), and committed newbuild capex at cycle-peak valuations with 2028 deliveries that may arrive into a softer market. Historical serial dilution via ATM programs has expanded shares from 147M to 212M. The insider buying by the Hansson family provides some comfort, but governance concerns (board member asset payments, poison pill) and the structural capital allocation issues make this a below-average risk/reward. At $5.24, the market is pricing in sustained peak-cycle earnings that are unlikely to persist.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $3.00 | $2.05/$2.70 | 12 | --/$0.25 | 29 |
| $3.50 | $1.80/$1.95 | 1,641 | --/$0.05 | 317 |
| $4.00 | $1.15/$1.50 | 28 | --/$0.10 | 173 |
| $4.50 | $0.80/$1.25 | 607 | $0.05/$0.25 | 130 |
| $5.00 | $0.40/$0.75 | 2,869 | $0.15/$0.40 | 1,170 |
| $5.50 | $0.30/$0.45 | 410 | $0.30/$0.65 | 504 |
| $6.00 | $0.15/$0.30 | 3,847 | $0.70/$1.05 | 76 |
| $7.00 | --/$0.10 | 3,767 | $1.50/$2.00 | 22 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 9.0% of float, sold 3.2%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LPPassive | $71.4M | $2.83 | +$2.7M | +$4.5M | -0.4% | $480.92B |
| BlackRock, Inc.Passive | $70.4M | $3.12 | +$587K | +$1.1M | -0.2% | $5.69T |
| AMERIPRISE FINANCIAL INC | $48.4M | $3.83 | +$10.0M | +$47.8M | -0.1% | $430.96B |
| MORGAN STANLEY | $36.2M | $2.51 | +$738K | −$1.7M | -0.3% | $1.65T |
| CastleKnight Management LP | $30.8M | $2.94 | +$27K | +$30.8M | +1.2% | $2.13B |
| Nuveen, LLC | $29.2M | $5.05 | +$26.6M | +$21.7M | +0.0% | $368.63B |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $26.8M | $2.80 | −$5.7M | +$1.5M | +1.7% | $73.71B |
| GOLDMAN SACHS GROUP INC | $26.8M | $2.82 | +$5.2M | +$10.6M | -0.2% | $760.93B |
| STATE STREET CORPPassive | $25.0M | $2.44 | +$274K | +$950K | -0.2% | $2.89T |
| AMERICAN CENTURY COMPANIES INC | $23.7M | $3.04 | −$10.6M | +$2.3M | +0.7% | $193.48B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $14.9M | $2.46 | +$254K | −$11K | +2.3% | $1.61T |
| TUDOR INVESTMENT CORP ET AL | $9.3M | $3.35 | +$1.9M | +$9.3M | -0.3% | $17.85B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $9.1M | $5.86 | +$9.1M | +$9.1M | — | $1.91T |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $9.1M | $2.82 | +$390K | +$4.2M | -2.3% | $4.93B |
| Philip James Wealth Mangement, LLC | $7.7M | $2.97 | +$3K | +$294K | -0.0% | $870M |
| MILLENNIUM MANAGEMENT LLC | $7.4M | $2.38 | −$6.4M | −$1.3M | -0.5% | $127.40B |
| NORTHERN TRUST CORPPassive | $6.8M | $2.45 | +$257K | −$972K | -0.2% | $755.34B |
| Simcoe Capital LLC | $6.1M | $3.38 | +$97K | +$6.1M | +4.4% | $109M |
| Empowered Funds, LLC | $5.6M | $2.78 | +$390K | +$4.3M | +0.2% | $15.64B |
| JANE STREET GROUP, LLCMM | $5.2M | $2.70 | +$91K | +$2.7M | -0.1% | $92.10B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 42.1%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2027 Q3 | 110M | 28M | 17M | $0.08 | $0.08 – $0.08 | 1 |
| 2027 Q4 | 114M | 29M | 17M | $0.08 | $0.08 – $0.08 | 1 |
| 2028 Q1 | 119M | 31M | 17M | $0.08 | $0.08 – $0.08 | 1 |
| 2028 Q2 | 123M | 32M | 18M | $0.08 | $0.08 – $0.08 | 1 |
| 2028 Q3 | 127M | 33M | 21M | $0.10 | $0.10 – $0.10 | 1 |
| 2028 Q4 | 132M | 34M | 21M | $0.10 | $0.10 – $0.10 | 1 |
| 2029 Q1 | 137M | 35M | 20M | $0.10 | $0.10 – $0.10 | 1 |
| 2029 Q2 | 142M | 37M | 21M | $0.10 | $0.10 – $0.10 | 1 |
| 2029 Q3 | 147M | 38M | 22M | $0.10 | $0.10 – $0.10 | 1 |
| 2029 Q4 | 152M | 39M | 23M | $0.11 | $0.11 – $0.11 | 1 |
Corporate
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Spot Charter | $196.6M | +151% |
| Time Charter | $18.5M | +49% |
Filing Risk Analysis
Filing Risk Scores
Nordic American Tankers: ATM Distribution Addict with Hidden Insider Perks
Counter-Thesis
Counter-Thesis & Recent News
NAT reported its strongest quarter of 2025 in Q4, with a net income of $11.7M and a significant 30.8% dividend hike to $0.17/share (its 114th consecutive payout). As of late Feb 2026, management revealed that ~66% of Q1 2026 spot days were booked at a high rate of $55,000/day, significantly above its $9,000/day operating cost. Additionally, the Hansson family (CEO/Vice-Chair) increased their stake to over 5% in early March 2026, signaling strong insider conviction.
The short thesis centers on NAT's aging fleet (average age ~13 years) and a dividend payout ratio that exceeds 100% of earnings, suggesting the yield is funded by the balance sheet rather than organic cash flow. Bears argue the stock trades at a 1.35x premium to NAV, whereas peers like DHT trade at more attractive valuations. Analysts at Jefferies and Evercore maintain 'Hold' ratings with price targets ($3.00-$3.50) well below recent highs of $5.40+.
Sustainability of the high dividend is a primary concern, with a reported payout ratio of 148.6% as of Q1 2026 and estimates suggesting it could hit 200%. The company is also acquiring newbuilds at record-high valuations with deliveries not expected until 2028, potentially missing the current market peak while increasing debt ($433M as of early 2026).
NAT faces pressure from peers like Frontline (FRO) and DHT Holdings, which possess younger, more fuel-efficient fleets that command better operational performance. While NAT is renewing its fleet, its reliance on 'second-hand tonnage' and late-delivery newbuilds puts it at a disadvantage compared to competitors who have already modernized for the current high-rate environment.
Sentiment remains robust among top-tier clients; approximately 50% of NAT's fleet is chartered by major oil companies. Management highlights high 'vetting' performance scores from these majors as a key differentiator. The 'shadow fleet' crackdown is also driving these premium customers toward compliant, high-quality operators like NAT, securing fixed-rate contracts exceeding $50,000/day.