Nordic American Tankers Ltd key statistics and ratios

In fiscal 2025, Nordic American Tankers Ltd had return on equity of 2.6%, an operating margin of 15.9%, debt equal to 95.2% of equity and a current ratio of 2.24. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Nordic American Tankers Ltd: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	64.8%	52.1%	42.9%	55.3%	65.9%	32.9%	49.8%	66.9%	64.4%	62.3%
Operating margin	14.9%	−59.1%	−13.4%	10.1%	22.9%	−75.6%	12.3%	32.7%	22.1%	15.9%
Net margin	−1.2%	−69.0%	−33.0%	−3.3%	14.1%	−89.7%	4.5%	25.2%	13.3%	4.2%
Free-cash-flow margin	−2.9%	−2.0%	−7.2%	15.9%	29.4%	−25.3%	5.6%	16.8%	36.4%	−39.3%
Return on equity	−0.5%	−25.9%	−14.5%	−1.7%	8.4%	−31.2%	2.9%	18.3%	8.9%	2.6%
Return on assets	−0.3%	−16.5%	−8.6%	−1.0%	5.0%	−18.8%	1.7%	11.2%	5.5%	1.4%
Asset turnover	0.26	0.24	0.26	0.30	0.35	0.21	0.39	0.45	0.41	0.34
Current ratio	7.61	5.01	3.11	2.19	2.51	1.58	1.97	1.55	1.65	2.24
Debt to equity	50.8%	54.7%	72.5%	67.0%	59.5%	64.4%	56.7%	56.0%	53.0%	95.2%
Interest cover (operating income ÷ interest)	4.8x	n/m	n/m	0.8x	2.6x	n/m	1.5x	4.2x	2.5x	1.3x
Effective tax rate	0.2%	—	—	—	0.1%	—	0.2%	0.1%	−0.0%	0.4%
Capital spending as % of revenue	38.7%	12.6%	1.7%	0.8%	1.9%	2.0%	1.5%	18.8%	0.2%	46.1%
Free cash flow ÷ net income	—	—	—	—	208.1%	—	125.9%	66.8%	272.9%	−934.1%
Dividends ÷ net income	—	—	—	—	134.3%	—	150.3%	91.0%	161.0%	621.0%
Dividends and buybacks ÷ free cash flow	—	—	—	28.4%	64.6%	—	119.4%	136.2%	61.8%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · December 31, 2025

What it owns · $902m

Short-term assets $151mLonger-term assets $751m

What it owes, and who funded it · $513m

Short-term liabilities $67mShareholders' equity $446m

Short-term assets cover short-term liabilities $151m of assets due within a year against $67m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $46m of cash against $424m of debt.
Debt below 40% of shareholders' equity Debt is 95% of equity.
Debt burden no higher than five years ago Debt to equity moved from 56% to 95% over five years.
A year's operating cash flow covers at least 20% of debt $20m of operating cash flow against $424m of debt.
Operating profit covers interest at least five times over Operating income of $46m against $36m of interest.

From Nordic American Tankers Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ASC vs NAT FLNG vs NAT KNOP vs NAT

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Figures from Nordic American Tankers Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Nordic American Tankers Ltd.