Income Statement Nordic American Tankers Limited

Equities

NAT

BMG657731060

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 21:00:02 12/05/2026 BST			5-day change	1st Jan Change
5.830 ^USD	+0.17%		+1.57%	+69.48%

04-22	Evercore ISI Downgrades Nordic American Tankers to Underperform From In Line, Price Target is $5	MT
03-17	Nordic American Tankers to sell a 2005 built ship for about USD 40 mln	RE

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Published financial data: NORDIC AMERICAN TANKERS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	191M	339M	392M	350M	292M
Other Revenues, Total	-	-	-	-	730K
Total Revenues	191M	339M	392M	350M	292M
Cost of Goods Sold, Total	196M	234M	190M	187M	177M
Gross Profit	-4.86M	105M	202M	162M	116M
Selling General & Admin Expenses, Total	15.62M	18.8M	22.89M	28.82M	28.14M
Depreciation & Amortization - (IS)	68.35M	50.42M	51.4M	56.15M	57.74M
Other Operating Expenses, Total	83.97M	69.22M	74.29M	84.98M	85.88M
Operating Income	-88.84M	36.18M	128M	77.31M	29.72M
Interest Expense, Total	-26.38M	-27.06M	-30.5M	-30.74M	-35.75M
Interest And Investment Income	3K	-	1.3M	731K	1.61M
Net Interest Expenses	-26.38M	-27.06M	-29.2M	-30.01M	-34.14M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-429K	312K	137K	-670K	118K
EBT, Excl. Unusual Items	-116M	9.43M	98.83M	46.63M	-4.3M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	6M	-	-	16.62M
Asset Writedown	-60.31M	-314K	-	-	-
Insurance Settlements	4.68M	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	-171M	15.12M	98.83M	46.63M	12.32M
Income Tax Expense	59K	23K	120K	-10K	48K
Earnings From Continuing Operations	-171M	15.1M	98.71M	46.64M	12.27M
Net Income to Company	-171M	15.1M	98.71M	46.64M	12.27M
Net Income - (IS)	-171M	15.1M	98.71M	46.64M	12.27M
Net Income to Common Incl Extra Items	-171M	15.1M	98.71M	46.64M	12.27M
Net Income to Common Excl. Extra Items	-171M	15.1M	98.71M	46.64M	12.27M
Per Share Items
Net EPS - Basic	-1.05	0.07	0.47	0.22	0.06
Basic EPS - Continuing Operations	-1.05	0.07	0.47	0.22	0.06
Basic Weighted Average Shares Outstanding	163M	202M	209M	209M	212M
Net EPS - Diluted	-1.05	0.07	0.47	0.22	0.06
Diluted EPS - Continuing Operations	-1.05	0.07	0.47	0.22	0.06
Diluted Weighted Average Shares Outstanding	163M	202M	209M	210M	212M
Normalized Basic EPS	-0.44	0.03	0.3	0.14	-0.01
Normalized Diluted EPS	-0.44	0.03	0.3	0.14	-0.01
Dividend Per Share	0.05	0.25	0.46	0.34	0.47
Payout Ratio	-5.66	150.2	90.96	188.01	690.25
Supplemental Items
EBITDA	-20.48M	86.6M	179M	133M	87.46M
EBITA	-88.84M	36.18M	128M	77.31M	29.72M
EBIT	-88.84M	36.18M	128M	77.31M	29.72M
Effective Tax Rate - (Ratio)	-0.03	0.15	0.12	-0.02	0.39
Normalized Net Income	-72.28M	5.9M	61.77M	29.15M	-2.69M
Interest Capitalized	1.5M	800K	-	-	-
Interest on Long-Term Debt	27.88M	27.86M	30.5M	30.74M	35.75M
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	15.62M	18.8M	22.89M	28.82M	28.14M
Stock-Based Comp., G&A Exp. (Total)	100K	-	-	-	-
Stock-Based Comp., Other (Total)	239K	476K	2.2M	1.85M	-
Total Stock-Based Compensation	339K	476K	2.2M	1.85M	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	34.74M	59.58M	31.08M	39.18M	45.86M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	34.74M	59.58M	31.08M	39.18M	45.86M
Accounts Receivable, Total	9.37M	20.47M	26.29M	16.22M	19.04M
Total Receivables	9.37M	20.47M	26.29M	16.22M	19.04M
Inventory	31.36M	49.43M	42.36M	28.5M	37.5M
Prepaid Expenses	4.85M	5.98M	4.32M	6.23M	8.4M
Restricted Cash	9.91M	3.72M	2.28M	5.21M	-
Other Current Assets, Total	16.88M	3.48M	2.58M	3.44M	40.07M
Total Current Assets	107M	143M	109M	98.77M	151M
Gross Property Plant And Equipment	1.3B	1.14B	1.22B	1.22B	1.24B
Accumulated Depreciation	-558M	-398M	-449M	-506M	-491M
Net Property Plant And Equipment	742M	737M	770M	719M	751M
Long-term Investments	-	-	-	-	-
Goodwill	-	-	-	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	1.9M	148K	155K	-	-
Total Assets	851M	880M	879M	818M	902M
Liabilities
Accounts Payable, Total	6.55M	6.96M	3.45M	7.05M	3.52M
Accrued Expenses, Total	18.98M	17.79M	17.04M	16.73M	24.1M
Current Portion of Long-Term Debt	37.55M	39.7M	31.9M	21.56M	35.4M
Current Portion of Leases	935K	771K	601K	325K	325K
Unearned Revenue Current, Total	2.76M	6.15M	3.95M	5.63M	3.84M
Other Current Liabilities	869K	1.05M	13.54M	8.49M	242K
Total Current Liabilities	67.64M	72.41M	70.48M	59.78M	67.42M
Long-Term Debt	283M	266M	270M	248M	389M
Long-Term Leases	1.15M	535K	-	-	-
Other Non Current Liabilities	724K	615K	717K	845K	483K
Total Liabilities	353M	340M	341M	309M	457M
Common Stock, Total	1.84M	2.09M	2.09M	2.12M	2.12M
Additional Paid In Capital	669M	696M	596M	519M	443M
Retained Earnings	-171M	-156M	-57.52M	-10.87M	1.4M
Comprehensive Income and Other	-1.58M	-1.81M	-2.09M	-1.82M	-1.16M
Total Common Equity	498M	540M	538M	509M	446M
Total Equity	498M	540M	538M	509M	446M
Total Liabilities And Equity	851M	880M	879M	818M	902M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	202M	209M	209M	212M	212M
ECS Total Common Shares Outstanding	184M	209M	209M	212M	212M
Book Value / Share	2.71	2.59	2.58	2.4	2.1
Tangible Book Value	498M	540M	538M	509M	446M
Tangible Book Value Per Share	2.71	2.59	2.58	2.4	2.1
Total Debt	323M	307M	302M	270M	424M
Net Debt	288M	248M	271M	231M	379M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	20.87M	25.43M	31.18M	21.93M	19.93M
Inventories - Work In Process, Total	10.49M	24M	11.18M	6.57M	17.57M
Machinery, Total	1.19B	1.07B	1.14B	1.14B	1.13B
Full Time Employees	19	18	17	15	18
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	406M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-171M	15.1M	98.71M	46.64M	12.27M
Depreciation & Amortization - CF	68.35M	50.42M	51.4M	56.15M	57.74M
Depreciation & Amortization, Total	68.35M	50.42M	51.4M	56.15M	57.74M
Amortization of Deferred Charges, Total - (CF)	2.99M	3.59M	1.45M	850K	745K
(Gain) Loss From Sale Of Asset	-	-6M	-	-	-16.62M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	60.31M	314K	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	339K	476K	2.2M	1.85M	-
Other Operating Activities, Total	-6.82M	-8.13M	-9.65M	-2.46M	-17.05M
Change In Accounts Receivable	-3.02M	-11.1M	-5.81M	10.06M	-2.88M
Change In Inventories	-7.31M	-18.07M	7.07M	13.86M	-9M
Change In Accounts Payable	11.74M	230K	-8.48M	3.97M	-2.59M
Change in Other Net Operating Assets	286K	-2.69M	2.56M	-2.76M	-2.79M
Cash from Operations	-44.46M	24.13M	139M	128M	19.82M
Capital Expenditure	-17.73M	-95.42M	-73.67M	-2.62M	-134M
Sale of Property, Plant, and Equipment	14.26M	81.07M	-	-	46.75M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-3.46M	-14.34M	-73.67M	-2.62M	-87.7M
Long-Term Debt Issued, Total	-	88M	54M	-	191M
Total Debt Issued	-	88M	54M	-	191M
Long-Term Debt Repaid, Total	-38.74M	-105M	-59.22M	-32.74M	-34.45M
Total Debt Repaid	-38.74M	-105M	-59.22M	-32.74M	-34.45M
Issuance of Common Stock	80.05M	49.1M	-	8.93M	-
Repurchase of Common Stock	-	-	-	-3.55M	-
Common Dividends Paid	-9.7M	-22.68M	-89.78M	-87.7M	-84.7M
Common & Preferred Stock Dividends Paid	-9.7M	-22.68M	-89.78M	-87.7M	-84.7M
Other Financing Activities, Total	-1.1M	-	-669K	-	-2.51M
Cash from Financing	30.51M	9M	-95.67M	-115M	68.99M
Foreign Exchange Rate Adjustments	-12K	-142K	-44K	536K	361K
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	-17.42M	18.65M	-29.94M	11.02M	1.48M
Supplemental Items
Cash Interest Paid	23.39M	23.46M	29.04M	29.89M	35.01M
Cash Income Tax Paid (Refund)	64K	59K	23K	10K	33K
Levered Free Cash Flow	-37.17M	-44.1M	52.76M	103M	-132M
Unlevered Free Cash Flow	-23.67M	-30.78M	70.37M	121M	-110M
Change In Net Working Capital	19.12M	8.86M	-10.51M	-17.56M	51.94M
Net Debt Issued / Repaid	-38.74M	-17.41M	-5.22M	-32.74M	156M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-6.08	2.61	9.09	5.7	2.16
Return on Total Capital	-6.25	2.71	9.48	5.97	2.25
Return On Equity %	-31.23	2.91	18.31	8.91	2.57
Return on Common Equity	-31.23	2.91	18.31	8.91	2.57
Margin Analysis
Gross Profit Margin %	-2.55	31.06	51.62	46.4	39.53
SG&A Margin	8.17	5.54	5.84	8.24	9.62
EBITDA Margin %	-10.72	25.52	45.77	38.16	29.91
EBITA Margin %	-46.49	10.66	32.65	22.11	10.16
EBIT Margin %	-46.49	10.66	32.65	22.11	10.16
Income From Continuing Operations Margin %	-89.67	4.45	25.2	13.34	4.2
Net Income Margin %	-89.67	4.45	25.2	13.34	4.2
Net Avail. For Common Margin %	-89.67	4.45	25.2	13.34	4.2
Normalized Net Income Margin	-37.83	1.74	15.77	8.33	-0.92
Levered Free Cash Flow Margin	-19.45	-12.99	13.47	29.42	-45.03
Unlevered Free Cash Flow Margin	-12.39	-9.07	17.97	34.67	-37.65
Asset Turnover
Asset Turnover	0.21	0.39	0.45	0.41	0.34
Fixed Assets Turnover	0.24	0.46	0.52	0.47	0.4
Receivables Turnover (Average Receivables)	24.31	22.74	16.75	16.45	16.54
Inventory Turnover (Average Inventory)	7.07	5.79	4.13	5.29	5.36
Short Term Liquidity
Current Ratio	1.58	1.97	1.55	1.65	2.24
Quick Ratio	0.65	1.11	0.81	0.93	0.96
Operating Cash Flow to Current Liabilities	-0.66	0.33	1.98	2.14	0.29
Days Sales Outstanding (Average Receivables)	15.02	16.05	21.79	22.24	22.06
Days Outstanding Inventory (Average Inventory)	51.61	63.02	88.39	69.18	68.12
Average Days Payable Outstanding	9.56	9.78	10.41	11.4	10.37
Cash Conversion Cycle (Average Days)	57.07	69.29	99.77	80.02	79.81
Long Term Solvency
Total Debt/Equity	64.84	56.92	56.14	53.07	95.27
Total Debt / Total Capital	39.33	36.27	35.95	34.67	48.79
LT Debt/Equity	57.11	49.42	50.1	48.77	87.26
Long-Term Debt / Total Capital	34.65	31.5	32.09	31.86	44.68
Total Liabilities / Total Assets	41.46	38.63	38.77	37.77	50.62
EBIT / Interest Expense	-3.37	1.34	4.19	2.52	0.83
EBITDA / Interest Expense	-0.78	3.2	5.88	4.34	2.45
(EBITDA - Capex) / Interest Expense	-1.45	-0.33	3.46	4.26	-1.31
Total Debt / EBITDA	-15.77	3.55	1.69	2.02	4.85
Net Debt / EBITDA	-14.07	2.86	1.51	1.73	4.33
Total Debt / (EBITDA - Capex)	-8.45	-34.85	2.86	2.06	-9.03
Net Debt / (EBITDA - Capex)	-7.55	-28.09	2.57	1.76	-8.06
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-46.12	77.6	15.43	-10.71	-16.39
Gross Profit, 1 Yr. Growth %	-102.92	-2.27K	91.83	-19.73	-28.77
EBITDA, 1 Yr. Growth %	-113.74	-522.75	107.04	-25.56	-34.47
EBITA, 1 Yr. Growth %	-209.37	-140.72	253.52	-39.55	-61.55
EBIT, 1 Yr. Growth %	-209.37	-140.72	253.52	-39.55	-61.55
Earnings From Cont. Operations, 1 Yr. Growth %	-442.43	-108.81	553.67	-52.75	-73.69
Net Income, 1 Yr. Growth %	-442.43	-108.81	553.67	-52.75	-73.69
Normalized Net Income, 1 Yr. Growth %	-329.81	-108.16	947.72	-52.82	-109.23
Diluted EPS Before Extra, 1 Yr. Growth %	-414.5	-106.64	571.43	-53.19	-73.66
Accounts Receivable, 1 Yr. Growth %	47.65	118.41	28.39	-38.29	17.36
Inventory, 1 Yr. Growth %	30.39	57.61	-14.3	-32.72	31.56
Net Property, Plant and Equip., 1 Yr. Growth %	-15.07	-0.68	4.48	-6.68	4.52
Total Assets, 1 Yr. Growth %	-12.64	3.38	-0.08	-7.01	10.34
Tangible Book Value, 1 Yr. Growth %	-16.84	8.38	-0.31	-5.48	-12.44
Common Equity, 1 Yr. Growth %	-16.84	8.38	-0.31	-5.48	-12.44
Cash From Operations, 1 Yr. Growth %	-140.07	-154.28	477.79	-8.09	-84.53
Capital Expenditures, 1 Yr. Growth %	-1.94	438.26	-22.79	-96.44	5.03K
Levered Free Cash Flow, 1 Yr. Growth %	-135	21.68	-221.78	92.83	-227.58
Unlevered Free Cash Flow, 1 Yr. Growth %	-119.48	35.34	-334.55	70.84	-190.54
Dividend Per Share, 1 Yr. Growth %	-87.5	400	84	-26.09	38.24
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-22.39	-2.18	43.18	1.52	-13.6
Gross Profit, 2 Yr. CAGR %	-78.92	-20.47	544.72	24.09	-24.38
EBITDA, 2 Yr. CAGR %	-53.79	-23.78	195.85	24.14	-30.16
EBITA, 2 Yr. CAGR %	66.69	-33.26	19.98	46.19	-51.79
EBIT, 2 Yr. CAGR %	66.69	-33.26	19.98	46.19	-51.79
Earnings From Cont. Operations, 2 Yr. CAGR %	306.82	-45.06	-24.1	75.75	-64.74
Net Income, 2 Yr. CAGR %	306.82	-45.06	-24.1	75.75	-64.74
Normalized Net Income, 2 Yr. CAGR %	302.98	-56.61	-7.55	122.34	-79.14
Diluted EPS Before Extra, 2 Yr. CAGR %	281	-54.3	-33.22	77.28	-64.89
Accounts Receivable, 2 Yr. CAGR %	-38.25	79.58	67.46	-10.98	-14.9
Inventory, 2 Yr. CAGR %	-6.14	43.35	16.22	-24.06	-5.92
Net Property, Plant and Equip., 2 Yr. CAGR %	-9.27	-8.16	1.87	-1.25	-1.24
Total Assets, 2 Yr. CAGR %	-9.14	-4.97	1.63	-3.6	1.3
Tangible Book Value, 2 Yr. CAGR %	-8.53	-5.06	3.94	-2.93	-9.03
Common Equity, 2 Yr. CAGR %	-8.53	-5.06	3.94	-2.93	-9.03
Cash From Operations, 2 Yr. CAGR %	-8.29	-53.36	77.1	130.44	-62.3
Capital Expenditures, 2 Yr. CAGR %	164.65	129.74	103.86	-83.43	35.09
Levered Free Cash Flow, 2 Yr. CAGR %	-23.3	-35.53	20.66	54.11	57.09
Unlevered Free Cash Flow, 2 Yr. CAGR %	-46.55	-49.66	75.92	101.03	24.54
Dividend Per Share, 2 Yr. CAGR %	-37.98	-20.94	203.32	16.62	1.08
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-12.88	2.27	3.37	22.32	-4.84
Gross Profit, 3 Yr. CAGR %	-51.86	-1.24	6.65	221.93	3.13
EBITDA, 3 Yr. CAGR %	-12.77	-3.36	6.35	86.77	0.33
EBITA, 3 Yr. CAGR %	43.87	4.2	16.34	-4.53	-6.34
EBIT, 3 Yr. CAGR %	43.87	4.2	16.34	-4.53	-6.34
Earnings From Cont. Operations, 3 Yr. CAGR %	21.59	13.41	25.42	-35.19	-6.68
Net Income, 3 Yr. CAGR %	21.59	13.41	25.42	-35.19	-6.68
Normalized Net Income, 3 Yr. CAGR %	16.55	9.83	25.42	-26.12	-23.03
Diluted EPS Before Extra, 3 Yr. CAGR %	16.23	-1.21	11.93	-40.68	-6.1
Accounts Receivable, 3 Yr. CAGR %	-25.42	-5.91	60.58	20.06	-2.39
Inventory, 3 Yr. CAGR %	-3.93	11.56	20.76	-3.14	-8.8
Net Property, Plant and Equip., 3 Yr. CAGR %	-8.03	-6.49	-4.12	-1.06	0.64
Total Assets, 3 Yr. CAGR %	-7.38	-5.14	-3.37	-1.33	0.84
Tangible Book Value, 3 Yr. CAGR %	-6.11	-3.21	-3.51	0.7	-6.21
Common Equity, 3 Yr. CAGR %	-6.11	-3.21	-3.51	0.7	-6.21
Cash From Operations, 3 Yr. CAGR %	40.29	-23	7.92	42.32	-6.35
Capital Expenditures, 3 Yr. CAGR %	53.83	235.31	59.73	-47.13	12.11
Levered Free Cash Flow, 3 Yr. CAGR %	9.09	-11.3	-20.78	41.6	44.85
Unlevered Free Cash Flow, 3 Yr. CAGR %	-12.11	-28.12	-16.63	74.71	54.23
Dividend Per Share, 3 Yr. CAGR %	-14.5	24.36	4.77	89.45	23.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-11.77	2.69	6.27	1.97	-3.78
Gross Profit, 5 Yr. CAGR %	-49.71	9.48	35.91	8.2	-7.05
EBITDA, 5 Yr. CAGR %	-31.81	9.73	42.17	6.83	-10.11
EBITA, 5 Yr. CAGR %	13.1	-4.79	33.79	19.32	-18.21
EBIT, 5 Yr. CAGR %	13.1	-4.79	33.79	19.32	-18.21
Earnings From Cont. Operations, 5 Yr. CAGR %	107.48	-40.64	0.7	35.13	-24.5
Net Income, 5 Yr. CAGR %	107.48	-40.64	0.7	35.13	-24.5
Normalized Net Income, 5 Yr. CAGR %	64.22	-34.02	6.23	45.62	-38.8
Diluted EPS Before Extra, 5 Yr. CAGR %	83.98	-48.72	-6.88	24.82	-29.6
Accounts Receivable, 5 Yr. CAGR %	-12.3	-1.85	3.07	-7.98	24.56
Inventory, 5 Yr. CAGR %	-11.11	5.18	3.68	-4.35	9.29
Net Property, Plant and Equip., 5 Yr. CAGR %	-6.85	-4.67	-4.19	-4.43	-2.98
Total Assets, 5 Yr. CAGR %	-8.81	-5.07	-3.87	-4.53	-1.53
Tangible Book Value, 5 Yr. CAGR %	-10.18	-5.36	-2.21	-3.1	-5.75
Common Equity, 5 Yr. CAGR %	-10.57	-5.36	-2.21	-3.1	-5.75
Cash From Operations, 5 Yr. CAGR %	-19.04	-5.33	53.99	19.38	-29.14
Capital Expenditures, 5 Yr. CAGR %	-37.67	20.49	72.17	0.69	49.38
Levered Free Cash Flow, 5 Yr. CAGR %	-10.67	1.94	13	10.25	4.41
Unlevered Free Cash Flow, 5 Yr. CAGR %	-16.9	-9.77	15.08	7.91	-1.94
Dividend Per Share, 5 Yr. CAGR %	-46.01	-7.03	41.88	21.2	3.28