NORDIC AMERICAN TANKERS Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NORDIC AMERICAN TANKERS Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	357	297	289	317	355	191	339	392	350	292
Cost of revenue	126	142	165	142	121	128	171	130	125	110
Gross profit	231	155	124	175	234	62.8	169	262	225	182
General and administrative	12.3	12.6	12.7	13.5	17.6	15.6	18.8	22.9	28.8	28.1
Operating income	53.3	-176	-38.6	32	81.2	-144	41.9	128	77.3	46.3
Interest expense	11.2	20.5	34.5	38.4	31.5	26.4	27.1	30.5	30.7	35.8
Interest income	0.22	0.35	0.33	0.3	0.1	0	0.27	1.3	0.73	1.61
Other non-operating income	-11.1	-20.8	-48.9	-42.3	-31.1	-26.8	-26.7	-29.1	-30.7	-34
Pre-tax income	42.3	-196	-87.6	-10.3	50.1	-171	15.1	98.8	46.6	12.3
Income tax	0.1	0.08	0.08	0.07	0.06	0.06	0.02	0.12	-0.01	0.05
Net income	-4.46	-205	-95.3	-10.4	50	-171	15.1	98.7	46.6	12.3
EBITDA	144	-75	22.1	95.9	149	-76.1	92.3	179	133	104
EPS, basic	-0.05	-1.97	-0.67	-0.07	0.34	-1.05	0.07	0.47	0.22	0.06
EPS, diluted	-0.05	-1.97	-0.67	-0.07	0.34	-1.05	0.07	0.47	0.22	0.06
Shares, basic (weighted)	92.5	104	142	143	149	163	202	209	209	212
Shares, diluted (weighted)	92.5	104	142	143	149	163	202	209	210	212
Dividend per share	1.37	0.53	0.07	0.10					0.40	0.36

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	82.2	58.4	49.3	48.8	57.8	34.7	59.6	31.1	39.2	45.9
Receivables						9.37	20.5	26.3	16.2	19
Inventory	20.9	23.1
Other current assets	2.49	4.38	1.83	3.34	1.57	1.92	3.48	2.58	3.44	4.05
Total current assets	164	127	113	129	99.5	107	143	109	98.8	151
Property, plant and equipment	0.34	0.17	0.13	0.07	0.24	0.76	0.73	0.97	0.75
Lease right-of-use assets			0	1.41	1.22	1.86	1.21	0.58	0.98	0.74
Goodwill	19	0
Other non-current assets	10.5	16	0.21	0.12	1.26	2.65	0.88	1.12	2.57	2.35
Total assets	1,350	1,141	1,071	1,031	974	851	880	879	818	902
Accounts payable	4.29	3.22	3.58	8.41	4.1	6.55	6.96	3.45	4.26	2.53
Accrued liabilities	7.65	11.2	8.96	15.6				0.64	0.6	0.63
Deferred revenue				2.15	0.14	2.76	6.15	3.9	5.63	3.84
Short-term debt		0	18.7	23.5	22.1	37.5	39.7	31.9	21.6	35.4
Total current liabilities	21.5	25.3	36.3	59	39.7	67.6	72.4	70.5	59.8	67.4
Long-term debt	443	389	418	375	335	283	266	270	248	389
Lease liabilities			0	0.93	0.73	1.15	0.54	0
Other non-current liabilities						0.72	0.62	0.72	0.85	0.48
Total liabilities	479	430	469	435	375	353	340	341	309	457
Total debt	443	389	437	399	357	321	306	302	270	424
Paid-in capital	235	123	124	38.5	59.4	139	189	191	198	198
Retained earnings	-4.46	-209	-309	-10.4	0	-171	-156	-57.5	-10.9	1.4
Other comprehensive income	-1.04	-1.19	-1.32	-1.4	-1.32	-1.58	-1.81	-2.09	-1.82	-1.16
Shareholders' equity	871	711	602	595	599	498	540	538	509	446
Total equity	871	711	602	595	599	498	540	538	509	446
Total liabilities and equity	1,350	1,141	1,071	1,031	974	851	880	879	818	902
Shares outstanding	102	142	142	147	151	184	209	209	212	212

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-4.46	-205	-95.3	-10.4	50	-171	15.1	98.7	46.6	12.3
Depreciation and amortization	90.9	101	60.7	64	67.8	68.4	50.4	51.4	56.2	57.7
Stock-based compensation	0.43	0.52	0.41	0.16	0.29	0.34	0.48	2.2	1.85	0
Change in receivables	10.1	-4.26	-0.36	-1.99	18.1	-3.03	-11.1	-5.81	10.1	-2.88
Change in inventory	-6.04	-2.2	2.79	-2.18	3.07	-1.47	-4.56	-5.75	9.25	2
Change in payables	0.67	1.07	-7.11	10.1	-19.3	11.7	0.23	-8.48	3.97	-2.59
Cash from operations	128	31.7	-16.1	52.9	111	-44.5	24.1	139	128	19.8
Sales and maturities of investments	1.69
Cash from investing	-187	-46.5	85.1	-2.32	-17.5	-3.47	-14.3	-73.7	-2.62	-87.7
Stock issued	120	104	0	17.9	20.7	80.1	49.1	0	8.93	0
Share buybacks							0	0	-3.55	0
Dividends paid	-126	-54.2	-9.94	-14.3	-67.2	-9.7	-22.7	-89.8	-87.7	-84.7
Cash from financing	111	-19	-78	-38.3	-93.1	30.5	9.01	-95.7	-115	69
Exchange rate effect	0.02	-0.06	0.05	0.02	0.04	-0.01	-0.14	-0.04	0.54	0.36
Net change in cash	52.3	-33.7	-9.08	12.3	0.39	-17.4	18.8	-29.9	10.5	1.12
Interest paid	9.84	19.5	32.3	35.6	27.1	23.4	23.5	29	29.9	35
Income taxes paid	0.1	0.1	0.08	0.08	0.07	0.06	0.06	0.02	0.01	0.03

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $7.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.3%	Gross profit / revenue.
Operating margin	15.9%	Operating income / revenue.
EBITDA margin	35.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.2%	Pre-tax income / revenue.
Net margin	4.2%	Net income / revenue.
Operating cash flow margin	6.8%	Cash from operations / revenue.
Effective tax rate	0.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	19.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-16.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-19.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-4.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-40.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-10.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-22.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-6.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-73.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-24.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-72.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-29.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-84.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-29.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-12.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.24x	Current assets / current liabilities.
Quick ratio	0.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.68x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.95x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.0%	Total debt / total assets.
Liabilities / assets	50.6%	Total liabilities / total assets.
Net debt	$378.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.30x	Operating income / interest expense.
Working capital	$83.4M	Current assets - current liabilities.
Tangible book value	$445.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Receivables turnover	16.5x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.06	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.38	Revenue / diluted weighted shares.
Operating cash flow per share	$0.09	Cash from operations / diluted weighted shares.
Book value per share	$2.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.10	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.36	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	690.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.63B	Share price x shares outstanding.
Enterprise value	$2.01B	Market cap + total debt - cash - short-term investments.
P/E	133x	Market cap / net income. Only when net income is positive.
P/S	5.60x	Market cap / revenue.
P/B	3.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.67x	Market cap / tangible book value, when positive.
P/OCF	82.5x	Market cap / cash from operations, when positive.
EV/Sales	6.90x	Enterprise value / revenue.
EV/EBIT	43.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).
Dividend yield	5.2%	Dividends paid over the period / market cap.
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.

What was NORDIC AMERICAN TANKERS Ltd's revenue in fiscal 2025?

NORDIC AMERICAN TANKERS Ltd reported revenue of $291.7M for fiscal 2025, 16.6% lower than the year before.

Was NORDIC AMERICAN TANKERS Ltd profitable in fiscal 2025?

Yes. Net income was $12.3M, a net margin of 4.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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