Detailed financial statements for Tsakos Energy Navigation Limited (TEN-PE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Tsakos Energy Navigation Limited (TEN) operates as a global shipping enterprise, specializing in the worldwide marine transport of crude oil and refined petroleum products. The company extends its maritime services to a diverse clientele, encompassing national, major, and independent oil corporations and refiners, through various charter agreements, including long, medium, and short-term contracts.
Analysis Summary
Tsakos Energy Navigation Limited reported revenue of $798.7M in the most recent fiscal year, growing at a 5-year CAGR of 4.4%.
Trailing-twelve-month margins: gross margin 39.5%, operating margin 34.3%, net margin 24.8%.
At the current price of $25.60, TEN-PE trades at a P/E of 2.94 and an ROE of 11.48%. Market capitalisation stands at $522M.
Balance sheet quality for TEN-PE: current ratio of 0.9, net debt of $1.60B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$226.0M represents -140% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $481.8M | $529.2M | $529.9M | $597.5M | $644.1M | $546.1M | $860.4M | $889.6M | $804.1M | $798.7M |
| Cost of Revenue | $366.4M | $426.6M | $464.7M | $456.3M | $483.2M | $544.7M | $573.8M | $519.0M | $529.1M | $515.8M |
| Gross Profit | $115.4M | $102.6M | $65.2M | $141.2M | $161.0M | $1.5M | $286.6M | $370.6M | $275.0M | $282.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $25.6M | $26.3M | $27.0M | $27.7M | $29.0M | $29.1M | $29.9M | $33.3M | $45.4M | $42.1M |
| Operating Expenses | $25.6M | $26.3M | $27.0M | $27.7M | $29.0M | $29.1M | $29.9M | $33.3M | $45.4M | $42.1M |
| Operating Income | $89.8M | $63.5M | -$28.1M | $85.9M | $96.7M | -$31.0M | $256.4M | $337.3M | $229.6M | $240.8M |
| EBITDA | $197.6M | $206.4M | $122.1M | $240.1M | $218.0M | $18.1M | $388.6M | $555.8M | $458.6M | $410.8M |
| Interest Expense | $37.4M | $61.9M | $71.9M | $69.0M | $49.6M | $38.4M | $55.5M | $102.6M | $117.0M | $97.5M |
| Pre-tax Income | $56.5M | $9.2M | -$101.0M | $14.0M | $27.2M | -$150.6M | $208.5M | $305.1M | $181.6M | $164.9M |
| Income Tax | 0 | $64.9M | -$958000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $55.8M | $7.6M | -$99.2M | -$53.0M | -$25.6M | -$189.8M | $204.2M | $300.2M | $175.3M | $160.9M |
| EPS | $3.29 | $0.45 | $-5.69 | $-2.99 | $-1.37 | $-9.66 | $6.02 | $9.04 | $5.03 | $4.45 |
| EPS (Diluted) | $3.29 | $0.45 | $-5.69 | $-2.99 | $-1.37 | $-9.66 | $5.97 | $9.04 | $5.03 | $4.45 |
| Shares Outstanding (Diluted) | $17.0M | $16.9M | $17.4M | $17.8M | $18.8M | $19.7M | $28.2M | $29.5M | $29.5M | $29.7M |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | $193.3M | $186.2M | $222.1M | $253.0M |
| Gross Profit | $63.7M | $60.8M | $90.9M | $122.3M |
| Operating Income | $50.4M | $51.6M | $81.2M | $109.9M |
| EBITDA | $94.1M | $94.0M | $125.6M | $154.0M |
| Net Income | $26.5M | $38.3M | $58.0M | $88.8M |
| EPS | $0.67 | $1.05 | $1.70 | $2.73 |
| EPS (Diluted) | $0.67 | $1.05 | $1.70 | $2.73 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $187.8M | $189.8M | $204.8M | $184.8M | $160.5M | $117.2M | $304.4M | $376.7M | $348.3M | $303.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $30.6M |
| Receivables | $45.0M | $41.6M | $56.3M | $60.5M | $46.1M | $58.0M | $87.1M | $52.0M | $33.7M | $53.8M |
| Inventory | $18.8M | $16.3M | $20.4M | $13.0M | $21.8M | $22.9M | $26.2M | $22.5M | $18.9M | $12.6M |
| Total Current Assets | $358.3M | $304.4M | $317.5M | $397.0M | $321.5M | $239.7M | $513.1M | $507.9M | $450.4M | $433.9M |
| Property, Plant & Equipment | $2.89B | $3.03B | $2.85B | $2.72B | $2.73B | $2.60B | $2.73B | $2.79B | $3.18B | $3.47B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $3.28B | $3.37B | $3.21B | $3.15B | $3.11B | $2.89B | $3.31B | $3.36B | $3.71B | $3.95B |
| Accounts Payable | $52.5M | $46.9M | $37.5M | $36.6M | $55.3M | $74.9M | $48.2M | $40.2M | $55.8M | $42.7M |
| Short-term Debt | $288.1M | $225.9M | $160.6M | $243.0M | $253.4M | $202.7M | $250.8M | $214.1M | $264.5M | $309.8M |
| Total Current Liabilities | $393.3M | $338.9M | $254.3M | $354.2M | $382.0M | $332.1M | $369.7M | $323.2M | $408.5M | $458.0M |
| Long-term Debt | $1.47B | $1.53B | $1.44B | $1.30B | $1.27B | $1.20B | $1.38B | $1.37B | $1.50B | $1.62B |
| Total Liabilities | $1.86B | $1.87B | $1.70B | $1.68B | $1.73B | $1.60B | $1.79B | $1.71B | $1.94B | $2.09B |
| Retained Earnings | $582.9M | $547.9M | $400.9M | $364.0M | $338.8M | $149.5M | $311.7M | $548.2M | $652.7M | $738.4M |
| Total Equity | $1.41B | $1.49B | $1.49B | $1.45B | $1.35B | $1.24B | $1.47B | $1.62B | $1.73B | $1.82B |
| Total Debt | $1.75B | $1.75B | $1.60B | $1.56B | $1.57B | $1.46B | $1.67B | $1.60B | $1.76B | $1.93B |
| Net Debt | $1.57B | $1.56B | $1.39B | $1.37B | $1.41B | $1.34B | $1.36B | $1.23B | $1.42B | $1.60B |
| Working Capital | -$35.0M | -$34.5M | $63.2M | $42.8M | -$60.6M | -$92.4M | $143.4M | $184.7M | $41.8M | -$24.2M |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $348.3M | $287.2M | $303.1M | $321.4M |
| Total Assets | $3.71B | $3.81B | $3.95B | $4.24B |
| Total Liabilities | $1.94B | $2.00B | $2.09B | $2.29B |
| Total Equity | $1.73B | $1.76B | $1.82B | $1.95B |
| Total Debt | $1.76B | $1.83B | $1.93B | $2.14B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $56.5M | $9.2M | -$101.0M | $14.0M | $27.2M | -$150.6M | $208.5M | $300.2M | $175.3M | $159.3M |
| Depreciation & Amortization | $107.1M | $131.9M | $137.0M | $128.8M | $127.3M | $126.8M | $121.6M | $144.2M | $159.9M | $170.1M |
| Stock-based Compensation | $510000 | $487000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $15.0M | $21.4M | -$37.6M | $12.2M | $8.3M | $4.3M | -$43.7M | $26.7M | $45.8M | -$2.6M |
| Operating Cash Flow | $170.4M | $170.8M | $73.9M | $184.3M | $205.4M | $53.1M | $288.5M | $391.3M | $302.9M | $295.8M |
| Capital Expenditure | -$576.1M | -$293.3M | -$17.3M | -$102.2M | -$188.2M | -$61.2M | -$333.4M | -$298.4M | -$650.0M | -$521.7M |
| Acquisitions | 0 | $51.5M | $17.1M | $10.0M | $97.6M | $53.2M | $31.6M | $165.9M | $228.4M | $99.0M |
| Stock Repurchased | -$20.7M | $508.1M | $497.2M | -$50.0M | -$59.8M | -$168000 | -$2.5M | -$108.3M | 0 | 0 |
| Dividends Paid | -$40.4M | -$39.9M | -$44.4M | -$49.3M | -$46.7M | -$36.3M | -$43.7M | -$61.9M | -$71.8M | -$60.1M |
| Free Cash Flow | -$405.7M | -$122.5M | $56.6M | $82.1M | $17.2M | -$8.1M | -$44.8M | $92.9M | -$347.1M | -$226.0M |
Cash Flow (Quarterly)
| Year | 2023-Q3 | 2023-Q4 | 2024-Q1 | 2025-Q4 |
|---|---|---|---|---|
| Operating Cash Flow | $44.6M | $88.3M | $75.0M | $94.4M |
| Capital Expenditure | 0 | 0 | 0 | -$94.4M |
| Free Cash Flow | $44.6M | $88.3M | $75.0M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.8% | +0.1% | +12.8% | +7.8% | -15.2% | +57.5% | +3.4% | -9.6% | -0.7% | |
| Net Income Growth (YoY) | -86.4% | -1403.2% | +46.6% | +51.6% | -640.0% | +207.6% | +47.0% | -41.6% | -8.2% | |
| EPS Growth (YoY) | -86.3% | -1364.4% | +47.5% | +54.2% | -605.1% | +162.3% | +50.2% | -44.4% | -11.5% | |
| Shares Change (YoY) | -0.2% | +2.8% | +1.9% | +5.7% | +4.7% | +43.4% | +4.7% | +0.0% | +0.8% | |
| FCF Growth (YoY) | +69.8% | +146.2% | +45.1% | -79.1% | -147.3% | -452.4% | +307.3% | -473.5% | +34.9% | |
| Gross Margin | 24.0% | 19.4% | 12.3% | 23.6% | 25.0% | 0.3% | 33.3% | 41.7% | 34.2% | 35.4% |
| Operating Margin | 18.6% | 12.0% | -5.3% | 14.4% | 15.0% | -5.7% | 29.8% | 37.9% | 28.6% | 30.1% |
| EBITDA Margin | 41.0% | 39.0% | 23.0% | 40.2% | 33.8% | 3.3% | 45.2% | 62.5% | 57.0% | 51.4% |
| Net Margin | 11.6% | 1.4% | -18.7% | -8.9% | -4.0% | -34.8% | 23.7% | 33.7% | 21.8% | 20.1% |
| FCF Margin | -84.2% | -23.2% | 10.7% | 13.7% | 2.7% | -1.5% | -5.2% | 10.4% | -43.2% | -28.3% |
| Effective Tax Rate | 0.0% | 707.0% | 0.9% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-23.89 | $-7.23 | $3.25 | $4.63 | $0.92 | $-0.41 | $-1.59 | $3.15 | $-11.77 | $-7.60 |
| Dividends Per Share | $2.38 | $2.35 | $2.55 | $2.78 | $2.49 | $1.85 | $1.55 | $2.10 | $2.43 | $2.02 |
| Shares Outstanding (Basic) | $17.0M | $16.9M | $17.4M | $17.8M | $18.8M | $19.7M | $28.0M | $29.5M | $29.5M | $29.7M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 11.48% |
| Return on Invested Capital | 6.91% |
| Return on Assets | 4.99% |
| Gross Margin | 39.51% |
| Operating Margin | 34.29% |
| Net Margin | 24.77% |
Financial Health
| Debt / Equity | 1.10 |
| Current Ratio | 0.00 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 7.13 | 45.22 | -2.34 | -7.29 | -5.86 | -0.75 | 2.81 | 2.46 | 3.45 | 4.10 |
| P/B | 0.28 | 0.23 | 0.16 | 0.27 | 0.11 | 0.11 | 0.32 | 0.41 | 0.30 | 0.30 |
| P/S | 0.83 | 0.65 | 0.44 | 0.65 | 0.23 | 0.26 | 0.55 | 0.74 | 0.64 | 0.68 |
| Gross Margin | 24.0% | 19.4% | 12.3% | 23.6% | 25.0% | 0.3% | 33.3% | 41.7% | 34.2% | 35.4% |
| Operating Margin | 18.6% | 12.0% | -5.3% | 14.4% | 15.0% | -5.7% | 29.8% | 37.9% | 28.6% | 30.1% |
| Net Margin | 11.6% | 1.4% | -18.7% | -8.9% | -4.0% | -34.8% | 23.7% | 33.7% | 21.8% | 20.1% |
Related companies: BORR · CAPL · GLP · HPK · NBR · NGL · PDS
Explore sector: Industrials · Marine Shipping
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