Detailed financial statements for Teekay Corporation (TK): 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.
Teekay Corporation specializes in global marine transportation, primarily handling crude oil and various other maritime cargo. The company offers a wide range of services, including ship-to-ship transfers for the oil, gas, and dry bulk industries, as well as lightering operations, marine operational and maintenance support, and offshore production services. As of March 1, 2022, Teekay operated a fleet of approximately 55 vessels.
Analysis Summary
Teekay Corporation reported revenue of $949.5M in the most recent fiscal year, growing at a 5-year CAGR of -3.7%.
Trailing-twelve-month margins: gross margin 52.0%, operating margin 36.3%, net margin 16.2%. Free cash flow grew at -35.3% CAGR over 5 years.
At the current price of $14.39, TK trades at a P/E of 5.43 and an ROE of 32.35%. Market capitalisation stands at $1.3B.
Balance sheet quality for TK: current ratio of 8.9, net cash position of $927.0M. 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 strong: free cash flow of $108.5M represents 111% 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 | $2.33B | $1.88B | $1.71B | $1.92B | $1.15B | $682.5M | $1.19B | $1.46B | $1.22B | $949.5M |
| Cost of Revenue | $1.69B | $1.49B | $1.39B | $1.46B | $896.9M | $732.2M | $897.1M | $884.3M | $826.5M | $688.1M |
| Gross Profit | $643.2M | $388.7M | $318.6M | $466.6M | $249.4M | -$49.7M | $293.0M | $580.6M | $393.9M | $261.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $119.9M | $106.2M | $96.6M | $81.4M | $64.2M | $74.4M | $57.6M | $57.6M | $61.1M | $54.8M |
| Operating Expenses | $258.9M | $382.0M | $154.3M | $81.4M | $179.2M | $135.6M | $47.3M | $48.9M | $28.6M | $54.8M |
| Operating Income | $384.3M | $6.7M | $164.3M | -$109.2M | $70.2M | -$185.4M | $245.8M | $531.7M | $365.2M | $206.6M |
| EBITDA | $965.9M | $274.7M | $492.4M | -$41.6M | $201.7M | -$107.9M | $348.7M | $655.1M | $503.1M | $436.9M |
| Interest Expense | $283.0M | $268.4M | $254.1M | $111.4M | $89.1M | $68.4M | $38.6M | $28.0M | $7.5M | $2.9M |
| Pre-tax Income | $111.1M | -$516.8M | -$38.0M | -$123.5M | -$18.7M | -$282.4M | $211.1M | $529.6M | $402.0M | $347.4M |
| Income Tax | $24.5M | $12.2M | $19.7M | -$25.5M | $5.6M | -$5.0M | $1.4M | $12.2M | $405000 | -$4.6M |
| Net Income | -$123.2M | -$163.3M | -$79.2M | -$310.6M | -$82.9M | $7.8M | $78.4M | $150.6M | $133.8M | $98.1M |
| EPS | $-1.62 | $-1.76 | $-0.79 | $-3.08 | $-0.82 | $0.08 | $0.77 | $1.58 | $1.47 | $1.14 |
| EPS (Diluted) | $-1.62 | $-1.76 | $-0.79 | $-3.08 | $-0.82 | $0.08 | $0.76 | $1.54 | $1.42 | $1.13 |
| Shares Outstanding (Diluted) | $79.2M | $86.3M | $99.7M | $100.7M | $101.1M | $102.1M | $102.1M | $96.6M | $93.3M | $86.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $568.0M | $445.5M | $424.2M | $353.2M | $128.7M | $109.0M | $309.9M | $480.1M | $685.3M | $941.4M |
| Short-term Investments | $154.8M | $9.9M | $12.6M | $274.0M | $857000 | $12.0M | $210.0M | $172.6M | $32.4M | $32.0M |
| Receivables | $295.4M | $267.3M | $363.5M | $307.1M | $193.5M | $104.5M | $223.8M | $187.8M | $140.9M | $135.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $49.0M | $60.8M | $53.2M | $46.0M | $29.4M |
| Total Current Assets | $1.28B | $832.7M | $898.0M | $1.14B | $690.0M | $5.14B | $823.6M | $921.9M | $927.1M | $1.20B |
| Property, Plant & Equipment | $9.14B | $5.21B | $5.52B | $5.03B | $1.59B | $1.35B | $1.30B | $1.23B | $1.18B | $1.04B |
| Goodwill | $176.6M | $43.7M | $43.7M | $38.1M | $2.4M | $24.4M | $2.4M | $2.4M | $24.0M | $2.4M |
| Intangible Assets | $89.2M | $93.0M | $77.8M | $45.9M | $2.0M | $1.5M | $1.1M | $22.0M | $307000 | $26000 |
| Total Assets | $12.81B | $8.09B | $8.39B | $8.07B | $6.95B | $6.53B | $2.16B | $2.20B | $2.15B | $2.40B |
| Accounts Payable | $53.5M | $24.1M | $31.2M | $135.5M | $119.3M | $41.1M | $47.4M | $34.0M | $25.7M | $20.0M |
| Short-term Debt | $998.6M | $850.0M | $317.4M | $592.0M | $20.9M | $280.3M | $21.2M | 0 | 0 | 0 |
| Total Current Liabilities | $1.65B | $1.36B | $686.1M | $1.16B | $903.0M | $3.34B | $232.3M | $172.8M | $132.6M | $134.7M |
| Long-term Debt | $5.64B | $2.62B | $3.08B | $2.30B | $572.0M | $416.2M | 0 | 0 | 0 | 0 |
| Total Liabilities | $8.73B | $5.21B | $5.52B | $5.50B | $4.47B | $4.10B | $795.2M | $396.3M | $217.9M | $234.2M |
| Retained Earnings | $22.9M | -$135.9M | -$234.4M | -$546.7M | -$527.0M | -$513.2M | -$396.6M | -$213.2M | -$166.9M | -$155.0M |
| Total Equity | $899.4M | $777.2M | $809.0M | $481.9M | $481.4M | $515.0M | $623.5M | $732.3M | $709.8M | $724.5M |
| Total Debt | $7.03B | $4.63B | $5.07B | $4.88B | $997.5M | $1.02B | $610.2M | $227.2M | $65.6M | $46.4M |
| Net Debt | $6.31B | $4.17B | $4.63B | $4.26B | $867.9M | $895.0M | $90.3M | -$425.5M | -$652.2M | -$927.0M |
| Working Capital | -$365.0M | -$532.2M | $211.9M | -$20.7M | -$213.1M | $1.80B | $591.3M | $749.1M | $794.5M | $1.06B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $86.7M | -$32.2M | -$79.2M | -$324.7M | -$97.9M | -$277.5M | $209.6M | $517.4M | $401.6M | $98.1M |
| Depreciation & Amortization | $571.8M | $485.8M | $276.3M | $290.7M | $131.4M | $106.1M | $99.0M | $97.6M | $93.6M | $86.6M |
| Stock-based Compensation | 0 | 0 | 0 | $6.3M | 0 | $3.3M | 0 | 0 | 0 | 0 |
| Change in Working Capital | $50.7M | $104.8M | -$14.8M | -$4.8M | $99.2M | -$65.5M | -$127.6M | $10.2M | $39.7M | -$19.6M |
| Operating Cash Flow | $624.6M | $513.7M | $182.1M | $383.3M | $984.0M | $76.0M | $199.2M | $629.8M | $467.2M | $301.8M |
| Capital Expenditure | -$650.3M | -$1.05B | -$693.8M | -$109.5M | -$26.5M | -$21.4M | -$15.4M | -$10.2M | -$75.3M | -$193.3M |
| Acquisitions | -$61.9M | -$85.9M | $15.6M | $27.6M | -$991000 | $58.1M | $451.8M | $3.9M | $2.5M | $345.2M |
| Stock Repurchased | 0 | -$19.4M | $1.83B | -$25.7M | 0 | -$4.7M | -$20.6M | -$55.5M | -$116.3M | -$4.9M |
| Dividends Paid | -$17.4M | -$19.0M | -$22.1M | -$5.5M | -$31.8M | -$75.3M | 0 | 0 | -$85.0M | -$85.3M |
| Free Cash Flow | -$25.7M | -$540.3M | -$511.7M | $273.8M | $957.5M | $54.5M | $183.7M | $619.6M | $391.8M | $108.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -19.2% | -9.2% | +12.6% | -40.4% | -40.5% | +74.4% | +23.1% | -16.7% | -22.2% | |
| Net Income Growth (YoY) | -32.5% | +51.5% | -292.0% | +73.3% | +109.4% | +904.4% | +92.1% | -11.2% | -26.7% | |
| EPS Growth (YoY) | -8.6% | +55.1% | -289.9% | +73.4% | +109.8% | +862.5% | +105.2% | -7.0% | -22.4% | |
| Shares Change (YoY) | +9.0% | +15.4% | +1.1% | +0.3% | +1.1% | -0.0% | -5.4% | -3.5% | -7.7% | |
| FCF Growth (YoY) | -2004.9% | +5.3% | +153.5% | +249.7% | -94.3% | +236.9% | +237.3% | -36.8% | -72.3% | |
| Gross Margin | 27.6% | 20.7% | 18.7% | 24.3% | 21.8% | -7.3% | 24.6% | 39.6% | 32.3% | 27.5% |
| Operating Margin | 16.5% | 0.4% | 9.6% | -5.7% | 6.1% | -27.2% | 20.6% | 36.3% | 29.9% | 21.8% |
| EBITDA Margin | 41.5% | 14.6% | 28.8% | -2.2% | 17.6% | -15.8% | 29.3% | 44.7% | 41.2% | 46.0% |
| Net Margin | -5.3% | -8.7% | -4.6% | -16.2% | -7.2% | 1.1% | 6.6% | 10.3% | 11.0% | 10.3% |
| FCF Margin | -1.1% | -28.7% | -30.0% | 14.2% | 83.5% | 8.0% | 15.4% | 42.3% | 32.1% | 11.4% |
| Effective Tax Rate | 22.0% | -2.4% | -51.9% | 20.6% | -29.7% | 1.8% | 0.7% | 2.3% | 0.1% | -1.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.32 | $-6.26 | $-5.13 | $2.72 | $9.48 | $0.53 | $1.80 | $6.41 | $4.20 | $1.26 |
| Dividends Per Share | $0.22 | $0.22 | $0.22 | $0.05 | $0.31 | $0.74 | $0.00 | $0.00 | $0.91 | $0.99 |
| Shares Outstanding (Basic) | $79.2M | $86.3M | $99.7M | $100.7M | $101.1M | $102.1M | $102.1M | $94.5M | $91.3M | $86.1M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 32.35% |
| Return on Invested Capital | 21.12% |
| Return on Assets | 9.07% |
| Gross Margin | 52.02% |
| Operating Margin | 36.30% |
| Net Margin | 16.19% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 10.36 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -4.96 | -5.58 | -4.23 | -1.73 | -2.62 | 39.25 | 5.90 | 4.60 | 4.71 | 7.92 |
| P/B | 0.71 | 1.09 | 0.41 | 1.11 | 0.45 | 0.62 | 0.74 | 0.94 | 0.89 | 1.07 |
| P/S | 0.27 | 0.45 | 0.19 | 0.28 | 0.19 | 0.47 | 0.39 | 0.47 | 0.52 | 0.82 |
| Gross Margin | 27.6% | 20.7% | 18.7% | 24.3% | 21.8% | -7.3% | 24.6% | 39.6% | 32.3% | 27.5% |
| Operating Margin | 16.5% | 0.4% | 9.6% | -5.7% | 6.1% | -27.2% | 20.6% | 36.3% | 29.9% | 21.8% |
| Net Margin | -5.3% | -8.7% | -4.6% | -16.2% | -7.2% | 1.1% | 6.6% | 10.3% | 11.0% | 10.3% |
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Explore sector: Energy · Oil & Gas Midstream
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