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TEN

Tsakos Energy Navigation Limited

TEN

Tsakos Energy Navigation Limited • NYSE
$24.49 ▲ 1.20% (+0.29)
Market Cap $737.82 M
52w High $26.69
52w Low $13.40
Dividend Yield 1.50%
P/E 7.75
Volume 129.37K
Outstanding Shares 30.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $186.228M ▼ $64.929M ▲ $38.341M ▲ 20.588% ▲ $1.05 ▲ $80.969M ▼
Q2-2025 $193.309M ▼ $13.237M ▲ $26.52M ▼ 13.719% ▼ $0.67 ▼ $94.12M ▲
Q1-2025 $197.051M ▲ $6.353M ▼ $37.711M ▲ 19.138% ▲ $1.04 ▲ $62.904M ▼
Q4-2024 $188.26M ▼ $15.92M ▲ $19.272M ▼ 10.237% ▼ $0.41 ▼ $87.91M ▲
Q3-2024 $200.158M $14.222M $26.54M 13.26% $0.67 $87.73M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $287.22M ▼ $3.808B ▲ $2.001B ▲ $1.765B ▼
Q1-2025 $349.578M ▲ $3.673B ▼ $1.89B ▼ $1.783B ▲
Q4-2024 $348.312M ▼ $3.707B ▼ $1.939B ▼ $1.728B ▼
Q3-2024 $385.901M ▼ $3.713B ▼ $1.965B ▼ $1.748B ▲
Q2-2024 $476.426M $3.769B $2.018B $1.716B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $37.711M ▲ $0 ▼ $0 ▲ $0 ▲ $0 $0 ▲
Q4-2024 $0 $87.805M ▲ $-18.745M ▲ $-66.649M ▼ $0 $-562.217M ▼
Q3-2024 $0 $59.657M ▼ $-66.349M ▲ $-29.328M ▼ $0 ▼ $59.657M ▼
Q2-2024 $0 ▼ $85.264M ▲ $-159.496M ▲ $112.159M ▲ $37.927M ▲ $85.264M ▲
Q1-2024 $54.034M $74.958M $-197.016M $89.358M $-409.394M $74.958M

Revenue by Products

Product Q4-2021Q1-2022Q2-2022Q3-2022
Clean Air Division
Clean Air Division
 $2.05Bn ▲$2.10Bn ▲$2.14Bn ▲$2.33Bn ▲
Motorparts
Motorparts
 $710.00M ▲$720.00M ▲$730.00M ▲$720.00M ▼
Powertrain
Powertrain
 $910.00M ▲$1.03Bn ▲$1.01Bn ▼$1.02Bn ▲
Ride Performance Division
Ride Performance Division
 $720.00M ▲$790.00M ▲$790.00M ▲$850.00M ▲

Five-Year Company Overview

Income Statement

Income Statement TEN’s income statement shows a clear turnaround story. Revenue has grown meaningfully from the tough period a few years ago, and the company has moved from losses to solid profitability. Operating and net income have both improved, reflecting better tanker rates and stronger cost control. Earnings per share, however, remain very volatile, which is typical for shipping and highlights how sensitive results are to freight markets. Recent profits are strong but a bit below the immediate peak of the last cycle, suggesting performance is still good but not at the very top of recent conditions.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a capital‑intensive shipping company. Total assets have been rising, reflecting ongoing investment in the fleet and technology. Shareholders’ equity has been building over time, a sign that profits are being retained and the financial base is strengthening. Debt remains significant, as is normal in this industry, but it has started to edge down from earlier highs, which reduces financial risk. Cash levels are notably higher than several years ago, though they dipped slightly most recently, indicating some cushion but also active use of funds for growth.

Cash Flow

Cash Flow Cash flow from operations has strengthened compared with the weak year in the recent past, showing that the core business is generating healthy cash in normal market conditions. Free cash flow, however, has swung between positive and negative and is currently clearly negative. This is mainly due to heavy spending on new vessels and upgrades rather than a collapse in operating cash. That pattern suggests TEN is in an investment phase: plowing cash and borrowings into a newer, more efficient fleet. The opportunity is future earnings from a modern fleet; the risk is pressure on cash if markets soften or financing becomes tighter while this investment cycle is underway.

Competitive Edge

Competitive Edge TEN’s competitive position rests on a diversified, modern fleet and a flexible chartering strategy. The company operates across crude, product, LNG, and specialized shuttle tankers, which reduces reliance on any single market and allows it to shift toward whichever segment is stronger. Its “hybrid” approach—mixing long‑term contracts with exposure to spot rates—helps smooth revenues in weak markets while still allowing upside in strong ones. Long‑standing relationships with major oil companies and traders support vessel employment and fleet utilization. TEN also benefits from scale and from experience in niche areas such as ice‑class and DP2 shuttle tankers, where not all rivals compete. Against this, the tanker market remains highly cyclical and competitive, so earnings power can still swing widely with global oil demand, fleet supply, and geopolitics.

Innovation and R&D

Innovation and R&D Innovation at TEN is centered on fleet renewal, environmental performance, and digital optimization rather than traditional lab‑style R&D. The company is investing in dual‑fuel LNG vessels, scrubbers, advanced hull coatings, and energy‑saving devices to cut emissions and fuel costs. It is adopting digital tools for route planning and real‑time performance monitoring to squeeze more efficiency from each voyage. TEN is also building out sophisticated DP2 shuttle tankers and ice‑class ships, which require advanced technology and specialized know‑how, creating higher barriers to entry. A substantial newbuilding program is in place, and management is exploring future fuels such as biofuels, methanol, and ammonia. This forward‑leaning stance could strengthen TEN’s position in a more regulated, low‑carbon world, but it also increases capital needs and exposes the company to technology and regulatory uncertainty if the “winning” green solutions evolve differently than expected.

Summary

Overall, TEN looks like a midstream energy shipping company that has used the recent upcycle to repair and strengthen its financials while doubling down on a modern, greener fleet. Profitability has recovered strongly from past losses, the equity base has grown, and leverage is being nudged down, though it is still meaningful. Cash generation from operations is healthy, but heavy investment has driven free cash flow into negative territory, underlining the capital‑intensive nature of its strategy. Competitively, TEN benefits from a diversified fleet, strong customer relationships, and capabilities in specialized, higher‑barrier segments, all supported by a clear focus on environmental and technological upgrades. The key opportunities lie in monetizing this upgraded fleet in favorable markets and in complying early with tightening regulations. The main risks are the usual shipping cycle swings, high ongoing capital demands, and uncertainty around future fuel and environmental standards, all of which can make results and valuation quite volatile over time.

NEWS

November 20, 2025 · 8:30 AM UTC

TEN, Ltd. Reports Profits for the Nine Months and Third Quarter Ended September 30, 2025 and Declares Common Share Dividend of $1

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November 19, 2025 · 1:34 PM UTC

Tenneco Advances Growth Strategy with Tenneco India Listing

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November 4, 2025 · 4:05 PM UTC

TEN Ltd. Declares Dividend on its Series E Cumulative Perpetual Preferred Shares

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November 3, 2025 · 2:45 PM UTC

TEN Ltd. Announces Date for the Third Quarter and Nine Months 2025 Results, Conference Call and Webcast

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October 30, 2025 · 2:20 PM UTC

Dr. Nikolas P. Tsakos Honored for His Contribution to the Maritime Industry and Philanthropy

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