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TEN-PE

Tsakos Energy Navigation Limited

TEN-PE

Tsakos Energy Navigation Limited • NYSE
$26.55 ▲ 1.30% (+0.34)
Market Cap $787.51 M
52w High $27.14
52w Low $24.62
Dividend Yield 2.31%
P/E 0
Volume 5.86K
Outstanding Shares 29.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $186.228M ▼ $42.735M ▲ $38.341M ▲ 20.588% ▲ $1.05 ▲ $86.508M ▲
Q2-2025 $193.309M ▼ $13.237M ▲ $26.833M ▼ 13.881% ▼ $0.67 ▲ $51.235M ▼
Q1-2025 $197.051M ▲ $6.353M ▼ $37.711M ▲ 19.138% ▲ $0 $62.904M ▲
Q4-2024 $188.26M ▼ $145.847M ▲ $19.272M ▼ 10.237% ▼ $0 $58.786M ▲
Q3-2024 $200.158M $143.207M $26.54M 13.26% $0 $56.951M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $282.394M ▼ $3.808B ▲ $2.001B ▲ $1.765B ▲
Q4-2024 $343.373M ▲ $3.707B ▼ $1.939B ▼ $1.728B ▲
Q3-2024 $0 ▼ $3.713B ▼ $1.965B ▼ $1.713B ▼
Q2-2024 $471.775M ▲ $3.769B ▲ $2.018B ▲ $1.716B ▲
Q1-2024 $343.994M $3.503B $1.821B $1.647B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $38.015M ▲ $85.638M ▲ $-166.973M ▲ $58.439M ▼ $-22.896M ▲ $0
Q2-2025 $26.52M ▼ $63.616M ▲ $-233.479M ▼ $107.505M ▲ $-62.358M ▼ $0
Q1-2025 $37.51M ▲ $52.15M ▼ $-2.645M ▲ $-48.239M ▲ $1.266M ▲ $0
Q4-2024 $19.271M ▼ $83M ▲ $-18.745M ▲ $-61.844M ▼ $-37.589M ▼ $0
Q3-2024 $26.54M $63.445M $-66.349M $-33.116M $3.98M $0

Five-Year Company Overview

Income Statement

Income Statement Tsakos has moved from a loss-making year in 2021 to three straight years of solid profitability. Revenue has climbed meaningfully since 2021, though it eased a bit in the latest year from a very strong 2023. Margins improved sharply as the tanker market tightened, then normalized slightly but remain healthy by the company’s own history. Overall, earnings are clearly cyclical but currently in an upswing phase, with profitability much stronger than in the early part of this five‑year period.

Balance Sheet

Balance Sheet The balance sheet has strengthened over time. Total assets have grown as the fleet has expanded and modernized, while shareholders’ equity has steadily increased, reflecting retained profits. Debt is still significant but has been gradually reduced from its peak, so leverage is moving in the right direction rather than rising. Cash reserves are better than a few years ago, but not excessive, suggesting a capital‑intensive business that still depends on careful funding management.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has grown alongside improved earnings, which is a good sign that profits are backed by cash. Free cash flow, however, swings from positive to negative because the company is spending heavily on new vessels and upgrades. The latest year shows strong cash generation from operations but very large investment outlays, typical for a shipping company in a fleet renewal cycle. This creates some near‑term cash pressure but also supports its long‑term fleet and earnings capacity.

Competitive Edge

Competitive Edge Tsakos operates in a highly cyclical and competitive global tanker market, but it has carved out a stronger position than a generic operator. Its fleet is relatively young, diversified across crude, product, LNG and shuttle tankers, and includes a sizeable presence in specialized ice‑class and offshore shuttle trades where barriers to entry are higher. Long‑term relationships with major energy companies and a good mix of long‑term charters help smooth out some of the volatility of spot shipping rates, giving it a more resilient revenue base than purely spot‑exposed peers.

Innovation and R&D

Innovation and R&D The company’s main “R&D” effort is in fleet technology and environmental performance rather than lab research. It has invested early in LNG‑powered and dual‑fuel ships, dynamic positioning systems, and digital tools to optimize routing and fuel use. Its stated goal of moving to a fully “green” fleet by 2030 involves substantial capital spending but also positions it ahead of tightening environmental rules and rising customer demands for cleaner shipping. Specialized training programs and a focus on technical skills further support safe, efficient operation of a complex, modern fleet.

Summary

Tsakos today looks like a more profitable and financially robust business than it was five years ago, helped by a stronger tanker market and a deliberate push into a younger, more advanced fleet. Earnings and cash generation have improved meaningfully since the 2021 downturn, while leverage has been nudged lower and equity has built up. At the same time, the company is committing large sums to fleet renewal and green technologies, which can strain free cash flow in the short term but reinforce its operational edge in the long run. Key uncertainties remain tied to the usual shipping risks: freight rate cycles, global energy demand, regulatory changes, and execution of its ambitious “green fleet” investment plan.