Nordic American Tankers
NAT on NYSE. Water transportation. Market value $1.8bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Last year's operating profit includes a one-off gain, so we leave price to profit out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.59 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 60 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.
$8.22 a share, 165% above its 1-year low
Over the past year the price has ranged from $3.10 to $8.71.
Dividend: 4.9% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $191m | $339m | $392m | $350m | $292m |
| Operating margin | |||||
| Operating margin | -75.6% | 12.3% | 32.7% | 22.1% | 15.9% |
| Debt to equity | |||||
| Debt to equity | 0.64 | 0.57 | 0.56 | 0.53 | 0.95 |
| Shares outstanding | |||||
| Shares outstanding | 0.18bn | 0.21bn | 0.21bn | 0.21bn | 0.21bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.95× equity
- Revenue growth, five yearsShrinking, 3.8% a year
- Buying back its own sharesNo, 15% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 29 April 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 273 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $478,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $1m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $478,000 | <0.1% |
Largest holders overall
- BlackRock$71mAdded
- Dimensional Fund Advisors LP$67m
- Ameriprise Financial$55mAdded
- Morgan Stanley$52mAdded
- Goldman Sachs Group$50mAdded
- CastleKnight Management LP$40mAdded
- Nuveen$31mAdded
- Mirae Asset Global Etfs Holdings$26mAdded
- State Street$25mAdded
- Geode Capital Management$16mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Nordic American Tankers doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 3.8% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.