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Tsakos Energy Navigation

TEN on NYSE. Deep sea foreign transportation of freight. Market value $1.5bn.

Watch this stockFree. We tell you when something changes.

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.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-0.3%low

For every $100 of what the whole company costs, it produced $-0.30 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
11.9×fair

You pay 11.9 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
7.4%five-year median

Each dollar kept in the business earns 7 cents a year. Above 10 is good.

Quality score: 72 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.

$50.47 a share, 146% above its 1-year low

Over the past year the price has ranged from $20.50 to $53.84.

Dividend: 4.0% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
-0.0
0.2
-0.2
-0.0
20212022202320242025
Revenue
$546m$860m$890m$804m$799m
Operating margin
-21.9%29.8%44.0%34.6%31.6%
Debt to equity
1.110.980.870.930.98
Shares outstanding
0.02bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive1 of 4 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.98× equity
  • Revenue growth, five yearsSlow, 4.4% a year
  • Buying back its own sharesNo, 23% more shares since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
6 April 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

None of the long-term investors we follow own it. 112 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • NIKOLAS P. TSAKOS
    Insider or founder
    at least 16.7%
    (filed with 5 related holders)
    Since 27 November 2024
    What they said

    Item 4 is hereby amended by adding the following paragraphs: Each of Sea Consolidation, Intermed, Methoni, TEM and Nikolas P. Tsakos acquired 115,000 Common Shares, 80,000 Common Shares, 60,000 Common Shares, 40,000 Common Shares and 405,000 Common Shares, respectively, to…

    Read the filing
  • TSAKOS HOLDINGS FOUNDATION
    Passive investor
    at least 10.7%
    (filed with 2 related holders)
    Since 16 May 2025
    What they said

    Item 4 is hereby amended by adding the following paragraph: See the response to Item 3, which is incorporated by reference herein. None of the Reporting Persons has any plans or proposals with respect to any material change in the Company's business or corporate structure or,…

    Read the filing
  • CastleKnight Master Fund LP
    Passive investor
    at least 4.1%−3.4 pts
    (filed with 5 related holders)
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $998,375 of shares on the open market. 3 sold $835,107.

  • Kosmatos Theoharrys Evgenios
    CFO and CAO
    Sold
    Date
    18 September 2026
    Shares
    10,000
    Price
    $53.00
    Value
    $530,014
  • Hatzimichalis Clio
    Director
    Sold
    Date
    13 August 2026
    Shares
    5,000
    Price
    $41.07
    Value
    $205,331
  • Tommasino Nicholas Francis
    Director
    Sold
    Date
    14 July 2026
    Shares
    2,490
    Price
    $40.06
    Value
    $99,762
  • TSAKOS NIKOLAOS
    Chief Executive Officer, Director
    Bought
    Date
    29 April 2026
    Shares
    12,500
    Price
    $39.95
    Value
    $499,375
  • TSAKOS NIKOLAOS
    Chief Executive Officer, Director
    Bought
    Date
    28 April 2026
    Shares
    12,500
    Price
    $39.92
    Value
    $499,000

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.

Tsakos Energy Navigation 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

Cheap for a reason is the question the numbers cannot answer.

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
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What a finished deep dive looks like

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.