International Seaways Inc (INSW)
NYSE:INSW
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International Seaways
(NYSE:INSW)
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Rating:75Outperform
Price Target:
$99.00
â–²(29.46% Upside)
Action:UpgradedDate:04/02/26
The score is driven by attractive valuation (low P/E and strong dividend yield) and a positive earnings-call outlook highlighting strong near-term cash generation and liquidity. Offsetting these positives, the financial statements show a material TTM deterioration in revenue/margins and especially cash flow, which raises durability and volatility risk despite a strengthened balance sheet.
Positive Factors
Delevered balance sheet & liquidity
Extremely low leverage and a large liquidity cushion (cash plus undrawn revolver) provide durable financial flexibility to fund capex, newbuild deliveries, dividends and buybacks across market cycles. Fixed/hedged debt and low net LTV support solvency and lower refinancing risk over months ahead.
Negative Factors
TTM revenue and cash-flow deterioration
A sharp TTM deterioration in revenue, negative gross margin and deeply negative free cash flow materially raise the risk that strong quarterly cash metrics are cyclical. If the cash shortfall persists beyond a few quarters, it can erode liquidity, limit distributions, and force asset or financing adjustments.
Read all positive and negative factors
Positive Factors
Negative Factors
Delevered balance sheet & liquidity
Extremely low leverage and a large liquidity cushion (cash plus undrawn revolver) provide durable financial flexibility to fund capex, newbuild deliveries, dividends and buybacks across market cycles. Fixed/hedged debt and low net LTV support solvency and lower refinancing risk over months ahead.
Read all positive factors
International Seaways (INSW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.25B
Dividend Yield6.12%
Average Volume (3M)562.32K
Price to Earnings (P/E)4.7
Beta (1Y)0.72
Revenue Growth-11.38%
EPS Growth-25.92%
CountryUS
Employees2,899
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)6.27
Shares Outstanding49,504,696
10 Day Avg. Volume508,122
30 Day Avg. Volume562,319
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)1.19
Price to Sales (P/S)2.84
P/FCF Ratio62.82
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue5.58
Enterprise Value/Gross Profit11.83
Enterprise Value/Ebitda8.05
Forecast
1Y Price Target
$87.50Price Target Upside14.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)10.67
Revenue Forecast (FY)$1.06B
International Seaways Business Overview & Revenue Model
Company Description
International Seaways, Inc. owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments, Crude Tankers and Product Carriers. As of December...
How the Company Makes Money
International Seaways makes money primarily by chartering its vessels to customers to transport crude oil and refined petroleum products. Its core revenue stream is voyage and time-charter income: (1) Under time charters, the customer pays a contr...
International Seaways Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call communicated a strongly positive operating and financial performance for Q4 and a confident outlook into early 2026: record dividend, robust adjusted EBITDA ($175M), significant free cash flow ($135M), low spot breakeven (~$14.8k/day), large liquidity cushion (~$724M), and active fleet renewal and disposals that improve fleet quality. Management emphasized shareholder returns (over $1B returned since 2020 and >25% 10-year CAGR) and balance sheet strength (net LTV ~13%, cost of debt <6%). The primary negatives were higher-than-expected Q4 vessel expenses, a quarter-over-quarter cash decline of $261M driven by strategic transactions, modestly higher G&A from consolidation, and macro/geopolitical and supply-side uncertainties that could introduce volatility if spot rates soften. On balance, the positives substantially outweigh the lowlights given current market tailwinds, financial flexibility, and demonstrated capital allocation discipline.Positive Updates
Strong Q4 Profitability and Adjusted EBITDA
Net income of $128 million ($2.56 per diluted share) in Q4; adjusted net income of $122 million ($2.45 per diluted share). Adjusted EBITDA of $175 million for the quarter.
Negative Updates
Higher-Than-Expected Vessel Expenses in Q4
Fourth quarter vessel expenses exceeded guidance due to timing of stores and spares at year-end, creating a drag on operating results despite strong top-line performance.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Profitability and Adjusted EBITDA
Net income of $128 million ($2.56 per diluted share) in Q4; adjusted net income of $122 million ($2.45 per diluted share). Adjusted EBITDA of $175 million for the quarter.
Read all positive updates
Company Guidance
Management's guidance emphasized strong near-term cash generation: book-to-date first‑quarter spot fixtures average a blended TCE of about $50,900/day on 71% of expected Q1 revenue, and management expects a 2026 spot cash breakeven of roughly $14,800/day (repeated as <$15,000/day), implying significant Q1 free cash flow; Q4 adjusted EBITDA was $175M and adjusted net income $122M ($2.45/sh) with Q4 free cash flow ≈ $135M. Balance sheet and capital allocation metrics highlighted: total liquidity ≈ $724M (ending cash ≈ $167M + $557M undrawn revolvers), gross debt $578M, net debt < $400M, net loan‑to‑value ≈ 13%, cost of debt <6%, 31 unencumbered vessels, only ~$30M cash required to take delivery of remaining LR1s, a $2.15/share dividend (87% payout of Q4 adjusted net income) and a $50M repurchase program through 2026.International Seaways Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
82
Very Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 843.30M | 951.61M | 1.07B | 864.66M | 272.55M |
| Gross Profit | 356.62M | 478.16M | 627.54M | 470.52M | -37.80M |
| EBITDA | 511.95M | 614.78M | 755.12M | 556.09M | -9.57M |
| Net Income | 309.26M | 416.72M | 556.45M | 387.89M | -133.49M |
Balance Sheet | |||||
| Total Assets | 2.67B | 2.64B | 2.52B | 2.62B | 2.35B |
| Cash, Cash Equivalents and Short-Term Investments | 166.92M | 157.51M | 186.76M | 323.74M | 97.88M |
| Total Debt | 576.22M | 711.74M | 744.53M | 1.07B | 1.13B |
| Total Liabilities | 648.37M | 780.35M | 805.06M | 1.13B | 1.18B |
| Stockholders Equity | 2.02B | 1.86B | 1.72B | 1.49B | 1.17B |
Cash Flow | |||||
| Free Cash Flow | 38.13M | 261.96M | 481.77M | 171.12M | -155.21M |
| Operating Cash Flow | 380.05M | 547.14M | 688.40M | 287.80M | -76.19M |
| Investing Cash Flow | -141.31M | -155.02M | -124.27M | 42.80M | 133.29M |
| Financing Cash Flow | -279.32M | -361.38M | -681.12M | -185.79M | -173.84M |
International Seaways Technical Analysis
Positive
76.47
Price Trends
69.04
Positive
60.05
Positive
51.51
Positive
Market Momentum
2.00
Positive
60.30
Neutral
65.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INSW, the sentiment is Positive. The current price of 76.47 is above the 20-day moving average (MA) of 73.13, above the 50-day MA of 69.04, and above the 200-day MA of 51.51, indicating a bullish trend. The MACD of 2.00 indicates Positive momentum. The RSI at 60.30 is Neutral, neither overbought nor oversold. The STOCH value of 65.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INSW.
International Seaways Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
86 Outperform | $4.27B | 4.07 | 11.30% | 3.19% | -2.77% | 1.00% | |
81 Outperform | $2.75B | 3.85 | 18.37% | 3.72% | -16.26% | -11.19% | |
75 Outperform | $4.25B | 4.70 | 16.02% | 6.12% | -11.38% | -25.92% | |
75 Outperform | $3.05B | 4.47 | 19.30% | 6.12% | -12.44% | 16.85% | |
74 Outperform | $1.67B | 5.49 | 11.41% | 13.08% | -3.51% | -27.79% | |
68 Neutral | $8.39B | 5.33 | 15.91% | 4.32% | -4.16% | -23.51% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
INSW
International Seaways
85.77
52.21
155.60%
DHT
DHT Holdings
18.94
8.33
78.56%
FRO
Frontline
37.70
21.63
134.54%
STNG
Scorpio Tankers
82.56
43.70
112.43%
TNK
Teekay Tankers
79.38
35.01
78.90%
LPG
Dorian LPG
39.05
19.47
99.41%
International Seaways Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
International Seaways Extends Amended Shareholder Rights Plan
Neutral
Apr 9, 2026
On April 9, 2026, International Seaways, Inc. amended and restated its existing shareholder rights plan, extending the final expiration date from April 2026 to April 8, 2029. The company also raised the plan’s purchase price from $50 to $95,...
Business Operations and StrategyPrivate Placements and Financing
International Seaways Updates Revolving Credit Facility Collateral Structure
Positive
Apr 1, 2026
On March 27, 2026, an indirect wholly owned subsidiary of International Seaways entered into a joinder agreement to its existing $500 million revolving credit facility, becoming a subsidiary guarantor under that financing. As part of the agreement...
Business Operations and StrategyDividendsFinancial Disclosures
International Seaways Posts Strong Q4 Results, Boosts Dividend
Positive
Feb 26, 2026
On February 26, 2026, International Seaways reported fourth-quarter 2025 net income of $128 million and full-year 2025 net income of $309 million, supported by higher spot earnings across both crude and product segments and fleet optimization that...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.