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Tsakos Energy Navigation (TEN)
NYSE:TEN
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Tsakos Energy Navigation
(NYSE:TEN)
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Rating:73Outperform
Price Target:
$27.00
▼(-22.61% Downside)
Action:ReiteratedDate:01/08/26
The score is driven primarily by solid underlying financial performance but tempered by negative 2024 free cash flow and high leverage during a heavy capex/newbuild phase. Offsetting that, valuation is attractive (low P/E and ~4.6% yield) and the earnings call indicated strong forward visibility via a $4B contracted backlog and high utilization. Technically, the uptrend is constructive, though momentum indicators are mixed (negative MACD).
Positive Factors
Contracted backlog and revenue visibility
A $4B contracted backlog provides multi-year cash flow visibility that stabilizes revenue and supports planning for debt servicing, dividend policy and capex. This reduces earnings volatility and enhances predictability through the 2026–2028 newbuild delivery window.
High fleet utilization and strong TCE
Sustained ~96% utilization and healthy TCE rates indicate tight market positioning and operational efficiency, supporting durable gross margins and operating cash flow generation. High utilization helps absorb fixed vessel costs and underpins long-term profitability.
Strategic fleet renewal program
A planned 20-vessel renewal modernizes the fleet, improving fuel efficiency, compliance and long-term reliability. Newbuilds and disposal of older vessels can lower operating costs, attract long-term charters and preserve competitive advantage over a multi-year horizon.
Negative Factors
High leverage
Material leverage constrains financial flexibility and raises refinancing risk, especially during a heavy capex cycle. Elevated debt amplifies sensitivity to rate moves and market shocks, limiting the company’s ability to fund growth or absorb prolonged downturns without asset sales or equity issuance.
Materially negative free cash flow in 2024
Significant negative FCF driven by capex reduces internal funding for dividends and debt service, increasing reliance on external financing or disposals. Persistent negative FCF through the newbuild cycle could pressure liquidity and raise execution and covenant risks.
Execution and funding risk from large newbuild program
A concentrated 20-vessel newbuild schedule creates execution risk (timing, delivery, cost overruns) and sizeable near-term funding needs. Delays or cost growth could strain cash, increase leverage, and alter fleet availability, impacting revenue and margin sustainability over the medium term.
Tsakos Energy Navigation (TEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.07B
Dividend Yield4.95%
Average Volume (3M)538.55K
Price to Earnings (P/E)4.1
Beta (1Y)1.03
Revenue Growth-8.52%
EPS Growth-42.05%
CountryUS
Employees77
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.69
Shares Outstanding30,805,777
10 Day Avg. Volume898,822
30 Day Avg. Volume538,546
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.30
Price to Sales (P/S)0.64
P/FCF Ratio-1.49
Enterprise Value/Market Cap1.94
Enterprise Value/Revenue2.68
Enterprise Value/Gross Profit8.01
Enterprise Value/Ebitda6.26
Forecast
1Y Price Target
$50.00Price Target Upside43.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)5.75
Revenue Forecast (FY)$711.25M
Tsakos Energy Navigation Business Overview & Revenue Model
Company DescriptionTsakos Energy Navigation Limited provides seaborne crude oil and petroleum product transportation services worldwide. The company offers marine transportation services for national, major, and other independent oil companies and refiners under long, medium, and short-term charters. It also operates a fleet of double-hull vessels, comprising of conventional tankers, LNG carriers, and suezmax DP2 shuttle tankers. The company was formerly known as MIF Limited and changed its name to Tsakos Energy Navigation Limited in July 2001. The company was incorporated in 1993 and is based in Athens, Greece.
How the Company Makes MoneyTsakos Energy Navigation generates revenue primarily through the chartering of its vessels to various clients, including oil and gas companies. The company employs a mix of spot and time charters, allowing it to capitalize on fluctuating market rates for shipping services. Key revenue streams include long-term contracts with major oil companies for the transportation of crude oil and refined products, as well as short-term spot charters that take advantage of favorable market conditions. Additionally, TEN may benefit from strategic partnerships with energy companies, enhancing its operational efficiency and securing consistent business. The company also manages its vessels to generate supplemental income, further diversifying its revenue sources.
Tsakos Energy Navigation Key Performance Indicators (KPIs)
Any
Average Age of Fleet
Gives the fleet’s average age in years, which affects fuel efficiency, operating costs, and compliance with environmental rules. A younger fleet suggests lower maintenance costs and better charter appeal, while an older fleet can mean higher expenses and greater risk from tightening regulations.
Gives the fleet’s average age in years, which affects fuel efficiency, operating costs, and compliance with environmental rules. A younger fleet suggests lower maintenance costs and better charter appeal, while an older fleet can mean higher expenses and greater risk from tightening regulations.
Data provided by:
The Fly
The FlyTsakos Energy Navigation Earnings Call Summary
Earnings Call Date:Mar 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 01, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial picture: strong full-year and Q4 2025 results, high fleet utilization, a large secured revenue backlog (> $4 billion), successful fleet renewal initiatives and meaningful profit-sharing contribution. Management has reinforced liquidity and shareholder returns while retaining a conservative balance between secured charters and spot/profit-share exposure. The primary risks discussed were geopolitical tensions that elevated war-risk insurance and created operational uncertainty, plus higher leverage tied to the newbuilding program and rising operating/depreciation costs. Overall, the positives (recorded revenue/profitability, utilization, backlog, fleet modernization and cash generation) substantially outweigh the lowlights, though short-term volatility and cost pressures from geopolitical events remain areas to monitor.Q4-2025 Updates
Positive Updates
Strong Full-Year Financial Results
2025 gross revenues of approximately $800 million; operating income of $252 million; net income of $161 million (EPS $4.45); adjusted EBITDA of $416 million. Cash at year-end was $298 million after paying $148 million in scheduled principal, $190 million in yard predelivery installments and capitalized costs, and $27 million in preferred coupons.
Exceptional Fourth Quarter Performance
Q4 2025 generated $222 million in gross revenues, $81 million in operating income, net income of $58 million (EPS $1.70, a 200% increase vs Q4 2024), and adjusted EBITDA of $128 million (up $42 million YoY). Time charter equivalent (TCE) for Q4 was $36,300 per ship per day, a 21% increase vs Q4 2024.
High Fleet Utilization and Operational Efficiency
Fleet utilization increased to 96.6% for 2025 from 92.5% in 2024; Q4 utilization rose to 97.7% from 93.3% YoY. Average days on secure revenue employment (time charters + profit sharing) grew by 12.6% while days on profit-sharing contracts alone increased 12.4%.
Substantial Secured Backlog and Repeat Blue-Chip Customers
Locked-in contracted future revenue (minimum fleet contracted revenue) exceeded $4 billion (excluding profit shares). The company maintains repeat business with major energy clients including ExxonMobil, Equinor, Shell, Chevron, TotalEnergies and BP.
Fleet Renewal and Growth
Transitioned fleet quality: since 1/1/2023, sold 18 older vessels (average age 17 years) and replaced them with 34 contracted/acquired modern vessels (average age 0.5 years). Pro forma fleet of 83 vessels; current operating fleet and modernized positions include 3 LNG vessels and a 16-vessel shuttle tanker fleet, making TEN one of the largest shuttle operators globally.
Improved Cost and Earnings Dynamics
Voyage expenses fell from $153 million in 2024 to $122 million in 2025 (saving ~$30 million). Interest costs declined to $98 million in 2025 from $112 million in 2024 (saving $14 million). TCE fleet average for 2025 was $32,130 per day, roughly in line with 2024.
Profit Sharing Material Contribution
22 vessels (9 spot, 13 on profit-sharing) provide market exposure; in Q4 profit-sharing contributed an incremental ~$27 million above fixed rates. Management quantified that every $1,000/day increase in spot rates across profit-sharing vessels contributes about $0.11 to annual EPS.
Prudent Balance Sheet Metrics and Liquidity
Total debt at year-end ~$1.9 billion; net debt-to-cap around 46.7%; loan-to-value ~48%. Management expects liquidity to potentially exceed $0.5 billion by end of Q1/Q2 2026 after recent market gains and executed transactions; company also maintained and paid dividends in February 2026.
Timely Asset Sales and Accretive Newbuilding Orders
Sold a 10-year-old VLCC recently generating significant free cash (Chairman cited $82 million) and used timely ordering of 3 VLCC newbuilds at historically attractive prices (reported order price ~$128 million each vs secondary market levels notably higher), supporting fleet renewal and cash generation.
Negative Updates
Geopolitical Risk and Operational Uncertainty
Escalation in the Middle East (Red Sea, Gulf of Aden, Strait of Hormuz) introduced safety concerns and operational uncertainty. While none of TEN's vessels have entered the high-risk area, the company is actively rerouting and monitoring; management highlighted crew safety as a primary concern.
Sharp Increase in War-Risk Insurance Costs
War-risk insurance spiked roughly 500% (management cited an increase from ~$0.15 per dwt to ~$0.75–$1 per dwt). Although management states this is passed through to charterers for many fixtures, it represents a meaningful market cost increase and heightened risk pricing.
Increased Leverage from Newbuilding Program
Debt rose by ~$174 million in 2025 due to loans supporting the newbuilding program; total debt stands at ~$1.9 billion with net debt-to-cap ~46.7% and loan-to-value ~48%, reflecting higher leverage related to fleet expansion.
Decline in Spot Days (Reduced Pure Spot Exposure)
Days on spot declined by 33% in 2025 vs 2024. While management offset this by increasing profit-sharing days, reduced pure spot exposure can limit upside if spot rates remain elevated across more vessel types.
Operating Expense and Depreciation Increases
Vessel operating expenses rose by just under $13 million to $211 million in 2025 (driven by larger/specialized vessels); depreciation & amortization increased to $170 million from $160 million. Q4 operating expenses increased to $56 million vs $51 million in Q4 2024 (operating expense per ship per day ~$10,558).
Ongoing Market Uncertainty Despite Strong Near-Term Rates
Management repeatedly noted the unusual nature of recent rate strength (driven by geopolitics) and emphasized uncertainty around duration and safety implications. Elevated rates and insurance costs could reverse if geopolitical conditions normalize, creating volatility for future quarters.
Company Guidance
Management guided that TEN enters 2026 with over $4.0 billion of locked‑in contracted future revenue (ex‑profit shares), a pro‑forma fleet of 83 vessels (64 currently operating; 62 average in‑water in 2025) and 19 newbuilds under construction (including recent VLCCs and an LNG carrier) that are “already in the money”; they expect utilization to remain at historic highs (96.6% for 2025; 97.7% in Q4) and see materially higher earnings and free cash flow in early‑2026 as spot rates and profit‑share income step up (Q4 profit‑share added $27 million, 22 vessels—9 spot, 13 profit‑share—are spot/exposed, and each $1,000/day rise in spot yields ~ $0.11 annual EPS upside); balance‑sheet priorities are increased shareholder returns (dividend paid in February; potential preferred repurchases next April), further deleveraging from $1.9 billion total debt (net‑debt‑to‑capital ~46.7%, LTV ~48%), and growing liquidity (cash $298 million at 12/31/25 and management expects >$0.5 billion by Q1/Q2).Tsakos Energy Navigation Financial Statement Overview
Summary
Profitability and equity growth are solid (Income Statement 75; Balance Sheet 70), but leverage remains high and 2024 showed revenue/net income declines. Cash flow is the main constraint (Cash Flow 65) with materially negative 2024 free cash flow driven by heavy capex, increasing execution and funding risk despite strong operating cash flow.Income Statement
The company's revenue showed notable volatility with a decline in 2024 after strong growth in prior years. Gross profit margin and net profit margin reflect solid profitability in recent years, improving significantly from 2021. However, recent declines in revenue and net income in 2024 highlight potential demand fluctuations or operational challenges.75
Positive
Balance Sheet
The company maintains a stable equity position with a significant improvement in stockholders' equity over recent years. The debt-to-equity ratio remains relatively high, indicating substantial leverage, but a strong equity ratio provides a buffer. The return on equity is strong, reflecting effective use of equity capital despite high leverage.70
Positive
Cash Flow
The company's operating cash flow has been robust, yet free cash flow turned significantly negative in 2024 due to high capital expenditures. The free cash flow to net income ratio was negative, indicating cash flow challenges, but strong operating cash flow provides some comfort. The company must manage capital spending to improve free cash flow stability.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 778.78M | 804.06M | 889.57M | 860.40M | 546.12M | 644.13M |
| Gross Profit | 260.15M | 275.27M | 370.01M | 286.65M | 1.46M | 160.96M |
| EBITDA | 332.66M | 434.74M | 555.78M | 371.39M | 99.15M | 218.00M |
| Net Income | 110.04M | 176.23M | 300.18M | 204.23M | -151.40M | 24.00M |
Balance Sheet | ||||||
| Total Assets | 3.81B | 3.71B | 3.36B | 3.31B | 2.89B | 3.11B |
| Cash, Cash Equivalents and Short-Term Investments | 287.22M | 348.31M | 376.69M | 309.44M | 127.20M | 171.77M |
| Total Debt | 1.83B | 1.76B | 1.60B | 1.67B | 1.46B | 1.57B |
| Total Liabilities | 2.00B | 1.94B | 1.71B | 1.79B | 1.60B | 1.73B |
| Stockholders Equity | 1.76B | 1.73B | 1.62B | 1.47B | 1.24B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | -502.56M | -342.34M | 96.89M | -44.84M | -8.12M | 17.18M |
| Operating Cash Flow | 147.46M | 307.68M | 395.28M | 288.53M | 53.11M | 205.42M |
| Investing Cash Flow | -85.09M | -441.61M | -137.44M | -301.81M | -8.00M | -94.61M |
| Financing Cash Flow | -95.98M | 105.54M | -190.58M | 195.53M | -89.68M | -136.80M |
Tsakos Energy Navigation Technical Analysis
Positive
34.89
Price Trends
28.90
Positive
25.98
Positive
22.83
Positive
Market Momentum
2.02
Positive
58.92
Neutral
16.65
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TEN, the sentiment is Positive. The current price of 34.89 is above the 20-day moving average (MA) of 34.09, above the 50-day MA of 28.90, and above the 200-day MA of 22.83, indicating a bullish trend. The MACD of 2.02 indicates Positive momentum. The RSI at 58.92 is Neutral, neither overbought nor oversold. The STOCH value of 16.65 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TEN.
Tsakos Energy Navigation Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.29B | 5.26 | 18.37% | 3.72% | -20.11% | -26.44% | |
74 Outperform | $2.81B | 9.29 | 19.30% | 6.12% | -16.45% | 23.94% | |
73 Outperform | $1.07B | 4.14 | 6.29% | 4.95% | -8.52% | -42.05% | |
68 Neutral | $1.21B | 11.65 | 8.19% | 1.27% | 2.46% | 33.89% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
57 Neutral | $1.55B | 15.66 | 9.96% | 12.31% | -3.20% | 6.76% |
* Energy Sector Average
TEN
Tsakos Energy Navigation
34.89
18.95
118.91%
DHT
DHT Holdings
17.49
6.95
65.94%
TNK
Teekay Tankers
66.20
28.23
74.34%
NVGS
Navigator Holdings
18.44
4.39
31.25%
MARPS
Marine Petroleum
4.99
1.36
37.28%
FLNG
FLEX LNG
29.17
8.73
42.73%
Tsakos Energy Navigation Corporate Events
Tsakos Energy Navigation Reports Strong Q3 2025 Results and Announces Dividend
Nov 21, 2025
On November 20, 2025, Tsakos Energy Navigation Limited announced its financial results for the nine months and third quarter ending September 30, 2025. The company reported gross revenues of $577 million and a net income of $103 million for the nine-month period, highlighting a strong performance supported by market tightness and geopolitical factors. TEN declared a $1.00 per share dividend and emphasized its ongoing fleet expansion with 20 new vessels under construction. The company also noted improved fleet utilization and lower interest costs due to favorable global interest rates. The delivery of new vessels and strategic long-term contracts are expected to enhance TEN’s market positioning and provide attractive opportunities for stakeholders.
The most recent analyst rating on (TEN) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Tsakos Energy Navigation stock, see the TEN Stock Forecast page.
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.