Tsakos Energy Navigation (TEN)
NYSE:TEN
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Tsakos Energy Navigation
(NYSE:TEN)
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Rating:73Outperform
Price Target:
$44.00
▲(12.79% Upside)
Action:ReiteratedDate:04/09/26
The score is driven by strong technical momentum and very attractive valuation (low P/E and solid dividend yield), supported by positive earnings-call guidance around backlog, utilization, and improving early-2026 cash flow. These positives are tempered by weaker financial flexibility due to negative recent free cash flow and meaningful leverage.
Positive Factors
Contracted Revenue Backlog
A >$4B locked-in contracted backlog materially raises revenue visibility and reduces reliance on volatile spot markets. Multi-year secured cash flows support planning for debt reduction, scheduled capex and predictable dividend capacity, improving earnings stability over the next 2–6 months.
Negative Factors
Rising Leverage
Material debt growth tied to the newbuilding program increases financial sensitivity to rate cycles and constrains strategic flexibility. Elevated leverage raises refinancing and interest risks, limiting the company’s ability to accelerate deleveraging or fund buybacks if market conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Revenue Backlog
A >$4B locked-in contracted backlog materially raises revenue visibility and reduces reliance on volatile spot markets. Multi-year secured cash flows support planning for debt reduction, scheduled capex and predictable dividend capacity, improving earnings stability over the next 2–6 months.
Read all positive factors
Tsakos Energy Navigation (TEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.15B
Dividend Yield4.95%
Average Volume (3M)624.63K
Price to Earnings (P/E)2.9
Beta (1Y)0.92
Revenue Growth-8.52%
EPS Growth-42.05%
CountryUS
Employees77
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.69
Shares Outstanding29,449,430
10 Day Avg. Volume412,586
30 Day Avg. Volume624,628
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)0.37
Price to Sales (P/S)0.83
P/FCF Ratio-2.95
Enterprise Value/Market Cap1.81
Enterprise Value/Revenue3.40
Enterprise Value/Gross Profit9.41
Enterprise Value/Ebitda7.37
Forecast
1Y Price Target
$50.00Price Target Upside28.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.68
Revenue Forecast (FY)$749.91M
Tsakos Energy Navigation Business Overview & Revenue Model
Company Description
Tsakos 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 lon...
How the Company Makes Money
TEN primarily makes money by chartering out its vessels to customers who pay for the use of the ships to transport cargoes. Its main revenue streams are (1) time-charter revenues, where a charterer hires a vessel for a set period and pays a contra...
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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 798.69M | 804.06M | 889.57M | 860.40M | 546.12M |
| Gross Profit | 281.94M | 275.27M | 370.01M | 286.65M | 1.46M |
| EBITDA | 409.92M | 434.74M | 555.78M | 371.39M | 99.15M |
| Net Income | 160.90M | 176.23M | 300.18M | 204.23M | -151.40M |
Balance Sheet | |||||
| Total Assets | 3.95B | 3.71B | 3.36B | 3.31B | 2.89B |
| Cash, Cash Equivalents and Short-Term Investments | 333.76M | 348.31M | 376.69M | 309.44M | 127.20M |
| Total Debt | 1.93B | 1.76B | 1.60B | 1.67B | 1.46B |
| Total Liabilities | 2.09B | 1.94B | 1.71B | 1.79B | 1.60B |
| Stockholders Equity | 1.82B | 1.73B | 1.62B | 1.47B | 1.24B |
Cash Flow | |||||
| Free Cash Flow | -225.95M | -342.34M | 96.89M | -44.84M | -8.12M |
| Operating Cash Flow | 295.79M | 307.68M | 395.28M | 288.53M | 53.11M |
| Investing Cash Flow | -458.12M | -441.61M | -137.44M | -301.81M | -8.00M |
| Financing Cash Flow | 112.14M | 105.54M | -190.58M | 195.53M | -89.68M |
Tsakos Energy Navigation Technical Analysis
Positive
39.01
Price Trends
33.82
Positive
28.69
Positive
24.69
Positive
Market Momentum
1.52
Positive
58.47
Neutral
36.61
Neutral
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 39.01 is above the 20-day moving average (MA) of 37.81, above the 50-day MA of 33.82, and above the 200-day MA of 24.69, indicating a bullish trend. The MACD of 1.52 indicates Positive momentum. The RSI at 58.47 is Neutral, neither overbought nor oversold. The STOCH value of 36.61 is Neutral, 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 | $2.56B | 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 | $1.15B | 2.88 | 4.77% | 4.95% | -8.52% | -42.05% | |
68 Neutral | $1.29B | 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
39.01
24.33
165.77%
DHT
DHT Holdings
17.46
7.75
79.80%
TNK
Teekay Tankers
73.96
36.91
99.63%
NVGS
Navigator Holdings
19.74
7.48
60.99%
MARPS
Marine Petroleum
5.17
1.55
43.00%
FLNG
FLEX LNG
29.24
9.32
46.78%
Tsakos Energy Navigation Corporate Events
Tsakos Energy Navigation Names Kosmatos as New Chief Financial Officer
Mar 6, 2026
Tsakos Energy Navigation announced a leadership change in its finance function, effective March 3, 2026, as Paul Durham stepped down from his roles as Co-Chief Financial Officer and Chief Accounting Officer, though he will continue to support the ...
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.