Tsakos Energy Navigation Limited (TEN)
NYSE:TEN
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Tsakos Energy Navigation
(NYSE:TEN)
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Rating:74Outperform
Price Target:
$50.00
â–²(26.90% Upside)
Action:Reiterated
Date:05/22/26
The score is driven by strong technical uptrend and very attractive valuation, reinforced by a bullish earnings outlook and large booked revenue backlog. The main cap is financial quality—especially negative free cash flow in 2024–2025 and meaningful leverage, which increases sensitivity to cyclical and geopolitical shocks.
Positive Factors
Improved TCE and Utilization
A durable step-up in TCE (~33% YoY) combined with near‑full fleet utilization (98.3%) materially strengthens recurring operating profitability. Higher TCEs and utilization translate into sustained cash generation potential under both time charters and profit‑sharing structures, improving long‑term earnings power if market structure holds.
Negative Factors
Negative Free Cash Flow
Consecutive negative free cash flows driven by heavy capex and newbuild spending constrain internal funding for debt reduction or incremental shareholder returns. Persistently weak FCF increases reliance on external financing and limits flexibility to withstand shipping cycle downturns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved TCE and Utilization
A durable step-up in TCE (~33% YoY) combined with near‑full fleet utilization (98.3%) materially strengthens recurring operating profitability. Higher TCEs and utilization translate into sustained cash generation potential under both time charters and profit‑sharing structures, improving long‑term earnings power if market structure holds.
Read all positive factors
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 (TEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend Yield4.95%
Average Volume (3M)298.48K
Price to Earnings (P/E)3.3
Beta (1Y)0.85
Revenue Growth6.89%
EPS Growth36.71%
CountryUS
Employees77
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)3.41
Shares Outstanding29,449,430
10 Day Avg. Volume271,417
30 Day Avg. Volume298,477
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 Cap1.66
Enterprise Value/Revenue3.40
Enterprise Value/Gross Profit9.41
Enterprise Value/Ebitda7.37
Forecast
1Y Price Target
$50.00Price Target Upside26.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.7
Revenue Forecast (FY)$774.69M
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 Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 16, 2026
Earnings Call Sentiment Positive
The call presented strong financial and operational results: major year‑over‑year increases in voyage revenues, TCE per day (+33%), operating income (+93%), net income (+136%), adjusted EBITDA (+55%), and robust EPS and dividend increases. The company highlights a large backlog (~$3.6B), an active fleet renewal and green transition program, high utilization (98.3%) and strong profit‑sharing performance (> $40M in Q1). Offsetting risks are significant geopolitical disruption (Strait of Hormuz closure, trapped seafarers), some rising absolute operating and G&A costs (including FX effects), and higher absolute debt levels. On balance, the positive financial performance, strong backlog and proactive fleet strategy materially outweigh the operational and geopolitical headwinds.Positive Updates
Strong Revenue and Utilization
Voyage revenues of $253 million in Q1 2026, $56 million higher than Q1 2025. Fleet utilization rose to 98.3% from 97.2% in Q1 2025, supporting near‑full deployment.
Negative Updates
Geopolitical Disruption and Strait of Hormuz Closure
Closure of the Strait of Hormuz and related conflicts (Venezuela, Middle East war) led to significant market dislocation: over 5% of the global tanker fleet stranded and more than 10% of VLCCs affected. Dislocation has operational and human impacts and increases market volatility risk.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue and Utilization
Voyage revenues of $253 million in Q1 2026, $56 million higher than Q1 2025. Fleet utilization rose to 98.3% from 97.2% in Q1 2025, supporting near‑full deployment.
Read all positive updates
Company Guidance
Management guided that Q2 should be even stronger than the record Q1 thanks to geopolitical-driven dislocations, citing booked upfront revenues of $3.6 billion for the next two years; Q1 metrics included fleet utilization of 98.3% (vs. 97.2% a year ago), voyage revenues of $253 million, a TCE of ~ $41,000/day, operating income of ~ $110 million, net income of $89 million (EPS $2.72), and adjusted EBITDA of $154 million, with profit‑sharing already >$40 million in Q1. They reiterated a pro forma fleet program (83 vessels, 63 currently operating), ~23 vessels (~37%) exposed to spot/profit‑sharing while the bulk remain on secured contracts, a 26‑vessel newbuilding program with 4 deliveries to date, plans to acquire two Suezmax by end‑July and to sell several older ships through year‑end, and an expected decision on an LNG option within the quarter; balance‑sheet metrics noted were fleet fair value > $4.6 billion, debt $2.1 billion, net debt to capital ≈48.4%, a cash buffer > $350 million, and a $1 per‑share common dividend payable in July (YTD distributions $1.50, ~$45 million).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
39.40
Price Trends
39.95
Positive
34.18
Positive
28.07
Positive
Market Momentum
1.10
Positive
54.70
Neutral
58.49
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 39.4 is below the 20-day moving average (MA) of 42.61, below the 50-day MA of 39.95, and above the 200-day MA of 28.07, indicating a bullish trend. The MACD of 1.10 indicates Positive momentum. The RSI at 54.70 is Neutral, neither overbought nor oversold. The STOCH value of 58.49 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.67B | 4.15 | 21.40% | 3.72% | -2.29% | 31.43% | |
78 Outperform | $2.80B | 4.47 | 29.14% | 6.12% | 4.66% | 85.89% | |
75 Outperform | $1.69B | 8.85 | 8.94% | 1.27% | -1.33% | 28.23% | |
74 Outperform | $1.25B | 3.33 | 4.77% | 4.95% | 6.89% | 36.71% | |
71 Outperform | $1.70B | 20.59 | 10.36% | 12.31% | -4.20% | -26.95% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
TEN
Tsakos Energy Navigation
42.61
25.88
154.68%
DHT
DHT Holdings
17.38
6.76
63.61%
TNK
Teekay Tankers
77.21
33.25
75.64%
NVGS
Navigator Holdings
23.13
9.38
68.22%
MARPS
Marine Petroleum
4.99
1.43
40.29%
FLNG
FLEX LNG
31.96
11.54
56.52%
Tsakos Energy Navigation Corporate Events
Tsakos Energy Navigation Posts Strong Q1 2026 Profit Surge and Lifts Dividend to 10-Year High
May 22, 2026
On May 21, 2026, TEN reported unaudited first-quarter 2026 results showing a sharp earnings acceleration, with net income rising 160% year on year to $89 million on gross revenues of $253 million and adjusted EBITDA of $154 million. The quarter be...
Tsakos Energy Navigation Sets May 27, 2026 Shareholder Meeting and Releases 2025 Financials
Apr 17, 2026
Tsakos Energy Navigation Limited has called its 2026 Annual General Meeting of Shareholders for May 27, 2026 in Athens, with holders of record as of March 30, 2026 entitled to vote. Shareholders will receive proxy materials primarily via the inter...
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.