TEN

MKT CAP:$1B

Tsakos Energy Navigation Limited

Market Cap

$1B

Energy·Oil & Gas Midstream· Greece·NYSE

Energy·Oil & Gas Midstream·NYSE

Stock Price

$39.27+$17.38 (+79.40%)

Apr 24, 2026

Company Details

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 un...

CEO

Nikolas Tsakos

IPO Date

Mar 5, 2002

Website

www.tenn.gr

Key Metrics TTM

Revenue

$807M

-9.3% YoY

Net Income

$188M

EPS (Diluted)

$5.39

Free Cash Flow

$212M

Revenue / Share

$27.06

Gross Margin

35.4%

Operating Margin

33.4%

Net Margin

23.3%

FCF Margin

26.2%

P/S

1.5x

P/E

6.3x

Earnings Reports

FY 2025

Dec 30, 2025

$799MEPS $4.45

Q4 2025

Dec 30, 2025

$222MEPS $1.70

Q3 2025

Nov 21, 2025

$186MEPS $1.05

Q1 2025

Mar 31, 2025

$197M-2.3%EPS $1.04

Q1 2024

Mar 30, 2024

$202M-22.8%EPS $1.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$4.7B	$695M	$232M
Q1 21	$4.7B	$670M	$188M
Q2 21	$4.6B	$610M	$123M
Q4 21	$139M	$712.0K	-$6M
Q1 22	$150M	$16M	$10M
Q2 22	$217M	$64M	$57M
Q3 22	$224M	$76M	$68M
Q4 22	$270M	$130M	$122M
Q1 23	$261M	$125M	$199M
Q2 23	$221M	$95M	$83M
Q3 23	$187M	$59M	$53M
Q4 23	$220M	$91M	$57M
Q1 24	$202M	$67M	$76M
Q1 25	$197M	$67M	$61M
Q3 25	$186M	$61M	$52M
Q4 25	$222M	$91M	$81M

Valuation

Quarter	P/S	P/E
Q4 20	0.0x	—
Q1 21	0.0x	—
Q2 21	0.0x	—
Q4 21	0.0x	1.7x
Q1 22	0.0x	—
Q2 22	0.1x	—
Q3 22	0.6x	377.8x
Q4 22	0.5x	2.3x
Q1 23	0.5x	1.4x
Q2 23	0.5x	1.3x
Q3 23	0.6x	1.6x
Q4 23	0.8x	2.3x
Q1 24	0.9x	4.3x
Q1 25	0.6x	3.3x
Q3 25	0.8x	4.1x
Q4 25	0.8x	3.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$179M	-$254M
Q3 20	$486M	$390M
Q4 20	$474M	$388M
Q1 21	-$50M	-$145M
Q2 21	$73M	-$17M
Q4 21	$17M	-$84M
Q1 22	$24M	-$69M
Q2 22	$49M	-$29M
Q3 22	$9M	-$73M
Q4 22	$200M	$200M
Q1 23	$115M	$115M
Q2 23	$143M	$143M
Q3 23	$45M	$45M
Q4 23	$92M	$92M
Q1 24	$75M	$75M
Q1 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q2 20	$75M
Q3 20	$96M
Q4 20	$86M
Q1 21	$95M
Q2 21	$90M
Q4 21	$101M
Q1 22	$93M
Q2 22	$78M
Q3 22	$82M
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q1 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+12.2%	+6.9%
Q1 21	+23.3%	-3.2%
Q2 21	+73.8%	+53.4%
Q4 21	-96.7%	-96.4%
Q1 22	-96.8%	-96.8%
Q2 22	-95.4%	-96.5%
Q3 22	-95.1%	-96.5%
Q4 22	+94.2%	+1.5%
Q1 23	+74.5%	-55.7%
Q2 23	+2.2%	-13.0%
Q3 23	-16.6%	-14.3%
Q4 23	-18.5%	+10.6%
Q1 24	-22.8%	+102.0%
Q1 25	-11.0%	-1.8%
Q3 25	-0.2%	+0.8%
Q4 25	+0.8%	-13.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$7M	0.3%
Q3 20	$4M	0.1%
Q4 20	$5M	0.1%
Q1 21	$5M	0.1%
Q2 21	$4M	0.1%
Q4 21	$6M	4.3%
Q1 22	$6M	4.0%
Q2 22	$6M	2.8%
Q3 22	$5M	2.2%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q1 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 20	$74M	$444M	—
Q1 21	$72M	—	$410M
Q2 21	$73M	—	$269M
Q4 21	$69M	—	$7M
Q1 22	$75M	—	$7M
Q2 22	$74M	—	$7M
Q3 22	$71M	—	$8M
Q4 22	—	—	$8M
Q1 23	—	$7M	—
Q2 23	—	$12M	—
Q3 23	—	$6M	—
Q4 23	—	$8M	—
Q1 24	—	$7M	—
Q1 25	—	$10M	—
Q3 25	—	$9M	—
Q4 25	—	—	$10M

Revenue Segments

Quarter	Clean Air Division	Motorparts	Powertrain	Ride Performance Division
Q4 20	$2.1B	$730M	$1.1B	$683M
Q1 21	$2.1B	$719M	$1.1B	$787M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$116M	$0	$116M
Q4 21	$127M	$0	$127M
Q1 22	$143M	$0	$143M
Q2 22	$172M	$0	$172M
Q3 22	$201M	$0	$201M
Q4 22	$309M	$0	$309M
Q1 23	$476M	$0	$476M
Q2 23	$534M	$0	$534M
Q3 23	$394M	$0	$394M
Q4 23	$377M	$0	$377M
Q1 24	$344M	$0	$344M
Q2 24	$382M	$95M	$476M
Q3 24	$386M	$0	$386M
Q4 24	$348M	$0	$348M
Q1 25	$350M	$0	$350M
Q2 25	$287M	$0	$287M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	50M	0.0%	0.0%
Q1 21	50M	0.0%	0.0%
Q2 21	50M	0.0%	0.0%
Q4 21	22M	-56.5%	-56.5%
Q1 22	26M	+16.7%	-49.2%
Q2 22	28M	+11.1%	-43.6%
Q3 22	29M	+1.9%	-42.5%
Q4 22	29M	+0.9%	+33.3%
Q1 23	30M	+1.1%	+15.4%
Q2 23	30M	0.0%	+3.9%
Q3 23	30M	0.0%	+2.0%
Q4 23	30M	0.0%	+1.1%
Q1 24	30M	0.0%	0.0%
Q1 25	30M	+0.5%	+0.5%
Q3 25	30M	+0.5%	+1.1%
Q4 25	30M	0.0%	+1.1%

Shares Outstanding