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Tsakos Energy Navigation
(NYSE:TEN)
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Rating:75Outperform
Price Target:
$54.00
▲(27.75% Upside)
Action:Reiterated
Date:09/14/26
The score is supported by very attractive valuation (low P/E with a solid dividend) and strong technical uptrend, reinforced by a bullish earnings-call outlook and strong operating results. Offsetting these positives are weak and volatile free cash flow and a leveraged capital structure, which reduce financial flexibility.
Positive Factors
Modernized and expanded fleet
Replacing older ships with newer, larger vessels should support utilization, customer appeal and operating efficiency, while the expanded fleet increases exposure to energy-transport demand. This modernization also strengthens TEN’s competitive position as charterers seek younger tonnage.
Negative Factors
Rising leverage from fleet growth
Higher debt increases fixed financial obligations and leaves less flexibility for acquisitions, dividends or fleet investment if tanker markets weaken. The decline in ROE from 18.5% in 2023 to 8.8% in 2025 also suggests that additional capital has produced weaker equity returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Modernized and expanded fleet
Replacing older ships with newer, larger vessels should support utilization, customer appeal and operating efficiency, while the expanded fleet increases exposure to energy-transport demand. This modernization also strengthens TEN’s competitive position as charterers seek younger tonnage.
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
$1.51B
Dividend Yield3.89%
Average Volume (3M)473.40K
Price to Earnings (P/E)5.2
Beta (1Y)0.68
Revenue Growth23.23%
EPS Growth252.83%
CountryUS
Employees77
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)9.88
Shares Outstanding29,449,430
10 Day Avg. Volume407,281
30 Day Avg. Volume473,401
Financial Highlights & Ratios
PEG Ratio-0.44
Price to Book (P/B)0.37
Price to Sales (P/S)0.83
P/FCF Ratio-2.95
Enterprise Value/Market Cap1.78
Enterprise Value/Revenue2.81
Enterprise Value/Gross Profit6.52
Enterprise Value/Ebitda5.73
Forecast
1Y Price Target
$55.00Price Target Upside30.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)11.77
Revenue Forecast (FY)$956.93M
Tsakos Energy Navigation Business Overview & Revenue Model
Company Description
Tsakos Energy Navigation Limited (TEN) is a global maritime company dedicated to the worldwide ocean transport of crude oil and refined petroleum products. The firm delivers vital shipping and logistics services to a wide array of clients, includi...
How the Company Makes Money
TEN makes money by earning charter revenues from operating its tanker and LNG carrier fleet under shipping contracts with customers that need cargo transportation. Its core revenue streams generally include: (1) Time charter income: the vessel is ...
Tsakos Energy Navigation Earnings Call Summary
Earnings Call Date:Sep 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 2026
Earnings Call Sentiment Positive
The call was strongly positive, with record revenue, net income, EPS, EBITDA, profit-sharing revenue, cash generation, fleet values, and forward committed earnings. Management also expressed confidence in stronger second-half performance, higher dividends, and continued market opportunities. The principal challenges were severe geopolitical and maritime security risks, higher bunker and operating costs, increased debt associated with fleet growth, and elevated dry-dock activity.Positive Updates
Record First-Half Revenue
Gross revenues for the first half of 2026 increased to $551 million, or $161 million above the 2025 first-half level, supported by fleet utilization of 96.5% and an average fleet of 63.5 vessels.
Negative Updates
Severe Geopolitical and Maritime Security Risks
The company described a highly turbulent geopolitical environment involving developments in Venezuela, war in the Middle East, closure and disruption of the Strait of Hormuz, a U.S. naval blockade, and attacks on oceangoing vessels in which seafarers have been injured and killed.
Read all updates
Q2-2026 Updates
Positive
Negative
Record First-Half Revenue
Gross revenues for the first half of 2026 increased to $551 million, or $161 million above the 2025 first-half level, supported by fleet utilization of 96.5% and an average fleet of 63.5 vessels.
Read all positive updates
Company Guidance
Management said 2026 revenues will be “exceeding in revenues the billion dollars significantly” with “a very strong EBITDA”; it expects a “significant increase in profit sharing for the second half of the year,” a dividend “increase” with a “nice dividend announcement after our strategy meeting in November,” subject to board approval and “if current conditions are maintained,” and expects gross revenue from the Anfield to “approach $500 million” assuming maximum employment duration. TEN still has 19 new buildings to take delivery of, including three VLs, and the preferred of $120 million at 9.25% could add “anywhere to between $0.30 and $0.40 to the bottom line”; the company said it would maintain the semi-annual dividend and is looking “at least for the next year, at good and growing prospects.”Tsakos Energy Navigation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 959.70M | 798.69M | 804.06M | 889.57M | 860.40M | 546.12M |
| Gross Profit | 413.66M | 282.84M | 275.27M | 370.01M | 286.65M | 1.46M |
| EBITDA | 470.41M | 410.81M | 434.74M | 534.66M | 371.39M | 99.15M |
| Net Income | 324.50M | 160.90M | 176.23M | 300.18M | 204.23M | -151.40M |
Balance Sheet | ||||||
| Total Assets | 4.38B | 3.95B | 3.71B | 3.36B | 3.31B | 2.89B |
| Cash, Cash Equivalents and Short-Term Investments | 466.14M | 333.76M | 348.31M | 376.69M | 309.44M | 127.20M |
| Total Debt | 2.10B | 1.93B | 1.76B | 1.60B | 1.67B | 1.46B |
| Total Liabilities | 2.32B | 2.09B | 1.94B | 1.71B | 1.79B | 1.60B |
| Stockholders Equity | 2.05B | 1.82B | 1.73B | 1.62B | 1.47B | 1.24B |
Cash Flow | ||||||
| Free Cash Flow | -425.52M | -225.95M | -342.34M | 96.89M | -44.84M | -8.12M |
| Operating Cash Flow | 94.39M | 295.79M | 307.68M | 395.28M | 288.53M | 53.11M |
| Investing Cash Flow | -55.02M | -458.12M | -441.61M | -137.44M | -301.81M | -8.00M |
| Financing Cash Flow | -5.56M | 112.14M | 105.54M | -190.58M | 195.53M | -89.68M |
Tsakos Energy Navigation Technical Analysis
Positive
42.27
Price Trends
45.13
Positive
41.51
Positive
37.09
Positive
Market Momentum
1.91
Negative
71.39
Negative
93.36
Negative
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 42.27 is below the 20-day moving average (MA) of 49.83, below the 50-day MA of 45.13, and above the 200-day MA of 37.09, indicating a bullish trend. The MACD of 1.91 indicates Negative momentum. The RSI at 71.39 is Negative, neither overbought nor oversold. The STOCH value of 93.36 is Negative, 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $247.27M | 2.59 | 16.62% | ― | 89.03% | 80.68% | |
83 Outperform | $1.34B | 5.57 | 32.35% | 16.33% | 15.98% | 130.59% | |
82 Outperform | $2.47B | 7.62 | 28.44% | 6.85% | 81.06% | 556.47% | |
75 Outperform | $1.51B | 5.20 | 16.94% | 3.89% | 23.23% | 252.83% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
55 Neutral | $2.97M | 0.20 | 9.00% | ― | ― | ― | |
54 Neutral | $14.96M | 7.81 | 10.63% | ― | ― | ― |
* Energy Sector Average
TEN
Tsakos Energy Navigation
54.58
34.66
174.00%
TK
Teekay
15.56
7.55
94.26%
LPG
Dorian LPG
58.24
34.31
143.36%
IMPP
Imperial Petroleum
5.52
1.00
22.12%
RBNE
Robin Energy Ltd.
2.14
-93.86
-97.77%
TMDE
TMD Energy Limited
0.63
-0.15
-19.13%
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.