Tsakos Energy Navigation Limited

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tsakos Energy Navigation Limited trades at $38.8, between stages. That is +18.9% against its own 200-day average. It sits at 79% of a 52-week range of $20 to $44. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is between stages. At $38.8 it trades +18.9% versus its 200-day average and sits at 79% of its 52-week range ($20–$44).

Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved +87% while the S&P 500 moved +24% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

Tsakos Energy Navigation Limited trades at 6.3× P/E, against too little history to rank. Its long-run median P/E is 8.0×, measured across 0.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 6.3× is against too little history to rank, against a long-run median of 8.0× measured over 0.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −44.4% against a +99.6% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tsakos Energy Navigation Limited reads as deteriorating on its fundamental arc. Deteriorating — revenue and profit growth are shrinking (revenue growth −4.9% latest against +73.2% at its 12-quarter best), ROCE slipping at 6.2%. The read is built from 12 quarters across 3 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

No sector-relative score — Tsakos Energy Navigation Limited is not among the largest members shown in this industry comparison for Oil & Gas Midstream.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Tsakos Energy Navigation Limited reported $0.2 B of revenue in the Jun 25 quarter, −9.5% year on year. Over 4 years it has compounded at 5.7% a year. The last full year, FY24, came in at $0.8 B. The last four reported quarters add to $0.8 B.

FY24 revenue came in at $0.8 B (−10.1% on the year), capping 4 years at 5.7% compound. The latest quarter (Jun 25) printed $0.2 B, −9.5% year on year.

Pace check: the last four quarters averaged −4.9% growth against the decade's 5.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −4.9% over the last 4 quarters against −10.9%/yr over the last 8 — accelerating; TTM profit −42.1% vs −46.9%/yr — accelerating.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Tsakos Energy Navigation Limited's operating margin is 26.3% in the Jun 25 quarter, −21.3 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −21.8% to 43.8%. The current quarter sits inside that band.

The latest quarter's operating margin is 26.3%, −21.3 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −21.8%–43.8%.

🚨 Why the margin moved: operating margin went −21.3 pp year on year while gross margin went +0.8 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tsakos Energy Navigation Limited earned $0.0 B of net profit in the Jun 25 quarter, −62.5% year on year. Full-year FY24 profit was $0.2 B. The 4-year compound rate is 56.5%. That is 15.8% of the quarter's revenue. The same quarter a year earlier earned $0.1 B.

Jun 25 profit was $0.0 B, −62.5% year on year. On the full year, FY24 printed $0.2 B (−41.9%), and the 4-year compound rate is 56.5%.

🚨 Why profit moved: revenue contributed −9.5% and the margin −21.3 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −37.3% vs revenue −4.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 143% of Tsakos Energy Navigation Limited's reported profit arrived as operating cash — the cash follows the profit. In FY24 that was $0.3 B of operating cash against $0.2 B of profit. After $0.7 B of capital spending, $−0.3 B was left as free cash.

FY24: operating cash of $0.3 B against reported profit of $0.2 B, leaving free cash of $−0.3 B after $0.7 B of capital spending. Across the last 3 fiscal years the conversion rate is 143% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Tsakos Energy Navigation Limited does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $1.0 B over the last 3 years. Averaged over those years that is 41.7% of FY24 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $1.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Tsakos Energy Navigation Limited earns a ROE of 10% in FY24. That is up from a trough of −12% in FY21. Return on invested capital clears the cost of that capital by +1.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 22.5% net margin on 0.22× asset turns.

FY24 ROE is 10%, recovered from a FY21 trough of −12% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY24): 22.5% net margin × 0.22× asset turns × 2.10× balance-sheet leverage ≈ 10.4% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 4.8% − 3.2% = a +1.6 pp spread. The 3.2% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Dividend

Tsakos Energy Navigation Limited pays no dividend. Across the last 12 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

Tsakos Energy Navigation Limited does not currently pay a dividend. Across the last 12 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Debt-to-equity is 1.10 at the latest reading — carrying real leverage; a full borrowings history is not in our numbers.

We hold only the latest reading here: a debt-to-equity of 1.10 — a level of leverage that amplifies both the returns above and the risk. A year-by-year borrowings ladder is not in our numbers for this stock, so we say that rather than draw a chart we cannot support.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

1.5% of Tsakos Energy Navigation Limited's tradable float is currently sold short — the crowd is not positioned against this stock. At typical trading volumes those positions would take about 1.1 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 1.5% of the float is sold short, and at typical trading volumes it would take about 1.1 days to buy those positions back. The crowd is not positioned against this stock. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tsakos Energy Navigation Limited: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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