MeritValue

International Seaways, Inc.

INSWdata completeness 88%12 fiscal years on file
The thesis, from the filings

International Seaways, Inc. earns about 11% on invested capital, but has diluted owners by 29% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $81.05 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$272.5M1$864.7M2$1.07B3$951.6M3$843.3M3
Net income−$133.5M4$387.9M5$556.4M6$416.7M6$309.3M6
Operating cash flow−$76.2M7$287.8M8$688.4M9$547.1M9$380.1M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$2.21B10$2.05B11$1.45B12$1.38B13$1.13B13
Cash & equivalents$97.9M14$243.7M15$126.8M16$157.5M17$116.9M17
Diluted shares38.4M49.8M49.4M49.7M49.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$407.35
your share of equity
Profit it earned you last year
$62.36
Free cash flow it threw off
—
Debt you’d be carrying
$228.68

10 shares is a claim on $407.35 of net worth that earned you $62.36 last year, against $228.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 -2%FY22 14%FY23 20%FY24 14%FY25 10%

It earned an average 11% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+29% shares · 5y

Share count is up 29% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 49% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$81.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$387.9M
  • growthAssumed0.0%
Graham Number
$75.56
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-002108 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001691 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-020113 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002108 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001691 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020113 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002108 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001691 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-020113 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-002247 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-24-002108 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-25-001691 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-020113 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001558370-23-002247 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001558370-24-002108 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001558370-25-001691 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001104659-26-020113 (CashAndCashEquivalentsAtCarryingValue)