MeritValue

NORDIC AMERICAN TANKERS Ltd

NATdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

NORDIC AMERICAN TANKERS Ltd earns about 3% on invested capital, but has diluted owners by 30% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.74 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$191.1M1$339.3M2$391.7M3$349.7M3$291.7M3
Net income−$171.3M4$15.1M5$98.7M6$46.6M6$12.3M6
Operating cash flow−$44.5M7$24.1M8$139.4M9$128.2M9$19.8M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$321M10$306M11$301.6M12$269.7M13$424.1M13
Cash & equivalents$34.7M14$59.6M15$31.1M16$39.2M16$45.9M16
Diluted shares162.5M202.0M208.8M209.9M211.8M

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
$21.04
your share of equity
Profit it earned you last year
$0.58
Free cash flow it threw off
—
Debt you’d be carrying
$20.03

10 shares is a claim on $21.04 of net worth that earned you $0.58 last year, against $20.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 -15%FY22 5%FY23 16%FY24 6%FY25 1%

It earned an average 3% 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
+30% shares · 5y

Share count is up 30% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 32% over the same window.

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
$0.74
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$15.1M
  • growthAssumed0.0%
Graham Number
$1.69
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001140361-24-022947 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001140361-25-016316 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001140361-26-017809 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001140361-24-022947 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001140361-25-016316 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001140361-26-017809 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001140361-24-022947 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001140361-25-016316 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001140361-26-017809 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001140361-23-020912 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001140361-24-022947 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2023-12-31 · accession 0001140361-25-016316 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-12-31 · accession 0001140361-26-017809 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001140361-24-022947 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001140361-25-016316 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001140361-26-017809 (CashAndCashEquivalentsAtCarryingValue)