TEEKAY CORP LTD
TKdata completeness 88%18 fiscal years on fileTEEKAY CORP LTD earns about 24% on invested capital, far above its ~9% cost of capital, and has bought back 15% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $11.73 and $283.71 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $682.5M1 | $1.19B2 | $1.46B3 | $1.22B3 | $949.5M3 |
| Net income | $7.81M4 | $78.4M5 | $150.6M6 | $133.8M6 | $98.1M6 |
| Operating cash flow | $78.1M7 | $199.2M8 | $629.8M9 | $467.2M9 | $301.8M9 |
| Capital expenditure | $21.4M10 | $011 | $012 | $70.5M12 | $190.3M12 |
| Free cash flow (derived) | $56.7M7 | $199.2M8 | $629.8M9 | $396.7M9 | $111.5M9 |
| Total debt | $1.37B13 | $42.4M14 | $014 | — | — |
| Cash & equivalents | $109M15 | $309.9M16 | $480.1M16 | $685.3M16 | $940.7M16 |
| Diluted shares | 102.1M | 104.4M | 96.6M | 93.3M | 86.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $249.42 of net worth that earned you $11.32 and generated $12.86 of cash last year.
It earned about 24% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 15% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $11.73 and $283.71 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$396.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$396.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$98.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $76.22 |
| Base | 20.0% | $160.01 |
| Bull | 20.0% | $160.01 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001628280-24-011405 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0000911971-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0000911971-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001628280-24-011405 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0000911971-25-000007 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0000911971-26-000015 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001628280-24-011405 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0000911971-25-000007 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0000911971-26-000015 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001628280-24-011405 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0000911971-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0000911971-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001628280-23-010070 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001628280-24-011405 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0000911971-25-000007 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0000911971-26-000015 (CashAndCashEquivalentsAtCarryingValue)