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Nordic American Tankers Limited (NAT)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Nordic American Tankers Limited Balance Sheet 2025-2007 | NAT
Brief overview of Nordic American Tankers Limited's assets and capital
The comparison uses five available annual reports from the 2012–2016 interval.
The balance sheet expanded from $1.1 billion to $1.3 billion. Growth of +24.3% and CAGR of 5.6% look measured and sustainable.
Liability growth of +73.3% exceeded asset growth of +24.3%, increasing reliance on outside funding.
Equity accounts for 64.5% of assets. Against the initial 74.6%, the capital position looks resilient.
Net debt is $360.6 million, or 0.41x of equity. This is a conservative debt position.
Cash equals 6.1% of the balance sheet, compared with 5.1% five periods ago. This is the readily available cushion.
Retained earnings are negative at -$4.5 million. This reduces the formal capital cushion, although large shareholder returns may have contributed.
Conclusion
Taken together, the figures indicate acceptable resilience for Nordic American Tankers Limited. The next assessment depends on debt and equity trends.
Annual Balance Sheet Nordic American Tankers Limited
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
378 M | 231 M | 271 M | 246 M | - | 299 M | 350 M | 387 M | 330 M | 361 M | 300 M | 149 M | 184 M | 195 M | 207 M | 57.8 M | - | - | - |
Long Term Debt |
389 M | 248 M | 270 M | 266 M | 283 M | 335 M | 375 M | 418 M | 389 M | 443 M | 330 M | 250 M | 250 M | 250 M | 230 M | 75 M | - | - | - |
Long Term Debt Current |
35.4 M | 21.6 M | 31.9 M | 39.7 M | - | 22.1 M | 23.5 M | 18.7 M | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
389 M | 249 M | 270 M | 267 M | 285 M | 336 M | 376 M | 433 M | 405 M | 457 M | 343 M | 263 M | 262 M | 261 M | 240 M | - | - | - | - |
Total Current Liabilities |
67.4 M | 59.8 M | 70.5 M | 72.4 M | 67.6 M | 39.7 M | 59 M | 36.3 M | 25.3 M | 21.5 M | 20.9 M | - | 19.3 M | 15 M | 17.9 M | 6.99 M | 6.81 M | - | - |
Total Liabilities |
- | - | - | - | - | - | - | - | - | 479 M | 364 M | 287 M | 281 M | 276 M | 258 M | 90.1 M | 12.5 M | - | - |
Deferred Revenue |
3.84 M | 5.63 M | 3.9 M | 6.15 M | 2.76 M | 140 K | 2.15 M | - | - | - | - | 2.65 M | - | - | - | - | 537 K | - | - |
Retained Earnings |
1.4 M | -10.9 M | -57.5 M | -156 M | -171 M | - | -10.4 M | -309 M | -209 M | -4.46 M | - | -12.8 M | -105 M | -73.2 M | 854 M | -809 K | - | - | - |
Total Assets |
902 M | 818 M | 879 M | 880 M | 851 M | 974 M | 1.03 B | 1.07 B | 1.14 B | 1.35 B | 1.24 B | 1.17 B | 1.14 B | 1.09 B | 1.13 B | 1.08 B | 947 M | - | - |
Cash and Cash Equivalents |
45.9 M | 39.2 M | 31.1 M | 59.6 M | - | 57.8 M | 48.8 M | 49.3 M | 58.4 M | 82.2 M | 29.9 M | 101 M | 65.7 M | 55.5 M | 24 M | 17.2 M | 30.5 M | 31.4 M | 13.3 M |
Book Value |
902 M | 818 M | 879 M | 880 M | 851 M | 974 M | 1.03 B | 1.07 B | 1.14 B | 871 M | 881 M | 882 M | 855 M | 809 M | 868 M | 993 M | 934 M | - | - |
Total Shareholders Equity |
446 M | 509 M | 538 M | 540 M | 498 M | 599 M | 595 M | 602 M | 711 M | 871 M | 881 M | 889 M | 855 M | 809 M | 868 M | 993 M | 934 M | 789 M | 672 M |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Nordic American Tankers Limited
| 2025-Q4 | 2024-Q4 | 2024-Q2 | 2023-Q4 | 2023-Q2 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2009-Q4 | 2008-Q4 | 2007-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
389 M | 248 M | 187 M | 270 M | 236 M | - | - | - | - | 283 M | - | 323 M | - | 335 M | - | 318 M | - | 375 M | - | 389 M | - | 418 M | 414 M | - | - | 389 M | 444 M | - | - | 443 M | - | 380 M | - | 325 M | - | - | - | 250 M | - | - | - | 250 M | - | 210 M | - | 250 M | - | - | - | 230 M | 170 M | - | - | 75 M | - | - | - |
Total Non Current Liabilities |
389 M | 249 M | 188 M | 270 M | 237 M | - | - | - | - | 285 M | - | 324 M | - | 336 M | - | 319 M | - | 376 M | - | 406 M | - | 433 M | 430 M | - | - | 405 M | 459 M | - | - | 457 M | - | - | - | 338 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 416 M | - | 358 M | - | - | - | 287 M | - | - | - | 281 M | - | 236 M | - | 276 M | - | - | - | 258 M | 213 M | - | - | 90.1 M | 12.5 M | - | - |
Deferred Revenue |
3.84 M | 5.63 M | 5.19 M | 3.9 M | 3.27 M | - | - | - | - | 2.76 M | - | 1.05 M | - | 140 K | - | 6.7 M | - | 2.15 M | - | - | - | - | - | - | - | - | 2.29 M | - | - | - | - | 1.35 M | - | - | - | - | - | 2.65 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 537 K | - | - |
Retained Earnings |
1.4 M | -10.9 M | -20.9 M | -57.5 M | -82.5 M | - | - | - | - | -171 M | - | -53.7 M | - | - | - | 17.1 M | - | -10.4 M | - | -318 M | - | -309 M | -298 M | - | - | -209 M | -58.1 M | - | - | -4.46 M | - | - | - | - | - | - | - | -12.8 M | - | - | - | -105 M | - | -64.1 M | - | -73.2 M | - | - | - | -72.3 M | -54.6 M | - | - | -809 K | - | - | - |
Total Assets |
902 M | 818 M | 862 M | 879 M | 882 M | - | - | - | - | 851 M | - | 930 M | - | 974 M | - | 1.06 B | - | 1.03 B | - | 1.03 B | - | 1.07 B | 1.07 B | - | - | 1.14 B | 1.25 B | - | - | 1.35 B | - | 1.26 B | - | 1.24 B | - | - | - | 1.17 B | - | - | - | 1.14 B | - | 1.08 B | - | 1.09 B | - | - | - | 1.13 B | 1.11 B | - | - | 1.08 B | 947 M | - | - |
Cash and Cash Equivalents |
45.9 M | 39.2 M | 40.8 M | 31.1 M | 96.5 M | - | - | - | - | 34.7 M | - | 34.3 M | - | 57.8 M | - | 113 M | - | 48.8 M | - | 42.1 M | - | 49.3 M | 45.5 M | 46.5 M | - | 58.4 M | 31.1 M | - | - | 82.2 M | 152 M | 29.5 M | - | 29.9 M | - | 106 M | - | 101 M | - | - | - | 65.7 M | - | 71.1 M | - | 55.5 M | - | 104 M | - | 24 M | 10.4 M | - | - | 17.2 M | 30.5 M | 31.4 M | 13.3 M |
Book Value |
902 M | 818 M | 862 M | 879 M | 882 M | - | - | - | - | 851 M | - | 930 M | - | 974 M | - | 1.06 B | - | 1.03 B | - | 1.03 B | - | 1.07 B | 1.07 B | - | - | 1.14 B | 1.25 B | - | - | 1.35 B | - | 847 M | - | 881 M | - | - | - | 882 M | - | - | - | 855 M | - | 847 M | - | 809 M | - | - | - | 868 M | 899 M | - | - | 993 M | 934 M | - | - |
Total Shareholders Equity |
446 M | 509 M | 526 M | 538 M | 552 M | - | - | - | - | 498 M | - | 563 M | - | 599 M | - | 637 M | - | 595 M | - | 583 M | - | 602 M | 614 M | 655 M | - | 711 M | 762 M | - | - | 871 M | 937 M | 847 M | - | 881 M | - | 894 M | - | 889 M | - | - | - | 855 M | - | 847 M | - | 809 M | - | 896 M | - | 868 M | 899 M | - | - | 993 M | 934 M | 789 M | 672 M |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Nordic American Tankers Limited, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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