Tsakos Energy Navigation Limited (TEN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-226.6%

-$62.65

vs $49.50 price

Levered DCF

$25.71

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.05

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.04×	3.45×	2.46×	2.81×	-0.76×	-10.04×	-13.8×	-2.34×
P/B	0.37×	0.3×	0.41×	0.32×	0.11×	0.3×	0.27×	0.16×
P/S	0.83×	0.64×	0.74×	0.55×	0.26×	0.63×	0.65×	0.44×
EV / EBITDA	5.58×	4.43×	3.52×	4.93×	14.9×	8.26×	7.67×	8.69×
Gross margin	35.4%	34.2%	41.6%	33.3%	0.3%	25.0%	23.6%	12.3%
Operating margin	30.1%	34.6%	44.0%	29.8%	-21.9%	15.0%	19.0%	7.2%
Net margin	20.1%	21.9%	33.7%	23.7%	-27.7%	3.7%	2.5%	-18.7%
Current ratio	0.95×	1.1×	1.57×	1.38×	0.72×	0.84×	1.12×	1.25×
Debt / equity	1.06×	1.02×	0.99×	1.13×	1.18×	1.16×	1.07×	1.07×
Interest coverage	2.47×	2.46×	3.68×	4.28×	-2.87×	1.8×	1.53×	0.5×
Dividend yield	9.0%	14.0%	9.4%	9.2%	25.5%	11.6%	12.7%	19.2%
Payout ratio	37.4%	40.8%	20.6%	21.4%	-24.0%	194.6%	326.0%	-44.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	10.2%	18.5%	13.9%	-12.2%	1.8%	1.0%	-6.6%
Return on invested capital	6.3%	7.8%	12.0%	8.0%	-4.3%	3.2%	3.7%	1.2%
Return on assets	4.1%	4.8%	8.9%	6.2%	-5.2%	0.8%	0.5%	-3.1%
Free cash flow yield	-33.9%	-66.9%	14.8%	-9.5%	-5.7%	4.2%	-77.5%	22.6%
Earnings yield	24.1%	34.4%	45.8%	43.1%	-106.4%	5.9%	3.9%	-42.8%
Enterprise value	$2.3B	$1.9B	$1.9B	$1.8B	$1.5B	$1.8B	$1.7B	$1.6B
Net debt / EBITDA	3.96×	3.26×	2.29×	3.66×	13.46×	6.4×	5.97×	7.43×
Cash conversion cycle (days)	3	-10	9	23	4	1	18	25