Tearsheet

Teekay (TK)

Market Price (12/26/2025): $9.11 | Market Cap: $791.3 Mil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Teekay (TK)

Market Price (12/26/2025): $9.11
Market Cap: $791.3 Mil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 50%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg QQuarterly Revenue Change % is -24%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -82%	Key risks TK key risks include [1] its significant revenue concentration from a limited number of key customers.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
3	Low stock price volatility Vol 12M is 36%
4	Megatrend and thematic drivers Megatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 50%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -82%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
3	Low stock price volatility Vol 12M is 36%
4	Megatrend and thematic drivers Megatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more.
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg QQuarterly Revenue Change % is -24%
6	Key risks TK key risks include [1] its significant revenue concentration from a limited number of key customers.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$9.11	$6.09	$5.47	$3.47	$2.40
Market Cap CYE ($ Mil)	791.3	529.3	504.5	350.6	245.6
Total Debt ($ Mil)	65.6	65.6	227.2	610.2	1,016.0
Total Cash ($ Mil)	717.8	717.8	652.7	519.9	121.0
Enterprise Value ($ Mil)	139.1	594.9	731.7	960.8	1,261.6
Valuation Ratios
P/S TTM	0.6	0.5	0.5	0.4	0.5
P/EBIT TTM	1.9	1.5	1.2	1.9	-1.5
P/E TTM	5.9	4.7	4.5	5.9	41.1
P/FCF TTM	2.0	1.6	1.1	2.5	5.7
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.6	6.7	5.6	3.9	4.4
P/E TTM (Sector)	11.4	10.3	8.3	5.2	4.6
P/FCF TTM (Sector)	6.6	6.8	7.4	4.8	5.2

	12/26/25	2024	2023
Share Price CYE	$9.11	$6.09	$5.47
Market Cap CYE ($ Mil)	791.3	529.3	504.5
Total Debt ($ Mil)	65.6	65.6	227.2
Total Cash ($ Mil)	717.8	717.8	652.7
Enterprise Value ($ Mil)	139.1	594.9	731.7
Valuation Ratios
P/S TTM	0.6	0.5	0.5
P/EBIT TTM	1.9	1.5	1.2
P/E TTM	5.9	4.7	4.5
P/FCF TTM	2.0	1.6	1.1
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.6	6.7	5.6
P/E TTM (Sector)	11.4	10.3	8.3
P/FCF TTM (Sector)	6.6	6.8	7.4

	TK	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	1.2
Rev Chg Q	-24.4%	7.3%
Rev Chg LTM	-16.7%	6.1%
Rev Chg 3Y Avg	26.9%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	27.3%	18.8%
CFO/Rev LTM	38.3%	20.4%
Net Inc Mgn	11.0%	13.1%
VALUATION	VERY LOW
P/S	0.6	3.3
P/CFO	1.7	15.8
P/FCF	2.0	20.7
P/E	5.9	23.5
STABILITY	VERY GOOD
Debt/Equity	0.08	0.21
Cash/Assets	0.33	0.07

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Metric	Value	Date	Source
Owned Double-Hull Tankers	34	9302025	Link
Time Chartered-In Vessels	3	9302025	Link
Suezmax Tankers	17	9302025	Link
Aframax/LR2 Tankers	16	9302025	Link
VLCC Tankers	1	9302025	Link

Upcoming
2/19/2026	Earnings Release	Rev: - EPS: -

TK Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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For the approximate time period from August 31, 2025, to today, the stock movement of Teekay (TK) by 11.1% can be attributed to several key factors observed in the company's recent performance and outlook.

1. Strong Financial Performance in Late 2024. Teekay Corporation and its subsidiary Teekay Tankers reported strong financial results for the third and fourth quarters of 2024, with Teekay Tankers' mid-sized fleet experiencing historically strong spot tanker rates. Teekay (TK) generated $112 million in adjusted net income attributable to shareholders in 2024.

2. Significant Shareholder Returns. Teekay continued its commitment to shareholder returns through substantial share repurchase programs and dividend declarations. Since the beginning of its share repurchase programs in August 2022, Teekay repurchased $125.0 million of common shares. More recently, Teekay repurchased $59.1 million worth of its common shares at an average price of $8.56 per share and authorized a new $40.0 million share repurchase program. Additionally, Teekay declared a one-time special cash dividend of $1.00 per common share payable in December 2024.

Show more For the approximate time period from August 31, 2025, to today, the stock movement of Teekay (TK) by 11.1% can be attributed to several key factors observed in the company's recent performance and outlook.

1. Strong Financial Performance in Late 2024. Teekay Corporation and its subsidiary Teekay Tankers reported strong financial results for the third and fourth quarters of 2024, with Teekay Tankers' mid-sized fleet experiencing historically strong spot tanker rates. Teekay (TK) generated $112 million in adjusted net income attributable to shareholders in 2024.

2. Significant Shareholder Returns. Teekay continued its commitment to shareholder returns through substantial share repurchase programs and dividend declarations. Since the beginning of its share repurchase programs in August 2022, Teekay repurchased $125.0 million of common shares. More recently, Teekay repurchased $59.1 million worth of its common shares at an average price of $8.56 per share and authorized a new $40.0 million share repurchase program. Additionally, Teekay declared a one-time special cash dividend of $1.00 per common share payable in December 2024.

3. Optimistic Market Outlook for Tanker Sector in 2025. Looking ahead to 2025, the company anticipated firm spot tanker rates due to supportive underlying tanker fundamentals. Oil demand is projected to grow to a new all-time high in 2025, and strong growth in non-OPEC+ oil supply is expected to drive long-haul oil movements, increasing tanker ton-mile demand. Fleet growth is also expected to remain at manageable levels despite an acceleration in newbuild deliveries.

4. Strategic Consolidation and Streamlining of Operations. Teekay Group undertook important steps to streamline its organization, with Teekay Tankers becoming the sole operating platform. This included Teekay's agreement to sell its Australian operations and transfer all remaining management services companies to Teekay Tankers, a transaction completed in December 2024. Teekay Corporation also increased its economic and voting control in Teekay Tankers.

5. Fleet Renewal Initiatives. Teekay Tankers pursued a fleet renewal plan, which involved selling older vessels and acquiring more modern tonnage. In the fourth quarter of 2024 and first quarter of 2025, Teekay Tankers sold or agreed to sell five older vessels, generating approximately $160 million in proceeds and expected gains of about $58 million. Show less

Stock Movement Drivers

Fundamental Drivers

The 6.5% change in TK stock from 9/25/2025 to 12/25/2025 was primarily driven by a 6.5% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	8.55	9.11	6.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1220.37	1220.37	0.00%
Net Income Margin (%)	10.96%	10.96%	0.00%
P/E Multiple	5.55	5.92	6.55%
Shares Outstanding (Mil)	86.87	86.87	0.00%
Cumulative Contribution			6.55%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
TK	6.5%
Market (SPY)	4.9%	9.9%
Sector (XLE)	-2.6%	33.6%

Fundamental Drivers

The 20.8% change in TK stock from 6/26/2025 to 12/25/2025 was primarily driven by a 20.8% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	7.54	9.11	20.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1220.37	1220.37	0.00%
Net Income Margin (%)	10.96%	10.96%	0.00%
P/E Multiple	4.90	5.92	20.76%
Shares Outstanding (Mil)	86.87	86.87	0.00%
Cumulative Contribution			20.76%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
TK	20.8%
Market (SPY)	13.1%	8.8%
Sector (XLE)	4.4%	23.2%

Fundamental Drivers

The 52.6% change in TK stock from 12/25/2024 to 12/25/2025 was primarily driven by a 54.4% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	5.97	9.11	52.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1303.00	1220.37	-6.34%
Net Income Margin (%)	11.04%	10.96%	-0.75%
P/E Multiple	3.83	5.92	54.40%
Shares Outstanding (Mil)	92.36	86.87	5.95%
Cumulative Contribution			52.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
TK	52.6%
Market (SPY)	15.8%	23.8%
Sector (XLE)	7.4%	36.9%

Fundamental Drivers

The 160.2% change in TK stock from 12/26/2022 to 12/25/2025 was primarily driven by a 396.8% change in the company's Net Income Margin (%).

	12262022	12252025	Change
Stock Price ($)	3.50	9.11	160.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	993.20	1220.37	22.87%
Net Income Margin (%)	2.21%	10.96%	396.75%
P/E Multiple	16.39	5.92	-63.91%
Shares Outstanding (Mil)	102.61	86.87	15.34%
Cumulative Contribution			154.07%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
TK	57.8%
Market (SPY)	48.3%	19.4%
Sector (XLE)	9.6%	37.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TK Return	-60%	46%	45%	57%	11%	50%	124%
Peers Return	-45%	-5%	166%	41%	-15%	36%	130%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
TK Win Rate	33%	67%	75%	50%	42%	58%
Peers Win Rate	37%	45%	72%	53%	33%	68%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TK Max Drawdown	-68%	0%	-17%	-6%	-2%	-16%
Peers Max Drawdown	-56%	-12%	-9%	-12%	-20%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: INSW, DHT, STNG, TNK, NAT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	TK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-36.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	57.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	110 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-67.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	209.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	840 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-75.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	303.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-81.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	444.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2,140 days	1,480 days

Compare to ENB, WMB, KMI, TRP, OKE

In The Past

Teekay's stock fell -36.6% during the 2022 Inflation Shock from a high on 6/24/2021. A -36.6% loss requires a 57.7% gain to breakeven.

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About Teekay (TK)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company provides a full suite of ship-to-ship transfer services in the oil, gas, and dry bulk industries; lightering and lightering support; and operational and maintenance marine, as well as offshore production services. As of March 1, 2022, it operated a fleet of approximately 55 vessels. The company primarily serves energy and utility companies, major oil traders, large oil consumers and petroleum product producers, government agencies, and various other entities that depend upon marine transportation. Teekay Corporation was founded in 1973 and is headquartered in Hamilton, Bermuda.

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1. Maersk for oil and gas shipping.

2. The Kinder Morgan for oil and gas at sea.

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Crude Oil Tanker Shipping: Providing marine transportation services for crude oil on a global basis.
Product Tanker Shipping: Providing marine transportation services for refined petroleum products on a global basis.

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Teekay Corporation (TK) primarily operates through its majority ownership in Teekay Tankers Ltd. (TNK), which provides seaborne transportation of crude oil and refined petroleum products. As such, Teekay sells its services primarily to other companies in the energy sector.

Teekay's major customers and types of customers include:

Shell plc (SHEL): Through its subsidiary Shell International Trading and Shipping Company Ltd., Shell has consistently been a significant direct customer of Teekay Tankers, accounting for approximately 12-13% of Teekay Tankers' revenue in recent years.
Other major international oil companies that frequently charter tankers, such as:
- ExxonMobil Corporation (XOM)
- Chevron Corporation (CVX)
- BP p.l.c. (BP)
- TotalEnergies SE (TTE)
National oil companies (NOCs), including entities like:
- Petróleo Brasileiro S.A. (Petrobras) (PBR)
- Other state-owned oil companies (many of which are not publicly traded).
Global oil traders and commodity houses that facilitate the movement of crude oil and refined products, such as:
- Glencore plc (GLEN.L or GLCNF, traded on the London Stock Exchange and OTC in the US)
- Vitol, Trafigura, and Gunvor (which are privately held).

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Kenneth Hvid, President and Chief Executive Officer

Kenneth Hvid was appointed President and Chief Executive Officer of Teekay Corporation in 2017 and also assumed the role of President and Chief Executive Officer of Teekay Tankers Ltd. in August 2024. He joined Teekay in 2000 and has held various leadership positions, including Senior Vice President, Teekay Gas Services; President of the Teekay Navion Shuttle Tankers and Offshore division; Chief Strategy Officer and Executive Vice President; and President and CEO of Teekay Offshore Group Ltd. Mr. Hvid possesses over 35 years of global shipping experience, including 12 years with A.P. Moller. He also served as a director and chairman of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. (now known as Seapeak LLC), which was acquired by Stonepeak Infrastructure Partners.

Brody Speers, Chief Financial Officer and Executive Vice President

Brody Speers was appointed Chief Financial Officer of both Teekay Corporation and Teekay Tankers Ltd. in August 2024. He joined Teekay in 2008 and has held several senior financial roles, including Vice President, Finance, and Treasurer of Teekay Corporation. Notably, he served as Chief Financial Officer of Teekay Gas Group Ltd., a company providing services to Teekay LNG Partners L.P., from 2017 to 2018. Prior to his tenure at Teekay, Mr. Speers worked as a Chartered Professional Accountant for an accounting firm in Vancouver, Canada, and was a Senior Financial Analyst for Grant Thornton LLP.

Heidi Locke Simon, Chairman

Heidi Locke Simon became Chairman of Teekay Corporation and Teekay Tankers Ltd. in December 2024. She joined Teekay Corporation's board in 2017 and brings over 30 years of experience. Ms. Simon's background includes serving as a partner at Bain & Company from 1993 to 2012 and as an Investment Banking Analyst at Goldman Sachs. She also served as a Director of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P.

Anne Liversedge, General Counsel and Company Secretary

Anne Liversedge was appointed General Counsel and Company Secretary of Teekay Corporation and Teekay Tankers Ltd. in July 2025. She joined Teekay in 2006 as Associate General Counsel and has managed Teekay offices in the Netherlands and Bermuda. Ms. Liversedge has over 35 years of experience in the maritime and offshore energy legal and insurance industry.

Mikkel Seidelin, Chief Commercial Officer of Teekay Tankers Ltd.

Mikkel Seidelin was appointed Chief Commercial Officer of Teekay Tankers Ltd. in August 2024, having previously served as its Head of Chartering & Commercial Operations since 2023. He joined Teekay in 2003 and has held various commercial roles across the globe, including Pool Manager for Taurus Tankers (LR2) and Chartering Director for Teekay Tankers Ltd.'s Suezmax business. Mr. Seidelin holds an Executive MBA from INSEAD.

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The key risks to Teekay's (TK) business primarily stem from the inherent volatility of the crude oil marine transportation industry and broader global factors.

Cyclicality of the Tanker Industry and Volatile Global Energy Market: Teekay's core business, international crude oil marine transportation, operates within a highly competitive and cyclical industry. The company's financial performance is significantly affected by fluctuations in crude oil prices, global demand for oil, and prevailing tanker freight rates, which can lead to volatile changes in vessel utilization and profitability. This cyclicality is identified as a core challenge and a significant near-term risk.
Geopolitical Volatility: External geopolitical events pose a substantial risk to Teekay's operations. Such events can lead to economic instability, increased operational costs, and business disruptions. Furthermore, geopolitical shifts directly influence global oil demand and supply dynamics, which in turn impact the tanker market and freight rates.
Reliance on a Limited Number of Key Customers: Teekay Corporation's revenue is overwhelmingly concentrated in its core tanker business, primarily through its controlling ownership in Teekay Tankers Ltd. Teekay Tankers faces a notable business risk due to its reliance on a limited number of significant customers for a substantial portion of its revenues. The potential loss of a key customer, or their inability to meet payment obligations, could materially and adversely affect Teekay Tankers' financial performance and, by extension, Teekay Corporation's overall financial stability.

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Teekay (TK) operates in several key segments within the marine transportation and offshore oil and gas industries. The addressable market sizes for its main products and services, primarily focusing on global figures for 2025, are as follows:

Crude Oil Marine Transportation (Tankers)

The global crude oil tanker market is projected to reach approximately USD 189.6 billion in 2025. This market is anticipated to grow, with some projections indicating it could reach around USD 254.532 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 3.75% from 2025 to 2033. Other estimates place the global crude oil carriers market revenue at nearly USD 273.39 billion in 2025, growing to USD 391.72 billion by 2035 at a CAGR of 3.66%.

Liquefied Natural Gas (LNG) Transportation (LNG Carriers)

The global LNG carrier market is projected to reach between USD 13.01 billion and USD 16.3 billion in 2025. This market is expected to experience growth, with forecasts suggesting it could reach USD 20.02 billion by 2032 at a CAGR of 6.36%, or USD 30.2 billion by 2035 at a CAGR of 6.4% from 2026-2035.

Offshore Oil Production, Storage, and Offloading Services (FPSO Units)

The global Floating Production Storage and Offloading (FPSO) market is estimated to be between USD 4.8 billion and USD 16.69 billion in 2025. Projections indicate significant growth, with the market expected to reach USD 15.7 billion by 2035 at a CAGR of 12.5%, or USD 32.12 billion by 2033 at a CAGR of 8.53%.

Liquefied Petroleum Gas (LPG) Transportation and Other Marine Services

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Here are 3-5 expected drivers of future revenue growth for Teekay (symbol: TK) over the next 2-3 years:

Increased Global Oil Demand and Seaborne Exports: Global oil demand is projected to increase by approximately 0.7 million barrels per day in both 2025 and 2026, primarily driven by non-OECD countries, particularly in Asia. This healthy growth is expected to push total oil demand to a record high of almost 105 million barrels per day, thereby increasing the overall demand for crude tanker services. New offshore oil production coming online in regions like Brazil and Guyana is also anticipated to boost overall volumes and support crude tanker ton-mile demand.
Unwinding of OPEC+ Production Cuts: The continued unwinding of OPEC+ supply cuts, which have been in place since late 2023, is expected to lead to rising crude oil production and seaborne exports, particularly from the Middle East. This anticipated increase in Middle East crude-oil exports after the summer months of 2025 is projected to create additional tanker demand during the latter part of the third quarter and into the fourth quarter of 2025, and potentially beyond.
Geopolitical Factors Leading to Longer-Haul Voyages: Ongoing geopolitical tensions, including the Russia-Ukraine conflict and instability in the Middle East, continue to influence global oil trade flows. These disruptions necessitate longer average voyages as countries seek alternative supply routes (e.g., Europe sourcing oil from the USA, the Middle East, and some African countries instead of Russia). Such extended voyages increase ton-mile demand for tankers, thereby supporting higher freight rates and revenue for shipping companies like Teekay.
Favorable Tanker Fleet Supply Fundamentals: The tanker market is characterized by a significantly slowed pace of new tanker orders since mid-2024, coupled with limited shipyard capacity available until the second half of 2028. This supply-side discipline, combined with a rapidly aging global tanker fleet, is expected to result in very manageable levels of tanker fleet growth over the next 2-3 years. This constrained supply environment helps to maintain a balanced market and supports stronger spot tanker rates, which directly impact Teekay's revenue generation.
Strategic Fleet Renewal and Acquisitions: Teekay Tankers, a key operating segment of Teekay Corporation, is focused on renewing and growing its fleet. While the company has recently sold older vessels, it plans to gradually increase its pace of buying modern tonnage over time. This strategy of acquiring modern, accretive vessels is intended to position the company for future earnings growth by enhancing its operational capabilities and efficiency within the evolving market landscape.

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Share Repurchases

Since August 2022, Teekay has repurchased a total of 14.97 million common shares for $84.4 million, at an average price of $5.64 per share.
In September 2024, Teekay announced the near completion of a $25 million share repurchase program and authorized a new program for up to $40 million of its outstanding common shares.
In the first quarter of 2025, Teekay repurchased an additional $4.2 million worth of common shares, with approximately $28.1 million remaining in the authorized $40 million program.

Share Issuance

Teekay's number of outstanding shares decreased from approximately 100 million in 2020 to 86.89 million by October 2025, indicating a net reduction primarily due to share repurchases.

Outbound Investments

As part of Teekay Tankers' fleet renewal plan, in Q2 and Q3 2025, the company acquired one modern Suezmax tanker and the remaining 50% ownership interest in the Hong Kong Spirit VLCC tanker.
In the first quarter of 2025, Teekay Tankers agreed to acquire one 2019-built LR2 vessel, expected to be delivered in the second quarter of 2025.
In January 2022, Teekay sold its ownership interest in Teekay LNG Partners L.P.

Capital Expenditures

Teekay's reported capital expenditures were $21 million in 2021, $15 million in 2022, $10 million in 2023, and $75 million in 2024.
For the fourth quarter of 2025, expected capital expenditures include approximately $5.5 million for dry-docking and other capital projects.
A primary focus of capital allocation has been Teekay Tankers' fleet renewal strategy, involving the acquisition of modern vessels and the sale of older vessels. Since the beginning of 2025, Teekay Tankers has sold or agreed to sell 11 vessels for total gross proceeds of approximately $340 million.

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PBA (41.6%)

Pembina Pipeline

Higher FCF/Rev LTM (Value for TK: 32.1%)

AM (60.7%)

Antero Midstream

FLNG (44.6%)

Flex LNG

HESM (44.3%)

Hess Midstream

DTM (40.3%)

DT Midstream

STNG (37.7%)

Scorpio Tankers

Higher Total Yield (Value for TK: 16.9%)

TNK (20.4%)

Teekay Tankers

LPG (18.0%)

Dorian LPG

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for TK: 26.9% | 0.6x)

PTEN (33.5% | 0.5x)

Patterson-UTI Energy

VIVK (175.7% | 0.0x)

Vivakor

Higher Rev Chg LTM (Value for TK: -16.7%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

COP (8.2%)

ConocoPhillips

CVX (-3.6%)

Chevron

XOM (-4.4%)

Exxon Mobil

Higher Rev Chg 3Y Avg (Value for TK: 26.9%)

UUUU (91.8%)

Energy Fuels

NE (59.6%)

Noble

PR (48.7%)

Permian Resources

UEC (46.2%)

Uranium Energy

TDW (36.0%)

Tidewater

Higher Op Mgn LTM (Value for TK: 27.3%)

TRP (43.1%)

TC Energy

LNG (37.2%)

Cheniere Energy

FANG (36.5%)

Diamondback Energy

WMB (34.3%)

Williams Companies

EOG (33.4%)

EOG Resources

Higher CFO/Rev LTM (Value for TK: 38.3%)

FANG (57.3%)

Diamondback Energy

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

EOG (45.2%)

EOG Resources

OXY (42.3%)

Occidental Petroleum

Higher FCF/Rev LTM (Value for TK: 32.1%)

AM (60.7%)

Antero Midstream

HESM (44.3%)

Hess Midstream

DTM (40.3%)

DT Midstream

STNG (37.7%)

Scorpio Tankers

LEU (32.3%)

Centrus Energy

Higher Total Yield (Value for TK: 16.9%)

SM (35.6%)

SM Energy

CIVI (30.5%)

Civitas Resources

APA (21.5%)

APA

MTDR (17.3%)

Matador Resources

NOG (16.9%)

Northern Oil & Gas

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TK: 26.9% | 0.6x)

SW (55.9% | 0.6x)

Smurfit WestRock

SNEX (29.6% | 0.0x)

StoneX

OSCR (46.4% | 0.3x)

Oscar Health

VYX (9716.9% | 0.5x)

NCR Voyix

ASTH (41.6% | 0.4x)

Astrana Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TK: 26.9% | 2.4x)

IMMR (1178.9% | 1.7x)

Immersion

CANG (100.0% | 0.7x)

Cango

MLCI (446.5% | 2.3x)

Mount Logan Capital

STKS (40.4% | 1.2x)

One Hospitality

COHN (53.5% | 1.2x)

Cohen

Higher Rev Chg LTM (Value for TK: -16.7%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for TK: 26.9%)

NVDA (91.6%)

NVIDIA

APP (36.0%)

AppLovin

ANET (29.4%)

Arista Networks

PLTR (29.3%)

Palantir Technologies

MU (28.3%)

Micron Technology

Higher Op Mgn LTM (Value for TK: 27.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for TK: 38.3%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for TK: 32.1%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for TK: 16.9%)

CMCSA (25.1%)

Comcast

FNMA (23.6%)

Federal National Mortgage Association Fannie Mae

VZ (18.3%)

Verizon Communications

MSTR (17.5%)

Strategy

ALL (17.1%)

Allstate

		Best Bets In Energy Sector
	TK	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	5.9	42.8	18.1	11.8	10.9	30.4	11.9	18.3	18.9	30.7	10.2
P/EBIT	1.9	34.9	10.2	8.7	9.3	17.0	8.7	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	-24.4%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-16.7%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	26.9%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	29.9%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	With Teekay Stock Sliding, Have You Assessed The Risk?	Return
2	TK Dip Buy Analysis
3	Time To Buy Teekay Stock?	Buy or Fear
4	Teekay (TK) Valuation Ratios Comparison	Financials
5	Teekay Total Shareholder Return (TSR): 21.0% in 2024 and 40.2% 3-yr compounded annual returns (above peer average)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TK. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.0%	12.0%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.6%	6.6%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.7%	5.7%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.4%	28.4%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Teekay

Peers to compare with:

Financials

	TK	INSW	DHT	STNG	TNK	NAT	Median
Name	Teekay	Internat.	DHT	Scorpio .	Teekay T.	Nordic A.
Mkt Price	9.11	48.01	12.11	51.01	53.86	3.39	30.06
Mkt Cap	0.8	2.4	1.9	2.4	1.9	0.7	1.9
Rev LTM	1,220	770	486	890	952	295	830
Op Inc LTM	333	228	137	264	173	17	200
FCF LTM	392	71	152	335	90	-108	121
FCF 3Y Avg	398	314	171	715	393	32	353
CFO LTM	467	328	269	440	283	27	305
CFO 3Y Avg	432	550	281	778	487	104	459

Growth & Margins

	TK	INSW	DHT	STNG	TNK	NAT	Median
Name	Teekay	Internat.	DHT	Scorpio .	Teekay T.	Nordic A.
Rev Chg LTM	-16.7%	-23.6%	-16.8%	-35.4%	-31.7%	-19.8%	-21.7%
Rev Chg 3Y Avg	26.9%	16.7%	13.7%	-6.8%	12.8%	92.1%	15.2%
Rev Chg Q	-24.4%	-12.8%	-24.5%	-9.9%	-16.5%	-12.2%	-14.7%
QoQ Delta Rev Chg LTM	-6.3%	-3.6%	-6.7%	-2.9%	-4.6%	-2.1%	-4.1%
Op Mgn LTM	27.3%	29.6%	28.1%	29.7%	18.2%	5.9%	27.7%
Op Mgn 3Y Avg	27.7%	45.7%	32.8%	45.7%	28.9%	19.6%	30.9%
QoQ Delta Op Mgn LTM	-2.8%	-1.7%	-0.1%	-1.2%	-1.0%	-3.0%	-1.4%
CFO/Rev LTM	38.3%	42.6%	55.5%	49.4%	29.7%	9.3%	40.4%
CFO/Rev 3Y Avg	32.7%	54.7%	51.3%	60.4%	36.6%	24.7%	44.0%
FCF/Rev LTM	32.1%	9.2%	31.3%	37.7%	9.5%	-36.8%	20.4%
FCF/Rev 3Y Avg	29.9%	29.6%	31.1%	54.4%	27.8%	2.1%	29.8%

Valuation

	TK	INSW	DHT	STNG	TNK	NAT	Median
Name	Teekay	Internat.	DHT	Scorpio .	Teekay T.	Nordic A.
Mkt Cap	0.8	2.4	1.9	2.4	1.9	0.7	1.9
P/S	0.6	3.1	4.0	2.7	2.0	2.4	2.6
P/EBIT	1.9	9.3	8.9	7.0	6.0	20.8	8.0
P/E	5.9	10.9	9.7	8.3	6.0	376.2	9.0
P/CFO	1.7	7.2	7.2	5.4	6.6	26.2	6.9
Total Yield	16.9%	16.0%	16.7%	15.4%	20.4%	0.3%	16.3%
Dividend Yield	0.0%	6.8%	6.4%	3.4%	3.7%	0.0%	3.5%
FCF Yield 3Y Avg	52.5%	13.5%	9.6%	24.4%	24.1%	2.7%	18.8%
D/E	0.1	0.3	0.1	0.4	0.0	0.6	0.2
Net D/E	-0.8	0.2	0.1	0.1	-0.4	0.5	0.1

Returns

	TK	INSW	DHT	STNG	TNK	NAT	Median
Name	Teekay	Internat.	DHT	Scorpio .	Teekay T.	Nordic A.
1M Rtn	-8.6%	-9.3%	-7.1%	-13.3%	-9.1%	-6.6%	-8.9%
3M Rtn	6.5%	3.0%	-1.1%	-11.0%	2.9%	9.4%	2.9%
6M Rtn	20.8%	30.1%	12.5%	26.6%	25.1%	34.7%	25.8%
12M Rtn	52.6%	39.5%	36.5%	6.2%	41.5%	51.1%	40.5%
3Y Rtn	160.2%	78.2%	75.9%	1.0%	94.8%	51.6%	77.1%
1M Excs Rtn	-14.0%	-13.8%	-12.5%	-18.6%	-15.1%	-11.2%	-13.9%
3M Excs Rtn	1.6%	-2.0%	-6.0%	-15.9%	-2.1%	4.5%	-2.0%
6M Excs Rtn	7.9%	17.2%	-0.4%	13.8%	12.2%	21.8%	13.0%
12M Excs Rtn	47.1%	41.5%	27.3%	-5.6%	33.1%	39.2%	36.1%
3Y Excs Rtn	84.4%	-5.2%	-6.4%	-81.5%	9.0%	-32.8%	-5.8%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	12/31/2024	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	3/14/2025	3/14/2025	3/15/2024	3/31/2023	4/6/2022	4/1/2021	4/9/2020
Key Financials
Total Revenue	1,220	1,220	1,465	1,190	683	1,146	1,275
EBITDA	503	503	655	349	-108	202	-42
Operating Income	333	333	523	238	-94	184	81
Net Income	134	134	151	78	8	-83	-311
EPS	1.46	1.47	1.59	0.77	0.08	-0.82	-3.08
Growth Rates
Total Revenue Growth	-16.7%	-16.7%	23.1%	74.4%	-40.5%	-10.1%	-26.2%
EBITDA Growth	-23.2%	-23.2%	87.9%	423.0%	-153.5%	585.4%	-108.4%
Operating Income Growth	-36.4%	-36.4%	119.7%	354.2%	-150.8%	126.2%	-63.3%
Net Income Growth	-11.2%	-11.2%	92.1%	904.4%	109.4%	73.3%	-292.0%
Margins
EBITDA Margin	41.2%	41.2%	44.7%	29.3%	-15.8%	17.6%	-3.3%
Operating Income Margin	27.3%	27.3%	35.7%	20.0%	-13.7%	16.1%	6.4%
Net Income Margin	11.0%	11.0%	10.3%	6.6%	1.1%	-7.2%	-24.4%
Cash & Debt
Total Cash	718	718	653	520	121	130	627
Total Debt	66	66	227	610	1,016	997	4,884
Net Debt / (Cash)	-652	-652	-425	90	895	868	4,257
Cash Flows
Net Cash from Operations	467	467	630	199	78	984	383
Free Cash from Operations	392	392	620	184	57	968	372
Returns to Shareholders
Dividends	0	85	-0	-0	-0	-0	6
Share Repurchases	116	116	55	21	5	-0	-0

$ Mil \| FY: 12/31	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Period End	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022	3/31/2022
Filing Date	3/14/2025	11/1/2024	8/2/2024	5/10/2024	3/15/2024	11/3/2023	8/4/2023	5/12/2023	3/31/2023	11/4/2022	8/5/2022	5/12/2022
Key Financials Quarterly
Total Revenue	257	273	326	365	339	312	395	419	393	303	281	213
Ebitda	106	87	137	173	146	113	188	208	179	116	52	1
Operating Income	44	58	102	129	103	81	158	181	155	63	28	-8
Net Income	25	20	34	55	35	26	40	49	39	33	5	1
EPS	0.29	0.22	0.36	0.59	0.38	0.28	0.43	0.49	0.39	0.32	0.05	0.01
Key Financials TTM
Total Revenue TTM	1,220	1,303	1,342	1,411	1,465	1,519	1,511	1,396	1,190	993	838	711
Ebitda TTM	503	544	570	620	655	688	691	555	349	153	13	-116
Operating Income TTM	333	392	415	470	523	575	557	427	238	62	-46	-85
Net Income TTM	134	144	150	157	151	154	161	126	78	22	-14	-21
Growth Rates Quarterly
Total Revenue Growth	-24.4%	-12.5%	-17.5%	-12.8%	-13.8%	2.8%	40.8%	96.8%	100.3%	104.4%	83.3%	15.3%
EBITDA Growth	-27.8%	-23.2%	-26.8%	-16.7%	-18.3%	-2.6%	260.2%	15611.7%	1204.4%	573.6%	168.0%	-88.6%
Operating Income Growth	-57.3%	-28.8%	-35.2%	-29.0%	-33.6%	28.0%	471.5%	2501.5%	825.6%	241.5%	351.7%	46.3%
Net Income Growth	-28.7%	-23.3%	-16.2%	12.0%	-9.5%	-21.1%	663.7%	5391.3%	324.9%	1237.4%	386.4%	-97.0%
Margins Quarterly
EBITDA Margin	41.2%	31.9%	42.1%	47.4%	43.2%	36.3%	47.5%	49.6%	45.5%	38.3%	18.6%	0.6%
Operating Income Margin	17.1%	21.2%	31.3%	35.3%	30.3%	26.1%	39.9%	43.3%	39.3%	20.9%	9.8%	-3.6%
Net Income Margin	9.8%	7.4%	10.4%	15.0%	10.4%	8.4%	10.2%	11.6%	9.9%	10.9%	1.9%	0.4%
Cash & Debt
Total Cash	718	744	755	661	653	511	451	461	520	430	376	332
Total Debt	66	67	77	80	227	242	311	464	610	621	665	648
Net Debt / (Cash)	-652	-677	-678	-581	-425	-269	-140	3	90	191	289	316
Cash Flows Quarterly
FCF from Operations	61	116	161	130	134	136	204	155	144	68	2	-15
Cash Flows TTM
FCF from Operations TTM	467	541	561	605	630	640	572	370	199	87	46	83
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	60	57	-0	0	4	3	33	15	10	5	-0	5
Return on Invested Capital (ROIC) Quarterly
ROIC	78.2%	98.4%	145.5%	141.2%	77.2%	47.8%	73.1%	71.6%	55.3%	20.3%	8.2%	-3.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	148.1%	166.3%	152.3%	127.1%	98.3%	83.0%	66.8%	42.3%	21.3%	5.1%	-3.4%	-9.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Tankers	1,364	1,063	542	886	944
Marine Services and Other	101	127	140
Teekay Parent - Offshore Production				109	211
Teekay Parent - Other				151	203
Elimination					-14
Teekay LNG - Conventional Tankers					7
Teekay LNG - Liquefied Gas Carriers					595
Total	1,465	1,190	683	1,146	1,945

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Tankers	536	256	-194	142	124
Marine Services and Other	-4	-10	9
Teekay Parent - Offshore Production				-38	-208
Teekay Parent - Other				-33	-11
Elimination					0
Teekay LNG - Conventional Tankers					-1
Teekay LNG - Liquefied Gas Carriers					301
Total	532	246	-185	70	204

Assets by Segment

$ Mil	2024	2021	2020
Tankers	1,508	1,743	2,141
Cash and cash equivalents	480	129	353
Short-term investments	173
Marine Services and Other	36
Eliminations	-0	5	-15
Other assets not allocated		126	103
Teekay Parent - Offshore Production		31	161
Teekay Parent - Other		57	80
Total assets - discontinued operations		4,866
Teekay LNG - Liquefied Gas Carriers			5,249
Total	2,197	6,956	8,073

Price Behavior

Price Behavior

Market Price	$9.11
Market Cap ($ Bil)	0.8
First Trading Date	07/20/1995
Distance from 52W High	-13.2%
	50 Days	200 Days
DMA Price	$9.43	$7.82
DMA Trend	up	up
Distance from DMA	-3.4%	16.5%
	3M	1YR
Volatility	30.1%	36.0%
Downside Capture	12.03	-6.61
Upside Capture	38.93	36.09
Correlation (SPY)	11.2%	24.2%

TK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.10	0.41	0.40	0.03	0.43	0.52
Up Beta	-0.14	0.19	0.45	0.73	0.52	0.51
Down Beta	1.12	0.48	0.29	-0.17	0.75	0.65
Up Capture	33%	108%	84%	25%	29%	30%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	26	34	65	130	382
Down Capture	-18%	-3%	10%	-69%	-24%	56%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	16	28	59	114	354

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of TK With Other Asset Classes (Last 1Y)
	TK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	64.7%	10.0%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	36.0%	24.4%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	1.44	0.34	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		37.0%	24.2%	12.6%	37.4%	16.6%	7.9%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of TK With Other Asset Classes (Last 5Y)
	TK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	35.0%	21.8%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	42.4%	26.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.84	0.75	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		46.2%	22.6%	13.0%	34.7%	13.3%	8.5%

Based On 10-Year Data

		Comparison of TK With Other Asset Classes (Last 10Y)
	TK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-2.8%	8.0%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	61.6%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.23	0.32	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		47.7%	33.7%	1.7%	36.2%	23.7%	6.5%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	2,643,981
Short Interest: % Change Since 11302025	13.0%
Average Daily Volume	604,431
Days-to-Cover Short Interest	4.37
Basic Shares Quantity	86,865,125
Short % of Basic Shares	3.0%

Returns Analyses

	Title
0	With Teekay Stock Sliding, Have You Assessed The Risk?

SEC Filings

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Report Date	Filing Date	Filing
6302025	8012025	6-K 6/30/2025
12312024	3142025	20-F 12/31/2024
9302024	11012024	6-K 9/30/2024
6302024	8022024	6-K 6/30/2024
3312024	5102024	6-K 3/31/2024
12312023	3152024	20-F 12/31/2023
9302023	11032023	6-K 9/30/2023
6302023	8042023	6-K 6/30/2023
3312023	5122023	6-K 3/31/2023
12312022	3312023	20-F 12/31/2022
9302022	11042022	6-K 9/30/2022
6302022	8052022	6-K 6/30/2022
3312022	5122022	6-K 3/31/2022
12312021	4062022	20-F 12/31/2021
9302021	11102021	6-K 9/30/2021
6302021	8132021	6-K 6/30/2021

Insider Activity

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External Quote Links

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Teekay (TK)

Market Price (12/26/2025): $9.11 | Market Cap: $791.3 MilSector: Energy | Industry: Oil & Gas Storage & Transportation

Teekay (TK)

Market Price (12/26/2025): $9.11Market Cap: $791.3 MilSector: EnergyIndustry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TK Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Teekay (TK)

Crude Oil Marine Transportation (Tankers)

Liquefied Natural Gas (LNG) Transportation (LNG Carriers)

Offshore Oil Production, Storage, and Offloading Services (FPSO Units)

Liquefied Petroleum Gas (LPG) Transportation and Other Marine Services

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Teekay (TK)

INDUSTRY: Oil & Gas Storage & Transportation

Higher Rev Chg LTM (Value for TK: -16.7%)

Higher Rev Chg 3Y Avg (Value for TK: 26.9%)

Higher Op Mgn LTM (Value for TK: 27.3%)

Higher CFO/Rev LTM (Value for TK: 38.3%)

Higher FCF/Rev LTM (Value for TK: 32.1%)

Higher Total Yield (Value for TK: 16.9%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for TK: 26.9% | 0.6x)

Higher Rev Chg LTM (Value for TK: -16.7%)

Higher Rev Chg 3Y Avg (Value for TK: 26.9%)

Higher Op Mgn LTM (Value for TK: 27.3%)

Higher CFO/Rev LTM (Value for TK: 38.3%)

Higher FCF/Rev LTM (Value for TK: 32.1%)

Higher Total Yield (Value for TK: 16.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TK: 26.9% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TK: 26.9% | 2.4x)

Higher Rev Chg LTM (Value for TK: -16.7%)

Higher Rev Chg 3Y Avg (Value for TK: 26.9%)

Higher Op Mgn LTM (Value for TK: 27.3%)

Higher CFO/Rev LTM (Value for TK: 38.3%)

Higher FCF/Rev LTM (Value for TK: 32.1%)

Higher Total Yield (Value for TK: 16.9%)

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Market Price (12/26/2025): $9.11 | Market Cap: $791.3 Mil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (12/26/2025): $9.11
Market Cap: $791.3 Mil
Sector: Energy
Industry: Oil & Gas Storage & Transportation