Teekay (TK)
Market Price (7/8/2026): $10.71 | Market Cap: $930.3 MilSector: Energy | Industry: Oil & Gas Storage & Transportation
Teekay (TK)
Market Price (7/8/2026): $10.71Market Cap: $930.3 MilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 42% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -70% Attractive cash flow generationCFO/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% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg QQuarterly Revenue Change % is -24% Key risksTK key risks include [1] its significant revenue concentration from a limited number of key customers. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 42% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -70% |
| Attractive cash flow generationCFO/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% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more. |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg QQuarterly Revenue Change % is -24% |
| Key risksTK key risks include [1] its significant revenue concentration from a limited number of key customers. |
Qualitative Assessment
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Updated on 7/7/2026
Teekay (TK) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Anticipated decline in future earnings for the tanker subsidiary. Teekay Tankers (TNK), a significant operating segment of Teekay, is projected to experience a substantial decrease in earnings per share (EPS) in the next fiscal year. Analysts estimate TNK's EPS to decline by 46.55%, from $13.75 per share to $7.35 per share. This forward-looking negative earnings outlook for its primary business segment likely contributed to the decline in Teekay's stock.
2. Concerns regarding capital allocation and limited shareholder returns beyond special dividends. Despite Teekay Tankers reporting strong adjusted net income of $128.3 million, or $3.69 per share, in fiscal Q1 2026 and a positive outlook for fiscal Q2 2026, at least one analyst downgraded TNK to a "Hold" rating in June 2026. The rationale highlighted that shareholder returns, beyond a $1.00 special dividend declared in May 2026, remained limited as management prioritized a fleet renewal plan over higher direct payouts, despite the subsidiary holding nearly $1 billion in cash and no debt at the end of fiscal Q1 2026. This capital allocation strategy, while aiming for long-term benefits, may have disappointed investors seeking more immediate and consistent returns.
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Teekay (TK) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Anticipated decline in future earnings for the tanker subsidiary. Teekay Tankers (TNK), a significant operating segment of Teekay, is projected to experience a substantial decrease in earnings per share (EPS) in the next fiscal year. Analysts estimate TNK's EPS to decline by 46.55%, from $13.75 per share to $7.35 per share. This forward-looking negative earnings outlook for its primary business segment likely contributed to the decline in Teekay's stock.
2. Concerns regarding capital allocation and limited shareholder returns beyond special dividends. Despite Teekay Tankers reporting strong adjusted net income of $128.3 million, or $3.69 per share, in fiscal Q1 2026 and a positive outlook for fiscal Q2 2026, at least one analyst downgraded TNK to a "Hold" rating in June 2026. The rationale highlighted that shareholder returns, beyond a $1.00 special dividend declared in May 2026, remained limited as management prioritized a fleet renewal plan over higher direct payouts, despite the subsidiary holding nearly $1 billion in cash and no debt at the end of fiscal Q1 2026. This capital allocation strategy, while aiming for long-term benefits, may have disappointed investors seeking more immediate and consistent returns.
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Updated on 7/7/2026
Teekay (TK) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Anticipated decline in future earnings for the tanker subsidiary. Teekay Tankers (TNK), a significant operating segment of Teekay, is projected to experience a substantial decrease in earnings per share (EPS) in the next fiscal year. Analysts estimate TNK's EPS to decline by 46.55%, from $13.75 per share to $7.35 per share. This forward-looking negative earnings outlook for its primary business segment likely contributed to the decline in Teekay's stock.
2. Concerns regarding capital allocation and limited shareholder returns beyond special dividends. Despite Teekay Tankers reporting strong adjusted net income of $128.3 million, or $3.69 per share, in fiscal Q1 2026 and a positive outlook for fiscal Q2 2026, at least one analyst downgraded TNK to a "Hold" rating in June 2026. The rationale highlighted that shareholder returns, beyond a $1.00 special dividend declared in May 2026, remained limited as management prioritized a fleet renewal plan over higher direct payouts, despite the subsidiary holding nearly $1 billion in cash and no debt at the end of fiscal Q1 2026. This capital allocation strategy, while aiming for long-term benefits, may have disappointed investors seeking more immediate and consistent returns.
3. Softening of tanker spot rates following peak fiscal Q2 2026 guidance. While fiscal Q1 2026 spot tanker rates were robust, averaging $61,000 per day for Suezmax and Aframax/LR2 tankers, and initial guidance for fiscal Q2 2026 indicated even higher record rates (e.g., Suezmax tankers booked at $121,800 per day) due to geopolitical disruptions, reports indicated that these rates had softened considerably since the Q2 guidance was first issued. The moderation from these record highs introduced uncertainty regarding the sustainability of the exceptionally strong earnings environment for Teekay Tankers, thereby impacting the sentiment around the parent company, Teekay.
4. Overall lower analyst sentiment for Teekay compared to its peers. Teekay (TK) currently holds a consensus "Hold" rating from analysts, with a consensus rating score of 2.00. This score is lower than the average consensus rating score of 2.39 for other companies within the "energy" sector, indicating a comparatively less favorable view of Teekay's prospects by the broader analyst community.
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Teekay (TK) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Anticipated decline in future earnings for the tanker subsidiary. Teekay Tankers (TNK), a significant operating segment of Teekay, is projected to experience a substantial decrease in earnings per share (EPS) in the next fiscal year. Analysts estimate TNK's EPS to decline by 46.55%, from $13.75 per share to $7.35 per share. This forward-looking negative earnings outlook for its primary business segment likely contributed to the decline in Teekay's stock.
2. Concerns regarding capital allocation and limited shareholder returns beyond special dividends. Despite Teekay Tankers reporting strong adjusted net income of $128.3 million, or $3.69 per share, in fiscal Q1 2026 and a positive outlook for fiscal Q2 2026, at least one analyst downgraded TNK to a "Hold" rating in June 2026. The rationale highlighted that shareholder returns, beyond a $1.00 special dividend declared in May 2026, remained limited as management prioritized a fleet renewal plan over higher direct payouts, despite the subsidiary holding nearly $1 billion in cash and no debt at the end of fiscal Q1 2026. This capital allocation strategy, while aiming for long-term benefits, may have disappointed investors seeking more immediate and consistent returns.
3. Softening of tanker spot rates following peak fiscal Q2 2026 guidance. While fiscal Q1 2026 spot tanker rates were robust, averaging $61,000 per day for Suezmax and Aframax/LR2 tankers, and initial guidance for fiscal Q2 2026 indicated even higher record rates (e.g., Suezmax tankers booked at $121,800 per day) due to geopolitical disruptions, reports indicated that these rates had softened considerably since the Q2 guidance was first issued. The moderation from these record highs introduced uncertainty regarding the sustainability of the exceptionally strong earnings environment for Teekay Tankers, thereby impacting the sentiment around the parent company, Teekay.
4. Overall lower analyst sentiment for Teekay compared to its peers. Teekay (TK) currently holds a consensus "Hold" rating from analysts, with a consensus rating score of 2.00. This score is lower than the average consensus rating score of 2.39 for other companies within the "energy" sector, indicating a comparatively less favorable view of Teekay's prospects by the broader analyst community.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -5.2% change in TK stock from 3/31/2026 to 7/7/2026 was primarily driven by a -5.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.29 | 10.71 | -5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,220 | 1,220 | 0.0% |
| Net Income Margin (%) | 11.0% | 11.0% | 0.0% |
| P/E Multiple | 7.3 | 7.0 | -5.2% |
| Shares Outstanding (Mil) | 87 | 87 | 0.0% |
| Cumulative Contribution | -5.2% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| TK | -5.2% | |
| Market (SPY) | 15.0% | 3.5% |
| Sector (XLE) | -10.8% | 2.5% |
Fundamental Drivers
The 28.2% change in TK stock from 12/31/2025 to 7/7/2026 was primarily driven by a 28.2% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.35 | 10.71 | 28.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,220 | 1,220 | 0.0% |
| Net Income Margin (%) | 11.0% | 11.0% | 0.0% |
| P/E Multiple | 5.4 | 7.0 | 28.2% |
| Shares Outstanding (Mil) | 87 | 87 | 0.0% |
| Cumulative Contribution | 28.2% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| TK | 28.2% | |
| Market (SPY) | 9.9% | 14.9% |
| Sector (XLE) | 23.0% | 4.5% |
Fundamental Drivers
The 59.6% change in TK stock from 6/30/2025 to 7/7/2026 was primarily driven by a 59.6% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.71 | 10.71 | 59.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,220 | 1,220 | 0.0% |
| Net Income Margin (%) | 11.0% | 11.0% | 0.0% |
| P/E Multiple | 4.4 | 7.0 | 59.6% |
| Shares Outstanding (Mil) | 87 | 87 | 0.0% |
| Cumulative Contribution | 59.6% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| TK | 59.6% | |
| Market (SPY) | 22.0% | 13.1% |
| Sector (XLE) | 31.9% | 10.6% |
Fundamental Drivers
The 150.8% change in TK stock from 6/30/2023 to 7/7/2026 was primarily driven by a 108.7% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.27 | 10.71 | 150.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,396 | 1,220 | -12.6% |
| Net Income Margin (%) | 9.0% | 11.0% | 21.2% |
| P/E Multiple | 3.3 | 7.0 | 108.7% |
| Shares Outstanding (Mil) | 99 | 87 | 13.4% |
| Cumulative Contribution | 150.8% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| TK | 150.8% | |
| Market (SPY) | 74.6% | 18.6% |
| Sector (XLE) | 47.1% | 29.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TK Return | 46% | 45% | 57% | 11% | 48% | 25% | 585% |
| Peers Return | -5% | 166% | 41% | -15% | 37% | 60% | 568% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| TK Win Rate | 67% | 75% | 50% | 42% | 58% | 57% | |
| Peers Win Rate | 45% | 72% | 53% | 33% | 68% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| TK Max Drawdown | -36% | -28% | -20% | -29% | -25% | -24% | |
| Peers Max Drawdown | -40% | -27% | -29% | -40% | -29% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | TK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.9% | -18.8% |
| % Gain to Breakeven | 19.0% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.2% | -7.8% |
| % Gain to Breakeven | 12.6% | 8.5% |
| Time to Breakeven | 20 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.0% | -24.5% |
| % Gain to Breakeven | 26.5% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.7% | -33.7% |
| % Gain to Breakeven | 63.2% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -51.8% | -19.2% |
| % Gain to Breakeven | 107.6% | 23.8% |
| Time to Breakeven | 1662 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -30.5% | -3.7% |
| % Gain to Breakeven | 44.0% | 3.9% |
| Time to Breakeven | 12 days | 6 days |
In The Past
Teekay's stock fell -15.9% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% gain to breakeven.
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Asset Allocation
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| Event | TK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.0% | -24.5% |
| % Gain to Breakeven | 26.5% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.7% | -33.7% |
| % Gain to Breakeven | 63.2% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -51.8% | -19.2% |
| % Gain to Breakeven | 107.6% | 23.8% |
| Time to Breakeven | 1662 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -30.5% | -3.7% |
| % Gain to Breakeven | 44.0% | 3.9% |
| Time to Breakeven | 12 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.0% | -17.9% |
| % Gain to Breakeven | 37.0% | 21.8% |
| Time to Breakeven | 147 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -77.9% | -53.4% |
| % Gain to Breakeven | 352.9% | 114.4% |
| Time to Breakeven | 1763 days | 1085 days |
In The Past
Teekay's stock fell -15.9% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Teekay (TK)
Teekay Corporation (symbol: TK) is a global leader in international marine transportation services. The company specializes in moving crude oil and various other marine products across the world's oceans. Essentially, Teekay facilitates the global trade and distribution of essential energy and raw materials through its extensive maritime operations.
The core of Teekay's business involves a comprehensive suite of services. This includes ship-to-ship transfer services for oil, gas, and dry bulk, as well as lightering and lightering support operations. Additionally, Teekay provides operational and maintenance marine services and engages in offshore production services. As of early 2022, the company managed a substantial fleet of approximately 55 vessels to execute these operations.
Teekay serves a diverse and critical client base that relies heavily on efficient marine transport. Its primary customers include energy and utility companies, major oil traders, large oil consumers, and petroleum product producers. The company also provides services to government agencies and a wide array of other entities that depend on reliable maritime logistics for their operations.
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- Maersk for crude oil and gas shipping
- Kinder Morgan of the oceans
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- Marine Transportation Services: International transportation of crude oil and other marine cargo worldwide.
- Ship-to-Ship Transfer Services: A comprehensive suite of services for transferring cargo between vessels, including lightering, across the oil, gas, and dry bulk industries.
- Operational and Maintenance Marine Services: Provides operational and maintenance support for marine assets and activities.
- Offshore Production Services: Delivers services specifically related to offshore oil and gas production facilities.
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Kenneth Hvid, President and Chief Executive Officer
Kenneth Hvid has served as President and Chief Executive Officer of Teekay Corporation since 2017 and joined the board of directors in 2019. He also assumed the role of President and Chief Executive Officer of Teekay Tankers Ltd. in August 2024. Mr. Hvid has more than 35 years of global shipping experience, including 12 years with A.P. Moller. Prior to his current role, he served as Teekay Corporation Ltd.'s Chief Strategy Officer and Executive Vice President from 2011 to 2015, and as President and Chief Executive Officer of Teekay Offshore Group Ltd. from 2015 to 2016.
Brody Speers, Chief Financial Officer
Brody Speers was appointed as Chief Financial Officer of Teekay Corporation and Teekay Tankers Ltd. in August 2024. Before this appointment, he held several senior financial positions within Teekay, including Vice President, Finance of Teekay Corporation since 2018 and Treasurer of Teekay Corporation since 2022. He also served as Chief Financial Officer of Teekay Gas Group Ltd. in 2017 and 2018. Mr. Speers joined Teekay in 2008, and prior to that, he worked as a Chartered Professional Accountant for an accounting firm in Vancouver, Canada.
Anne Liversedge, General Counsel & Company Secretary
Anne Liversedge serves as the General Counsel and Company Secretary for Teekay Corporation.
Mikkel Seidelin, Chief Commercial Officer (Teekay Tankers Ltd.)
Mikkel Seidelin was appointed Chief Commercial Officer of Teekay Tankers Ltd. in August 2024. He joined Teekay in 2003 and has held various commercial functions across the globe, including Pool Manager for Taurus Tankers (LR2) and Chartering Director for Teekay Tankers Ltd.'s Suezmax business. He previously served as Head of Chartering & Commercial Operations for Teekay Tankers since 2023.
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Here are the key risks to Teekay Corporation's business:
- Volatility of the Tanker Industry and Oil Markets: Teekay Corporation's earnings are highly sensitive to the cyclical nature of the tanker industry and global oil market volatility. Approximately 93.1% of its 2025 tanker revenues came from spot trading and revenue sharing arrangements, making profitability highly susceptible to changes in global oil demand, supply, and freight rates. High oil prices, for instance, could negatively impact tanker freight rates.
- Geopolitical and Regulatory Risks: The company faces significant exposure to geopolitical conflicts, such as the Russia-Ukraine war and Middle East instability, which can lead to unpredictable changes in shipping routes, increased costs, and disruptions to oil trade flows. Additionally, environmental regulations and increasing ESG expectations pose a risk, potentially requiring substantial capital outlays for fleet upgrades or new, compliant vessels. Sanctions and piracy are also ongoing concerns.
- Fleet Age and Renewal Costs: A significant portion of Teekay's fleet, approximately 65%, is 15 years or older as of March 2026, indicating a need for substantial future capital expenditure on fleet renewal. This implies significant spending and execution risks related to newbuilding and second-hand vessel availability, prices, market conditions, and access to financing, which could constrain future financial flexibility.
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The global energy transition and decarbonization efforts, which are leading to a decreasing long-term demand for crude oil and petroleum products, directly threaten Teekay's core business of international crude oil marine transportation services.
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Teekay Corporation operates in several key marine transportation and offshore services markets globally. The addressable market sizes for its main products and services are as follows:
International Crude Oil and Other Marine Transportation Services
- Global Tanker Shipping Market: The global tanker shipping market size was estimated at approximately USD 209.4 billion in 2024 and is projected to grow to USD 345.2 billion by 2035. This market encompasses the transport of various liquid cargoes, including crude oil, refined petroleum products, chemicals, and liquefied natural gas (LNG).
- Global Crude Oil Carrier Market: Within the broader tanker shipping market, the global crude oil carrier market was valued at USD 257.37 billion in 2024 and is expected to reach approximately USD 357.68 billion by 2032.
- Global Chemical Tanker Shipping Market: The global chemical tanker shipping market was estimated at USD 34.65 billion in 2023 and is projected to reach USD 46.14 billion by 2030.
- Global Dry Bulk Shipping Market: The global dry bulk shipping market size was estimated at USD 168.5 billion in 2025 and is expected to grow to USD 249.8 billion in 2035.
Ship-to-Ship Transfer Services
- Global Ship-to-Ship Transfer Service Market: This market, which includes lightering operations, is expected to be worth around USD 1.4 billion in 2024, with projections to reach approximately USD 2.5 billion by 2034. Lightering operations, specifically, are a significant component, dominating the market with an estimated share of 74.6% in 2025.
Operational and Maintenance Marine, and Offshore Production Services
- Global Offshore Oilfield Services Market: The global offshore oilfield services market is estimated at USD 45.46 billion in 2026 and is projected to grow to USD 63.13 billion by 2031. This market includes services such as drilling, completion, production, and intervention.
- Global Subsea and Offshore Services Market: The global subsea and offshore services market was valued at approximately USD 12 billion in 2023 and is projected to reach around USD 20 billion by 2032. This market covers inspection, maintenance, repair (IMR), subsea construction, subsea engineering, and subsea surveys.
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Teekay Corporation (TK) is expected to drive future revenue growth over the next 2-3 years primarily through the performance and strategic initiatives of its consolidated subsidiary, Teekay Tankers Ltd. (TNK), under which Teekay Corporation's operations have been largely integrated.
The key drivers of future revenue growth for Teekay (through Teekay Tankers) include:
- Sustained Strong Spot Tanker Market: The resilience of the spot tanker market, driven by increased global oil demand, firm tonne-mile demand, and limited fleet supply growth, is a significant revenue driver. Geopolitical shifts and tighter sanctions are expected to continue redirecting oil volumes to compliant fleets, thereby supporting robust spot rates, particularly for mid-size crude tankers (Aframaxes and Suezmaxes). Global oil demand is projected to increase by 1.1 million barrels per day in 2026, consistent with prior years, further boosting tanker demand.
- Fleet Renewal and Strategic Acquisitions: Teekay Tankers' ongoing strategy of modernizing its fleet through targeted acquisitions of newer vessels and the opportunistic sale of older tonnage is anticipated to enhance its market position and operational efficiency. This strategic approach positions the company to capitalize on market opportunities, especially given the aging global tanker fleet.
- Enhanced Operational Efficiency and Reduced Breakeven Costs: The consolidation of operations under Teekay Tankers, completed by the end of 2024, aims to create a streamlined, integrated shipping platform for enhanced operational efficiency. Furthermore, the company has significantly reduced its free cash flow breakeven to approximately $11,300 per day from $21,300 per day in 2022, allowing for increased profitability even in less favorable market conditions.
- Increased Oil Production and Trade: Projections for increased global oil demand and non-OPEC+ supply growth, particularly from the Americas, are expected to lead to meaningful growth in mid-size tanker demand. The shift in Venezuelan crude exports to compliant tankers also contributes to increased tonne-mile demand and, consequently, revenue growth opportunities.
- Financial Strength and Investment Capacity: Teekay Tankers' strong balance sheet, characterized by a significant cash position and no debt, provides considerable financial flexibility and investment capacity. This enables the company to pursue accretive growth opportunities quickly and efficiently within the dynamic tanker market, further supporting future revenue expansion.
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Capital Allocation Decisions for Teekay Corporation (TK)
Share Repurchases
- Teekay Corporation completed a $30 million share repurchase program, announced in August 2022, by March 2023.
- From August 2022 to September 2024, Teekay repurchased a total of 14.97 million common shares for $84.4 million at an average price of $5.64 per share.
- In October 2024, Teekay's Board of Directors authorized a new share repurchase program of up to $40.0 million of its outstanding common shares. As of May 2025, approximately $28.1 million remained from this program, with $4.2 million worth of shares having been repurchased.
Share Issuance
- Teekay Corporation has generally reduced its number of outstanding shares over the past few years, indicating share repurchases rather than issuances.
- The number of shares outstanding decreased from 0.104 billion in December 2022 to 0.093 billion in December 2024, and further to 86.897 million by March 2026.
Outbound Investments
- In January 2022, Teekay completed the sale of its Teekay Gas Business to Stonepeak Partners L.P. and Seapeak.
- In December 2024, Teekay Corporation completed the sale of Teekay Australia for $65.0 million plus a working capital adjustment of $15.9 million, and all remaining management services companies for $17.3 million, to its subsidiary Teekay Tankers, totaling $92.2 million in consideration. These transactions were part of a multi-year effort to simplify the Teekay Group, positioning Teekay Tankers as the sole operating platform.
Capital Expenditures
- Teekay's capital allocation strategy is driven by a fleet renewal plan, particularly within its subsidiary Teekay Tankers.
- Teekay Tankers made significant investments in fleet renewal, including acquiring a modern 2017-built Suezmax tanker and the remaining 50% ownership in the Hong Kong Spirit VLCC tanker in Q3 2025.
- In Q2 2023, Teekay Tankers exercised purchase options on four sale-leaseback vessels for $57 million, bringing total repurchases to 19 vessels for $365 million since March 2023, aimed at reducing interest expense and improving debt flexibility. Additionally, in January and February 2026, Teekay Tankers acquired 6 vessels for $300 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| With Teekay Stock Sliding, Have You Assessed The Risk? | 10/17/2025 | |
| TK Dip Buy Analysis | 07/10/2025 | |
| Time To Buy Teekay Stock? | 05/16/2025 | |
| Teekay (TK) Valuation Ratios Comparison | 05/15/2025 | |
| Teekay Total Shareholder Return (TSR): 21.0% in 2024 and 40.2% 3-yr compounded annual returns (above peer average) | 03/07/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.31 |
| Mkt Cap | 2.6 |
| Rev LTM | 996 |
| Op Inc LTM | 318 |
| FCF LTM | 80 |
| FCF 3Y Avg | 273 |
| CFO LTM | 410 |
| CFO 3Y Avg | 443 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.7% |
| Rev Chg 3Y Avg | -3.6% |
| Rev Chg Q | 51.7% |
| QoQ Delta Rev Chg LTM | 12.1% |
| Op Inc Chg LTM | 22.2% |
| Op Inc Chg 3Y Avg | -4.6% |
| Op Mgn LTM | 34.5% |
| Op Mgn 3Y Avg | 32.5% |
| QoQ Delta Op Mgn LTM | 8.7% |
| CFO/Rev LTM | 42.0% |
| CFO/Rev 3Y Avg | 44.5% |
| FCF/Rev LTM | 8.1% |
| FCF/Rev 3Y Avg | 23.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tankers | 824 | 1,106 | 1,364 | 1,063 | 542 |
| Marine Services and Other | 126 | 114 | 101 | ||
| Elimination | 0 | ||||
| Teekay Parent - Offshore Production | 27 | 48 | |||
| Teekay Parent - Other | 100 | 92 | |||
| Total | 950 | 1,220 | 1,465 | 1,190 | 683 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tankers | 299 | 365 | 536 | 256 | -194 |
| Marine Services and Other | 3 | -0 | -4 | -14 | |
| Elimination | 0 | ||||
| Teekay Parent - Offshore Production | 4 | 36 | |||
| Teekay Parent - Other | -27 | ||||
| Total | 303 | 365 | 532 | 246 | -185 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tankers | 1,342 | 1,417 | 1,508 | 1,603 | 1,568 |
| Cash and cash equivalents | 941 | 685 | 480 | 310 | 109 |
| Marine Services and Other | 46 | 41 | 36 | 44 | 17 |
| Short-term investments | 32 | 10 | 173 | 210 | |
| Eliminations | -0 | -2 | -4 | ||
| Other assets not allocated | 17 | ||||
| Teekay Parent - Offshore Production | 21 | ||||
| Total assets - discontinued operations | 4,804 | ||||
| Total | 2,360 | 2,153 | 2,197 | 2,165 | 6,532 |
Price Behavior
Price Behavior
| Market Price | $10.71 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 07/20/1995 | |
| Distance from 52W High | -18.2% | |
| 50 Days | 200 Days | |
| DMA Price | $11.90 | $10.09 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -10.0% | 6.1% |
| 3M | 1YR | |
| Volatility | 42.0% | 36.7% |
| Downside Capture | 12.70 | -4.35 |
| Upside Capture | -18.81 | 39.21 |
| Correlation (SPY) | 5.0% | 13.1% |
TK Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.42 | -0.26 | 0.27 | 0.46 | 0.39 | 0.45 |
| Up Beta | -0.30 | 0.46 | 0.72 | 0.84 | 0.85 | 0.47 |
| Down Beta | -0.57 | -0.31 | -0.38 | 0.73 | 0.44 | 0.64 |
| Up Capture | -119% | -98% | -6% | 34% | 32% | 18% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 16 | 30 | 62 | 128 | 379 |
| Down Capture | 30% | 18% | 56% | 6% | -3% | 40% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 23 | 31 | 60 | 119 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TK | |
|---|---|---|---|---|
| TK | 49.6% | 36.8% | 1.16 | - |
| Sector ETF (XLE) | 28.7% | 20.9% | 1.11 | 10.0% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 12.5% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | 5.5% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | -2.6% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 21.2% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 10.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TK | |
|---|---|---|---|---|
| TK | 32.4% | 38.9% | 0.82 | - |
| Sector ETF (XLE) | 19.5% | 25.9% | 0.68 | 39.6% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 24.2% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 9.3% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 25.7% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 14.9% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TK | |
|---|---|---|---|---|
| TK | 8.3% | 54.7% | 0.36 | - |
| Sector ETF (XLE) | 9.3% | 29.6% | 0.36 | 47.1% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 33.9% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 0.8% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 32.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 24.4% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 7.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/13/2026 | 20-F |
| 06/30/2025 | 08/01/2025 | 6-K |
| 12/31/2024 | 03/14/2025 | 20-F |
| 09/30/2024 | 11/01/2024 | 6-K |
| 06/30/2024 | 08/02/2024 | 6-K |
| 03/31/2024 | 05/10/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 20-F |
| 09/30/2023 | 11/03/2023 | 6-K |
| 06/30/2023 | 08/04/2023 | 6-K |
| 03/31/2023 | 05/12/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 20-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/05/2022 | 6-K |
| 03/31/2022 | 05/12/2022 | 6-K |
| 12/31/2021 | 04/06/2022 | 20-F |
| 09/30/2021 | 11/10/2021 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/13/2026 | 20-F |
| 06/30/2025 | 08/01/2025 | 6-K |
| 12/31/2024 | 03/14/2025 | 20-F |
| 09/30/2024 | 11/01/2024 | 6-K |
| 06/30/2024 | 08/02/2024 | 6-K |
| 03/31/2024 | 05/10/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 20-F |
| 09/30/2023 | 11/03/2023 | 6-K |
| 06/30/2023 | 08/04/2023 | 6-K |
| 03/31/2023 | 05/12/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 20-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/05/2022 | 6-K |
| 03/31/2022 | 05/12/2022 | 6-K |
| 12/31/2021 | 04/06/2022 | 20-F |
| 09/30/2021 | 11/10/2021 | 6-K |
| 06/30/2021 | 08/13/2021 | 6-K |
| 03/31/2021 | 05/21/2021 | 6-K |
| 12/31/2020 | 04/01/2021 | 20-F |
| 09/30/2020 | 11/24/2020 | 6-K |
| 06/30/2020 | 08/27/2020 | 6-K |
| 03/31/2020 | 05/29/2020 | 6-K |
| 12/31/2019 | 04/09/2020 | 20-F |
| 09/30/2019 | 11/26/2019 | 6-K |
| 06/30/2019 | 08/12/2019 | 6-K |
| 03/31/2019 | 05/31/2019 | 6-K |
| 12/31/2018 | 04/01/2019 | 20-F |
| 09/30/2018 | 11/28/2018 | 6-K |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krediet, Rudolph | Direct | Sell | 6172026 | 11.80 | 63,042 | 744,160 | 415,117 | Form | |
| 2 | Hvid, Kenneth | President and CEO | Direct | Sell | 6122026 | 12.04 | 6,822 | 82,146 | 1,270,368 | Form |
| 3 | Speers, Brody | Chief Financial Officer | Direct | Sell | 6122026 | 12.15 | 5,500 | 66,825 | 40,876 | Form |
| 4 | Hvid, Kenneth | President and CEO | Direct | Sell | 6122026 | 12.36 | 315,335 | 3,898,524 | 1,388,650 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krediet, Rudolph | Direct | Sell | 6172026 | 11.80 | 63,042 | 744,160 | 415,117 | Form | |
| 2 | Hvid, Kenneth | President and CEO | Direct | Sell | 6122026 | 12.04 | 6,822 | 82,146 | 1,270,368 | Form |
| 3 | Speers, Brody | Chief Financial Officer | Direct | Sell | 6122026 | 12.15 | 5,500 | 66,825 | 40,876 | Form |
| 4 | Hvid, Kenneth | President and CEO | Direct | Sell | 6122026 | 12.36 | 315,335 | 3,898,524 | 1,388,650 | Form |
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Core Cache Last Updated: 7/7/2026