Tearsheet

Teekay Tankers (TNK)

Market Price (12/26/2025): $53.91 | Market Cap: $1.9 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Teekay Tankers (TNK)

Market Price (12/26/2025): $53.91
Market Cap: $1.9 Bil
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 20%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%	Weak multi-year price returns 2Y Excs Rtn is -34%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -32%, Rev Chg QQuarterly Revenue Change % is -17%
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 -41%		Key risks TNK key risks include [1] the significant capital expenditure required for renewing its aging fleet, Show more.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%
3	Low stock price volatility Vol 12M is 41%
4	Megatrend and thematic drivers Megatrends include Global Energy Supply Chains. Themes include Crude Oil Transportation, Maritime Energy Logistics, and Global Petroleum Trade Infrastructure.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%
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 -41%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%
3	Low stock price volatility Vol 12M is 41%
4	Megatrend and thematic drivers Megatrends include Global Energy Supply Chains. Themes include Crude Oil Transportation, Maritime Energy Logistics, and Global Petroleum Trade Infrastructure.
5	Weak multi-year price returns 2Y Excs Rtn is -34%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -32%, Rev Chg QQuarterly Revenue Change % is -17%
7	Key risks TNK key risks include [1] the significant capital expenditure required for renewing its aging fleet, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$53.91	$38.10	$45.68	$27.01	$9.56
Market Cap CYE ($ Bil)	1.9	1.3	1.6	0.9	0.3
Total Debt ($ Bil)	0.0	0.1	0.2	0.6	0.7
Total Cash ($ Bil)	0.8	0.5	0.4	0.2	0.1
Enterprise Value ($ Bil)	1.1	1.4	1.8	1.5	1.0
Valuation Ratios
P/S TTM	2.0	1.1	1.2	0.9	0.7
P/EBIT TTM	6.0	3.3	3.0	3.8	-1.8
P/E TTM	6.0	3.4	3.3	4.4	-1.5
P/FCF TTM	20.7	3.5	2.7	5.7	-2.9
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	$53.91	$38.10	$45.68
Market Cap CYE ($ Bil)	1.9	1.3	1.6
Total Debt ($ Bil)	0.0	0.1	0.2
Total Cash ($ Bil)	0.8	0.5	0.4
Enterprise Value ($ Bil)	1.1	1.4	1.8
Valuation Ratios
P/S TTM	2.0	1.1	1.2
P/EBIT TTM	6.0	3.3	3.0
P/E TTM	6.0	3.4	3.3
P/FCF TTM	20.7	3.5	2.7
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

	TNK	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	1.0
Rev Chg Q	-16.5%	7.3%
Rev Chg LTM	-31.7%	6.1%
Rev Chg 3Y Avg	12.8%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	18.2%	18.8%
CFO/Rev LTM	29.7%	20.4%
Net Inc Mgn	32.9%	13.1%
VALUATION	LOW
P/S	2.0	3.3
P/CFO	6.6	15.8
P/FCF	20.7	20.7
P/E	6.0	23.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.21
Cash/Assets	0.38	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Owned Fleet Size	34	9302025	Link
Suezmax Tankers Owned	17	9302025	Link
Aframax / LR2 Tankers Owned	16	9302025	Link
VLCC Tankers (50% owned)	1	9302025	Link
Time Chartered-in Vessels	3	9302025	Link
Average Fleet Age	Over 15 years	12162024	Link
Suezmax Spot TCE per Revenue Day	28386	12312024	Link
Aframax / LR2 Spot TCE per Revenue Day	30488	12312024	Link

Upcoming
2/18/2026	Earnings Release	Rev: - EPS: -

TNK Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

The stock of Teekay Tankers (TNK) experienced movement in the approximate time period from August 31, 2025, to December 26, 2025, influenced by a combination of factors including strong earnings, strategic fleet management, and favorable market conditions.

1. Strong Q3 2025 Earnings Report: Teekay Tankers reported robust third-quarter 2025 results on October 29, 2025, with a GAAP net income of $92.1 million, or $2.66 per share, which was the highest quarterly performance in the past twelve months. The adjusted net income was $53.3 million, or $1.54 per share, surpassing analyst estimates. The company's revenue of $229.02 million also exceeded consensus estimates. This strong financial performance was largely driven by high spot tanker rates and gains from vessel sales.

2. Favorable Tanker Market Conditions: The global oil shipping and tanker market experienced extraordinary dynamism as of October 2025, characterized by surging freight rates and record volumes of oil in transit. Geopolitical disruptions and new sanctions targeting oil exports led to longer shipping routes, significantly increasing "tonne-mile" demand and tying up more vessels. Very Large Crude Carriers (VLCCs) and Suezmax and Aframax markets showed strong performance, with spot rates remaining well above historical averages. Analysts anticipated a strong winter for the tanker market due to increased seaborne crude oil trade volumes and market inefficiencies.

Show more The stock of Teekay Tankers (TNK) experienced movement in the approximate time period from August 31, 2025, to December 26, 2025, influenced by a combination of factors including strong earnings, strategic fleet management, and favorable market conditions.

1. Strong Q3 2025 Earnings Report: Teekay Tankers reported robust third-quarter 2025 results on October 29, 2025, with a GAAP net income of $92.1 million, or $2.66 per share, which was the highest quarterly performance in the past twelve months. The adjusted net income was $53.3 million, or $1.54 per share, surpassing analyst estimates. The company's revenue of $229.02 million also exceeded consensus estimates. This strong financial performance was largely driven by high spot tanker rates and gains from vessel sales.

2. Favorable Tanker Market Conditions: The global oil shipping and tanker market experienced extraordinary dynamism as of October 2025, characterized by surging freight rates and record volumes of oil in transit. Geopolitical disruptions and new sanctions targeting oil exports led to longer shipping routes, significantly increasing "tonne-mile" demand and tying up more vessels. Very Large Crude Carriers (VLCCs) and Suezmax and Aframax markets showed strong performance, with spot rates remaining well above historical averages. Analysts anticipated a strong winter for the tanker market due to increased seaborne crude oil trade volumes and market inefficiencies.

3. Strategic Fleet Management and Sales: Teekay Tankers engaged in strategic fleet renewal, acquiring a modern Suezmax tanker and the remaining 50% interest in a VLCC. Concurrently, the company sold five vessels, generating combined gross proceeds of $158.5 million and an estimated book gain of approximately $47.5 million in Q3 and Q4 2025. This fleet optimization aimed to capitalize on attractive rates and enhance operational efficiency.

4. Dividend Declarations: The company consistently declared fixed cash dividends. For the quarter ended September 30, 2025, a dividend of $0.25 per share was declared, payable on November 21, 2025, to shareholders of record as of November 10, 2025. Additionally, a fixed cash dividend of $0.25 per share was declared for the quarter ended June 30, 2025, payable on August 22, 2025. Earlier in the year, for Q1 2025, a fixed cash dividend of $0.25 per share along with a special cash dividend of $1.00 per share was announced, payable on May 30, 2025. These regular and special dividends reflected strong company performance and a commitment to shareholder returns.

5. Positive Analyst Sentiment and Technical Indicators: Analysts maintained a "Strong Buy" or "Buy" consensus rating for Teekay Tankers stock during this period, with an average price target that implied a significant increase in the stock price. As of December 23, 2025, TNK shares crossed above their 200-day moving average, signaling a bullish technical move. Strong investor interest pushed Teekay's shares, and the company's price-to-earnings ratio increased, reflecting rising earnings and surging demand in the sector. Show less

Stock Movement Drivers

Fundamental Drivers

The 2.9% change in TNK stock from 9/25/2025 to 12/25/2025 was primarily driven by a 16.1% change in the company's Net Income Margin (%).

	9252025	12252025	Change
Stock Price ($)	52.36	53.86	2.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	997.29	951.88	-4.55%
Net Income Margin (%)	28.31%	32.87%	16.11%
P/E Multiple	6.41	5.97	-6.95%
Shares Outstanding (Mil)	34.58	34.67	-0.26%
Cumulative Contribution			2.86%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
TNK	2.9%
Market (SPY)	4.9%	16.9%
Sector (XLE)	-2.6%	30.2%

Fundamental Drivers

The 25.1% change in TNK stock from 6/26/2025 to 12/25/2025 was primarily driven by a 33.0% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	43.07	53.86	25.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1092.69	951.88	-12.89%
Net Income Margin (%)	30.28%	32.87%	8.55%
P/E Multiple	4.49	5.97	32.96%
Shares Outstanding (Mil)	34.48	34.67	-0.54%
Cumulative Contribution			25.05%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
TNK	25.1%
Market (SPY)	13.1%	16.5%
Sector (XLE)	4.4%	20.4%

Fundamental Drivers

The 41.5% change in TNK stock from 12/25/2024 to 12/25/2025 was primarily driven by a 99.8% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	38.07	53.86	41.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1393.52	951.88	-31.69%
Net Income Margin (%)	31.54%	32.87%	4.22%
P/E Multiple	2.99	5.97	99.76%
Shares Outstanding (Mil)	34.50	34.67	-0.50%
Cumulative Contribution			41.49%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
TNK	41.5%
Market (SPY)	15.8%	19.7%
Sector (XLE)	7.4%	33.2%

Fundamental Drivers

The 94.8% change in TNK stock from 12/26/2022 to 12/25/2025 was primarily driven by a 556.6% change in the company's Net Income Margin (%).

	12262022	12252025	Change
Stock Price ($)	27.64	53.86	94.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	856.10	951.88	11.19%
Net Income Margin (%)	5.01%	32.87%	556.62%
P/E Multiple	21.96	5.97	-72.82%
Shares Outstanding (Mil)	34.04	34.67	-1.85%
Cumulative Contribution			94.78%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
TNK	14.1%
Market (SPY)	48.3%	19.8%
Sector (XLE)	9.6%	34.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TNK Return	-54%	-1%	183%	69%	-17%	41%	156%
Peers Return	-46%	-4%	195%	29%	-13%	26%	114%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
TNK Win Rate	33%	33%	67%	58%	33%	67%
Peers Win Rate	33%	45%	73%	55%	37%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TNK Max Drawdown	-61%	-7%	-5%	-13%	-22%	-13%
Peers Max Drawdown	-58%	-11%	-9%	-12%	-18%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: STNG, INSW, DHT, NAT, ASC.
[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	TNK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-34.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	53.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	125 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-62.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	169.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	650 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-64.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	183.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	351 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-73.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	283.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to ENB, WMB, KMI, TRP, OKE

In The Past

Teekay Tankers's stock fell -34.9% during the 2022 Inflation Shock from a high on 5/21/2021. A -34.9% loss requires a 53.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Teekay Tankers (TNK)

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

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products. It also provides tanker commercial and technical management services. As of December 31, 2021, the company owned and leased 48 double-hull oil tankers, time-chartered in two Aframax tankers, and one LR2 tanker. Teekay Tankers Ltd. was incorporated in 2007 and is headquartered in Hamilton, Canada.

AI Analysis | Feedback

Here are 1-3 brief analogies for Teekay Tankers (TNK):

Enterprise Rent-A-Car, but for massive oil tankers.
FedEx or UPS, but moving crude oil and refined products across the world's oceans.
A landlord for global energy companies, renting out huge floating oil pipelines.

AI Analysis | Feedback

Crude Oil Shipping: Provides global marine transportation of crude oil for various customers.
Refined Petroleum Product Shipping: Offers global seaborne transportation of refined petroleum products, including gasoline, diesel, and jet fuel.

AI Analysis | Feedback

```html

Teekay Tankers Ltd. (TNK) is a marine transportation company that provides crude oil and refined product shipping services. As such, its customers are primarily other companies, not individuals.

Teekay Tankers' major customers typically include:

Major Oil Companies: Such as ExxonMobil (XOM), Shell (SHEL), BP (BP), Chevron (CVX), TotalEnergies (TTE), etc.
National Oil Companies (NOCs): Entities like Saudi Aramco (2222.SR), ADNOC, Petrobras (PBR), etc.
Oil Traders: Large trading houses that buy and sell crude oil and refined products, such as Vitol, Trafigura, Glencore (GLEN.L), Gunvor, Mercuria, etc.
Refiners: Companies that operate oil refineries and need to transport crude oil to their facilities or refined products to market.
Other Shipping Companies: Through sub-chartering arrangements.

Teekay Tankers operates on a charter basis (time charters, bareboat charters, and spot market voyages), meaning its revenue comes from the companies that charter its vessels to transport oil and refined products.

```

AI Analysis | Feedback

null

AI Analysis | Feedback

Kenneth Hvid, President and Chief Executive Officer

Kenneth Hvid was appointed President and Chief Executive Officer of Teekay Tankers Ltd. in August 2024, and also serves as President and Chief Executive Officer and a director of Teekay Corporation Ltd.. He joined Teekay Tankers' board of directors in 2017 and served as its Chair from 2019 to 2024. Mr. Hvid has over 35 years of global shipping experience, including 12 years with A.P. Moller. He joined Teekay Corporation in 2000, holding various senior roles such as Senior Vice President, Teekay Gas Services (2004), President of the Teekay Navion Shuttle Tankers and Offshore division (2006), Chief Strategy Officer and Executive Vice President (2011-2015), and President and Chief Executive Officer of Teekay Offshore Group Ltd. (2015-2016). He also served as a director of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. (now known as Seapeak LLC), from 2011 to 2015 and 2018 to 2022, and as its Chair from May 2019 until January 2022. Teekay LNG Partners L.P. was acquired by Stonepeak Infrastructure Partners in a $6.2 billion transaction in 2021, and subsequently rebranded as Seapeak.

Brody Speers, Chief Financial Officer

Brody Speers was appointed Chief Financial Officer of Teekay Tankers Ltd. and Teekay Corporation Ltd. in August 2024. Prior to this role, he held several senior financial positions within Teekay, including Vice President, Finance of Teekay Corporation Ltd. since 2018, Treasurer of Teekay Corporation Ltd. since 2022, and Chief Financial Officer of Teekay Gas Group Ltd. from 2017 to 2018. Teekay Gas Group Ltd. provided services to Teekay LNG Partners L.P. (now Seapeak LLC), which was acquired by Stonepeak Infrastructure Partners in 2021. Mr. Speers joined Teekay in 2008, and before that, he worked as a Chartered Professional Accountant for an accounting firm in Vancouver, Canada.

Mikkel Seidelin, Chief Commercial Officer

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 functions 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.

Rohit Kapoor, Ship Management

Anne Liversedge, General Counsel and Company Secretary

AI Analysis | Feedback

Here are the key risks to Teekay Tankers (TNK):

Cyclical Nature of the Tanker Industry and Volatility of Tanker Rates/Oil Demand
The profitability of Teekay Tankers is highly dependent on the cyclical nature of the international tanker market, with charter rates fluctuating significantly based on global oil demand and the supply-demand balance of vessels. A downturn in the global economy, weak oil demand growth (particularly from major consumers like China), or an oversupply of tankers can lead to lower charter rates and reduced profitability. For example, Suezmax tanker rates have been in a multi-year decline since peaking in Q4 2022. OPEC+ production policies and global economic growth directly influence these market conditions.
Geopolitical Volatility
Increased geopolitical instability and events, especially in critical shipping regions like the Middle East, pose significant risks to Teekay Tankers. Such events can raise operational risks and costs, disrupt established shipping routes (e.g., Red Sea), and impact global oil supply and demand dynamics, all of which can directly influence tanker rates and operational efficiency.
Aging Fleet, Fleet Renewal Costs, and Regulatory Environment
A substantial portion of Teekay Tankers' fleet is aged, with approximately 50% of its vessels being over 15 years old, necessitating ongoing fleet renewal efforts. This requires significant capital expenditures for vessel acquisitions or upgrades, which could increase financial leverage. Furthermore, the company faces increasing financial and operational risks due to a tightening regulatory environment, particularly concerning environmental, social, and governance (ESG) factors and emissions controls. Compliance with new regulations, such as the inclusion of the maritime industry in the European Union Emissions Trading System (EU ETS), can lead to increased operating costs, require vessels to be taken out of service for retrofitting, and potentially impact revenue-generating capacity.

AI Analysis | Feedback

The acceleration of the global energy transition away from fossil fuels, directly threatening the long-term demand for the marine transportation of crude oil and refined petroleum products.

AI Analysis | Feedback

Teekay Tankers Ltd. (TNK) operates primarily in the marine transportation of crude oil and refined petroleum products globally. Their main services include crude oil tanker services and product tanker services. The addressable markets for Teekay Tankers' main products and services are as follows:

Global Tanker Shipping Market (Crude Oil and Refined Petroleum Products Transportation): The global tanker shipping market, which encompasses the transportation of liquid cargo such as crude oil and refined petroleum products, was valued at approximately USD 237.6 billion in 2024. This market is projected to reach USD 273.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 2.9% during the forecast period from 2026 to 2032. Another estimate indicates the global tanker shipping market is projected to grow from USD 209.4 billion in 2024 to USD 345.2 billion by 2035, at a CAGR of 4.65% during the forecast period from 2025 to 2035.
Global Crude Oil Tankers Market: Teekay Tankers specializes in crude oil tanker services. The global crude oil carrier market size was estimated at USD 263.73 billion in 2024 and is projected to grow to USD 391.72 billion by 2035, exhibiting a CAGR of 3.66% during the forecast period from 2025 to 2035. Another report valued the global crude oil tankers market at approximately USD 179.86 billion in 2025, forecasted to reach USD 244.71 billion by 2034 with a CAGR of about 3.48%.
Product Tanker Services: null
Ship-to-Ship Transfer Services: null
Commercial and Technical Management: null

AI Analysis | Feedback

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

Strong Tanker Market Fundamentals and Rising Global Oil Demand: Teekay Tankers is poised to benefit from an anticipated increase in global oil demand. The International Energy Agency (IEA) projects global oil demand to grow by 0.7 million barrels per day in both 2025 and 2026, reaching record highs. This healthy growth in demand, coupled with a balanced fleet supply outlook due to an aging global tanker fleet and constraints on available shipyard space, is expected to support strong tanker rates, particularly for Suezmax and Aframax vessels, which are key segments for Teekay Tankers.
Strategic Fleet Renewal and Modernization: The company has been actively engaged in strategic fleet management, including the acquisition of modern vessels and the sale of older ones. This fleet renewal strategy aims to enhance operational efficiency and capitalize on regulatory changes, positioning Teekay Tankers to meet evolving market demands and potentially secure higher charter rates for its modern fleet. For example, in 2025, Teekay Tankers has already sold or agreed to sell 11 vessels and acquired a Suezmax and a 50% ownership stake in a VLCC.
Favorable Spot Market Exposure and Higher Spot Rates: Teekay Tankers utilizes a mix of spot market voyages and time-charter contracts. Historically, strong spot rates, particularly for Suezmaxes, have positively impacted earnings. The company anticipates a firm winter tanker market driven by rising global oil demand and expects increased oil production, particularly from OPEC+ unwinding supply cuts and higher production from South America, which could further support favorable spot tanker rates.
Increased Oil Production from Key Regions: Expectations of increased oil production in the second half of the year, driven by OPEC+ unwinding supply cuts and higher output from regions like South America, are anticipated to boost seaborne crude trade volumes. This increased supply directly translates to a greater need for tanker services, providing a significant tailwind for Teekay Tankers' revenue.

AI Analysis | Feedback

Share Repurchases

Teekay Tankers has been actively returning capital to shareholders through share buybacks.

Share Issuance

The number of Teekay Tankers' shares outstanding increased by 0.15% in the last 12 months as of October 29, 2025.
As of November 8, 2025, Teekay Tankers had a negative share buyback ratio of -0.53%, indicating a net increase in shares outstanding.

Capital Expenditures

Teekay Tankers' annual capital expenditures have varied, with $16 million in 2020, $21 million in 2021, $15 million in 2022, $10 million in 2023, and $75 million in 2024.
As part of its fleet renewal plan in 2025, the company acquired a 2019-built LR2 vessel, a 2017-built Suezmax tanker for $64.3 million, and the remaining 50% ownership interest of a VLCC tanker for $63 million.
Also in 2025, Teekay Tankers sold six vessels, generating total gross proceeds of approximately $183 million as part of its fleet modernization efforts.

Better Bets than Teekay Tankers (TNK)

INDUSTRY: Oil & Gas Storage & Transportation

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNK: 12.8% | 2.0x)

OKE (16.4% | 1.5x)

ONEOK

KNTK (15.2% | 1.3x)

Kinetik

TK (26.9% | 0.6x)

Teekay

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNK: 12.8% | 10.8x)

OKE (16.4% | 7.8x)

ONEOK

VNOM (14.4% | 8.9x)

Viper Energy

INSW (16.7% | 10.4x)

International Seaways

TK (26.9% | 2.4x)

Teekay

Higher Rev Chg LTM (Value for TNK: -31.7%)

OKE (58.4%)

ONEOK

ENB (32.3%)

Enbridge

TRP (24.5%)

TC Energy

WMB (9.0%)

Williams Companies

KMI (8.3%)

Kinder Morgan

Higher Rev Chg 3Y Avg (Value for TNK: 12.8%)

INSW (16.7%)

International Seaways

OKE (16.4%)

ONEOK

KNTK (15.2%)

Kinetik

VNOM (14.4%)

Viper Energy

DHT (13.7%)

DHT

Higher Op Mgn LTM (Value for TNK: 18.2%)

TRP (43.1%)

TC Energy

LNG (37.2%)

Cheniere Energy

WMB (34.3%)

Williams Companies

KMI (27.2%)

Kinder Morgan

OKE (18.7%)

ONEOK

Higher CFO/Rev LTM (Value for TNK: 29.7%)

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

VG (47.3%)

Venture Global

PBA (41.6%)

Pembina Pipeline

KMI (34.9%)

Kinder Morgan

Higher FCF/Rev LTM (Value for TNK: 9.5%)

PBA (31.7%)

Pembina Pipeline

KMI (16.8%)

Kinder Morgan

WMB (15.0%)

Williams Companies

TRP (13.3%)

TC Energy

LNG (11.7%)

Cheniere Energy

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNK: 12.8% | 2.0x)

OKE (16.4% | 1.5x)

ONEOK

FTI (14.5% | 1.9x)

TechnipFMC

PR (48.7% | 1.9x)

Permian Resources

CHRD (18.1% | 1.0x)

Chord Energy

CNR (26.2% | 1.2x)

Core Natural Resources

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNK: 12.8% | 10.8x)

OKE (16.4% | 7.8x)

ONEOK

FANG (20.8% | 7.6x)

Diamondback Energy

PR (48.7% | 4.9x)

Permian Resources

VNOM (14.4% | 8.9x)

Viper Energy

CHRD (18.1% | 5.7x)

Chord Energy

Higher Rev Chg LTM (Value for TNK: -31.7%)

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 TNK: 12.8%)

PR (48.7%)

Permian Resources

CCJ (24.2%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

FTI (14.5%)

TechnipFMC

Higher Op Mgn LTM (Value for TNK: 18.2%)

TRP (43.1%)

TC Energy

WMB (34.3%)

Williams Companies

KMI (27.2%)

Kinder Morgan

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

Higher CFO/Rev LTM (Value for TNK: 29.7%)

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

KMI (34.9%)

Kinder Morgan

COP (33.3%)

ConocoPhillips

CNQ (33.2%)

Canadian Natural Resources

Higher FCF/Rev LTM (Value for TNK: 9.5%)

CNQ (18.2%)

Canadian Natural Resources

KMI (16.8%)

Kinder Morgan

WMB (15.0%)

Williams Companies

TRP (13.3%)

TC Energy

COP (11.9%)

ConocoPhillips

Higher Total Yield (Value for TNK: 20.4%)

SM (35.6%)

SM Energy

CIVI (30.5%)

Civitas Resources

NBR (29.8%)

Nabors Industries

REPX (21.7%)

Riley Exploration Permian

APA (21.5%)

APA

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNK: 12.8% | 2.0x)

PGR (20.6% | 1.6x)

Progressive

CI (13.6% | 0.3x)

Cigna

WBD (17.2% | 1.9x)

Warner Bros. Discovery

CPNG (18.4% | 1.2x)

Coupang

CCL (45.9% | 1.6x)

Carnival

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNK: 12.8% | 10.8x)

CCL (45.9% | 9.5x)

Carnival

UAL (13.2% | 7.2x)

United Airlines

VICI (23.5% | 8.1x)

VICI Properties

IBKR (48.1% | 3.5x)

Interactive Brokers

LULU (14.2% | 10.2x)

Lululemon Athletica

Higher Rev Chg LTM (Value for TNK: -31.7%)

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 TNK: 12.8%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

Higher Op Mgn LTM (Value for TNK: 18.2%)

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 TNK: 29.7%)

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 TNK: 9.5%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for TNK: 20.4%)

BCE (41.3%)

BCE

RCI (37.6%)

Rogers Communications

FMCC (34.1%)

Federal Home Loan Mortgage

CMCSA (25.1%)

Comcast

FNMA (23.6%)

Federal National Mortgage Association Fannie Mae

		Best Bets In Energy Sector
	TNK	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	6.0	42.8	18.1	11.8	10.9	30.4	11.9	18.3	18.9	30.7	10.2
P/EBIT	6.0	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	-16.5%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-31.7%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	12.8%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	27.8%	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	Is Teekay Tankers Stock Built to Withstand More Downside?	Return
2	TNK Dip Buy Analysis
3	Time To Buy Teekay Tankers Stock?	Buy or Fear
4	Teekay Tankers (TNK) Valuation Ratios Comparison	Financials
5	Teekay Tankers Total Shareholder Return (TSR): -11.4% in 2024 and 63.2% 3-yr compounded annual returns (above peer average)
6	Teekay Tankers (TNK) Operating Cash Flow Comparison	Financials
7	Teekay Tankers (TNK) Net Income Comparison	Financials
8	Teekay Tankers (TNK) Operating Income Comparison	Financials
9	Teekay Tankers (TNK) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TNK. 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 Tankers

Peers to compare with:

Financials

	TNK	STNG	INSW	DHT	NAT	ASC	Median
Name	Teekay T.	Scorpio .	Internat.	DHT	Nordic A.	Ardmore .
Mkt Price	53.86	51.01	48.01	12.11	3.39	10.71	30.06
Mkt Cap	1.9	2.4	2.4	1.9	0.7	0.4	1.9
Rev LTM	952	890	770	486	295	309	628
Op Inc LTM	173	264	228	137	17	49	155
FCF LTM	90	335	71	152	-108	-43	81
FCF 3Y Avg	393	715	314	171	32	78	243
CFO LTM	283	440	328	269	27	78	276
CFO 3Y Avg	487	778	550	281	104	145	384

Growth & Margins

	TNK	STNG	INSW	DHT	NAT	ASC	Median
Name	Teekay T.	Scorpio .	Internat.	DHT	Nordic A.	Ardmore .
Rev Chg LTM	-31.7%	-35.4%	-23.6%	-16.8%	-19.8%	-26.8%	-25.2%
Rev Chg 3Y Avg	12.8%	-6.8%	16.7%	13.7%	92.1%	-3.6%	13.2%
Rev Chg Q	-16.5%	-9.9%	-12.8%	-24.5%	-12.2%	-15.5%	-14.1%
QoQ Delta Rev Chg LTM	-4.6%	-2.9%	-3.6%	-6.7%	-2.1%	-4.6%	-4.1%
Op Mgn LTM	18.2%	29.7%	29.6%	28.1%	5.9%	15.8%	23.1%
Op Mgn 3Y Avg	28.9%	45.7%	45.7%	32.8%	19.6%	29.5%	31.2%
QoQ Delta Op Mgn LTM	-1.0%	-1.2%	-1.7%	-0.1%	-3.0%	-2.3%	-1.4%
CFO/Rev LTM	29.7%	49.4%	42.6%	55.5%	9.3%	25.3%	36.1%
CFO/Rev 3Y Avg	36.6%	60.4%	54.7%	51.3%	24.7%	36.4%	44.0%
FCF/Rev LTM	9.5%	37.7%	9.2%	31.3%	-36.8%	-14.0%	9.3%
FCF/Rev 3Y Avg	27.8%	54.4%	29.6%	31.1%	2.1%	16.9%	28.7%

Valuation

	TNK	STNG	INSW	DHT	NAT	ASC	Median
Name	Teekay T.	Scorpio .	Internat.	DHT	Nordic A.	Ardmore .
Mkt Cap	1.9	2.4	2.4	1.9	0.7	0.4	1.9
P/S	2.0	2.7	3.1	4.0	2.4	1.4	2.6
P/EBIT	6.0	7.0	9.3	8.9	20.8	9.8	9.1
P/E	6.0	8.3	10.9	9.7	376.2	12.3	10.3
P/CFO	6.6	5.4	7.2	7.2	26.2	5.6	6.9
Total Yield	20.4%	15.4%	16.0%	16.7%	0.3%	11.8%	15.7%
Dividend Yield	3.7%	3.4%	6.8%	6.4%	0.0%	3.6%	3.6%
FCF Yield 3Y Avg	24.1%	24.4%	13.5%	9.6%	2.7%	12.5%	13.0%
D/E	0.0	0.4	0.3	0.1	0.6	0.3	0.3
Net D/E	-0.4	0.1	0.2	0.1	0.5	0.2	0.1

Returns

	TNK	STNG	INSW	DHT	NAT	ASC	Median
Name	Teekay T.	Scorpio .	Internat.	DHT	Nordic A.	Ardmore .
1M Rtn	-9.1%	-13.3%	-9.3%	-7.1%	-6.6%	-13.7%	-9.2%
3M Rtn	2.9%	-11.0%	3.0%	-1.1%	9.4%	-13.8%	0.9%
6M Rtn	25.1%	26.6%	30.1%	12.5%	34.7%	10.4%	25.8%
12M Rtn	41.5%	6.2%	39.5%	36.5%	51.1%	-9.1%	38.0%
3Y Rtn	94.8%	1.0%	78.2%	75.9%	51.6%	-12.6%	63.8%
1M Excs Rtn	-15.1%	-18.6%	-13.8%	-12.5%	-11.2%	-19.4%	-14.4%
3M Excs Rtn	-2.1%	-15.9%	-2.0%	-6.0%	4.5%	-18.8%	-4.1%
6M Excs Rtn	12.2%	13.8%	17.2%	-0.4%	21.8%	-2.5%	13.0%
12M Excs Rtn	33.1%	-5.6%	41.5%	27.3%	39.2%	-19.5%	30.2%
3Y Excs Rtn	9.0%	-81.5%	-5.2%	-6.4%	-32.8%	-94.8%	-19.6%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	3/14/2025	3/15/2024	3/31/2023	4/6/2022	4/1/2021	4/15/2020
Key Financials
Total Revenue	952	1,229	1,474	1,178	542	886	944
EBITDA	401	505	658	372	-103	263	251
Operating Income	173	348	538	265	-102	212	129
Net Income	313	404	520	235	-242	87	41
EPS	9.05	11.73	15.22	6.92	-7.16	2.59	1.23
Growth Rates
Total Revenue Growth	-31.7%	-16.6%	25.1%	117.2%	-38.8%	-6.1%	21.6%
EBITDA Growth	-27.1%	-23.2%	76.6%	460.9%	-139.2%	5.0%	87.1%
Operating Income Growth	-58.4%	-35.4%	103.1%	360.4%	-147.9%	64.1%	1472.8%
Net Income Growth	-28.8%	-22.4%	120.8%	197.1%	-377.6%	111.1%	178.7%
Margins
EBITDA Margin	42.2%	41.1%	44.6%	31.6%	-19.0%	29.7%	26.6%
Operating Income Margin	18.2%	28.3%	36.5%	22.5%	-18.8%	24.0%	13.7%
Net Income Margin	32.9%	32.8%	35.3%	20.0%	-44.7%	9.9%	4.4%
Cash & Debt
Total Cash	797	534	391	181	51	97	89
Total Debt	35	62	225	576	654	617	1,044
Net Debt / (Cash)	-762	-472	-167	396	603	520	955
Cash Flows
Net Cash from Operations	283	472	631	200	-107	348	118
Free Cash from Operations	90	397	621	184	-129	332	106
Returns to Shareholders
Dividends	69	103	60	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	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
Filing Date	10/29/2025	8/1/2025	5/9/2025	3/14/2025	11/1/2024	8/2/2024	5/10/2024	3/15/2024	11/2/2023	8/4/2023	5/12/2023	3/31/2023
Key Financials Quarterly
Total Revenue	229	233	232	258	274	328	368	423	286	371	395	482
Ebitda	111	84	100	106	86	138	174	151	110	190	207	190
Operating Income	44	47	36	46	61	107	133	114	82	160	183	172
Net Income	92	63	76	82	62	111	149	118	81	151	169	153
EPS	2.66	1.81	2.20	2.38	1.78	3.23	4.35	3.27	2.38	4.43	4.97	4.30
Key Financials TTM
Total Revenue TTM	952	997	1,093	1,229	1,394	1,405	1,447	1,474	1,533	1,527	1,399	1,178
Ebitda TTM	401	376	430	505	550	574	625	658	696	689	561	372
Operating Income TTM	173	191	251	348	415	435	488	538	596	582	455	265
Net Income TTM	313	282	331	404	439	459	499	520	555	541	419	235
Growth Rates Quarterly
Total Revenue Growth	-16.5%	-29.1%	-37.1%	-38.9%	-4.0%	-11.4%	-6.7%	-12.4%	2.3%	52.9%	126.8%	200.8%
EBITDA Growth	29.2%	-39.3%	-42.8%	-29.7%	-21.5%	-27.1%	-15.8%	-20.1%	7.1%	206.6%	1019.3%	3385.6%
Operating Income Growth	-29.2%	-56.3%	-72.8%	-59.2%	-24.7%	-33.0%	-27.3%	-33.7%	21.4%	378.6%	2589.4%	1106.6%
Net Income Growth	49.6%	-43.7%	-48.9%	-30.4%	-24.4%	-26.5%	-12.1%	-22.8%	19.6%	429.8%	1314.8%	483.8%
Margins Quarterly
EBITDA Margin	48.7%	36.0%	43.0%	41.2%	31.4%	42.1%	47.3%	35.8%	38.4%	51.2%	52.4%	39.3%
Operating Income Margin	19.0%	20.0%	15.6%	17.9%	22.4%	32.6%	36.1%	26.9%	28.5%	43.1%	46.4%	35.6%
Net Income Margin	40.2%	26.9%	32.8%	31.8%	22.4%	33.9%	40.4%	27.9%	28.5%	40.8%	42.9%	31.7%
Cash & Debt
Total Cash	797	731	695	534	463	427	370	391	227	179	170	181
Total Debt	35	50	54	62	54	64	66	225	231	299	451	576
Net Debt / (Cash)	-762	-681	-641	-472	-409	-363	-304	-167	4	120	282	396
Cash Flows Quarterly
FCF from Operations	75	72	58	78	109	151	134	138	124	203	167	152
Cash Flows TTM
FCF from Operations TTM	283	317	395	472	532	546	598	631	645	568	382	200
Returns to Shareholders Quarterly
Dividends	9	43	9	9	9	77	9	9	9	42	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	14.9%	29.5%	21.7%	22.1%	27.1%	43.6%	39.1%	37.6%	22.9%	42.5%	45.6%	39.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	14.8%	30.2%	37.2%	41.5%	45.5%	45.6%	35.3%	45.2%	41.0%	39.8%	28.3%	15.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Tankers	1,364		542	879	914
Marine Services and Other	109
Elimination	0
Single Segment		1,063
Ship-to-ship transfer segment				7	30
Total	1,474	1,063	542	886	944

Operating Income by Segment

$ Mil	2024	2021	2020
Tankers	536	139	122
Marine Services and Other	11
Elimination	0
Ship-to-ship transfer segment		3	1
Total	547	142	124

Assets by Segment

$ Mil	2024	2020
Tankers	1,508	2,114
Cash and cash equivalents	391	89
Marine Services and Other	32
Due from affiliates	10
Ship-to-ship transfer segment		26
Total	1,942	2,229

Price Behavior

Price Behavior

Market Price	$53.86
Market Cap ($ Bil)	1.9
First Trading Date	12/13/2007
Distance from 52W High	-14.5%
	50 Days	200 Days
DMA Price	$57.51	$47.48
DMA Trend	up	up
Distance from DMA	-6.4%	13.4%
	3M	1YR
Volatility	31.9%	41.4%
Downside Capture	39.59	-0.47
Upside Capture	43.75	33.85
Correlation (SPY)	17.9%	19.9%

TNK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.11	0.51	0.50	0.22	0.40	0.48
Up Beta	-1.05	-0.25	0.21	0.36	0.51	0.47
Down Beta	1.50	1.14	0.96	0.35	0.63	0.59
Up Capture	4%	95%	77%	43%	25%	22%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	23	33	64	123	363
Down Capture	28%	11%	4%	-34%	-8%	62%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	19	30	62	124	386

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

Based On 1-Year Data

		Comparison of TNK With Other Asset Classes (Last 1Y)
	TNK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	51.2%	10.0%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	41.4%	24.4%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	1.10	0.34	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		33.4%	20.1%	17.5%	35.3%	12.9%	8.0%

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 TNK With Other Asset Classes (Last 5Y)
	TNK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	39.4%	21.8%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	46.5%	26.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.87	0.75	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		39.6%	18.4%	11.5%	30.1%	10.3%	7.8%

Based On 10-Year Data

		Comparison of TNK With Other Asset Classes (Last 10Y)
	TNK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.3%	8.0%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	54.3%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.26	0.32	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		35.1%	27.0%	2.7%	28.5%	18.3%	6.1%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	615,188
Short Interest: % Change Since 11302025	-12.5%
Average Daily Volume	481,715
Days-to-Cover Short Interest	1.28
Basic Shares Quantity	34,669,842
Short % of Basic Shares	1.8%

Returns Analyses

	Title
0	Is Teekay Tankers Stock Built to Withstand More Downside?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10292025	6-K 9/30/2025
6302025	8012025	6-K 6/30/2025
3312025	5092025	6-K 3/31/2025
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	11022023	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	5192022	6-K 3/31/2022
12312021	4062022	20-F 12/31/2021

Insider Activity

Expand for Morenull

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Teekay Tankers (TNK)

Market Price (12/26/2025): $53.91 | Market Cap: $1.9 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Teekay Tankers (TNK)

Market Price (12/26/2025): $53.91Market Cap: $1.9 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation

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

Valuation, Metrics & Events

TNK 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 Tankers (TNK)

Cyclical Nature of the Tanker Industry and Volatility of Tanker Rates/Oil Demand

Geopolitical Volatility

Aging Fleet, Fleet Renewal Costs, and Regulatory Environment

Interactive Breakdown

Better Bets than Teekay Tankers (TNK)

INDUSTRY: Oil & Gas Storage & Transportation

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNK: 12.8% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNK: 12.8% | 10.8x)

Higher Rev Chg LTM (Value for TNK: -31.7%)

Higher Rev Chg 3Y Avg (Value for TNK: 12.8%)

Higher Op Mgn LTM (Value for TNK: 18.2%)

Higher CFO/Rev LTM (Value for TNK: 29.7%)

Higher FCF/Rev LTM (Value for TNK: 9.5%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNK: 12.8% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNK: 12.8% | 10.8x)

Higher Rev Chg LTM (Value for TNK: -31.7%)

Higher Rev Chg 3Y Avg (Value for TNK: 12.8%)

Higher Op Mgn LTM (Value for TNK: 18.2%)

Higher CFO/Rev LTM (Value for TNK: 29.7%)

Higher FCF/Rev LTM (Value for TNK: 9.5%)

Higher Total Yield (Value for TNK: 20.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNK: 12.8% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNK: 12.8% | 10.8x)

Higher Rev Chg LTM (Value for TNK: -31.7%)

Higher Rev Chg 3Y Avg (Value for TNK: 12.8%)

Higher Op Mgn LTM (Value for TNK: 18.2%)

Higher CFO/Rev LTM (Value for TNK: 29.7%)

Higher FCF/Rev LTM (Value for TNK: 9.5%)

Higher Total Yield (Value for TNK: 20.4%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Teekay Tankers

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Market Price (12/26/2025): $53.91 | Market Cap: $1.9 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (12/26/2025): $53.91
Market Cap: $1.9 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation