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TEN: A Diversified Shipping Play Trading Below Liquidation Value
Blank Capital Research Team
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Executive Summary
Tsakos Energy Navigation Ltd (TEN) operates a diversified fleet of crude, product, and LNG carriers. Managed by the Tsakos family, the company employs a conservative chartering strategy aimed at protecting downside risk, resulting in consistent, if unspectacular, cash flows across the shipping cycle.
Investment Thesis
The thesis for TEN is rooted purely in extreme valuation dislocation. TEN consistently trades at one of the steepest discounts to Net Asset Value (NAV) in the entire shipping industry—often changing hands at less than 0.4x NAV. While management's conservative approach (locking vessels into long-term contracts rather than playing the spot market) limits upside during super-cycles, acquiring hard maritime assets at 40 cents on the dollar offers an immense margin of safety. Recent moves to modernize the fleet and instate special dividends hint at a potential catalyst for value realization.
Key Growth Drivers
Extreme Discount to NAV
Investors are essentially buying a fleet of modern, cash-producing vessels at a massive discount to their scrap and secondhand market values.
Diversified Fleet
By operating across crude, clean products, and LNG, TEN smooths out the volatility inherent in single-sector shipping companies.
Contracted Cash Flows
TEN prioritizes long-term time charters. While this sacrifices peak spot-market upside, it guarantees cash flow to service debt and fund the dividend even during industry downturns.
Valuation & Financial Modeling
TEN's valuation is deeply depressed, primarily due to corporate governance concerns (the Tsakos family's control) and their conservative chartering strategy. However, at ~0.4x NAV, the downside is largely protected by the steel value of the ships. Any move toward more shareholder-friendly capital return could trigger a violent re-rating.
Risk Factors & Bear Case
The 'value trap' risk is high. If management refuses to aggressively buy back stock at these discounted levels, the gap between share price and NAV may never close. Additionally, capital allocation missteps (overpaying for newbuilds) destroy shareholder value.
Conclusion
Tsakos Energy Navigation is a deep-value, special-situation play. It is appropriate only for patient investors willing to endure corporate governance friction in exchange for buying hard assets at a steep discount. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
42.0%
Sector: 9.1%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, TSAKOS ENERGY NAVIGATION LTD (TEN) receives a "Buy" rating with a composite score of 61.2/100, ranked #5 out of 4446 stocks. Key factor scores: Quality 50/100, Value 86/100, Momentum 74/100. This is quantitative analysis only — not investment advice.
TSAKOS ENERGY NAVIGATION LTD (TEN) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does TSAKOS ENERGY NAVIGATION LTD Do?
Tsakos Energy Navigation Limited provides seaborne crude oil and petroleum product transportation services worldwide. The company offers marine transportation services for national, major, and other independent oil companies and refiners under long, medium, and short-term charters. As of April 21, 2022, it operated a fleet of 66 double-hull vessels, comprising of 60 conventional tankers, three LNG carriers, and three suezmax DP2 shuttle tankers. The company was formerly known as MIF Limited and changed its name to Tsakos Energy Navigation Limited in July 2001. Tsakos Energy Navigation Limited was incorporated in 1993 and is based in Athens, Greece. TSAKOS ENERGY NAVIGATION LTD (TEN) is classified as a small-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO Nikolas P. Tsakos. With a market capitalization of $1.1B, TEN is one of the notable companies in the Industrials sector.
As of April 2026, TSAKOS ENERGY NAVIGATION LTD receives a Buy rating with a composite score of 61.2/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.TEN ranks #5 out of 4,446 stocks in our coverage universe. Within the Industrials sector, TSAKOS ENERGY NAVIGATION LTD ranks #2 of 756 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
TEN Stock Price and 52-Week Range
TSAKOS ENERGY NAVIGATION LTD (TEN) currently trades at $40.19. The 52-week high for TEN is $38.87, which means the stock is currently trading 3.4% from its annual peak. The 52-week low is $13.40, putting the stock 199.9% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is TEN Overvalued or Undervalued? — Valuation Analysis
TSAKOS ENERGY NAVIGATION LTD (TEN) carries a value factor score of 86/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 7.99x, compared to the Industrials sector average of 27.30x — a discount of 71%. The price-to-book ratio stands at 0.68x, versus the sector average of 2.18x. The price-to-sales ratio is 0.37x, compared to 0.51x for the average Industrials stock. On an enterprise value basis, TEN trades at 1.53x EV/EBITDA, versus 5.63x for the sector.
Based on these multiples, TSAKOS ENERGY NAVIGATION LTD appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
TSAKOS ENERGY NAVIGATION LTD Profitability — ROE, Margins, and Quality Score
TSAKOS ENERGY NAVIGATION LTD (TEN) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 42.0%, compared to the Industrials sector average of 9.1%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 19.6% versus the sector average of 3.3%.
On a margin basis, TSAKOS ENERGY NAVIGATION LTD reports gross margins of 97.8%, compared to 35.8% for the sector. The operating margin is 34.6% (sector: 6.2%). Net profit margin stands at 22.6%, versus 3.9% for the average Industrials stock. The overall profitability profile is adequate, though there may be room for margin expansion.
TEN Debt, Balance Sheet, and Financial Health
TSAKOS ENERGY NAVIGATION LTD has a debt-to-equity ratio of 103.0%, compared to the Industrials sector average of 70.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.11x, suggesting adequate working capital coverage. Total debt on the balance sheet is $1.78B. Cash and equivalents stand at $343M.
TEN has a beta of 0.80, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for TSAKOS ENERGY NAVIGATION LTD is 61/100, reflecting average volatility within the normal range for its sector.
TSAKOS ENERGY NAVIGATION LTD Revenue and Earnings History — Quarterly Trend
In TTM 2026, TSAKOS ENERGY NAVIGATION LTD reported revenue of $804M and earnings per share (EPS) of $5.03. Net income for the quarter was $182M. Gross margin was 97.8%. Operating income came in at $279M.
In FY 2024, TSAKOS ENERGY NAVIGATION LTD reported revenue of $804M and earnings per share (EPS) of $5.03. Net income for the quarter was $182M. Gross margin was 97.8%. Revenue grew -9.6% year-over-year compared to FY 2023. Operating income came in at $279M.
In FY 2023, TSAKOS ENERGY NAVIGATION LTD reported revenue of $890M and earnings per share (EPS) of $9.04. Net income for the quarter was $305M. Gross margin was 97.2%. Revenue grew 3.4% year-over-year compared to FY 2022. Operating income came in at $391M.
In FY 2022, TSAKOS ENERGY NAVIGATION LTD reported revenue of $860M and earnings per share (EPS) of $6.02. Net income for the quarter was $208M. Gross margin was 96.2%. Operating income came in at $256M.
Over the past 8 quarters, TSAKOS ENERGY NAVIGATION LTD has demonstrated a growth trajectory, with revenue expanding from $597M to $804M. Investors analyzing TEN stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
TEN Dividend Yield and Income Analysis
TSAKOS ENERGY NAVIGATION LTD (TEN) does not currently pay a dividend. This is common among smaller companies in the Transportation industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
TEN Momentum and Technical Analysis Profile
TSAKOS ENERGY NAVIGATION LTD (TEN) has a momentum factor score of 74/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 39/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
TEN vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing TEN against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full TEN vs S&P 500 (SPY) comparison to assess how TSAKOS ENERGY NAVIGATION LTD stacks up against the broader market across all factor dimensions.
TEN Next Earnings Date
No upcoming earnings date has been announced for TSAKOS ENERGY NAVIGATION LTD (TEN) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy TEN? — Investment Thesis Summary
The bull case for TSAKOS ENERGY NAVIGATION LTD rests on several quantitative strengths. The value score of 86/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 74/100, suggesting the trend favors buyers. Low volatility (stability score 61/100) reduces downside risk.
In summary, TSAKOS ENERGY NAVIGATION LTD (TEN) earns a Buy rating with a composite score of 61.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on TEN stock.
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Execution Benchmarks audit
Gross Margin
Core pricing power
97.8%
Sector: 35.8%
+173% VS SCTR
Operating Margin
Operating efficiency
34.6%
Sector: 6.2%
+458% VS SCTR
Net Margin
Bottom-line conversion
22.6%
Sector: 3.9%
+485% VS SCTR
Return on Equity
Equity capital efficiency
42.0%
Sector: 9.1%
+361% VS SCTR
Return on Assets
Asset base utilization
19.6%
Sector: 3.3%
+502% VS SCTR
Debt/Equity
Financial leverage load
103.0%
Sector: 70.0%
-47% VS SCTR
-69%
Price / Sales
0.4x
-27%
TSAKOS ENERGY NAVIGATION LTD exhibits a 60% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
19.6%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
97.8%
Sector: 35.8%
Operating Margin
Core business profitability
34.6%
Sector: 6.2%
Net Margin
Bottom-line profitability
22.6%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.