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what it is
Teekay Tankers moves crude oil and refined products by sea with 35 owned tankers and 6 chartered-in vessels.
how it gets paid
Last year Teekay Tankers made $952M in revenue. Suezmax tankers was the main engine at $418M, or 44% of sales.
why growth slowed
Revenue fell 22.6% last year. The company said Q4 2025 GAAP EPS was $3.47 in its February 18.
what just happened
Teekay reported $120.5 million of GAAP net income in Q4 2025 on $258.3 million of revenue.
At a glance
n/a balance sheet
5/100 earnings predictability — expect surprises
7.3x trailing p/e — the market's not buying it — or you found a deal
1.6% dividend yield — cash in your pocket every quarter
23.0% return on capital — every dollar works hard here
xvary composite: 71/100 — average
What they do
Teekay Tankers moves crude oil and refined products by sea with 35 owned tankers and 6 chartered-in vessels.
This is a scale business in a tight niche. Teekay says it owns 35 double-hull tankers, including 18 Suezmax and 16 Aframax/LR2 vessels, making it one of the larger midsize operators. Size matters because chartering strategy (how ships get booked) → better vessel utilization and pricing → so what: your ships spend more days earning money instead of floating around expensively.
How they make money
$952M
annual revenue · their business grew -22.6% last year
Suezmax tankers
$418M
Aframax / LR2 tankers
$371M
Chartered-in tankers
$139M
VLCC and marine services
$24M
The products that matter
crude oil transport
Suezmax Tankers
65% of Q1 2026 spot days booked
for Q1 2026, 65% of its suezmax spot days were fixed at $56,900 per day. that's your cleanest live read on near-term earnings power.
$56,900/day
crude + product transport
Aframax/LR2 Tankers
64% of Q1 2026 spot days booked
64% of aframax/lr2 spot days were booked for Q1 2026, but the rate was not disclosed here. that missing number is not a footnote — it is a gap in the earnings picture.
rate undisclosed
voyage and time-charter operations
Fleet Operations
48 ships · ~$952M shipping revenue
this is essentially the whole company. last year's shipping revenue fell to roughly $952M, so your bet is not on diversification — it is on rates staying high enough to keep margins elevated.
entire business
Key numbers
7.3x
trailing p/e
P/E → price-to-earnings ratio → so what: you are paying $7.30 for each $1 of trailing profit, which is cheap if rates hold.
32.5%
operating margin
Operating margin → profit after running the business → so what: about $0.33 of every revenue dollar stayed after operating costs in 2024.
23.0%
return on capital
Return on capital → profit earned on money tied up in ships and operations → so what: Teekay turned heavy assets into unusually strong returns.
$952M
annual revenue
Revenue fell 22.6% vs. prior year from a stronger market, which is your reminder that this business rides rates, not subscriptions.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 2 — safer than 80% of stocks
- price stability 25 / 100
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TNK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Teekay reported $120.5 million of GAAP net income in Q4 2025 on $258.3 million of revenue.
The company said Q4 2025 GAAP EPS was $3.47 in its February 18, 2026 results. Yahoo's last-earnings figure showed $2.64, which points to an adjusted-vs.-GAAP difference rather than a weaker quarter.
$258.3M
revenue
$3.47
gaap eps
$120.5M
net income
the number that mattered
Q4 revenue of $258.3M equals about 27.1% of the full-year $952M revenue base, which shows how one strong quarter can swing this stock.
source: company earnings report, 2026
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What could go wrong
the #1 risk is suezmax and aframax spot-rate compression — because most of TNK's earnings power reprices with the freight market, not on a long contract schedule.
high
Spot-rate reset
your earnings are tied to daily charter rates. 65% of Q1 2026 suezmax spot days were booked at $56,900 per day, which looks healthy now and reminds you how fast a weaker freight market would hit reported results.
most of the business reprices with the market
med
Fleet renewal timing
TNK is buying and selling steel assets in a cyclical market. paying up for newer vessels near a peak or selling older ships into a weak bid can destroy value without showing up as an income-statement collapse right away.
asset values move with the cycle, not with management optimism
med
Revenue decline turning into margin decline
revenue fell 9.9% last year and shipping revenue dropped to roughly $952M. if lower rates start hitting both major segments at once, the current 37% net margin does not stay untouched.
cheap multiples stop helping once earnings are falling with them
low
Parent influence
teekay corporation still holds a 10.6 million share stake and board influence. that does not make the setup broken, but it does mean capital allocation is not a one-person thought experiment for minority holders.
governance matters most when a cycle turns and cash gets harder to replace
TNK produced roughly $952M of shipping revenue last year, and a large share of that earning power still sits on the level of tanker day rates next quarter, not years from now.
source: institutional data · regulatory filings · risk analysis
Pay attention to
rate check
suezmax bookings
65% of Q1 2026 suezmax spot days were booked at $56,900 per day. if that booking pace or rate rolls lower next quarter, the 7.3x multiple will look less like a bargain and more like a warning.
calendar
Q1 2026 results
watch the next report for updated spot bookings, any disclosed aframax/lr2 rate data, and whether profit still outruns revenue pressure.
trend
revenue versus margin
revenue fell 9.9% last year while net margin stayed at 37%. that spread is the whole story. if both start falling together, the earnings reset is underway.
capital allocation
fleet deals and cash returns
with 0.01x debt/equity, TNK has room to repurchase stock, return cash, or reshape the fleet. what management does with that flexibility will tell you how they read the cycle.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not expect next year's earnings to look much like last year's. that is what spot exposure does.
risk rank
2
this scores safer than 80% of stocks on the dataset's risk scale. translation: the balance sheet looks sturdier than the stock chart.
source: institutional data
Institutional activity
institutional ownership data for TNK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$65
current price
n/a
target midpoint · n/a from current
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