Tsakos Energy Navigation Limited (TEN) Stock Analysis & Winston Score

Tsakos Energy Navigation (TEN) is a Greek shipping company that transports crude oil and refined petroleum products around the world. It operates a fleet of tankers — large ships that carry oil from producers to refineries and from refineries to end markets. The company serves oil majors, national oil companies, and energy traders as its main customers.

TEN makes money by charging customers to use its ships, either through short-term spot market contracts or longer-term time charters where customers pay a fixed daily rate. The company is headquartered in Athens, Greece, and operates globally across major shipping routes in the Atlantic, Mediterranean, and Pacific regions. Its fleet of roughly 60 vessels gives it scale, but the business is heavily exposed to tanker rate cycles — when global oil demand or shipping supply shifts, freight rates can swing sharply, making revenue unpredictable from year to year.

Winston Score History

Score breakdown

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Quality

Gross Margin

40.9%

Healthy — 40.9% gross margin

Operating Margin

36.6%

Excellent — 36.6% operating margin

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.7%

Shrinking sales (-0.7% YoY)

EPS YoY

-11.5%

Earnings shrinking (-11.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

113%

Turns 113% of profit into real cash

FCF Margin

11.0%

Modest free cash flow (11.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.06

Elevated debt (1.06)

Interest Cover

2.52x

Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

3.0x

no trend

Attractive valuation — P/E 3.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-7.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

6.02%

no trend

Healthy income — 6.02% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+18.2%

no trend

Dividend growing fast (18.2% YoY)

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