Nordic American Tankers Limited — Earnings Quality Grade F
NAT · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 17 days, change -8 days YoY
AR growth -38.3% vs revenue growth -10.7%
Revenue -10.7%, CFFO -8.1%. Cash follows revenue
Expense Quality
Inventory -29.7% vs COGS 1.1%. Normal
CapEx growth -96.4% vs revenue -10.7%. Normal
SG&A/Gross Profit = 27.2%, excellent (<30%)
Gross margin swung -8.1pp (38.5% → 30.3%)
Cash Flow Quality
CFFO/NI = 2.75. Profits backed by cash
FCF $0.1B, FCF/NI = 2.69
Accruals ratio = -10.0%. Low accruals
Cash $0.0B covers only 15% of debt $0.3B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 2.0x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -3.26 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25