A Business at a Glance
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International Seaways, Inc.
INSW
$4.6B
Mkt Cap
$92.28
+1.02%
International Seaways, Inc. (INSW) has a current P/E ratio of 14.8, compared to its historical median P/E of 3.7. The stock is currently considered Expensive based on its historical valuation range.
International Seaways, Inc. (INSW) has a 5-year average return on invested capital (ROIC) of 13.7%. This indicates solid capital allocation.
International Seaways, Inc. (INSW) has a market capitalization of $4.6B. It is classified as a mid-cap stock.
Yes, International Seaways, Inc. (INSW) pays a dividend with a trailing twelve-month yield of 4.74%.
Based on historical P/E analysis, International Seaways, Inc. (INSW) appears expensive. The current P/E of 14.8 is 305% above its historical median of 3.7. The estimated fair value CAGR (P/E method) is 23.0%.
International Seaways, Inc. (INSW) operates in the Water Transportation industry, within the Industrials sector.
International Seaways, Inc. (INSW) reported annual revenue of $843 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS OUR BUSINESS International Seaways, Inc., a Marshall Islands corporation incorporated in 1999, and its wholly owned subsidiaries own and operate a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products in the International Flag trade. Our vessel operations are organized into two segments: Crude Tankers and Product Carriers. At December 31, 2025, we owned or operated an International Flag fleet of 70 vessels (totaling an aggregate of 8.4 million dwt), consisting of VLCC, Suezmax and Aframax crude tankers, as well as LR2, LR1 and MR product carriers. In addition to our operating fleet of 70 vessels, four dual-fuel ready LR1 newbuilds are contracted for delivery to the Company between the first and third quarters of 2026, bringing the total operating and newbuild fleet to 74 vessels. The Marshall Islands is the principal flag of registry of our vessels.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 985M | 843M | 952M | 1.1B | 865M | 273M |
| Net Income | 546M | 309M | 417M | 556M | 387M | -134M |
| EPS | $11.03 | $6.23 | $8.38 | $11.25 | $7.77 | $-3.48 |
| Free Cash Flow | 450M | 379M | 428M | 687M | 287M | -77M |
| ROIC | 23.8% | 14.9% | 17.4% | 23.5% | 20.2% | -7.5% |
| Gross Margin | - | 71.4% | 74.3% | 74.9% | 76.0% | 16.4% |
| Debt/Equity | 0.27 | 0.29 | 0.38 | 0.87 | 0.69 | 0.96 |
| Dividends/Share | $4.37 | $2.93 | $5.77 | $6.29 | $1.42 | $1.07 |
| Operating Income | 575M | 345M | 455M | 615M | 443M | -112M |
| Operating Margin | 58.3% | 41.0% | 47.8% | 57.4% | 51.2% | -41.1% |
| ROE | 24.9% | 15.9% | 23.3% | 34.7% | 29.2% | -12.5% |
| Shares Outstanding | 50M | 50M | 50M | 49M | 50M | 38M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 517M | 498M | 398M | 290M | 270M | 366M | 422M | 273M | 865M | 1.1B | 952M | 843M | 985M |
| Gross Margin | 38.4% | 68.8% | 39.6% | 12.6% | 37.9% | 61.1% | 42.7% | 16.4% | 76.0% | 74.9% | 74.3% | 71.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 53M | 42M | 30M | 24M | 24M | 27M | 29M | 33M | 46M | 47M | 53M | 50M | 46M |
| EBIT | N/A | 176M | 7.2M | -108M | -55M | 55M | 40M | -112M | 443M | 615M | 455M | 345M | 575M |
| Op. Margin | N/A | 35.4% | 1.8% | -37.2% | -20.2% | 15.1% | 9.5% | -41.1% | 51.2% | 57.4% | 47.8% | 41.0% | 58.3% |
| Net Income | -119M | 173M | -18M | -106M | -89M | -830K | -5.5M | -134M | 387M | 556M | 417M | 309M | 546M |
| Net Margin | -23.0% | 34.8% | -4.6% | -36.6% | -32.9% | -0.2% | -1.3% | -49.0% | 44.8% | 51.9% | 43.8% | 36.7% | 55.4% |
| Non-Recurring | 37M | 8.9M | 79M | 88M | 19M | 0 | 103M | 23M | 41M | 36M | 50M | 43M | 43M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 10.1% | 0.5% | -6.6% | -5.3% | 3.3% | 2.7% | -7.5% | 20.2% | 23.5% | 17.4% | 14.9% | 23.8% |
| ROE | N/A | 12.5% | -1.4% | -9.4% | -8.5% | -0.1% | -0.6% | -12.5% | 29.2% | 34.7% | 23.3% | 15.9% | 24.9% |
| ROA | N/A | 17.0% | -1.0% | -6.4% | -5.1% | -0.0% | -0.3% | -6.8% | 15.6% | 21.6% | 16.2% | 11.7% | 19.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -253M | 223M | 129M | 17M | -12M | 87M | 216M | -76M | 288M | 688M | 547M | 380M | 451M |
| Free Cash Flow | -275M | 222M | 127M | -156M | -161M | 87M | 216M | -77M | 287M | 687M | 428M | 379M | 450M |
| Owner Earnings | -339M | 138M | 46M | -65M | -88M | 7.6M | 136M | -173M | 171M | 551M | 389M | 208M | 279M |
| CapEx | 21M | 964K | 2.0M | 174M | 149M | 574K | 507K | 979K | 710K | 1.5M | 120M | 1.4M | 1.4M |
| Maint. CapEx | 85M | 82M | 80M | 79M | 72M | 76M | 74M | 87M | 110M | 129M | 149M | 164M | 164M |
| Growth CapEx | 0 | 0 | 0 | 95M | 77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 85M | 82M | 80M | 79M | 72M | 76M | 74M | 87M | 110M | 129M | 149M | 164M | 164M |
| CapEx/OCF | N/A | N/A | 1.7% | 997.6% | N/A | 0.7% | 0.2% | N/A | 0.2% | 0.2% | 0.3% | 0.4% | 0.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 200M | 202M | 202M | 0 | 0 | 6.8M | 41M | 70M | 308M | 284M | 145M | 217M |
| Dividend Yield | N/A | N/A | 39.8% | 28.9% | N/A | N/A | 1.0% | 9.1% | 7.7% | 19.4% | 12.9% | 7.3% | 4.7% |
| Share Buybacks | 0 | 0 | 0 | 3.2M | 0 | 0 | 30M | 17M | 20M | 14M | 25M | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | 10.6% | 4.3% | 1.5% | 0.8% | 1.5% | N/A | 0.0% |
| Stock-Based Comp | 571K | 2.8M | 2.8M | 3.8M | 3.2M | 4.3M | 5.6M | 11M | 6.7M | 8.5M | 9.0M | 8.7M | 8.2M |
| Debt Repayment | 317M | 6.3M | 90M | 55M | 72M | 50M | 505M | 619M | 799M | 382M | 40M | 12M | 12M |
| Balance Sheet | |||||||||||||
| Net Debt | 427M | 286M | 348M | 493M | 752M | 602M | 356M | 1.0B | 709M | 1.3B | 369M | 409M | 225M |
| Cash & Equiv. | 178M | 309M | 92M | 60M | 58M | 90M | 199M | 98M | 244M | 127M | 158M | 117M | 377M |
| Long-Term Debt | 606M | 589M | 433M | 529M | 759M | 591M | 474M | 926M | 861M | 595M | 638M | 541M | 574M |
| Debt/Equity | N/A | 0.43 | 0.37 | 0.51 | 0.80 | 0.68 | 0.57 | 0.96 | 0.69 | 0.87 | 0.38 | 0.29 | 0.27 |
| Interest Coverage | N/A | 4.1 | 0.2 | -2.6 | -0.9 | 0.8 | 1.1 | -3.0 | 7.7 | 9.4 | 9.2 | 8.1 | 14.1 |
| Equity | N/A | 1.4B | 1.2B | 1.1B | 1.0B | 1.0B | 972M | 1.2B | 1.5B | 1.7B | 1.9B | 2.0B | 2.2B |
| Total Assets | N/A | 2.0B | 1.7B | 1.7B | 1.8B | 1.8B | 1.6B | 2.3B | 2.6B | 2.5B | 2.6B | 2.7B | 2.9B |
| Total Liabilities | N/A | 646M | 483M | 579M | 839M | 731M | 614M | 1.2B | 1.1B | 805M | 780M | 648M | 677M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 842K | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 93M | -74M | -181M | -269M | -270M | -276M | -409M | -21M | 227M | 359M | 524M | 704M |
| Working Capital | N/A | 348M | 126M | 85M | 92M | 73M | 148M | -10M | 385M | 269M | 245M | 268M | 576M |
| Current Assets | N/A | 397M | 171M | 132M | 168M | 187M | 257M | 224M | 643M | 465M | 376M | 367M | 666M |
| Current Liabilities | N/A | 48M | 45M | 47M | 75M | 114M | 109M | 235M | 257M | 196M | 131M | 99M | 91M |
| Per Share Data | |||||||||||||
| EPS | -2.04 | 2.97 | -0.31 | -1.82 | -1.53 | -0.02 | -0.10 | -3.48 | 7.77 | 11.25 | 8.38 | 6.23 | 11.03 |
| Owner EPS | -5.80 | 2.37 | 0.79 | -1.12 | -1.51 | 0.14 | 2.46 | -4.52 | 3.42 | 11.14 | 7.82 | 4.19 | 5.63 |
| Book Value | N/A | 23.73 | 20.07 | 18.63 | 17.32 | 18.48 | 17.57 | 30.46 | 29.84 | 34.73 | 37.34 | 40.72 | 44.32 |
| Cash Flow/Share | -4.34 | 3.82 | 2.19 | 0.30 | -0.21 | 1.58 | 3.91 | -1.98 | 5.77 | 13.93 | 11.01 | 7.66 | 14.34 |
| Dividends/Share | N/A | 3.43 | 3.47 | 3.47 | N/A | N/A | 0.12 | 1.07 | 1.42 | 6.29 | 5.77 | 2.93 | 4.37 |
| Shares Out. | 58.4M | 58.3M | 58.8M | 58.3M | 58.3M | 55.3M | 55.3M | 38.4M | 49.9M | 49.4M | 49.7M | 49.6M | 49.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.3 | 3.3 | 4.0 | 7.8 | 8.4 |
| P/FCF | N/A | N/A | 4.0 | N/A | N/A | 11.5 | 2.6 | N/A | 4.5 | 2.7 | 3.9 | 6.4 | 10.2 |
| EV/EBIT | N/A | N/A | 87.1 | N/A | N/A | 19.1 | 12.1 | N/A | 4.6 | 4.1 | 4.6 | 8.2 | 8.3 |
| Price/Book | N/A | N/A | 0.2 | 0.3 | 0.3 | 0.5 | 0.3 | 0.3 | 0.9 | 1.1 | 0.9 | 1.2 | 2.1 |
| Price/Sales | N/A | N/A | 0.6 | 1.2 | 1.3 | 0.9 | 0.8 | 1.6 | 1.0 | 1.5 | 2.3 | 2.3 | 4.6 |
| FCF Yield | N/A | N/A | 49.7% | -46.0% | -52.9% | 17.4% | 76.0% | -19.9% | 22.1% | 37.1% | 25.8% | 15.7% | 9.8% |
| Market Cap | 0 | N/A | 255M | 339M | 305M | 500M | 284M | 388M | 1.3B | 1.9B | 1.7B | 2.4B | 4.6B |
| Avg. Price | 0.00 | N/A | 8.63 | 11.98 | 12.16 | 12.41 | 12.15 | 11.69 | 18.18 | 32.17 | 44.42 | 39.80 | 92.28 |
| Year-End Price | 0.00 | N/A | 8.69 | 11.64 | 10.47 | 18.06 | 10.26 | 10.11 | 25.97 | 37.46 | 33.35 | 48.54 | 92.28 |
International Seaways, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
International Seaways, Inc. trades at 14.8x trailing earnings, compared to its 15-year median P/E of 3.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.0x vs a median of 4.0x. The company's 5-year average ROIC is 13.7% with a gross margin of 62.6%. Total shareholder yield (dividends) is 4.7%. At current prices, the estimated annualized return to fair value is +27.8%.
International Seaways, Inc. (INSW) has a net profit margin of 36.7%. This is a strong margin indicating high profitability.
International Seaways, Inc. (INSW) generated $379 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
International Seaways, Inc. (INSW) has a debt-to-equity ratio of 0.29. This indicates a conservatively financed balance sheet.
International Seaways, Inc. (INSW) reported earnings per share (EPS) of $6.23 in its most recent fiscal year.
International Seaways, Inc. (INSW) has a return on equity (ROE) of 15.9%. This indicates the company generates strong returns for shareholders.
International Seaways, Inc. (INSW) has a 5-year average gross margin of 62.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 12 years of financial data for International Seaways, Inc. (INSW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
International Seaways, Inc. (INSW) has a book value per share of $40.72, based on its most recent annual SEC filing.