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olivLaw · US equity research

Teekay Corporation Ltd. TK

Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)

13.44USD−4.88% · 1 dayClose 04 Nov 2026

Teekay Corporation is an international provider of crude oil marine transportation and other marine services, operating mainly through its controlling stake in Teekay Tankers, one of the leading owners and operators of mid-sized crude tankers. The parent company is debt free, with cash and short-term investments of 120.2 million dollars at Teekay Parent as at December 31, 2025, so conditions in tanker markets matter directly for its results.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Teekay Corporation Ltd. (TK) stock was 13.44 USD (−4.88% on the day), with market capitalisation 1.2 bn USD, P/E 11.9 on diluted EPS of 1.13 USD over the last 12 months, dividend yield 7.37%, beta 0.32, 52-week range 8.74–15.56 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.2 bn USD
shares as of 31 Dec 2025
P/E (TTM)
11.9
Diluted EPS TTM 1.13 · TTM to 31 Dec 2025
E/P (TTM)
8.41%
TTM to 31 Dec 2025
Dividend yield
7.37%
DPS 12m 0.99
Beta (2y)
0.32
Volatility (1y) 40%
52-week range
8.7415.56

Price history

Loading chart…

Technical reading

RSI (14)
38.5
weak (30–45)
Bollinger (20, 2)
13.35 – 15.69
in the lower half of the band · %B 0.04 · band width 16.1%
SMA 50 / 200
14.16 / 12.46
mixed trend
MACD (12, 26, 9)
-0.02 / 0.11
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.2%−1.1%−9.1 pp—
3 months+23.6%−0.5%+24.1 pp—
6 months−1.3%+4.4%−5.7 pp—
Year to date+48.8%+12.3%+36.5 pp—
1 year+42.2%+13.5%+28.7 pp+26.8%
3 years+80.2%+76.4%+3.7 pp+34.6%
5 years+274.4%+63.7%+210.7 pp—
Max drawdown (1y)
−29.5%
20 May 2026 → 01 Jul 2026
Max drawdown (5y)
−41.0%
28 May 2024 → 04 Apr 2025
Compound annual growth (5y)
+30.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 80 percentile of its own 5-quarter history (min 4.6, median 6.0, max 39.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.7 bn1.3 bn1.1 bn682.5 m1.2 bn1.5 bn1.2 bn949.5 m
Revenue YoY−8.1%−26.2%−10.1%−40.5%+74.4%+23.1%−16.7%−22.2%
Net income-79.2 m-310.6 m-82.9 m7.8 m78.4 m150.6 m133.8 m98.1 m
Net income YoYunavailableunavailableunavailableunavailable+904.4%+92.1%−11.2%−26.7%
Diluted EPS-0.79-3.08-0.820.080.761.541.421.13
Diluted EPS YoYunavailableunavailableunavailableunavailable+850.0%+102.6%−7.8%−20.4%
net %-4.6%-24.4%-7.2%1.1%6.6%10.3%11.0%10.3%
Free cash flow-511.7 m371.7 m968.0 m56.7 m199.2 m629.8 m396.7 m111.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
940.7 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
2.2 bn USD
Total assets
2.4 bn USD
Debt / equity
unavailable
Current ratio
8.89x
ROE
4.8%
ROA
4.3%
FCF margin
11.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.5 bn
2024
1.2 bn
2025
949.5 m

SEC (XBRL)· 13 Mar 2026verified

Cost of revenue
2023
474.4 m
2024
405.5 m
2025
317.4 m

SEC (XBRL)· 13 Mar 2026verified

Gross profit
2023
990.6 m ≈
2024
814.8 m ≈
2025
632.1 m ≈

SEC (XBRL)· 13 Mar 2026derived

Operating income
2023
531.7 m
2024
365.2 m
2025
302.8 m

SEC (XBRL)· 13 Mar 2026verified

Depreciation & amortisation
2023
97.6 m
2024
93.6 m
2025
86.6 m

SEC (XBRL)· 13 Mar 2026verified

EBITDA
2023
629.3 m ≈
2024
458.8 m ≈
2025
389.4 m ≈

SEC (XBRL)· 13 Mar 2026derived

Interest expense
2023
28.0 m
2024
7.5 m
2025
2.9 m

SEC (XBRL)· 13 Mar 2026verified

Pre-tax income
2023
529.6 m
2024
402.0 m
2025
347.4 m

SEC (XBRL)· 13 Mar 2026verified

Income tax
2023
12.2 m
2024
405.0 k
2025
-4.6 m

SEC (XBRL)· 13 Mar 2026verified

Net income
2023
150.6 m
2024
133.8 m
2025
98.1 m

SEC (XBRL)· 13 Mar 2026verified

Diluted EPS
2023
1.54
2024
1.42
2025
1.13

SEC (XBRL)· 13 Mar 2026verified

Weighted average diluted shares
2023
96.6 m
2024
93.3 m
2025
86.7 m

SEC (XBRL)· 13 Mar 2026verified

Dividend per share
2023
0.00
2024
1.01
2025
0.99

SEC (XBRL)· 13 Mar 2026derived

Balance sheet · USD

Cash
2023
480.1 m
2024
685.3 m
2025
940.7 m

SEC (XBRL)· 13 Mar 2026verified

Receivables
2023
117.8 m
2024
83.3 m
2025
83.2 m

SEC (XBRL)· 13 Mar 2026verified

Inventories
2023
53.2 m
2024
46.0 m
2025
29.4 m

SEC (XBRL)· 13 Mar 2026verified

Current assets
2023
921.9 m
2024
927.1 m
2025
1.2 bn

SEC (XBRL)· 13 Mar 2026verified

Property, plant & equipment, net
2023
929.2 m
2024
1.1 bn
2025
1.0 bn

SEC (XBRL)· 13 Mar 2026verified

Goodwill
2023
2.4 m
2024
2.4 m
2025
2.4 m

SEC (XBRL)· 13 Mar 2026verified

Intangibles (excl. goodwill)
2023
658.0 k
2024
307.0 k
2025
0

SEC (XBRL)· 13 Mar 2026verified

Total assets
2023
2.2 bn
2024
2.2 bn
2025
2.4 bn

SEC (XBRL)· 13 Mar 2026verified

Accounts payable
2023
—
2024
25.7 m
2025
20.0 m

SEC (XBRL)· 13 Mar 2026verified

Short-term debt
2023
0
2024
—
2025
—

SEC (XBRL)· 15 Mar 2024verified

Long-term debt
2023
0
2024
—
2025
—

SEC (XBRL)· 15 Mar 2024verified

Current liabilities
2023
172.8 m
2024
132.6 m
2025
134.7 m

SEC (XBRL)· 13 Mar 2026verified

Total liabilities
2023
396.3 m
2024
217.9 m
2025
197.5 m

SEC (XBRL)· 13 Mar 2026verified

Equity
2023
1.8 bn
2024
1.9 bn
2025
2.2 bn

SEC (XBRL)· 13 Mar 2026verified

Shares outstanding at year end
2023
91.0 m
2024
84.1 m
2025
86.1 m

SEC (XBRL)· 13 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
629.8 m
2024
467.2 m
2025
301.8 m

SEC (XBRL)· 13 Mar 2026verified

Capex
2023
0
2024
70.5 m
2025
190.3 m

SEC (XBRL)· 13 Mar 2026verified

Free cash flow
2023
629.8 m ≈
2024
396.7 m ≈
2025
111.5 m ≈

SEC (XBRL)· 13 Mar 2026derived

Investing cash flow
2023
54.7 m
2024
157.5 m
2025
80.4 m

SEC (XBRL)· 13 Mar 2026verified

Financing cash flow
2023
-520.4 m
2024
-416.4 m
2025
-129.8 m

SEC (XBRL)· 13 Mar 2026verified

Dividends paid
2023
0
2024
85.0 m
2025
85.3 m

SEC (XBRL)· 13 Mar 2026verified

Share repurchases
2023
50.7 m
2024
66.3 m
2025
4.9 m

SEC (XBRL)· 13 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-22.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-7.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-3.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-17.1%
computed by olivLawFY 2025
Net income growth (YoY)
-26.7%
computed by olivLawFY 2025
Net income CAGR 3Y
7.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-20.4%
computed by olivLawFY 2025
EPS CAGR 3Y
14.1%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-71.9%
computed by olivLawFY 2025

Profitability

Gross margin
66.6%
computed by olivLawFY 2025
EBITDA margin
41.0%
computed by olivLawFY 2025
EBIT margin
31.9%
computed by olivLawFY 2025
Net margin
10.3%
computed by olivLawFY 2025
FCF margin
11.7%
computed by olivLawFY 2025

Returns

ROE
4.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
4.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
13.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
87.7%
computed by olivLawFY 2025
Payout ratio (FCF)
76.5%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
104.6x
computed by olivLawFY 2025

Liquidity

Current ratio
8.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
8.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
7.0x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
301.8 m USD
computed by olivLawFY 2025
Capital expenditure
190.3 m USD
computed by olivLawFY 2025
Free cash flow
111.5 m USD
computed by olivLawFY 2025
FCF conversion
113.7%
computed by olivLawFY 2025
Cash conversion
77.5%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
32 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
43 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
26 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
49 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
11.8x
computed by olivLawFY 2025
P/E (TTM)
11.9x
computed by olivLawFY 2025
Earnings yield
8.4%
computed by olivLawFY 2025
P/B
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
10.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
7.4%
computed by olivLawFY 2025
Shareholder yield (distributions)
7.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 71 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

13.44 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.2 bn USD

Key indicators

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
11.9x
computed by olivLawFY 2025
P/B
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
4.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
10.3%
computed by olivLawFY 2025
Revenue growth (YoY)
-22.2%
computed by olivLawFY 2025
Dividend yield
7.4%
computed by olivLawFY 2025

Coverage and freshness

35/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 13 Mar 2026
verified 571derived 3

Score by group

  • Balance sheet100
  • Growth47
  • Quality68
  • Returns85
  • Valuation70

Estimated value range

Low
8.66
USD per share
Mid
13.15
USD per share
High
18.27
USD per share
Price: 13.44 USD
The price is within the range
Potential to the central value: -2.1% (value / price − 1)
Margin of safety: -2.2% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.30 – 19.02 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E4.30 – 19.02 (Mid 11.37)
    29 companies used · median multiple 10.1x · quartiles 3.8x – 16.8x
    ASC, CCEC, CISS, CMBT, CMRE, CTRM, DHT, DSX, ECO, EHLD, ESEA, FRO, GASS, GNK, GSL, HSHP, IMPP, NMM, NVGS, PANL, PSHG, PXS, SBLK, SHIP, STNG, TEN, TOPS, TRMD, ZIM
  • Dividend discount (DDM)13.02 – 17.51 (Mid 14.94)
Multiple comparisons use the SIC vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 71/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality10.3%37 (vs peers)9%
FCF conversion · Quality113.7%100 (on a fixed band)9%
Revenue CAGR 3Y · Growth-7.3%0 (on a fixed band)12%
EPS CAGR 3Y · Growth14.1%94 (on a fixed band)12%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet104.6x100 (on a fixed band)9%
Current ratio · Balance sheet8.9x100 (on a fixed band)6%
P/E (TTM) · Valuation11.9x47 (vs peers)15%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation9.6%100 (on a fixed band)12%
Shareholder yield (distributions) · Returns7.8%100 (on a fixed band)9%
Payout ratio (FCF) · Returns76.5%62 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 2/3 factors with a value
  • Growth47/100 · 2/2 factors with a value
  • Quality68/100 · 2/3 factors with a value
  • Returns85/100 · 2/2 factors with a value
  • Valuation70/100 · 2/3 factors with a value

Memo

TEEKAY CORPORATION LTD. (TK). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 949.5 m USD in 2025; YoY growth -22.2%; net margin 10.3%; ROE 4.8%.

The estimated value range is 8.66–18.27 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 13.15 USD, the price of 13.44 USD leaves a potential of -2.1% (value / price − 1) and a margin of safety of -2.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 71/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 113.7%
  • EPS CAGR 3Y: 14.1%
  • Interest coverage: 104.6x
  • Current ratio: 8.9x
  • FCF yield: 9.6%
  • Shareholder yield (distributions): 7.8%

What contradicts it

  • Revenue CAGR 3Y: -7.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.

Versus the vertical median

Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
11.9x
vertical median 10.3x
above median (+15.6%)
EV/EBITDA
—
vertical median 7.5x
P/S
1.2x
vertical median 1.8x
below median (−33.5%)
P/B
0.5x
vertical median 1.0x
below median (−46.0%)
ROE
4.8%
vertical median 9.1%
below median (−47.6%)
Net margin
10.3%
vertical median 18.1%
below median (−43.1%)
EBIT margin
31.9%
vertical median 25.7%
above median (+24.1%)
Revenue YoY
-22.2%
vertical median -1.2%
below median
Net debt/EBITDA
—
vertical median 1.7x
Dividend yield
7.4%
vertical median 1.9%
above median (+284.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FROFrontline plc10.8 bn28.515.6%19.2%−8.8%+106% / +144%
CMBTCmb.tech NV5.4 bn3.849.1%92.6%−23.9%+56% / −5%
STNGScorpio Tankers Inc.4.4 bn12.111.4%36.7%−24.6%+48% / +57%
TRMDTORM plc3.8 bn13.213.3%21.3%−14.1%+76% / +33%
DHTDht Holdings, Inc.3.5 bn16.819.4%42.4%−12.8%+69% / +121%
ZIMZim Integrated Shipping Services Ltd.3.4 bn7.111.9%6.9%−18.1%+39% / +306%
SBLKStar Bulk Carriers Corp.3.1 bn37.33.4%8.1%−17.6%+37% / +28%
ECOOkeanis Eco Tankers Corp.3.0 bn22.525.0%31.4%−0.4%+130% / +252%
NMMNavios Maritime Partners L.P.2.5 bn8.6—21.2%+0.8%+57% / +232%
SFLSFL Corporation Ltd.1.7 bn—-2.5%-3.6%−18.9%+42% / +3%
CMRECostamare Inc.1.6 bn4.615.9%41.5%−1.2%−14% / +30%
GSLGlobal Ship Lease, Inc.1.4 bn3.525.5%54.3%+7.8%+14% / +118%
TENTsakos Energy Navigation Limited1.4 bn10.59.1%20.1%−0.7%+91% / +132%
NVGSNavigator Holdings Ltd1.3 bn13.98.2%17.1%+3.6%+14% / +40%
CCECCapital Clean Energy Carriers Corp.1.2 bn7.312.0%—+62.0%+2% / +57%
TKTeekay Corporation Ltd.1.2 bn11.94.8%10.3%−22.2%+42% / +80%
GNKGenco Shipping & Trading Limited1.1 bn13.98.9%15.5%−19.1%+31% / +59%
SHIPSeanergy Maritime Holdings Corp.987.8 m14.37.8%13.4%−5.6%+37% / +98%
ASCArdmore Shipping Corp752.3 m21.06.6%13.2%−23.6%+51% / +36%
HSHPHimalaya Shipping Ltd.719.3 m40.611.2%13.4%+6.7%+72% / +157%
PANLPangaea Logistics Solutions Ltd.491.7 m10.111.0%6.7%+17.8%+7% / +7%
ESEAEuroseas Ltd.459.1 m3.333.1%60.1%+7.0%+8% / +172%
GASSStealthgas Inc.308.3 m5.19.2%35.0%+3.5%+21% / +24%
DSXDiana Shipping Inc.276.7 m21.73.5%8.3%−6.4%+21% / −30%
SMHISEACOR Marine Holdings Inc.241.4 m—-14.0%-17.6%−16.0%+25% / −23%

1- and 3-year price returns: for TK from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
7.25
Total return -41% · Per year -41%
12.88
Total return 3% · Per year 3%
19.49
Total return 54% · Per year 54%
3 years
5.76
Total return -43% · Per year -17%
11.63
Total return 7% · Per year 2%
19.49
Total return 71% · Per year 20%
5 years
4.57
Total return -45% · Per year -11%
10.49
Total return 10% · Per year 2%
19.49
Total return 88% · Per year 13%
What moves the 3-year price the most
  • Exit P/E± 2.91
  • Net margin± 2.03
  • Annual revenue growth± 1.84
  • Annual dilution± 0.17

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (31 Jul 2026), 6-K (29 Jul 2026), 6-K (13 May 2026), 6-K (06 May 2026).

In brief

Teekay Corporation is an international provider of crude oil marine transportation and other marine services, operating mainly through its controlling stake in Teekay Tankers, one of the leading owners and operators of mid-sized crude tankers. The parent company is debt free, with cash and short-term investments of 120.2 million dollars at Teekay Parent as at December 31, 2025 1, so conditions in tanker markets matter directly for its results.

SWOT

Strengths

  • Teekay Parent is debt free and holds a solid cash position, which gives it financial flexibility 1.
  • The company has a long industry history and a recognised operating platform in the tanker segment 1.
  • Its US Gulf lightering and STS services offer a niche advantage that is hard for competitors to replicate 1.

Weaknesses

  • Much of the activity depends on the spot market, where rates can fluctuate sharply, making revenue harder to predict 1.
  • Teekay Parent has no direct vessel interests and realises its value through Teekay Tankers, which creates dependence on a single entity 1.
  • Operating costs, including crew and maintenance, tend to rise as the fleet matures 1.

Opportunities

  • Shifts in crude flows, including those from Venezuela, could create extra demand for mid-sized tankers 1.
  • Port congestion in the US Gulf could expand the need for offshore lightering services 1.
  • Vessel acquisitions and fleet expansion could add capacity if pricing conditions are favourable 1.

Threats

  • Geopolitical tensions and sanctions can disrupt routes and change demand for shipping services 1.
  • Trade tariffs and uncertainty in the global economy could reduce volumes of crude trade 1.
  • Entry of very large vessels into mid-sized segments could intensify competition for the same charters 1.

Risks

  • Spot market exposurehigh

    A large part of the fleet operates on the spot market, where revenues could fall quickly if rates weaken 1.

  • Geopolitics and sanctionshigh

    Conflicts and sanctions could disrupt routes, costs and demand in ways that are hard to predict 1.

  • Tariff and port fee policymedium

    Tariffs and port fees in the US and China could affect trade and costs, and the current suspensions have a set end date 1.

  • Dependence on Teekay Tankersmedium

    The value of Teekay Parent depends largely on its stake in Teekay Tankers, so developments at that company matter 1.

  • Vessel sales and purchaseslow

    Vessel sale and purchase transactions can produce variable gains or losses and depend on market timing 1.

Investment thesis

What would need to be true (bull case)

  • If crude flows shift toward the compliant fleet, the company's mid-sized tankers could benefit from higher demand 1.
  • The debt-free structure of Teekay Parent and its available cash could provide flexibility for investment or shareholder distributions 1.
  • Its position in US Gulf lightering, where crude exports are significant, could support revenues in the services segment 1.

What would break the thesis

  • Heavy exposure to the spot market means a fall in rates could reduce financial results quickly 1.
  • Geopolitical tensions and tariffs can create lasting uncertainty about demand and costs, which makes forecasts harder 1.
  • Competition from independent shipowners and larger vessels could limit the ability to keep long-term contracts 1.

What to watch

  • Movement of spot freight rates for Suezmax and Aframax tankers2026
  • Completion of the sale of the VLCC and one Suezmax tanker and its effect on the fleetQ2 2026
  • Point at which the suspended US and China port fees could be reimposedOctober 2026
  • Development of Venezuelan crude flows and demand for compliant tankers2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (31 Jul 2026), 6-K (29 Jul 2026), 6-K (13 May 2026), 6-K (06 May 2026).

The business

Teekay Corporation Ltd. is a Bermuda company, founded in 1973, that manages and operates approximately 54 conventional tankers and other marine assets 1. Its main business runs through its controlling interest in Teekay Tankers Ltd. (NYSE: TNK), in which Teekay held a 30.7% economic interest and 54.8% of the voting power at March 1, 2026 1. The company employs about 2,130 seagoing and shore-based staff across eight countries 1.

Teekay Parent no longer has direct interests in vessels, no longer employs seagoing or shore-based staff, and is debt free after repaying its convertible notes at maturity in January 2023 1. Its primary financial objective is to increase intrinsic value per share, including through the intrinsic value of Teekay Tankers 1.

In 2025 and early 2026, Teekay Tankers sold older tankers and bought newer ones, and its revenues depend on freight rates, contract length and revenue sharing agreements 1. Consolidated results therefore largely reflect spot market conditions and tanker cycles 1.

Trends

  • Geopolitical disruption and routesmixed

    The Ukraine conflict, Houthi attacks in the Red Sea and tensions in the Middle East have disrupted energy supply chains and trading routes, which could change demand for tankers 1.

  • Tariffs and trade uncertaintyheadwind

    New tariffs and port fees introduced in 2025 and reimposed in 2026 have increased uncertainty about vessel demand, trade routes and operating costs, and the port fees are suspended until October 2026 1.

  • Venezuela and the compliant fleettailwind

    Developments in Venezuela in 2026 reduced crude flows to China through the dark fleet and shifted trade toward the compliant fleet, which could support mid-sized tankers 1.

  • Fleet renewal through sales and purchasesmixed

    Teekay Tankers sold older vessels and bought newer ones in 2025, but the value and return of these transactions depend on timing and market conditions 1.

Competitive position

  • Aframax, Suezmax and LR2 fleet operators

    The source refers to several large operators of Aframax, Suezmax and LR2 tonnage worldwide without naming them 1.

  • Independent tanker shipowners

    Independent companies own or control most of the international tanker fleet and compete directly for charters 1.

  • VLCC and ULCC vessels

    Very large vessels can occasionally enter the Suezmax or Aframax trades, intensifying competition on the same routes 1.

  • Other US Gulf lightering operators

    Other active STS operators in the US Gulf compete for the same crude transfer services 1.

News & filings

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.