$Teekay Tankers (TNK.US)$Bermuda-listed company since 2007, ...

In the past 5 years, revenue has declined in 2020 and 2021, and has grown in the other 3 years. Operating profit almost zeroed out in 2018 and incurred losses in 2021, while profitable in the other 3 years. Net income incurred losses in 2018 and 2021, with an average net income of only 0.012 billion in the past 5 years. Interest expenses accounted for 14% of operating profit in 2022, indicating a heavy interest burden. Return on equity is 24%, but the highest in the previous 4 years did not reach 10%.

In the first 3 quarters of 2023, revenue increased by 51.1%, operating profit increased by 3.55 times, and net income increased by 3.9 times to reach 0.4 billion.

The asset-liability ratio has decreased from 56.2% to 40% in the past 5 years, and dropped significantly to 20% in 2023Q3. The ratio and growth rate of accounts receivable and inventory are relatively normal, with very little goodwill and other intangible assets. The long-term leasing liability is only 0.17 billion, accounting for 12% of net assets, and the leverage ratio is very low.

Currently, cash is 0.23 billion, and both the current ratio and quick ratio are greater than 3.

Net investment has been a net inflow over the past 5 years, generating a lot of shareholder equity.

Currently, the PE ratio is 7.8, the trailing PE ratio is 3.4, and the 5-year average net income corresponds to a PE ratio of 151. If the net income reaches 0.45 billion in 2023, the 5-year average net income will increase to 0.11 billion, corresponding to a PE ratio of 16.5. For cyclical stocks, the valuation is not very attractive.