Teekay Corporation Ltd. (TK)
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Teekay's income statement reads like that of a large shipping company: $949.5 million in revenue and $352.0 million of net income for 2025. One line below, it says where that profit goes — $253.9 million to the minority shareholders of its listed subsidiary Teekay Tankers, $98.1 million to Teekay's own shareholders. The parent company no longer owns a single vessel. It holds 10.6 million shares of the subsidiary (market value $690.5 million as of June 30, 2026) and $56.4 million in cash — that is all. Because its Class B shares carry five votes each, a 30.7 percent economic interest delivers 54.8 percent of the votes, and control forces full consolidation. Not investment advice — just the question of who ends up on which line of the balance sheet.
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Basics
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Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AITeekay verkauft keine KI und ist von ihr nicht bedroht, prüft aber ausdrücklich den eigenen Einsatz: Der Jahresbericht 20-F für 2025 führt erstmals einen eigenen Risikohinweis zum „Einsatz künstlicher Intelligenz in unserem Betrieb“ und nennt Produktivität und schlankere Abläufe als Ziel — ein frühes Sondierungsstadium ohne bezifferten Nutzen, im Jahresbericht für 2024 kam KI nur als Randnotiz im Datenschutzkapitel vor.
View the full file — quotes, sources, reviewed filings
„We are investigating the use of artificial intelligence to improve productivity and streamline processes."
Wir prüfen den Einsatz künstlicher Intelligenz, um die Produktivität zu erhöhen und Abläufe zu straffen.
„The use of artificial intelligence in our operations may not result in expected benefits, and the use of artificial intelligence by any of our competitors may give them advantages relative to us."
Der Einsatz künstlicher Intelligenz in unserem Betrieb erbringt möglicherweise nicht die erwarteten Vorteile, und der Einsatz künstlicher Intelligenz durch unsere Wettbewerber könnte diesen Vorteile gegenüber uns verschaffen.
„Any vulnerabilities attributable to third-party vendors, suppliers or counterparties relating to artificial intelligence tools or other products or services we may purchase or use might not be identified or discovered by them or by us, and such vulnerabilities could increase our exposure to security breaches and cyber-attacks."
Etwaige Schwachstellen bei Drittanbietern, Lieferanten oder Vertragspartnern im Zusammenhang mit Werkzeugen künstlicher Intelligenz oder anderen Produkten oder Diensten, die wir erwerben oder nutzen, werden von diesen oder von uns möglicherweise nicht erkannt; solche Schwachstellen könnten unsere Anfälligkeit für Sicherheitsverletzungen und Cyberangriffe erhöhen.
„Data privacy is subject to frequently changing laws, rules and regulations, which sometimes conflict among the various jurisdictions and countries in which we provide services and continue to develop in ways which we cannot predict, including with respect to evolving technologies such as cloud computing and artificial intelligence."
Der Datenschutz unterliegt sich häufig ändernden Gesetzen, Vorschriften und Regelungen, die sich zwischen den verschiedenen Rechtsordnungen und Ländern, in denen wir Dienste erbringen, mitunter widersprechen und sich auf für uns nicht vorhersehbare Weise weiterentwickeln, auch mit Blick auf sich entwickelnde Technologien wie Cloud-Computing und künstliche Intelligenz.
Filings Reviewed: 20-F 2026-03-13 · 20-F 2025-03-14 · 6-K 2026-07-29 · 6-K 2026-05-13 · 6-K 2026-05-06 · 6-K 2026-02-18
Rated on July 30, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.36 | -21.00 | 326 | -17.50 | 10.40 | 161 | 157 |
| 2024: Q3 | 0.21 | -21.10 | 273 | -12.50 | 7.40 | 116 | 52 |
| 2024: Q4 | 0.19 | -48.70 | 257 | -24.40 | 9.80 | 61 | 60 |
| 2025: Q1 | 0.91 | 58.30 | 232 | -36.50 | 32.80 | – | – |
| 2025: Q2 | -0.50 | -240.70 | 232 | -29.00 | -18.30 | 72 | 71 |
| 2025: Q3 | 0.34 | 59.60 | 229 | -16.20 | 12.90 | 86 | 21 |
| 2025: Q4 | 0.40 | 110.50 | 258 | 0.40 | 13.60 | 86 | 21 |
| 2026: Q1 | – | – | 286 | 23.40 | 53.70 | – | – |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The entire group carried no financial debt at December 31, 2025 — $197.5 million of total liabilities against $2,360.1 million of assets, a 91.6 percent equity ratio, and $972.7 million in cash and short-term investments. Interest income of $36.2 million exceeded interest expense of $2.9 million by a factor of twelve. For a shipping group, that is unusually conservative.
The tanker market is running: $379.1 million of revenue and $69.5 million of attributable profit in the second quarter of 2026, against $232.2 million and $18.7 million a year earlier. On July 29, 2026 Teekay Tankers reported the highest quarterly adjusted net income in its history at Suezmax spot rates of $109,200 per day. The first half of 2026 delivered $117.2 million for Teekay shareholders, more than all of 2025.
Teekay consolidates Teekay Tankers in full but owns only 30.7 percent of the capital (as of March 1, 2026). In 2025, $253.9 million of $352.0 million in group profit was therefore reported as the minority shareholders' share, and $1,438.1 million of $2,162.6 million in equity belongs to them as well. Any ratio derived from consolidated numbers — price-to-sales, enterprise value, net cash — is misleading without that correction.
The $302.8 million of 2025 operating income included $101.7 million of gains on vessel sales (2024: $38.1 million, 2023: $10.4 million). Without them, $201.1 million remains, after $327.2 million and $521.4 million in the prior years. The disposals are part of a declared fleet renewal program and therefore ordinary business — but not repeatable at that scale. The second segment, marine services, produced $125.5 million of revenue and $3.5 million of operating income.
Three consecutive special dividends of $1.00 per share (2024, 2025, 2026) are a genuine return of capital — the June 2026 payout cost $87.4 million. It was funded largely out of substance: parent cash fell from $183.4 million (December 31, 2024) to $56.4 million (June 30, 2026). The buyback program has been idle since March 2025 with $28.1 million of authorization open, while the share count rose 4.3 percent to 87,691,370 through option exercises.
Practically all earnings depend on daily rates with no long-term hedging. The company's own July 29, 2026 release shows how fast that turns: third-quarter 2026 Aframax/LR2 rates stood at $59,900 per day, down from $74,100 in the second quarter, with roughly 44 percent of spot days booked. Group revenue has already fallen from $1,465.0 million (2023) to $949.5 million (2025).
Teekay is the label trap in its purest form: a debt-free group with $949.5 million of revenue, $972.7 million of cash and record tanker rates — of which its own shareholders own barely a third. In 2025, $253.9 million of $352.0 million in group profit was reported as the share of Teekay Tankers' minority shareholders. The parent itself owns no vessel and no personnel, only a block of shares worth $690.5 million and $56.4 million in cash (June 30, 2026). Investing here means buying a controlling interest in the subsidiary — and paying a premium over its arithmetic value. Not investment advice.
- Teekay came onto our list through the SEC filing trail rather than a price or ratio screen. The risk of confusion is real: TK is the holding company, TNK the operating fleet company. Mixing their figures counts the same ships twice.
- Teekay is a foreign private issuer and files no quarterly report (10-Q). The basis here is the 20-F annual report for 2025 (filed March 13, 2026) and the 6-K interim reports, most recently dated July 29, 2026. Every point-in-time figure — cash, share count, stake value — comes from the most recent document that states it.
- Valuation figures are dated and deliberately kept as orders of magnitude: market capitalization roughly $1.0 billion (data as of July 30, 2026), cross-checked against 87,691,370 shares and the $12.37 per share price documented in a Form 144 notice dated June 22, 2026. An enterprise value derived from consolidated numbers is useless at Teekay, because it deducts the subsidiary's cash without adding back the $1,438.1 million non-controlling interest.
About the Company
Teekay Corporation Ltd. provides crude oil marine transportation and other marine services worldwide. The company operates in two segments, Tankers and Marine Services. It owns and operates crude oil and refined product tankers. The company also offers ship-to-ship support services; tanker commercial management operation services; technical management; and operational and maintenance marine services. It operates a fleet of 34 double-hull tankers. It serves energy and utility companies, oil traders, oil consumers and petroleum product producers, government agencies, and various other entities that depend upon marine transportation. The company was formerly known as Teekay Corporation and changed its name to Teekay Corporation Ltd. in October 2024. Teekay Corporation Ltd. was founded in 1973 and is headquartered in Hamilton, Bermuda.
| Employees | 2,130 |
|---|---|
| Headquarters | Hamilton, Bermuda |
| Website | teekay.com |
| IPO Date | 19. Jul 1995 |
| Next Earnings | 29. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Kenneth Hvid | President, CEO & Director | 1968 |
| Brody Speers | CFO & Treasurer | 1984 |
| Ryan Hamilton C.A. | Manager of Finance & Investor Relations | – |
| Anne Elizabeth Liversedge | General Counsel & Company Secretary | 1970 |
| Lee Edwards | Financial Analyst | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 29, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.