Teekay Corporation
- Open
- 11.05
- Day high
- 11.20
- Day low
- 10.82
- Prev close
- 10.99
- Volume
- 421K
- Mkt cap
- $942M
- P/E (TTM)
- 13.5
- EPS (TTM)
- $0.80
- P/B
- 0.4
- P/S
- 0.9
- Yield
- 9.23%
- Per share
- $1.00
- ▼Insiders net selling -$4.9M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Teekay Corporation (TK) is a Energy company listed on NYSE. The stock is up 42% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Teekay Corporation (TK) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | — | $0.55 | — | $286M | — |
| Feb 18, 2026 | — | $0.40 | — | $258M | — |
| Oct 29, 2025 | — | $0.34 | — | — | — |
| Jul 30, 2025 | — | $0.22 | — | $232M | — |
| Feb 19, 2025 | — | $0.19 | — | $257M | — |
| Aug 1, 2024 | — | $0.35 | — | $326M | — |
| May 9, 2024 | — | $0.44 | — | $365M | — |
| Feb 22, 2024 | — | $0.34 | — | $339M | — |
| Nov 2, 2023 | — | $0.26 | — | $312M | — |
| Aug 3, 2023 | — | $0.45 | — | $395M | — |
| May 11, 2023 | — | $0.52 | — | $419M | — |
| Mar 31, 2023 | — | $0.38 | — | $393M | — |
TK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Locke Simon Heididirector | Option | 18,119 | $3.98 |
| Jun 22, 2026 | Locke Simon Heididirector | Sell | 18,119 | $12.37 |
| Jun 17, 2026 | Krediet Rudolphdirector | Option | 41,457 | $3.98 |
| Jun 17, 2026 | Krediet Rudolphdirector | Option | 21,585 | $5.81 |
| Jun 17, 2026 | Krediet Rudolphdirector | Sell | 63,042 | $11.80 |
| Jun 12, 2026 | Hvid Kennethdirector, officer: President and CEO | Sell | 6,822 | $12.04 |
| Jun 12, 2026 | Hvid Kennethdirector, officer: President and CEO | Sell | 165,151 | $12.16 |
| Jun 12, 2026 | Hvid Kennethdirector, officer: President and CEO | Option | 165,151 | $10.18 |
| Jun 12, 2026 | Speers Brodydirector, officer: Chief Financial Officer | Sell | 5,500 | $12.15 |
| Jun 12, 2026 | Hvid Kennethdirector, officer: President and CEO | Sell | 150,184 | $12.06 |
| Jun 10, 2026 | Locke Simon Heididirector | Grant | 6,350 | $11.81 |
| Jun 10, 2026 | Antturi Peterdirector | Grant | 6,350 | — |
| Jun 10, 2026 | Karlshoej Poul Ulrichdirector | Grant | 6,350 | $11.81 |
| Jun 10, 2026 | Krediet Rudolphdirector | Grant | 6,350 | $11.81 |
| Jun 3, 2026 | Speers Brodydirector, officer: Chief Financial Officer | Option | 8,457 | — |
Source: TK SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full TK insider & 13F page →Teekay Corporation company profile
Overview
Teekay Corporation (NYSE:TK) is a Bermuda-based marine transportation company founded in 1973 that has evolved from a diversified shipping conglomerate into a focused crude oil tanker operator. Originally established as a broad-based maritime services provider, the company underwent significant strategic simplification in recent years, divesting non-core assets and streamlining operations to concentrate exclusively on the crude oil tanker market through its primary operating subsidiary, Teekay Tankers. Today, Teekay operates a fleet of approximately 55 vessels and serves as a pure-play investment in the global crude oil transportation sector.
Business
Teekay Corporation operates in the marine crude oil transportation industry, which forms a critical link in the global energy supply chain. The company's core business involves transporting crude oil from production regions to refineries worldwide using specialized vessels called tankers. The company operates three main types of crude oil tankers, each designed for specific trade routes and cargo volumes. Suezmax tankers are medium-sized vessels (typically 120,000-200,000 deadweight tons) named for their ability to transit the Suez Canal when fully loaded. These vessels primarily serve routes between the Middle East, Europe, and the Americas. Aframax tankers are smaller vessels (80,000-120,000 deadweight tons) that can access a wider range of ports and are commonly used for regional crude oil trades, including routes from the North Sea, Mediterranean, and increasingly from Canada's oil sands via the Trans Mountain Pipeline. LR2 (Long Range 2) tankers are versatile vessels that can carry both crude oil and refined petroleum products, providing operational flexibility based on market conditions. Teekay's fleet consists of approximately 96-98% spot market vessels, meaning the company does not have long-term charter contracts but instead operates in the volatile day-to-day freight market. This strategy allows the company to capture upside during strong market conditions but also exposes it to downturns. The remaining small portion of the fleet operates under time charter arrangements, providing some revenue stability. The crude oil tanker industry operates as a critical component of global energy infrastructure, with demand driven by the geographic mismatch between oil production and consumption centers. Tanker demand is measured in "ton-miles," which accounts for both the volume of oil transported and the distance traveled, making longer routes more valuable for tanker operators.
Revenue model
Teekay generates revenue primarily through vessel charter rates paid by oil companies, trading houses, and refiners who need to transport crude oil between global locations. The company earns daily charter rates that fluctuate based on supply and demand dynamics in the tanker market. With 96-98% of its fleet operating in the spot market, Teekay's revenues are directly tied to prevailing daily charter rates, which can range from break-even levels around $14,300 per day to peak rates exceeding $45,000 per day for different vessel types. The company's business model is asset-intensive, requiring significant capital investment in vessels that typically cost $50-80 million each for modern units. Teekay's profitability depends heavily on the spread between charter rates and operating costs, which include crew wages, fuel, insurance, maintenance, and port fees. The company has achieved a debt-free status, eliminating interest expenses that previously pressured margins. Several factors significantly impact Teekay's profitability. Positive margin drivers include geopolitical disruptions that create longer shipping routes (such as Red Sea conflicts forcing vessels around Africa), oil production growth in distant regions, sanctions on major oil producers that disrupt normal trade flows, and seasonal demand patterns. The aging global tanker fleet and limited new vessel construction also support higher rates by constraining supply growth. Negative margin pressures emerge from global economic slowdowns that reduce oil demand, resolution of geopolitical conflicts that normalize shipping routes, new tanker deliveries that increase fleet capacity, and high fuel costs (bunker prices) that directly impact operating expenses. Additionally, environmental regulations requiring expensive vessel modifications or early retirement of older ships can pressure margins, though Teekay's relatively modern fleet provides some protection against regulatory obsolescence. The company's financial performance exhibits significant cyclicality, with quarterly earnings ranging from modest profits during weak markets to exceptional returns exceeding $3-4 per share during peak conditions, as demonstrated by the strong 2024 performance following the challenging 2020-2022 period.
Competitive moat
Teekay operates in the commodity-like crude oil tanker industry, which historically provides limited sustainable competitive advantages. The company's primary moat stems from its operational expertise, established customer relationships, and strategic fleet positioning rather than structural barriers to entry. The company's main competitive advantages include its experienced management team with decades of tanker market expertise, enabling superior market timing for fleet deployment and vessel transactions. Teekay has demonstrated skill in buying vessels at market lows and selling at peaks, as evidenced by recent transactions where they sold older 2005-2009 vintage vessels while acquiring more modern tonnage. The company's debt-free balance sheet provides financial flexibility to capitalize on market opportunities and weather downturns better than leveraged competitors. Teekay's scale and operational efficiency offer modest advantages through lower per-vessel overhead costs and better access to global trading opportunities. The company's spot market focus, while risky, allows it to capture full upside during strong markets without being locked into below-market time charter rates. However, the tanker industry's moat is inherently weak and cyclical. Barriers to entry are primarily capital-intensive rather than structural, meaning well-funded competitors can enter during attractive market conditions. The industry faces potential disruption from several sources: the global energy transition toward renewables could reduce long-term oil demand and tanker requirements, new pipeline infrastructure can eliminate certain tanker routes (though projects like Trans Mountain can also create new demand), and technological advances in vessel efficiency or alternative transportation methods could alter competitive dynamics. The fragmented nature of the tanker market, with numerous global operators competing for similar cargo, limits pricing power during weak market cycles. Teekay's competitive position depends heavily on management's ability to navigate volatile markets and maintain operational excellence rather than sustainable structural advantages.
Risks & safety
Teekay exhibits a strong margin of safety from a balance sheet perspective but faces earnings volatility inherent to the cyclical tanker industry. **Financial Strength:** - Net cash position of approximately $685 million with minimal debt (debt-to-equity ratio of 0.09) - Current ratio of 7.0 indicating strong liquidity - No meaningful solvency risk given debt-free status - Free cash flow generation of $392 million in 2024 **Valuation Metrics:** - Trading at 4.7x 2024 earnings, well below historical market multiples - Price-to-book ratio of 0.89, suggesting potential asset value discount - EV/EBITDA of 0.03 (negative enterprise value due to excess cash) - Graham number of 16.0 vs. current price of $6.49, indicating significant undervaluation by traditional metrics **Other Considerations:** - Cyclical earnings create valuation uncertainty - current strong profitability may not persist - Asset values fluctuate with tanker market cycles and could decline in prolonged downturns - Industry transition risks from energy sector changes represent long-term headwinds - Strong cash position provides substantial downside protection and strategic flexibility
Recent development
Over the past several years, Teekay has undergone a dramatic strategic transformation from a diversified maritime conglomerate into a pure-play crude oil tanker operator. The company completed a comprehensive simplification process, divesting offshore production services, LNG operations, and other non-core maritime businesses to focus exclusively on crude oil transportation through its Teekay Tankers subsidiary. A key milestone was achieving debt-free status in early 2024 by repurchasing vessels previously under sale-leaseback arrangements, eliminating interest expenses and providing maximum financial flexibility. This deleveraging strategy represented a significant shift from the company's historically leveraged capital structure. Teekay has implemented a disciplined fleet renewal strategy, selling older vessels (2005-2009 vintage) while selectively acquiring more modern, fuel-efficient tonnage. Recent transactions include selling five older vessels for $160 million combined proceeds while purchasing a modern LR2 tanker, demonstrating management's focus on fleet quality over quantity. The company adopted a balanced capital allocation approach, returning substantial cash to shareholders through both regular quarterly dividends ($0.25 per share) and special dividends (including a $2.00 special dividend in 2024). Simultaneously, management maintains significant cash reserves to capitalize on market opportunities, including a recent 5.1% investment in Ardmore Shipping Corporation to explore adjacent market segments. Operationally, Teekay has maintained its high spot market exposure strategy (96-98% of fleet), allowing the company to capture full upside during the strong 2024 tanker market while accepting higher earnings volatility. This contrasts with competitors who have locked in longer-term time charter contracts at potentially below-market rates.
TK company profile · for informational purposes only — not investment advice.
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