NAT
Nordic American Tankers Limited
NAT offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
VRT
Vertiv Holdings Co
VRT has the edge over NAT overall, supported by stronger valuation and stronger modeled upside.
NAT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
NAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
VRT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
VRT's revenue, profitability, cash flow and balance sheet are all currently strong.
NAT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.1x | $4.10 | -39% |
| Forward | 9.7x | $6.72 | — |
| Fair | 11x | $6.51 | -3.1% |
| Current | 12x | $6.72 | — |
| Expensive | 52x | $30.15 | +349% |
Historical ranges are pointers, not guarantees.
NAT's PE is in its fair range at 12x. On analysts' estimates for next year's earnings, today's price would be 9.7x.
VRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $210 | — |
| Current | 39x | $210 | — |
| Cheap | 58x | $308 | +47% |
| Fair | 72x | $383 | +83% |
| Expensive | 88x | $472 | +125% |
Historical ranges are pointers, not guarantees.
VRT has the edge over NAT in the historical PE scenario, which offers more potential upside but is not a forecast.
NAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Decline | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect NAT's revenue to grow, but its earnings and profitability to decline.
VRT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
VRT has the edge over NAT on the outlook, with more favorable earnings and profitability expectations.
NAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.69 | +20% |
| Q2 2026 | $0.58 | +867% |
| Q1 2026 | $0.26 | +53% |
| Q4 2025 | $0.06 | -73% |
| Q3 2025 | $0.01 | -97% |
| Q2 2025 | $0.06 | -79% |
| Q1 2025 | $0.17 | -47% |
| Q4 2024 | $0.22 | -53% |
| Q3 2024 | $0.29 | -48% |
NAT earned $0.58 per share over the past year, about 10 times what it earned the year before.
VRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.14 | +71% |
| Q3 2026 | $5.35 | +102% |
| Q2 2026 | $4.42 | +111% |
| Q1 2026 | $3.98 | +131% |
| Q4 2025 | $3.41 | +166% |
| Q3 2025 | $2.65 | +75% |
| Q2 2025 | $2.09 | +62% |
| Q1 2025 | $1.72 | +64% |
| Q4 2024 | $1.28 | +7.6% |
VRT has the edge over NAT on earnings, with more consistent year-over-year improvement.
NAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $104.7M | +57% |
| Q1 2026 | $106.5M | +64% |
| Q4 2025 | $85.9M | +15% |
| Q3 2025 | $75M | -8.8% |
| Q2 2025 | $66.7M | -32% |
| Q1 2025 | $64.8M | -32% |
| Q4 2024 | $74.4M | +26% |
| Q3 2024 | $82.2M | +4.8% |
NAT's revenue is recovering but still below its 2020 peak: $105M last quarter, up 57% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 39% | +39 points |
| Q1 2026 | 36% | +34 points |
| Q4 2025 | 24% | +12 points |
| Q3 2025 | 9.1% | -11 points |
| Q2 2025 | 0.7% | -29 points |
| Q1 2025 | 2.1% | -22 points |
| Q4 2024 | 12% | -30 points |
| Q3 2024 | 20% | +1.3 points |
NAT has the edge over VRT on profitability, with a higher operating margin.
VRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.3B | +61% |
| Q2 2026 | $3.3B | +24% |
| Q1 2026 | $2.6B | +30% |
| Q4 2025 | $2.9B | +23% |
| Q3 2025 | $2.7B | +29% |
| Q2 2025 | $2.6B | +35% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +26% |
VRT has the edge over NAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +3.5 points |
| Q2 2026 | 19% | +2.7 points |
| Q1 2026 | 17% | +2.3 points |
| Q4 2025 | 20% | +0.7 points |
| Q3 2025 | 19% | +1.4 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 14% | +1.9 points |
| Q4 2024 | 19% | +4.2 points |
VRT's operating margin was 23% last quarter, up 3.5 points from the same quarter a year ago, near the top of its range since 2020.
NAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $68.8M | +$202.8M |
| Q1 2026 | $29.7M | +$30.9M |
| Q4 2025 | $14.7M | -24% |
| Q3 2025 | $3.9M | -89% |
| Q2 2025 | -$134M | -534% |
| Q1 2025 | -$1.1M | -103% |
| Q4 2024 | $19.4M | +$79.2M |
| Q3 2024 | $34.4M | +28% |
NAT's free cash flow has turned positive again: $117M over the past year, against −$81M the year before.
VRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $654.9M | +41% |
| Q2 2026 | $926.5M | +233% |
| Q1 2026 | $654.2M | +145% |
| Q4 2025 | $885.6M | +143% |
| Q3 2025 | $463.5M | +36% |
| Q2 2025 | $277.9M | -19% |
| Q1 2025 | $266.8M | +162% |
| Q4 2024 | $364.5M | +18% |
VRT has the edge over NAT on cash flow, with more consistent year-over-year improvement.
NAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +1.4% | +3M shares |
| 5 years | +36% | +56.2M shares |
| Available history | +49% | +69.4M shares |
NAT has the edge over VRT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
NAT hasn't bought back shares in the past year.
VRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -64.9K shares |
| 1 year | +0.4% | +1.8M shares |
| 3 years | +1.1% | +4.4M shares |
| 5 years | +10% | +36M shares |
| Available history | +63% | +152M shares |
VRT has 393M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $599.9M |
NAT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 3.9x | Elevated |
| Q2 2025 | 3.4x | Elevated |
| Q1 2025 | 2.0x | Healthy |
| Q4 2024 | 1.7x | Healthy |
| Q3 2024 | 1.6x | Healthy |
NAT's net debt is about 1.5 years of its operating earnings (EBITDA), down from 3.4 years a year ago.
VRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 1.0x | Healthy |
VRT has the edge over NAT on leverage, with a lower net debt burden relative to earnings.
NAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.1 | Neutral |
| Stochastic | 37.8 | Neutral |
NAT's weekly RSI is 49 (neutral) and its Stochastic is 38 (neutral).
VRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 26.4 | Neutral |
VRT's weekly RSI is 43 (neutral) and its Stochastic is 26 (neutral).
NAT PE vs Industrials Sector
| Metric | NAT | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 24x | 52% below |
| PE % | 54 | 58 | 4 pts below |
NAT has the edge over VRT on valuation relative to its sector.
VRT PE vs Industrials Sector
| Metric | VRT | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 24x | 63% above |
| PE % | 3 | 58 | 55 pts below |
VRT is trading at 39x earnings, a 63% premium to the Industrials sector's median of 24x.
NAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.68 | 13% below |
| 20 week MA | $7.12 | 5.6% below |
| 50 week MA | $5.81 | 16% above |
| 100 week MA | $4.34 | 55% above |
| 200 week MA | $4.10 | 64% above |
NAT has the edge over VRT on trend strength, trading above more of its moving averages.
VRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $221.8 | 5.5% below |
| 20 week MA | $254.4 | 18% below |
| 50 week MA | $253.9 | 17% below |
| 100 week MA | $189.1 | 11% above |
| 200 week MA | $123.5 | 70% above |
VRT has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 70% above its 200-week average.
NAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.82 | $3.16 | -34% |
| 2021 | $3.16 | $1.79 | -43% |
| 2022 | $1.79 | $3.18 | +78% |
| 2023 | $3.18 | $4.20 | +32% |
| 2024 | $4.20 | $2.47 | -41% |
| 2025 | $2.47 | $3.43 | +39% |
| 2026 YTD | $3.43 | $6.72 | +96% |
NAT has the edge over VRT on returns for 2026, with the stronger performance.
VRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $18.9 | +73% |
| 2021 | $18.9 | $24.9 | +31% |
| 2022 | $24.9 | $12.8 | -48% |
| 2023 | $12.8 | $48.0 | +275% |
| 2024 | $48.0 | $115.1 | +140% |
| 2025 | $115.1 | $167.6 | +46% |
| 2026 YTD | $167.6 | $209.6 | +25% |
VRT's yearly returns have swung widely, from +275% in 2023 to −48% in 2022. It's up 25% so far in 2026.