Shipping holding company with 38.2% ownership in Teekay Tankers (TNK). Consolidated tanker operations. Has been simplifying structure. | Energy — Tanker Shipping / Holding Company | AGI Score: 4/10 | Analysis date: 2026-03-13
P/TB of 0.52x — the market values TK at half its book value. TK owns 38.2% of Teekay Tankers (TNK) which itself is publicly traded. This creates a "sum of parts" opportunity: if TK's stake in TNK alone is worth more than TK's market cap, everything else is free. Holding company discount + zero debt + $685M cash.
Shipping company holding 38.2% ownership in publicly-traded subsidiary Teekay Tankers (oil tanker operator), with executive officers shared between parent and subsidiary; filing excerpt focuses on ownership structure, related party transactions, and management agreements rather than core operations.
| Sector | Energy |
| Industry | Oil & Gas Midstream |
| Employees | 2,330 |
| ROE | 14.2% |
| ROA | 4.9% |
| Gross Margin | 33.0% |
| Operating Margin | 17.4% |
| Profit Margin | 8.0% |
| 52-Week Range | $5.65 — $13.76 |
| Beta | 0.062 |
| Avg Volume | 594,466 |
| Short Ratio | 4.45 |
| EV / EBITDA | 5.5x |
| Analyst Target | $None (none) |
| Float Shares | 53M |
| Payout Ratio | 0.0% |
| Item | Value | % of Assets | Notes |
|---|---|---|---|
| ASSETS ($2.2B) | |||
| PP&E (net) | $1.1B | 52.6% | Physical assets |
| Cash & Equivalents | $685M | 31.8% | |
| Goodwill | $2M | 0.1% | Intangible — scrutinize |
| Other Intangibles | $307K | 0.0% | |
| Other Assets | $333M | 15.5% | Receivables, investments, etc. |
| LIABILITIES | |||
| Long-Term Debt | $0 | — | |
| Other Liabilities | $218M | 10.1% | |
| EQUITY | |||
| Stockholders' Equity | $1.9B | 89.9% | |
| Tangible Book Value | $1.9B | Equity minus goodwill & intangibles | |
| Tangible Book / Share | $22.66 | vs price $10.99 | |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Revenue | $1.9B | $1.8B | $683M | $1.2B | $1.5B | $1.2B |
| Net Income | -$149M | $91M | -$3M | $189M | $517M | $402M |
| Total Assets | $8.1B | $6.9B | $6.5B | $2.2B | $2.2B | $2.2B |
| Equity | $2.6B | $2.5B | $2.4B | $1.4B | $1.8B | $1.9B |
| Long-Term Debt | $2.3B | $1.8B | $416M | $0 | $0 | — |
| Cash | $353M | $349M | $109M | $310M | $480M | $685M |
| OCF | $383M | $984M | $78M | $199M | $633M | $467M |
| PP&E | $5.0B | $4.5B | $925M | $430M | $929M | $1.1B |
| Goodwill | $38M | $38M | $2M | $2M | $2M | $2M |
| Shares (Diluted) | 101M | 101M | 102M | 104M | 97M | 93M |
| Period | Shares (Diluted) | Change |
|---|---|---|
| 2019-12-31 | 100,719,224 | |
| 2020-12-31 | 101,053,095 | +0.3% |
| 2021-12-31 | 102,148,629 | +1.1% |
| 2022-12-31 | 104,415,597 | +2.2% |
| 2023-12-31 | 96,644,969 | -7.4% |
| 2024-12-31 | 93,275,031 | -3.5% |
| Total Change | -7.4% |
Significant buyback activity. Share count declining 7% over the period. This mechanically increases EPS and book value per share even with no underlying growth.
Current EPS: $4.31 | Current Book/Share: $20.75 | Current Price: $10.99
| Scenario | 7yr Future Price | Entry for 10x | vs Current | Assumptions |
|---|---|---|---|---|
| Conservative | $88.55 | $8.86 | +24% below | 8% EPS growth, 12x exit P/E |
| Bull Case | $171.80 | $17.18 | +36% above | 15% EPS growth, 15x exit P/E |
| Buyback Only | $53.48 | $5.35 | +106% | No revenue growth, buybacks continue at current rate, 12x P/E |
| Demand Boost | 2/10 | How much AGI increases demand for this company's products |
| Margin Expansion | 5/10 | How much AGI reduces costs / expands margins |
| Strategic Assets | 4/10 | Unique assets that become more valuable with AGI |
| Disruption Risk | 3/10 | Risk that AGI disrupts the core business model |
| Innovation Risk | 4/10 | Risk of being out-innovated by AGI-native competitors |
| Overall AGI Score | 4/10 | Category: minimal_impact |
Reasoning: Limited operational detail in filing excerpt makes assessment difficult. Assuming traditional tanker shipping business: AGI could automate some navigation, route optimization, and fleet management, reducing crew costs. Demand for oil transportation depends on energy markets - AGI could accelerate renewables transition (reducing oil demand) or increase overall energy consumption. Strategic assets (vessel ownership, contracts) have value but face long-term secular pressure from energy transition. Innovation risk exists if AGI accelerates battery/hydrogen shipping or onshore production reducing transport needs. Conservatively scored as minimal net impact due to insufficient business description and conflicting AGI forces on shipping demand.
TK (Teekay Corp) trades at 1.43x book value (0.48x tangible book) with $402M net income on a $937M market cap (42.9% earnings yield). ROE of 14.2%. Shares have declined 7% over the measurement period through buybacks.
Verdict: INTERESTING — Holding Company Discount Play. 73% of market cap is cash ($685M cash on $937M market cap). Zero debt since 2022. The 38.2% stake in publicly traded TNK makes valuation straightforward. If TNK trades at, say, $60/share with ~100M shares, TK's 38.2% stake = ~$2.3B. Plus $685M cash = ~$3B value vs $937M market cap. That's a 69% discount. The problem: holding company discounts exist for a reason (governance, lack of catalysts). But at 0.52x book with net cash, the floor is very high. Entry zone: $8-10 (you're essentially getting the TNK stake at a >60% discount).
Data sources: SEC EDGAR XBRL (CIK 911971), yfinance, 10-K filing, AGI scoring framework. Analysis date: 2026-03-13.