DHT vs NAT: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
DHT and NAT are similarly sized, but DHT trades noticeably cheaper on forward earnings (10.28x vs 17.41x): the market is paying up for NAT's profile and pricing DHT more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
DHT vs NAT: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | DHT | NAT | What it tells you |
|---|---|---|---|
| Forward P/E | 10.28 | 17.41 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 9.01 | 25.12 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | -0.13 | -0.55 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 80% of range | 95% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.43 | 3.03 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: DHT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how DHT and NAT affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DHT and NAT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DHT and NAT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does DHT Holdings (DHT) do?
DHT Holdings owns and operates a fleet of very large crude carriers (VLCCs), the largest class of oil tankers, moving crude oil on long-haul routes for oil majors, national oil companies, and traders. As of late 2025 the fleet numbered roughly 22 VLCCs, run from offices in Monaco, Singapore, Norway, and India. DHT earns money two ways: employing ships in the volatile spot market and locking in steadier cash flow through multi-year time charters, and it has been renewing its fleet by taking delivery of newbuild VLCCs (including the DHT Gazelle and DHT Addax) while selling older vessels.
What does Nordic American Tankers (NAT) do?
Nordic American Tankers is a shipping company that owns and operates Suezmax crude-oil tankers, mid-to-large vessels that carry crude oil on global trade routes. It charters its ships to oil companies, traders, and other customers, mostly in the spot market, where daily rates move with supply and demand for tanker capacity. The core financial measure is the time-charter-equivalent, or TCE, rate the fleet earns per ship per day; because a large share of costs is relatively fixed, higher TCE rates flow strongly to the bottom line. NAT has long positioned itself as an income vehicle, aiming to return much of its cash to shareholders through a regular quarterly dividend, and it has paid dividends for well over a hundred consecutive quarters.
DHT vs NAT: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- DHT drivers: VLCC spot rates and tanker cycle; Fleet renewal and chartering strategy.
- NAT drivers: Strong tanker charter rates; High, variable dividend.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is the tanker rate cycle: VLCC spot rates are highly volatile and can collapse on weaker oil demand, OPEC supply cuts, shorter voyage distances, or a wave of newbuild deliveries, taking earnings and the variable dividend down with them. For NAT, the dominant risk is the cyclicality and volatility of tanker charter rates: NAT's Q1 2026 records reflect an unusually strong market, and rates can fall as quickly as they rose, compressing both earnings and the dividend.
DHT or NAT: which should you pick?
DHT vs NAT: the full fundamentals
DHT. DHT's Q1 2026 shipping revenue jumped to about $186 million with net income near $165 million as VLCC spot rates averaged roughly $91,700 per day. Full-year 2025 revenue on a TCE basis was about $369 million with net income near $211 million. Because DHT pays out 100 percent of ordinary earnings, the headline yield is high in strong quarters but the dividend scales down when rates weaken.
NAT. Figures are approximate and tied to the asOf date; verify live numbers before acting. For a cyclical tanker owner, earnings and the dividend reflect where charter rates sit in the cycle, so a high recent payout or a low earnings multiple can be misleading if rates are near a peak. The most important gauges are the fleet's TCE rate, forward bookings, and the sustainability of the dividend, rather than a single trailing multiple.
Headline figures (approximate, Q1 2026): DHT shows revenue (ttm) ~$470M, q1 2026 shipping revenue ~$186M, q1 2026 net income ~$165M, fy2025 net income ~$211M; NAT shows net income (q1 2026) ~$46.3 million, said to exceed all of 2025's net result, average daily tce rate ~$47,600 per ship in Q1 2026, q2 2026 bookings about 90% of the fleet fixed at roughly $68,000 per day, quarterly dividend raised to $0.22 from $0.17 per share; 115th consecutive payout.
The bottom line: DHT vs NAT
DHT and NAT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DHT and NAT exposure against your real portfolio. It is not an investment adviser.
Wondering how DHT or NAT fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in DHT Holdings with AI
Connect the broker you already use and ask Walnut's AI how DHT fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between DHT and NAT?
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DHT Holdings owns and operates a fleet of very large crude carriers (VLCCs), the largest class of oil tankers, moving crude oil on long-haul routes for oil majors, national oil companies, and traders. Nordic American Tankers is a shipping company that owns and operates Suezmax crude-oil tankers, mid-to-large vessels that carry crude oil on global trade routes. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is DHT or NAT the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, DHT or NAT?
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On forward P/E (as of August 2026), DHT trades at 10.28x and NAT at 17.41x, so DHT is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both DHT and NAT?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of DHT vs NAT?
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DHT: The central risk is the tanker rate cycle: VLCC spot rates are highly volatile and can collapse on weaker oil demand, OPEC supply cuts, shorter voyage distances, or a wave of newbuild deliveries, taking earnings and the variable dividend down with them. Geopolitical events (sanctions, shadow-fleet dynamics, Middle East disruptions, and shifts in crude trade routes) swing rates sharply in both directions. Fleet age and the capital cost of newbuilds are ongoing pressures, and DHT's dollar earnings depend on global crude flows it cannot influence. The stock has historically traded at a large premium or discount to net asset value depending on where the market thinks the cycle is heading. NAT: The dominant risk is the cyclicality and volatility of tanker charter rates: NAT's Q1 2026 records reflect an unusually strong market, and rates can fall as quickly as they rose, compressing both earnings and the dividend. Because NAT charters mostly in the spot market, it has little rate protection when demand weakens or new vessel supply arrives. The dividend is variable and tied to results, so investors seeking steady income can be disappointed when the cycle turns; a high current yield is not a promise of future payouts. Oil demand, OPEC decisions, trade-route changes, and geopolitical events all move tanker rates and are outside the company's control. Fuel and operating costs, fleet age, and drydocking affect margins, and newbuild orders across the industry can add capacity that pressures rates later. As a single-vessel-class, single-commodity-transport business, NAT is a concentrated, leveraged bet on one shipping market.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell DHT or NAT; figures are approximate and dated (as of August 2026). Verify current data before investing.