diff --git a/netbox/templates/virtualization/virtualmachine.html b/netbox/templates/virtualization/virtualmachine.html
index f62da6fed..3826e0cf2 100644
--- a/netbox/templates/virtualization/virtualmachine.html
+++ b/netbox/templates/virtualization/virtualmachine.html
@@ -45,8 +45,8 @@
                             <a href="{% url 'ipam:ipaddress' pk=object.primary_ip4.pk %}">{{ object.primary_ip4.address.ip }}</a>
                             {% if object.primary_ip4.nat_inside %}
                               (NAT for <a href="{{ object.primary_ip4.nat_inside.get_absolute_url }}">{{ object.primary_ip4.nat_inside.address.ip }}</a>)
-                            {% elif object.primary_ip4.nat_outside %}
-                              (NAT: <a href="{{ object.primary_ip4.nat_outside.get_absolute_url }}">{{ object.primary_ip4.nat_outside.address.ip }}</a>)
+                            {% elif object.primary_ip4.nat_outside.count > 0 %}
+                              (NAT for {% for nat in object.primary_ip4.nat_outside.all %}<a href="{{ nat.get_absolute_url }}">{{ nat.address.ip }}</a>{% if not forloop.last %}, {% endif %}{% endfor %})
                             {% endif %}
                           {% else %}
                             {{ ''|placeholder }}
@@ -60,8 +60,8 @@
                             <a href="{% url 'ipam:ipaddress' pk=object.primary_ip6.pk %}">{{ object.primary_ip6.address.ip }}</a>
                             {% if object.primary_ip6.nat_inside %}
                               (NAT for <a href="{{ object.primary_ip6.nat_inside.get_absolute_url }}">{{ object.primary_ip6.nat_inside.address.ip }}</a>)
-                            {% elif object.primary_ip6.nat_outside %}
-                              (NAT: <a href="{{ object.primary_ip6.nat_outside.get_absolute_url }}">{{ object.primary_ip6.nat_outside.address.ip }}</a>)
+                            {% elif object.primary_ip4.nat_outside.count > 0 %}
+                              (NAT for {% for nat in object.primary_ip4.nat_outside.all %}<a href="{{ nat.get_absolute_url }}">{{ nat.address.ip }}</a>{% if not forloop.last %}, {% endif %}{% endfor %})
                             {% endif %}
                           {% else %}
                             {{ ''|placeholder }}