NASDAQ : TRMD
TORM plc — Financial statements
Energy · Oil & Gas Midstream · United Kingdom
Last price 43.045 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.36B
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Financial statements
TORM plc (TRMD) reported revenue of 1.76B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.76B | 1.34B | 1.56B | 1.52B | 1.44B | 619.53M |
| Cost of Revenue | 732.80M | 674.00M | 663.60M | 646.30M | 661.60M | 431.41M |
| Gross Profit | 1.03B | 665.50M | 895.60M | 874.10M | 781.80M | 188.12M |
| Selling, General & Admin | 110.50M | 113.80M | 95.60M | 82.90M | 55.00M | 51.54M |
| Other Operating Expenses | -100.00K | -100.00K | 500.00K | -6.30M | -5.90M | -414.00K |
| Operating Expenses | 339.60M | 328.20M | 288.10M | 225.90M | 188.10M | 181.98M |
| Operating Income | 687.60M | 337.30M | 607.50M | 648.20M | 593.70M | 6.14M |
| Interest Expense | -71.10M | -69.60M | -70.50M | -55.90M | -47.50M | -40.50M |
| Interest & Investment Income | 7.50M | 11.10M | 24.50M | 14.20M | 4.00M | 200.00K |
| Earnings From Equity Investments | 200.00K | -104.00K | ||||
| Currency Exchange Gain (Loss) | 300.00K | 300.00K | -700.00K | -400.00K | -500.00K | -500.00K |
| Other Non Operating Income (Expenses) | -2.90M | -2.90M | -2.60M | -4.50M | -800.00K | -1.34M |
| EBT Excluding Unusual Items | 621.40M | 276.20M | 558.20M | 601.60M | 549.10M | -36.10M |
| Gain (Loss) on Sale of Assets | 8.10M | 19.00M | 51.30M | 50.40M | 10.20M | |
| Asset Writedown | -2.60M | -4.64M | ||||
| Pretax Income | 629.50M | 295.20M | 609.50M | 652.00M | 556.70M | -40.74M |
| Income Tax Expense | 4.40M | 9.20M | -2.00M | 4.00M | -5.90M | 1.34M |
| Earnings From Continuing Operations | 625.10M | 286.00M | 611.50M | 648.00M | 562.60M | -42.09M |
| Minority Interest in Earnings | -700.00K | 1.00M | 300.00K | 200.00K | ||
| Net Income | 625.10M | 285.30M | 612.50M | 648.30M | 562.80M | -42.09M |
| Net Income to Common | 625.10M | 285.30M | 612.50M | 648.30M | 562.80M | -42.09M |
| Shares Outstanding (Basic) | 100.35M | 98.20M | 93.60M | 83.60M | 81.30M | 78.10M |
| Shares Outstanding (Diluted) | 101.75M | 100.10M | 96.30M | 86.70M | 82.80M | 78.40M |
| EPS (Basic) | 6.23 | 2.91 | 6.54 | 7.75 | 6.92 | -0.54 |
| EPS (Diluted) | 6.14 | 2.85 | 6.36 | 7.48 | 6.80 | -0.54 |
| Free Cash Flow | 200.20M | 190.40M | 244.40M | 295.30M | 382.70M | -271.84M |
| Free Cash Flow Per Share | 1.97 | 1.90 | 2.54 | 3.41 | 4.62 | -3.47 |
| Dividend Per Share | 4.42 | 2.12 | 5.10 | 5.78 | 4.63 | |
| Gross Margin | 58.36% | 49.68% | 57.44% | 57.49% | 54.16% | 30.37% |
| Operating Margin | 39.07% | 25.18% | 38.96% | 42.63% | 41.13% | 0.99% |
| Profit Margin | 35.52% | 21.30% | 39.28% | 42.64% | 38.99% | -6.79% |
| Free Cash Flow Margin | 11.38% | 14.21% | 15.68% | 19.42% | 26.51% | -43.88% |
| EBITDA | 913.80M | 548.80M | 796.70M | 794.60M | 730.20M | 134.50M |
| EBITDA Margin | 51.92% | 40.97% | 51.10% | 52.26% | 50.59% | 21.71% |
| D&A For EBITDA | 226.20M | 211.50M | 189.20M | 146.40M | 136.50M | 128.35M |
| EBIT | 687.60M | 337.30M | 607.50M | 648.20M | 593.70M | 6.14M |
| EBIT Margin | 39.07% | 25.18% | 38.96% | 42.63% | 41.13% | 0.99% |
| Effective Tax Rate | 0.70% | 3.12% | 0.61% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 365.70M | 158.10M | 271.90M | 265.50M | 320.50M | 144.84M |
| Cash & Short-Term Investments | 377.20M | 158.10M | 271.90M | 265.50M | 320.50M | 144.84M |
| Accounts Receivable | 322.40M | 214.70M | 183.90M | 211.00M | 259.50M | 83.97M |
| Other Receivables | 12.00M | 12.80M | 26.60M | 8.00M | 3.80M | 4.30M |
| Receivables | 334.40M | 227.50M | 210.50M | 219.00M | 263.30M | 88.27M |
| Inventory | 111.80M | 66.50M | 68.40M | 61.70M | 72.00M | 48.81M |
| Prepaid Expenses | 16.10M | 39.10M | 12.20M | 15.20M | 10.40M | 5.62M |
| Restricted Cash | 2.50M | 5.40M | 19.30M | 30.10M | 3.30M | 26.89M |
| Other Current Assets | 4.60M | 35.30M | 33.00M | 99.70M | 70.20M | 48.88M |
| Total Current Assets | 846.60M | 531.90M | 615.30M | 691.20M | 739.70M | 363.32M |
| Property, Plant & Equipment | 2.93B | 2.81B | 2.84B | 2.08B | 1.87B | 1.95B |
| Long-Term Investments | 3.00M | 2.70M | 300.00K | 100.00K | 300.00K | 1.47M |
| Goodwill | 1.90M | 1.80M | 1.70M | 1.80M | 1.80M | |
| Other Intangible Assets | 4.20M | 4.00M | 2.00M | 1.80M | 1.90M | |
| Long-Term Deferred Tax Assets | 300.00K | 300.00K | 3.10M | 400.00K | 600.00K | 651.00K |
| Other Long-Term Assets | 29.30M | 14.10M | 86.00M | 12.00M | ||
| Total Assets | 3.82B | 3.37B | 3.47B | 2.87B | 2.61B | 2.33B |
| Accounts Payable | 81.80M | 41.00M | 50.00M | 43.10M | 48.50M | 35.33M |
| Accrued Expenses | 29.20M | |||||
| Current Portion of Long-Term Debt | 237.00M | 285.80M | 163.10M | 170.20M | 114.60M | 207.05M |
| Current Portion of Leases | 3.00M | 2.20M | 2.50M | 2.50M | 1.90M | |
| Current Income Taxes Payable | 100.00K | 300.00K | 700.00K | 600.00K | 2.00M | 929.00K |
| Current Unearned Revenue | 6.60M | 2.30M | 7.50M | 3.30M | 900.00K | |
| Other Current Liabilities | 47.20M | 69.00M | 61.90M | 45.70M | 37.90M | 32.78M |
| Total Current Liabilities | 372.70M | 401.40M | 285.40M | 265.40M | 206.40M | 307.19M |
| Long-Term Debt | 829.90M | 706.60M | 1.05B | 882.80M | 847.30M | 922.75M |
| Long-Term Leases | 9.30M | 7.70M | 6.40M | 4.10M | 2.50M | 3.70M |
| Long-Term Deferred Tax Liabilities | 2.00M | 200.00K | 300.00K | 3.60M | 6.10M | |
| Other Long-Term Liabilities | 59.00M | 48.50M | 48.10M | 48.20M | 48.20M | 45.18M |
| Total Liabilities | 1.27B | 1.16B | 1.39B | 1.20B | 1.11B | 1.28B |
| Common Stock | 1.00M | 1.00M | 1.00M | 900.00K | 800.00K | 812.00K |
| Additional Paid-In Capital | 131.60M | 110.20M | 271.00M | 260.00M | 167.60M | 159.56M |
| Retained Earnings | 2.26B | 1.79B | 1.47B | 1.38B | 1.30B | 899.47M |
| Treasury Stock | -4.20M | -4.20M | -4.20M | -4.24M | ||
| Comprehensive Income & Other | 159.80M | 302.50M | 334.70M | 25.20M | 39.40M | -3.42M |
| Total Common Equity | 2.55B | 2.20B | 2.07B | 1.66B | 1.50B | 1.05B |
| Minority Interest | 800.00K | 1.90M | 2.30M | |||
| Shareholders' Equity | 2.55B | 2.20B | 2.07B | 1.67B | 1.50B | 1.05B |
| Total Liabilities & Equity | 3.82B | 3.37B | 3.47B | 2.87B | 2.61B | 2.33B |
| Total Debt | 1.08B | 1.00B | 1.23B | 1.06B | 966.90M | 1.14B |
| Net Cash (Debt) | -699.00M | -845.00M | -954.40M | -794.10M | -646.40M | -990.56M |
| Net Cash Per Share | -6.87 | -8.44 | -9.91 | -9.16 | -7.81 | -12.63 |
| Filing Date Shares Outstanding | 102.40M | 101.33M | 97.32M | 90.24M | 81.82M | 80.74M |
| Total Common Shares Outstanding | 102.40M | 101.33M | 97.32M | 85.73M | 81.82M | 80.74M |
| Working Capital | 473.90M | 130.50M | 329.90M | 425.80M | 533.30M | 56.13M |
| Book Value Per Share | 24.91 | 21.74 | 21.31 | 19.41 | 18.35 | 13.03 |
| Tangible Book Value | 2.54B | 2.20B | 2.07B | 1.66B | 1.50B | 1.05B |
| Tangible Book Value Per Share | 24.85 | 21.68 | 21.27 | 19.37 | 18.31 | 13.03 |
| Machinery | 3.78B | 3.54B | 3.49B | 2.62B | 2.41B | 2.42B |
| Construction In Progress | 4.50M | 3.40M | 4.60M | 4.20M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 625.10M | 285.30M | 612.50M | 648.30M | 562.80M | -42.09M |
| Depreciation & Amortization | 229.20M | 214.50M | 192.00M | 149.30M | 139.00M | 130.85M |
| Loss (Gain) From Sale of Assets | -8.10M | -19.00M | -51.30M | -50.40M | -10.20M | |
| Asset Writedown & Restructuring Costs | 2.60M | 4.64M | ||||
| Loss (Gain) From Sale of Investments | 1.30M | 1.30M | 1.70M | 2.20M | 2.40M | 1.40M |
| Loss (Gain) on Equity Investments | -200.00K | 104.00K | ||||
| Stock-Based Compensation | 34.10M | 34.10M | 30.20M | 22.50M | 2.20M | 2.30M |
| Other Operating Activities | -900.00K | 16.20M | -6.10M | -14.70M | -15.70M | -774.00K |
| Change in Accounts Receivable | -33.20M | -33.20M | 41.70M | 45.20M | -158.10M | -37.50M |
| Change in Inventory | -138.60M | -1.30M | -10.20M | 1.20M | -21.80M | -26.90M |
| Change in Accounts Payable | 4.80M | 4.80M | 7.90M | 3.20M | 4.70M | 19.40M |
| Change in Other Net Operating Assets | -3.80M | -3.80M | 8.40M | -1.80M | -5.70M | -3.49M |
| Operating Cash Flow | 709.90M | 498.90M | 826.80M | 805.00M | 502.00M | 47.95M |
| Capital Expenditures | -509.70M | -308.50M | -582.40M | -509.70M | -119.30M | -319.79M |
| Sale of Property, Plant & Equipment | 77.80M | 143.80M | 130.60M | 166.40M | 106.60M | 10.03M |
| Cash Acquisitions | 1.10M | |||||
| Sale (Purchase) of Intangibles | -2.90M | -1.80M | -1.10M | -600.00K | -600.00K | |
| Other Investing Activities | 7.50M | 13.90M | 10.80M | -26.70M | 23.50M | 19.16M |
| Investing Cash Flow | -427.30M | -152.60M | -442.10M | -370.60M | 11.30M | -290.59M |
| Long-Term Debt Issued | 338.00M | 419.40M | 676.40M | 96.30M | 548.82M | |
| Long-Term Debt Repaid | -596.80M | -256.30M | -585.40M | -275.20M | -253.42M | |
| Net Debt Issued (Repaid) | -55.10M | -258.80M | 163.10M | 91.00M | -178.90M | 295.40M |
| Issuance of Common Stock | 23.50M | 2.30M | 12.50M | 6.20M | 8.00M | 2.86M |
| Common Dividends Paid | -245.00M | -199.70M | -553.30M | -586.40M | -166.70M | |
| Other Financing Activities | -100.00K | -3.90M | -600.00K | -200.00K | -285.00K | |
| Financing Cash Flow | -276.70M | -460.10M | -378.30M | -489.40M | -337.60M | 297.98M |
| Net Cash Flow | 5.90M | -113.80M | 6.40M | -55.00M | 175.70M | 55.33M |
| Free Cash Flow | 200.20M | 190.40M | 244.40M | 295.30M | 382.70M | -271.84M |
| Free Cash Flow Margin | 11.38% | 14.21% | 15.68% | 19.42% | 26.51% | -43.88% |
| Free Cash Flow Per Share | 1.97 | 1.90 | 2.54 | 3.41 | 4.62 | -3.47 |
| Levered Free Cash Flow | 15.41M | 67.71M | 84.12M | 29.09M | 153.71M | -268.05M |
| Unlevered Free Cash Flow | 59.85M | 111.21M | 128.19M | 64.03M | 183.40M | -242.73M |
| Cash Interest Paid | 69.00M | 70.00M | 66.90M | 66.00M | 49.50M | 41.05M |
| Cash Income Tax Paid | 3.20M | 2.70M | 1.30M | 3.10M | 700.00K | 1.38M |
| Change in Working Capital | -170.80M | -33.50M | 47.80M | 47.80M | -180.90M | -48.49M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.37B | 2.02B | 1.87B | 2.60B | 2.33B | 638.48M |
| Enterprise Value | 5.05B | 2.71B | 2.61B | 3.48B | 3.18B | 1.56B |
| Last Close Price | 42.69 | 17.37 | 15.62 | 20.38 | 15.48 | 3.89 |
| PE Ratio | 7.11 | 7.09 | 3.05 | 4.00 | 4.14 | |
| PS Ratio | 2.48 | 1.51 | 1.20 | 1.71 | 1.62 | 1.03 |
| PB Ratio | 1.71 | 0.92 | 0.90 | 1.56 | 1.55 | 0.61 |
| P/TBV Ratio | 1.72 | 0.92 | 0.90 | 1.56 | 1.56 | 0.61 |
| P/FCF Ratio | 21.82 | 10.62 | 7.65 | 8.79 | 6.09 | |
| P/OCF Ratio | 6.15 | 4.05 | 2.26 | 3.23 | 4.65 | 13.32 |
| EV/Sales Ratio | 2.87 | 2.02 | 1.68 | 2.29 | 2.20 | 2.51 |
| EV/EBITDA Ratio | 5.53 | 4.94 | 3.28 | 4.38 | 4.35 | 11.58 |
| EV/EBIT Ratio | 7.35 | 8.04 | 4.30 | 5.38 | 5.35 | 253.46 |
| EV/FCF Ratio | 25.24 | 14.24 | 10.69 | 11.80 | 8.30 | |
| Debt / Equity Ratio | 0.42 | 0.46 | 0.59 | 0.64 | 0.64 | 1.08 |
| Debt / EBITDA Ratio | 1.17 | 1.82 | 1.53 | 1.33 | 1.32 | 8.29 |
| Debt / FCF Ratio | 5.38 | 5.27 | 5.02 | 3.59 | 2.53 | |
| Net Debt / Equity Ratio | 0.27 | 0.38 | 0.46 | 0.48 | 0.43 | 0.94 |
| Net Debt / EBITDA Ratio | 0.77 | 1.54 | 1.20 | 1.00 | 0.89 | 7.37 |
| Net Debt / FCF Ratio | 3.49 | 4.44 | 3.90 | 2.69 | 1.69 | -3.64 |
| Asset Turnover | 0.49 | 0.39 | 0.49 | 0.55 | 0.58 | 0.29 |
| Inventory Turnover | 8.08 | 9.99 | 10.20 | 9.67 | 10.95 | 12.11 |
| Quick Ratio | 1.91 | 0.96 | 1.69 | 1.83 | 2.83 | 0.76 |
| Current Ratio | 2.27 | 1.32 | 2.16 | 2.60 | 3.58 | 1.18 |
| Return on Equity (ROE) | 26.84% | 13.37% | 32.69% | 40.89% | 44.02% | -4.07% |
| Return on Assets (ROA) | 11.91% | 6.17% | 11.98% | 14.77% | 15.01% | 0.18% |
| Return on Invested Capital (ROIC) | 21.33% | 10.76% | 22.13% | 27.95% | 28.32% | 0.32% |
| Return on Capital Employed (ROCE) | 19.90% | 11.40% | 19.10% | 24.90% | 24.70% | 0.30% |
| Earnings Yield | 14.07% | 14.11% | 32.76% | 24.97% | 24.13% | -6.59% |
| FCF Yield | 4.58% | 9.42% | 13.07% | 11.37% | 16.41% | -42.58% |
| Dividend Yield | 10.35% | 10.63% | 26.55% | 19.09% | 16.24% | |
| Payout Ratio | 73.66% | 70.00% | 90.33% | 90.45% | 29.62% | |
| Buyback Yield / Dilution | -2.42% | -3.95% | -11.07% | -4.71% | -5.61% | -5.52% |
| Total Shareholder Return | 7.94% | 6.68% | 15.47% | 14.38% | 10.63% | -5.52% |