NYSE : FRO
Frontline plc — Financial statements
Energy · Oil & Gas Midstream · Cyprus
Last price 56.55 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.59B
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Financial statements
Frontline plc (FRO) reported revenue of 2.71B 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 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.71B | 1.97B | 2.05B | 1.80B | 1.43B | 749.38M |
| Revenue | 2.71B | 1.97B | 2.05B | 1.80B | 1.43B | 749.38M |
| Cost of Revenue | 1.00B | 992.59M | 1.01B | 795.13M | 780.71M | 556.94M |
| Gross Profit | 1.71B | 972.51M | 1.04B | 1.01B | 649.50M | 192.44M |
| Selling, General & Admin | 64.92M | 51.37M | 36.09M | 53.53M | 47.37M | 26.42M |
| Other Operating Expenses | -24.88M | -140.00K | -42.00K | -1.72M | -500.00K | -4.12M |
| Operating Expenses | 352.40M | 379.69M | 375.07M | 282.75M | 212.04M | 187.50M |
| Operating Income | 1.36B | 592.82M | 669.63M | 724.31M | 437.46M | 4.93M |
| Interest Expense | -183.62M | -231.83M | -293.12M | -170.46M | -45.09M | -44.00M |
| Interest & Investment Income | 20.84M | 19.98M | 20.32M | 53.35M | 3.04M | 18.49M |
| Earnings From Equity Investments | 23.69M | 1.06M | -599.00K | 3.38M | 14.24M | -724.00K |
| Currency Exchange Gain (Loss) | -340.00K | -59.00K | -710.00K | 1.23M | 16.00K | -116.00K |
| Other Non Operating Income (Expenses) | -1.52M | -1.20M | -947.00K | -542.00K | -241.00K | 184.00K |
| EBT Excluding Unusual Items | 1.22B | 380.77M | 394.58M | 611.27M | 409.43M | -21.23M |
| Gain (Loss) on Sale of Investments | 782.00K | -1.60M | -3.40M | 22.99M | 58.36M | 7.68M |
| Gain (Loss) on Sale of Assets | 271.56M | 5.93M | 112.08M | 21.96M | 4.60M | 3.23M |
| Legal Settlements | 397.00K | 2.50M | ||||
| Other Unusual Items | -431.00K | |||||
| Pretax Income | 1.49B | 385.10M | 503.25M | 656.62M | 475.95M | -10.33M |
| Income Tax Expense | 3.62M | 6.02M | 7.67M | 205.00K | 412.00K | 4.63M |
| Earnings From Continuing Operations | 1.49B | 379.08M | 495.58M | 656.41M | 475.54M | -14.96M |
| Net Income to Company | 1.49B | 379.08M | 495.58M | 656.41M | 475.54M | -14.96M |
| Net Income | 1.49B | 379.08M | 495.58M | 656.41M | 475.54M | -14.96M |
| Net Income to Common | 1.49B | 379.08M | 495.58M | 656.41M | 475.54M | -14.96M |
| Shares Outstanding (Basic) | 222.62M | 222.62M | 222.62M | 222.62M | 214.01M | 198.97M |
| Shares Outstanding (Diluted) | 222.62M | 222.62M | 222.62M | 222.62M | 214.01M | 198.97M |
| EPS (Basic) | 6.68 | 1.70 | 2.23 | 2.95 | 2.22 | -0.08 |
| EPS (Diluted) | 6.68 | 1.70 | 2.23 | 2.95 | 2.22 | -0.08 |
| Free Cash Flow | 688.97M | 669.93M | -178.84M | -775.24M | 49.52M | -388.50M |
| Free Cash Flow Per Share | 3.10 | 3.01 | -0.80 | -3.48 | 0.23 | -1.95 |
| Dividend Per Share | 5.38 | 1.76 | 1.78 | 2.17 | 1.22 | |
| Gross Margin | 63.03% | 49.49% | 50.95% | 55.88% | 45.41% | 25.68% |
| Operating Margin | 50.05% | 30.17% | 32.66% | 40.19% | 30.59% | 0.66% |
| Profit Margin | 54.76% | 19.29% | 24.17% | 36.42% | 33.25% | -2.00% |
| Free Cash Flow Margin | 25.38% | 34.09% | -8.72% | -43.02% | 3.46% | -51.84% |
| EBITDA | 1.65B | 898.12M | 985.92M | 937.27M | 580.27M | 136.37M |
| EBITDA Margin | 60.70% | 45.70% | 48.09% | 52.01% | 40.57% | 18.20% |
| D&A For EBITDA | 289.20M | 305.30M | 316.28M | 212.96M | 142.82M | 131.44M |
| EBIT | 1.36B | 592.82M | 669.63M | 724.31M | 437.46M | 4.93M |
| EBIT Margin | 50.05% | 30.17% | 32.66% | 40.19% | 30.59% | 0.66% |
| Effective Tax Rate | 0.24% | 1.56% | 1.52% | 0.03% | 0.09% | |
| Revenue as Reported | 3.01B | 1.97B | 2.16B | 1.83B | 1.44B | 753.44M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 321.42M | 251.35M | 413.53M | 308.32M | 254.53M | 113.07M |
| Short-Term Investments | 883.00K | 2.07M | 4.03M | 7.43M | 236.28M | 2.44M |
| Trading Asset Securities | 295.00K | 2.00M | ||||
| Cash & Short-Term Investments | 322.31M | 253.71M | 419.56M | 315.75M | 490.81M | 115.51M |
| Accounts Receivable | 380.46M | 277.73M | 226.38M | 242.09M | 246.66M | 105.80M |
| Other Receivables | 10.46M | 11.32M | 11.91M | 16.93M | 16.64M | |
| Receivables | 380.46M | 288.19M | 237.70M | 254.00M | 263.59M | 122.44M |
| Inventory | 138.96M | 120.07M | 137.00M | 135.16M | 107.11M | 80.79M |
| Prepaid Expenses | 27.76M | 22.43M | 14.46M | 15.75M | 14.26M | 8.90M |
| Other Current Assets | 42.92M | 22.86M | 17.30M | 7.26M | 5.29M | 5.11M |
| Total Current Assets | 912.40M | 707.25M | 826.01M | 727.93M | 881.05M | 332.75M |
| Property, Plant & Equipment | 4.76B | 4.91B | 5.25B | 4.64B | 3.70B | 3.65B |
| Long-Term Investments | 32.54M | 17.52M | 34.21M | 51.50M | 70.30M | 10.23M |
| Goodwill | 112.45M | 112.45M | 112.45M | 112.45M | 112.45M | 112.45M |
| Other Long-Term Assets | 4.41M | 355.48M | 1.51M | 3.06M | ||
| Total Assets | 5.81B | 5.75B | 6.22B | 5.88B | 4.77B | 4.11B |
| Accounts Payable | 180.46M | 10.61M | 5.99M | 7.80M | 7.99M | 2.33M |
| Accrued Expenses | 11.76M | 110.88M | 82.76M | 72.92M | 71.57M | 33.14M |
| Current Portion of Long-Term Debt | 265.91M | 320.52M | 460.32M | 262.00M | 277.85M | 198.66M |
| Current Portion of Leases | 1.15M | 1.10M | 1.02M | 8.72M | ||
| Current Unearned Revenue | 2.63M | 2.63M | 3.12M | |||
| Other Current Liabilities | 29.85M | 50.06M | 42.81M | 65.23M | 33.22M | 41.02M |
| Total Current Liabilities | 487.99M | 494.71M | 595.65M | 409.05M | 391.66M | 287.00M |
| Long-Term Debt | 2.17B | 2.27B | 2.77B | 2.77B | 2.11B | 2.13B |
| Long-Term Leases | 478.03M | 512.51M | 430.78M | 2.37M | 43.98M | |
| Other Long-Term Liabilities | 1.14M | 818.00K | 452.00K | 472.00K | 2.05M | 992.00K |
| Total Liabilities | 2.66B | 3.24B | 3.88B | 3.61B | 2.51B | 2.46B |
| Common Stock | 222.62M | 222.62M | 222.62M | 222.62M | 222.62M | 203.53M |
| Additional Paid-In Capital | 1.61B | 1.61B | 1.61B | 1.61B | 1.61B | 1.45B |
| Retained Earnings | 1.32B | 679.51M | 507.47M | 446.00M | 428.51M | -13.63M |
| Comprehensive Income & Other | 312.00K | 437.00K | 1.78M | 415.00K | 454.00K | 228.00K |
| Total Common Equity | 3.16B | 2.51B | 2.34B | 2.28B | 2.26B | 1.64B |
| Minority Interest | -472.00K | -472.00K | -472.00K | -472.00K | -472.00K | -472.00K |
| Shareholders' Equity | 3.15B | 2.51B | 2.34B | 2.28B | 2.26B | 1.64B |
| Total Liabilities & Equity | 5.81B | 5.75B | 6.22B | 5.88B | 4.77B | 4.11B |
| Total Debt | 2.43B | 3.07B | 3.75B | 3.46B | 2.39B | 2.38B |
| Net Cash (Debt) | -2.11B | -2.81B | -3.33B | -3.14B | -1.90B | -2.27B |
| Net Cash Per Share | -9.49 | -12.64 | -14.94 | -14.12 | -8.89 | -11.40 |
| Filing Date Shares Outstanding | 222.62M | 222.62M | 222.62M | 222.62M | 222.62M | 203.53M |
| Total Common Shares Outstanding | 222.62M | 222.62M | 222.62M | 222.62M | 222.62M | 203.53M |
| Working Capital | 424.42M | 212.55M | 230.36M | 318.87M | 489.39M | 45.74M |
| Book Value Per Share | 14.17 | 11.28 | 10.51 | 10.23 | 10.15 | 8.07 |
| Tangible Book Value | 3.04B | 2.40B | 2.23B | 2.17B | 2.15B | 1.53B |
| Tangible Book Value Per Share | 13.67 | 10.78 | 10.01 | 9.73 | 9.65 | 7.52 |
| Buildings | 225.77M | 47.99M | 130.63M | |||
| Machinery | 5.63B | 6.03B | 6.07B | 5.61B | 4.52B | 4.20B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.49B | 379.08M | 495.58M | 656.41M | 475.54M | -14.96M |
| Depreciation & Amortization | 289.20M | 305.30M | 316.28M | 212.96M | 146.04M | 144.16M |
| Other Amortization | 23.16M | 23.16M | 22.75M | 17.98M | 16.32M | 15.99M |
| Loss (Gain) From Sale of Assets | -5.93M | -5.93M | -112.08M | -21.96M | -4.60M | -3.23M |
| Loss (Gain) From Sale of Investments | 2.38M | 2.38M | -5.80M | -31.03M | -111.98M | -25.19M |
| Loss (Gain) on Equity Investments | -1.06M | -1.06M | 599.00K | -3.38M | -14.24M | 724.00K |
| Stock-Based Compensation | 5.56M | 5.56M | -2.19M | 10.72M | 4.70M | 185.00K |
| Other Operating Activities | -415.39M | 5.46M | 25.01M | 22.99M | 15.66M | -10.38M |
| Change in Accounts Receivable | -45.93M | -45.93M | 7.04M | 15.39M | -138.08M | -26.24M |
| Change in Inventory | 16.89M | 16.89M | -2.32M | -28.25M | -26.41M | -22.93M |
| Change in Accounts Payable | 21.36M | 21.36M | 3.40M | -2.69M | 36.37M | -5.53M |
| Change in Other Net Operating Assets | -23.82M | -23.82M | -11.86M | 7.04M | -13.99M | 32.64M |
| Operating Cash Flow | 1.35B | 682.46M | 736.41M | 856.18M | 385.33M | 85.26M |
| Capital Expenditures | -664.00M | -12.53M | -915.25M | -1.63B | -335.81M | -473.76M |
| Sale of Property, Plant & Equipment | 1.00B | 37.15M | 431.85M | 142.74M | 80.00M | 80.00M |
| Divestitures | 5.62M | |||||
| Investment in Securities | 1.89M | 360.00K | 251.84M | -1.50M | 13.72M | |
| Other Investing Activities | 1.39M | |||||
| Investing Cash Flow | 340.92M | 24.98M | -483.40M | -1.24B | -257.32M | -374.42M |
| Long-Term Debt Issued | 1.43B | 2.17B | 1.61B | 651.25M | 403.87M | |
| Total Debt Issued | 256.42M | 1.43B | 2.17B | 1.61B | 651.25M | 403.87M |
| Long-Term Debt Repaid | -2.10B | -1.88B | -537.45M | -599.96M | -228.81M | |
| Lease Payments | -135.00K | -412.00K | -930.00K | -862.00K | -2.12M | -9.28M |
| Total Debt Repaid | -1.41B | -2.10B | -1.88B | -537.45M | -599.96M | -228.81M |
| Net Debt Issued (Repaid) | -1.15B | -662.59M | 286.31M | 1.07B | 51.29M | 175.06M |
| Issuance of Common Stock | 52.45M | |||||
| Common Dividends Paid | -696.81M | -207.04M | -434.12M | -638.93M | -33.39M | |
| Other Financing Activities | -4.46M | |||||
| Financing Cash Flow | -1.85B | -869.62M | -147.80M | 433.07M | 13.44M | 227.51M |
| Net Cash Flow | -155.29M | -162.19M | 105.21M | 53.80M | 141.45M | -61.65M |
| Free Cash Flow | 688.97M | 669.93M | -178.84M | -775.24M | 49.52M | -388.50M |
| Free Cash Flow Margin | 25.38% | 34.09% | -8.72% | -43.02% | 3.46% | -51.84% |
| Free Cash Flow Per Share | 3.10 | 3.01 | -0.80 | -3.48 | 0.23 | -1.95 |
| Levered Free Cash Flow | 283.87M | 544.33M | -349.14M | -1.03B | -63.36M | -376.42M |
| Unlevered Free Cash Flow | 398.64M | 689.23M | -165.94M | -925.30M | -35.18M | -348.92M |
| Free Cash Flow After Leases | 688.84M | 669.52M | -179.77M | -776.10M | 47.39M | -397.78M |
| Cash Interest Paid | 229.78M | 229.78M | 274.69M | 165.19M | 83.04M | 60.48M |
| Cash Income Tax Paid | 2.73M | 2.73M | 4.53M | 122.00K | 199.00K | 4.99M |
| Change in Working Capital | -31.50M | -31.50M | -3.74M | -8.51M | -142.11M | -22.05M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.74B | 4.86B | 3.16B | 4.46B | 2.70B | 1.44B |
| Enterprise Value | 13.85B | 7.91B | 6.62B | 6.21B | 4.71B | 3.63B |
| Last Close Price | 56.90 | 18.99 | 11.78 | 15.20 | 7.74 | 4.46 |
| PE Ratio | 7.90 | 12.81 | 6.37 | 6.80 | 5.68 | |
| Forward PE | 8.58 | 7.76 | 8.22 | 7.60 | 6.76 | 13.26 |
| PS Ratio | 4.34 | 2.47 | 1.54 | 2.48 | 1.89 | 1.92 |
| PB Ratio | 4.01 | 1.94 | 1.35 | 1.96 | 1.20 | 0.88 |
| P/TBV Ratio | 3.87 | 2.02 | 1.42 | 2.06 | 1.26 | 0.94 |
| P/FCF Ratio | 17.11 | 7.25 | 54.58 | |||
| P/OCF Ratio | 8.71 | 7.12 | 4.29 | 5.21 | 7.01 | 16.88 |
| PEG Ratio | 0.97 | 0.97 | 3.49 | 3.49 | 3.49 | |
| EV/Sales Ratio | 5.12 | 4.02 | 3.23 | 3.44 | 3.30 | 4.84 |
| EV/EBITDA Ratio | 8.43 | 8.80 | 6.72 | 6.62 | 8.12 | 26.59 |
| EV/EBIT Ratio | 10.23 | 13.34 | 9.89 | 8.57 | 10.78 | 735.05 |
| EV/FCF Ratio | 20.17 | 11.80 | 95.22 | |||
| Debt / Equity Ratio | 0.77 | 1.22 | 1.60 | 1.52 | 1.06 | 1.45 |
| Debt / EBITDA Ratio | 1.48 | 3.42 | 3.80 | 3.69 | 4.10 | 15.99 |
| Debt / FCF Ratio | 3.53 | 4.58 | 48.34 | |||
| Net Debt / Equity Ratio | 0.67 | 1.12 | 1.42 | 1.38 | 0.84 | 1.38 |
| Net Debt / EBITDA Ratio | 1.28 | 3.13 | 3.37 | 3.35 | 3.28 | 16.63 |
| Net Debt / FCF Ratio | 3.07 | 4.20 | -18.60 | -4.05 | 38.43 | -5.84 |
| Asset Turnover | 0.46 | 0.33 | 0.34 | 0.34 | 0.32 | 0.19 |
| Inventory Turnover | 7.40 | 7.72 | 7.39 | 6.56 | 8.31 | 8.03 |
| Quick Ratio | 1.44 | 1.09 | 1.10 | 1.39 | 1.93 | 0.83 |
| Current Ratio | 1.87 | 1.43 | 1.39 | 1.78 | 2.25 | 1.16 |
| Return on Equity (ROE) | 53.85% | 15.63% | 21.46% | 28.93% | 24.37% | -0.92% |
| Return on Assets (ROA) | 14.25% | 6.19% | 6.92% | 8.50% | 6.16% | 0.08% |
| Return on Invested Capital (ROIC) | 26.40% | 10.62% | 11.89% | 15.11% | 10.83% | 0.13% |
| Return on Capital Employed (ROCE) | 25.50% | 11.30% | 11.90% | 13.20% | 10.00% | 0.10% |
| Earnings Yield | 12.67% | 7.80% | 15.69% | 14.71% | 17.59% | -1.04% |
| FCF Yield | 5.85% | 13.79% | -5.66% | -17.37% | 1.83% | -27.00% |
| Dividend Yield | 3.34% | 8.07% | 12.54% | 10.82% | 10.05% | |
| Payout Ratio | 80.57% | 54.62% | 87.60% | 97.34% | 7.02% | |
| Buyback Yield / Dilution | -4.02% | -7.56% | -0.58% | |||
| Total Shareholder Return | 3.33% | 8.07% | 12.54% | 6.80% | 2.49% | -0.58% |