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Frontline USD

At a glance: strengths & risks
✓Revenue growing (+96% y/y, Q2 2026)✓Profit growing (+750% y/y, Q2 2026)✓Margins improving (45%→71%, Q2 2026)✗High leverage (3.0x EBITDA)

Sector: Crude tankers

COMM_FRO

Price chart

49.21 USDDay 1.67%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
49.21 USD · 1.67%
Market cap
11.0 bn USD

Growth

Δ revenue y/y
96.5%
Δ EBITDA y/y
213.5%

Multiples

P/E (LTM)
11.4x
3y avg: 8.7x
P/B (FY)
4.4x
P/E (ann.)
4.2x
EV/EBITDA (LTM)
9.4x
3y avg: 7.3x
EV/EBITDA (ann.)
4.9x

Cash return

Dividend yield
5.2%
FCF yield (LTM)
11.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+18.3%
↓ details

Liquidity

Daily turnover (listing)
181.7 mln USD

Shares: yahoo_fundamentals_timeseries/FRO

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK943.3
y/y 96.5%
671.5
y/y 409.2%
—
y/y —
671.5
y/y 213.5%
659.2
y/y 750.1%
197.0-7.85812.7
y/y -4.9%
3155.2
y/y 33.3%
87.9%2113.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK714.2
y/y —
585.1
y/y —
—
y/y —
585.1
y/y —
559.1
y/y —
382.5-323.05665.5
y/y —
2841.2
y/y —
83.6%2379.7Yahoo Finance
2025-12-31FY 2025 (12M)PARTIAL—
y/y -8.8%
—
y/y -23.4%
—
y/y -3.1%
—
y/y -17.3%
—
y/y -23.5%
——5753.6
y/y -7.5%
2511.3
y/y 7.3%
15.5%2816.4Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL480.1
y/y —
131.9
y/y —
82.3
y/y —
214.2
y/y —
77.5
y/y —
153.5-1.96109.5
y/y —
2366.7
y/y —
13.2%3309.5Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL2162.5
y/y 18.4%
781.7
y/y 4.7%
339.0
y/y 46.8%
1120.7
y/y 14.6%
495.6
y/y -24.5%
736.4-915.26220.8
y/y 5.7%
2340.7
y/y 2.8%
21.5%3332.5Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——5882.8
y/y —
2277.8
y/y —
29.2%3150.7Yahoo Finance
2023-09-30Q3 2023 (3M)OK900.1
y/y —
114.4
y/y —
—
y/y —
114.4
y/y —
107.7
y/y —
——4600.0
y/y —
2225.9
y/y —
—365.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)321
Long-term debt (incl. LT leases)2 747
− Cash & equivalents251
Net debt2 816

Net debt / LTM EBITDA: 1.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002023 q32024 FY2025 q22026 q12026 q2

Year-over-year change

0%100%200%2023 q32024 FY2025 q22026 q12026 q2

Cash flow

FCF ($ mln)

02004006008002023 q32024 FY2025 q22026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002023 q32023 q42024 FY2025 H12025 FY2026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.40x of reported net profit; after capex, -0.13x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—0.81x1.30x1.49x1.80x
accruals, % of assets-2.4%1.9%-3.4%-3.9%-5.3%
Last twelve months (to - Q2 2025): 1.15x of profit came back as operating cash flow.
net debt / EBITDA 3.0x · capex 2.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — VLCC TD3C AG-China TCE, USD/day

Current 903 500spot vs LTM +261%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -9% vs +18% the year before — a -27.3 pp move. 3-year CAGR +11%.
revenue growth by year: 2023 +27% · 2024 +18% · 2025 -9%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-121.55 USDEx-dividend: 1.55 USD per sharePaidYahoo Finance (ex-div)
2026-03-121.03 USDEx-dividend: 1.03 USD per sharePaidYahoo Finance (ex-div)
2025-06-120.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2024-12-110.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.62 USDEx-dividend: 0.62 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.62 USDEx-dividend: 0.62 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.8 USDEx-dividend: 0.8 USD per sharePaidYahoo Finance (ex-div)
2023-06-150.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2023-03-151.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2022-09-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Frontline — from primary filings.

Frequently asked questions

What is Frontline's P/E ratio?
Frontline trades at a P/E of 11.4x (price to trailing 12-month earnings).
What is Frontline's EV/EBITDA?
Frontline trades at 9.4x EV/EBITDA.
What is Frontline's P/B ratio?
Frontline trades at a P/B of 4.4x.
What is Frontline's dividend yield?
Frontline's trailing 12-month dividend yield is 5.2%.
What is Frontline's return on equity (ROE)?
Frontline's ROE is 87.9%.
What is Frontline's market capitalization?
Frontline's market cap is 11.0 bn USD.

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