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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

Geography: Global (worldwide crude tanker trades)

COMM_FRO

Price chart

52.94 USDDay 3.36%

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
52.94 USD · 3.36%
Market cap
11.8 bn USD

Growth

Δ revenue y/y
96.5%
Δ EBITDA y/y
211.6%

Multiples

P/E (LTM)
7.9x
3y avg: 8.7x
P/B (FY)
4.7x
P/E (ann.)
4.5x
EV/EBITDA (LTM)
8.4x
3y avg: 7.3x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
11.3%
FCF yield (LTM)
5.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+61.3%
↓ details

Liquidity

Daily turnover (listing)
138.1 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 —
667.5
y/y 211.6%
659.2
y/y 750.1%
579.5-330.85812.7
y/y -4.9%
3155.2
y/y 33.3%
87.9%2113.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK714.2
y/y 66.8%
585.1
y/y 528.0%
—
y/y —
446.0
y/y 156.0%
559.1
y/y 1579.7%
382.5-323.05665.5
y/y -7.7%
2841.2
y/y 22.0%
83.6%2379.7Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL624.5
y/y 40.8%
277.7
y/y 114.1%
82.2
y/y 25.9%
359.9
y/y 84.6%
227.9
y/y 241.6%
283.4-6.95753.6
y/y -7.5%
2511.3
y/y 7.3%
15.7%2816.4Yahoo Finance
2025-09-30Q3 2025 (3M)OK438.5
y/y -10.6%
96.0
y/y -33.7%
76.9
y/y -8.6%
172.8
y/y -24.5%
40.3
y/y -33.3%
107.6-3.35710.4
y/y -9.1%
2325.7
y/y -0.9%
2.3%3050.3Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL480.1
y/y -21.0%
131.9
y/y -48.5%
82.3
y/y 155.4%
214.2
y/y -25.7%
77.5
y/y -58.7%
153.5—6109.5
y/y -5.3%
2366.7
y/y -2.5%
13.2%3309.5Yahoo Finance
2025-03-31Q1 2025 (3M)PARTIAL428.1
y/y -31.1%
93.2
y/y -62.9%
81.0
y/y 79.0%
174.2
y/y -41.3%
33.3
y/y -81.6%
137.9—6138.4
y/y -7.3%
2328.8
y/y -2.0%
5.7%3234.0Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL443.5
y/y 6.9%
129.7
y/y -6.0%
65.3
y/y 8.8%
195.0
y/y -1.5%
66.7
y/y -43.6%
——6220.8
y/y 5.7%
2340.7
y/y 2.8%
21.1%3332.5Yahoo Finance
2024-09-30Q3 2024 (3M)OK490.4
y/y 29.9%
144.8
y/y 26.2%
84.1
y/y 44.3%
228.9
y/y 32.3%
60.5
y/y -43.9%
——6283.5
y/y 36.6%
2348.0
y/y 5.5%
3.4%3468.0Yahoo Finance
2024-06-30Q2 2024 (3M)OK607.5
y/y 16.3%
255.9
y/y 1.2%
32.2
y/y -32.4%
288.1
y/y -4.2%
187.6
y/y -18.7%
——6451.4
y/y 37.2%
2426.3
y/y 5.6%
31.2%3291.7Yahoo Finance
2024-03-31Q1 2024 (3M)OK621.1
y/y 21.4%
251.3
y/y 4.3%
45.3
y/y 9.7%
296.5
y/y 5.1%
180.8
y/y -9.4%
——6623.9
y/y 40.4%
2376.5
y/y 7.0%
31.1%3793.9Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL415.0
y/y —
138.0
y/y —
60.0
y/y —
198.1
y/y —
118.4
y/y —
——5882.8
y/y —
2277.8
y/y —
29.2%3150.7Yahoo Finance
2023-09-30Q3 2023 (3M)OK377.5
y/y —
114.8
y/y —
58.3
y/y —
173.0
y/y —
107.7
y/y —
——4600.0
y/y —
2225.9
y/y —
6.4%1972.6Yahoo Finance
2023-06-30Q2 2023 (3M)OK522.2
y/y —
253.0
y/y —
47.7
y/y —
300.7
y/y —
230.7
y/y —
——4701.7
y/y —
2296.8
y/y —
40.8%1988.3Yahoo Finance
2023-03-31Q1 2023 (3M)OK511.6
y/y —
240.9
y/y —
41.3
y/y —
282.1
y/y —
199.6
y/y —
——4719.2
y/y —
2221.4
y/y —
—2157.3Yahoo 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: 1.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

02004006008001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 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 2026-06-30): 0.91x of profit came back as operating cash flow.
net debt / EBITDA 3.0x · capex 2.7x 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 1 347 500spot vs LTM +191%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +61.3% → +0.0 pp 1d

Main driver: VLCC TD3C AG-China TCE, USD/day +579% vs LTM; revenue ×2.69 vs costs ×1.04; EBITDA 1 646→3 293; at 8.0× EV/EBITDA → +61%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
VLCC TD3C AG-China TCE, USD/day (rev)+57%1 347 500.00198 330.46175 740.62+579%-11%
Suezmax TD20 WAF-UKC TCE, USD/day (rev)+24%429 250.0077 681.0371 715.13+453%-8%
Aframax TD25 USG-UKC TCE, USD/day (rev)+14%209 250.0069 062.2660 988.88+203%-12%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue2 721
LTM EBITDA1 646
LTM cash costs (revenue − EBITDA)1 074
2 · Revenue projection
Revenue multiplier — spot×2.693 (+169%)
= Spot revenue7 326
Revenue multiplier — 3y price×0.941 (-6%)
= 3-year-price revenue2 559
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 117
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 117
4 · EBITDA projection (revenue − costs)
= Spot EBITDA6 209
= 3-year-price EBITDA1 442
Conservative EBITDA = min(spot, avg)3 293
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.0x
Target EV = EV/EBITDA × conservative EBITDA26 175
Net debt2 119
Target market cap = EV − net debt24 056
Current market cap11 786

Upside = target market cap ÷ current − 1 = +61.3%

Life of mine: 14 yrs — before haircut +104.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q4415756-45.1%198528-62.5%
2024 Q1621462+34.6%297238+24.7%
2024 Q2608476+27.6%288228+26.3%
2024 Q3490413+18.6%229140+63.3%
2024 Q4443473-6.3%195186+5.0%
2025 Q1428546-21.7%174251-30.5%
2025 Q2480539-11.0%214262-18.1%
2025 Q3438535-18.0%173271-36.2%
2025 Q4625702-11.0%360437-17.6%
2026 Q1714904-21.0%446635-29.7%
2026 Q29431 086-13.1%667813-17.9%

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).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.2x · target 75th pct (3y) 8.0x · LTM avg 9.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Crude tankers. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Teekay Tankersglobal3.54.2x
International Seawaysglobal5.56.6x
Okeanis Eco Tankersglobal3.47.9x
DHT Holdingsglobal4.08.2x
Nordic American Tankersglobal1.710.7x
Group median7.9x
Group average7.5x
This companyglobal11.88.4x

Group median 7.9x; this company 8.4x — a 6% premium.

Group average 7.5x; against the average this company is at a 12% premium.

At the adjusted group median the market cap would be -7% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-183.41 USDEx-dividend: 3.41 USD per sharePaidYahoo Finance (ex-div)
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 7.9x (price to trailing 12-month earnings).
What is Frontline's EV/EBITDA?
Frontline trades at 8.4x EV/EBITDA.
What is Frontline's P/B ratio?
Frontline trades at a P/B of 4.7x.
What is Frontline's dividend yield?
Frontline's trailing 12-month dividend yield is 11.3%.
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 11.8 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map