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TORM (TRMD) USD

At a glance: strengths & risks
✗Revenue declining (-14%)✗Profit falling (-53%)✗Margins compressing (55%→43%)✗Pricier than own history (EV/EBITDA 8.7 vs avg 4.4)

Sector: Product tankers

Geography: Global (worldwide product tanker trades)

COMM_TRMD

Price chart

40.8 USDDay -0.66%

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
40.8 USD · -0.66%
Market cap
4.1 bn USD

Growth

Δ revenue y/y
-14.1%
Δ EBITDA y/y
-32.9%

Multiples

P/E (LTM)
14.5x
3y avg: 5.0x
P/B (FY)
1.9x
EV/EBITDA (LTM)
8.7x
3y avg: 4.4x

Cash return

Dividend yield
10.8%
FCF yield (LTM)
4.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
-65.6%
↓ details

Liquidity

Daily turnover (listing)
25.2 mln USD

Shares: yahoo_fundamentals_timeseries/TRMD

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
2025-12-31FY 2025 (12M)PARTIAL1339.5
y/y -14.1%
356.3
y/y -45.9%
214.5
y/y 11.7%
570.8
y/y -32.9%
286.0
y/y -53.2%
498.9-310.33367.0
y/y -3.0%
2202.6
y/y 6.2%
13.4%845.0Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL1559.2
y/y 2.6%
658.8
y/y -5.7%
192.0
y/y 28.6%
850.8
y/y 0.3%
611.5
y/y -5.6%
826.8-583.53469.6
y/y 20.9%
2074.0
y/y 24.6%
32.7%963.0Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL1520.4
y/y —
698.6
y/y —
149.3
y/y —
847.9
y/y —
648.0
y/y —
805.0-510.32870.1
y/y —
1664.1
y/y —
—800.7Yahoo Finance

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

Short-term debt (incl. ST leases)289
Long-term debt (incl. LT leases)714
− Cash & equivalents158
Net debt845

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002023 FY2024 FY2025 FY

Year-over-year change

-40%-30%-20%-10%0%10%2023 FY2024 FY2025 FY

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

01002003004005002023 FY2024 FY2025 FY

Net debt / cash ($ mln)

02004006008001 0002023 FY2024 FY2025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.30x of reported net profit; after capex, 0.56x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—0.89x1.24x1.35x1.74x
accruals, % of assets-3.9%2.3%-5.5%-6.2%-6.3%
Last twelve months (to 2025-12-31): 1.74x of profit came back as operating cash flow.
net debt / EBITDA 1.5x · capex 2.2x 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.

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -14% vs +3% the year before — a -16.6 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 +5% · 2024 +3% · 2025 -14%
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 — daily history

Current 8.8x · 3-year 75th pct 5.8x

EV/EBITDA3-year 75th pct

Peer comparison

Group: midstream (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Teekay Tankersglobal3.54.3x
Scorpio Tankersglobal4.54.6x
International Seawaysglobal5.66.8x
DHT Holdingsglobal4.08.2x
Energy Transfer LPglobal71.18.4x
Frontlineglobal12.38.8x
CMB.TECHglobal5.39.1x
Cheniere Energyglobal66.211.9x
ONEOKglobal60.712.2x
Topaz Energyglobal3.415.6x
Targa Resourcesglobal65.415.6x
Keyeraglobal11.519.3x
Group median8.9x
Group average10.4x
This companyglobal4.28.7x

Group median 8.9x; this company 8.7x — a 2% discount.

Group average 10.4x; against the average this company is at a 16% discount.

At the adjusted group median the market cap would be +3% 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 21.1x, Russia 3.7x, South Africa 5.1x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-27; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-092.4 USDEx-dividend: 2.4 USD per sharePaidYahoo Finance (ex-div)
2026-05-270.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2026-03-110.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2025-11-190.62 USDEx-dividend: 0.62 USD per sharePaidYahoo Finance (ex-div)
2025-08-210.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2025-05-210.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2025-03-190.6 USDEx-dividend: 0.6 USD per sharePaidYahoo Finance (ex-div)
2024-11-201.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2024-08-281.8 USDEx-dividend: 1.8 USD per sharePaidYahoo Finance (ex-div)
2024-05-211.5 USDEx-dividend: 1.5 USD per sharePaidYahoo Finance (ex-div)
2024-04-151.36 USDEx-dividend: 1.36 USD per sharePaidYahoo Finance (ex-div)
2023-11-211.46 USDEx-dividend: 1.46 USD per sharePaidYahoo Finance (ex-div)
2023-08-281.5 USDEx-dividend: 1.5 USD per sharePaidYahoo Finance (ex-div)
2023-05-221.46 USDEx-dividend: 1.46 USD per sharePaidYahoo Finance (ex-div)
2023-03-242.59 USDEx-dividend: 2.59 USD per sharePaidYahoo Finance (ex-div)
2022-11-221.46 USDEx-dividend: 1.46 USD per sharePaidYahoo Finance (ex-div)
2022-08-310.58 USDEx-dividend: 0.58 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 TORM (TRMD) — from primary filings.

Frequently asked questions

What is TORM (TRMD)'s P/E ratio?
TORM (TRMD) trades at a P/E of 14.5x (price to trailing 12-month earnings).
What is TORM (TRMD)'s EV/EBITDA?
TORM (TRMD) trades at 8.7x EV/EBITDA.
What is TORM (TRMD)'s P/B ratio?
TORM (TRMD) trades at a P/B of 1.9x.
What is TORM (TRMD)'s dividend yield?
TORM (TRMD)'s trailing 12-month dividend yield is 10.8%.
What is TORM (TRMD)'s return on equity (ROE)?
TORM (TRMD)'s ROE is 13.4%.
What is TORM (TRMD)'s market capitalization?
TORM (TRMD)'s market cap is 4.1 bn USD.

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