Frontline Plc

Oil & Gas Midstream

FROSolid8 of 11 basics passed

$56.28

+0.04%

Market cap $12.5B

$56.28

+0.04%

Market cap $12.5B

Frontline PLC is an international shipping company engaged in the seaborne transportation of crude oil and oil products. It owns and operates modern fleets in the industry, consisting of VLCCs, Suezmax tankers, LR2, and Aframax tankers, which operate in the spot and time charter markets.

It is a $12.5B energy company. Revenue shrank 4.2% over the last year, it keeps 19¢ of every dollar of sales as profit, and its net debt equals ~3.1 years of free cash flow. It trades at 8.4× earnings.

Website: frontlineplc.cy
Employees: 85
Sector: Energy

Share price · 3 years

$19.69 → $56.28+185.8%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $1.97B
Profit: keeps 19¢ of every $1 sold; $379M
Free cash flow: cash left after running the business; $689M
Net debt: debt minus cash on hand; $2.11B
P/E: years of profit in the price; 8.4
EPS: earnings per share, FY2025; $1.70
Dividend: pays out 55% of profit · 30% of FCF; 1.66%
Shares: shares outstanding; 222.6M
Volatility: beta vs the market — under 1 swings less; 0.24

Revenue, last 5 years

52-week range

Low $20.58$56.28High $56.28

Today's price is 100% of the way from the year's low to its high.

Valuation vs own history

P/E

32.9×

P/S

6.4×

EV/EBITDA

24.6×

25%

P/B

4.0×

FCF yield

5.5%

41%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Energy

Size$12.5Btop 85%
Revenue growth+11%top 7%
Net margin55%top 1%
Return on equity55%top 1%
P/E8.4×top 11%
Dividend yield1.66%top 77%

Ranked against 28 Energy companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability and quality; Growth and Moat lag behind.

Valuation52

P/E vs own history100th pct · 0/25
FCF yield5.5% · 20/25
P/S4.6x · 20/25
EV/EBITDA15.7x · 12/25

Growth30

Revenue CAGR27.3% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth3.5% · 5/25

Profitability75

ROIC7.2% · 5/25
ROE54.9% · 25/25
Net margin19.3% · 20/25
Operating margin60.1% · 25/25

Health58

Altman Z3.91 · 25/25
Current ratio1.87 · 18/25
Interest coverage2.8x · 10/25
Net cash / debtD/A 36% · 5/25

Quality77

Piotroski F6/9 · 15/25
Beneish M-2.88 · 25/25
FCF conversion182% · 25/25
Margin stabilityσ 13.6% · 12/25

Moat35

ROIC >12% years0/5 yrs · 0/25
Median gross margin49.5% · 20/25
FCF-positive years3/5 yrs · 10/25
Worst-year net marginworst -2.0% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$656M net income
FY2022Financial
Turned profitable
$476M net income after a loss year
FY2022Financial
Revenue crossed $1B
$1.43B for the year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$66 604 today — price return only

$2.0B revenue in FY2025

Profitable 4 years in a row

85 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (63.0%)
Strong cash conversion — FCF is 35.1% of revenue
Altman Z-Score 3.91 — low bankruptcy-risk zone

Watch-outs

Revenue shrinking 4.2% year over year
Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago-4.2% YoY
Profitable — makes more than it spends$379M FY2025
Profit growing — earnings are higher than last year-8.5% YoY
Generates cash — cash left after running and investing$689M FY2025
Debt under control — could handle its obligations~3.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$12.5B market cap
Not printing shares — share count not ballooning — you keep your slice+0.0% shares over ~5y
Proven track record — years of profitability behind it4/5 profitable years
Financially stable — balance sheet not near distressAltman Z 3.9 — safe
Pays a dividend — returns cash to shareholdersyield 1.66%
Valuation not extreme — price not wildly above earningsP/E 8.4

Peer comparisonFrontline Plc vs 6 largest energy peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
FRO this company	$12.5B	8.4	-4.2%	19.3%	Solid
XOM ExxonMobil Holdings Corporation	$694.0B	21.1	+9.1%	8.9%	Mixed
CVX Chevron Corporation	$416.8B	20.3	+10.2%	9.6%	Mixed
SHEL Shell plc	$284.6B	11.0	-6.1%	6.7%	Solid
TTE TotalEnergies SE	$191.1B	10.9	-6.8%	7.2%	Solid
COP ConocoPhillips	$161.5B	17.4	+9.6%	14.7%	Strained
MPC Marathon Petroleum Corporation	$127.8B	14.9	+15.0%	5.6%	Strained

Head-to-head: FRO vs XOM · FRO vs CVX · FRO vs SHEL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 2Hold 2

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.97B · net income $379M (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$1.97B

YoY -4.2%

Net income (FY2025)

$379M

Margin 19.3%

Gross margin

63.0%

Operating margin

60.1%

P/E ratio

8.4

Dividend yield

1.66%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	0.7	1.4	1.8	2.1	2.0
Gross profit	0.2	0.6	1.0	1.0	1.0
Operating income (EBIT)	0.0	0.4	0.7	0.7	0.6
Net income	-0.0	0.5	0.7	0.5	0.4
EPS (diluted)	-0.07	2.14	2.95	2.23	1.70

Cash flowFree cash flow $689M · operating cash flow $1.35B (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$689M

Margin 35.1%

Operating cash flow (FY2025)

$1.35B

FY basis

FCF margin

35.1%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.4	0.9	0.7	0.7	1.4
Capital expenditure	-0.3	-1.6	-0.9	-0.0	-0.7
Free cash flow	0.0	-0.8	-0.2	0.7	0.7
FCF margin	6.6%	-54.2%	-9.9%	32.7%	35.1%

Balance sheetAssets $5.81B · net debt $2.11B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $5.81B of assets is financed

46%

54%

Liabilities $2.66B — borrowed moneyEquity $3.15B — owners' stake

Cash vs debt

Total debt $2.43B − cash $322M = net debt $2.11B

Cash on hand covers 13% of debt.

Altman Z-Score

3.91

Safe zone

Debt repayment

3.1 yrs

Years of free cash flow to clear net debt

Interest coverage

2.8x

EBIT ÷ interest expense

ROE

54.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.5	0.3	0.4	0.3	0.3
Total assets	4.8	5.9	6.2	5.8	5.8
Total liabilities	2.5	3.6	3.9	3.2	2.7
Total debt	2.4	3.5	3.7	3.1	2.4
Equity	2.3	2.3	2.3	2.5	3.2
Net debt	1.9	3.1	3.3	2.8	2.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of FRO on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $56.28 · market cap $12.5B.