Frontline Ltd. (FRO) 10-Year Financial Performance & Capital Metrics

FRO • • Industrial / General

EnergyMidstream Oil & GasMarine TransportationCrude Oil Tanker Operators

AboutFrontline Ltd., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2021, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Hamilton, Bermuda.Show more

Revenue $2.05B +13.8%
EBITDA $1.12B +14.6%
Net Income $496M -24.5%
EPS (Diluted) 2.23 -24.4%
Gross Margin 34.42% -20.1%
EBITDA Margin 54.66% +0.8%
Operating Margin 38.13% -8.0%
Net Margin 24.17% -33.6%
ROE 21.47% -25.7%
ROIC 10.56% -7.4%
Debt/Equity 1.60 +5.4%
Interest Coverage 2.59 -38.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 24.9%
✓Strong 5Y profit CAGR of 28.8%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.5%
✓Healthy 5Y average net margin of 25.1%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y23.83%

5Y16.45%

3Y39.87%

TTM-13.41%

Profit (Net Income) CAGR

10Y12.73%

5Y28.77%

3Y-

TTM-60.18%

EPS CAGR

10Y-

5Y23.38%

3Y-

TTM-56.33%

ROCE

10Y Avg8.44%

5Y Avg11.2%

3Y Avg13.36%

Latest14.09%

Peer Comparison

Crude Oil Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DHTDHT Holdings, Inc.	2.14B	13.28	11.86	2%	41.18%	18.25%	9.44%	0.40
FROFrontline Ltd.	5.78B	25.95	11.64	13.77%	12.34%	9.37%		1.60
RBNERobin Energy Ltd.	9.23M	3.29	7.48	-56.64%	15.53%	4.38%	73.91%
TKTeekay Corporation	826.26M	9.69	6.82	-16.7%	18.53%	9.96%	47.42%	0.03
INSWInternational Seaways, Inc.	2.76B	55.78	6.65	-11.21%	28.26%	11.25%	9.51%	0.38
TNKTeekay Tankers Ltd.	1.79B	59.81	5.15	-16.58%	31%	16.77%	22.17%	0.04
TENTsakos Energy Navigation Limited	771.27M	25.60	5.09	-9.61%	20%	8.97%		1.00
TEN-PETsakos Energy Navigation Limited		26.77		-9.61%	18.73%	8.25%		0.78

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	458.93M	754.31M	646.33M	742.27M	957.32M	1.22B	749.38M	1.43B	1.8B	2.05B
Revenue Growth %	0.9%	0.64%	-0.14%	0.15%	0.29%	0.28%	-0.39%	0.91%	0.26%	0.14%
Cost of Goods Sold+	270.06M	490.05M	556.51M	652.21M	678.81M	684.49M	722.15M	945.88M	1.03B	1.34B
COGS % of Revenue	0.59%	0.65%	0.86%	0.88%	0.71%	0.56%	0.96%	0.66%	0.57%	0.66%
Gross Profit+	188.88M	264.26M	89.81M	90.06M	278.51M	536.7M	27.23M	484.33M	776.11M	705.68M
Gross Margin %	0.41%	0.35%	0.14%	0.12%	0.29%	0.44%	0.04%	0.34%	0.43%	0.34%
Gross Profit Growth %	2.33%	0.4%	-0.66%	0%	2.09%	0.93%	-0.95%	16.78%	0.6%	-0.09%
Operating Expenses+	-98.34M	86.78M	286.08M	7.35M	38.99M	28.9M	18.76M	38.71M	29.45M	-76.03M
OpEx % of Revenue	-0.21%	0.12%	0.44%	0.01%	0.04%	0.02%	0.03%	0.03%	0.02%	-0.04%
Selling, General & Admin	10.58M	37.03M	37.6M	37.29M	45.02M	58.81M	26.42M	47.37M	53.53M	36.09M
SG&A % of Revenue	0.02%	0.05%	0.06%	0.05%	0.05%	0.05%	0.04%	0.03%	0.03%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-108.92M	49.75M	248.48M	-29.94M	-6.03M	-29.9M	-7.67M	-8.66M	-24.08M	-112.12M
Operating Income+	287.22M	177.48M	-196.27M	82.71M	239.52M	507.8M	8.47M	445.62M	746.67M	781.71M
Operating Margin %	0.63%	0.24%	-0.3%	0.11%	0.25%	0.42%	0.01%	0.31%	0.41%	0.38%
Operating Income Growth %	1.38%	-0.38%	-2.11%	1.42%	1.9%	1.12%	-0.98%	51.58%	0.68%	0.05%
EBITDA+	341.74M	320.55M	-52.61M	207.75M	362.02M	652.19M	168.63M	610.79M	977.61M	1.12B
EBITDA Margin %	0.74%	0.42%	-0.08%	0.28%	0.38%	0.53%	0.23%	0.43%	0.54%	0.55%
EBITDA Growth %	1.23%	-0.06%	-1.16%	4.95%	0.74%	0.8%	-0.74%	2.62%	0.6%	0.15%
D&A (Non-Cash Add-back)	54.52M	143.07M	143.66M	125.04M	122.5M	144.39M	160.16M	165.17M	230.94M	339.03M
EBIT	273.16M	174.55M	-194.22M	85.19M	234.75M	485.15M	51.18M	574.66M	835.12M	805.58M
Net Interest Income+	-17.57M	-56.32M	-69.23M	-92.43M	-92.95M	-71.45M	-61.38M	-97.25M	-162M	-285.54M
Interest Income	47K	367K	588K	843K	1.51M	705K	121K	1.46M	16.5M	16.79M
Interest Expense	17.62M	56.69M	69.81M	93.28M	94.46M	72.16M	61.51M	98.71M	178.5M	302.32M
Other Income/Expense	-31.68M	-59.62M	-67.76M	-90.79M	-99.23M	-94.8M	-18.8M	30.33M	-90.05M	-278.46M
Pretax Income+	255.54M	117.86M	-264.03M	-8.08M	140.29M	412.99M	-10.33M	475.95M	656.62M	503.25M
Pretax Margin %	0.56%	0.16%	-0.41%	-0.01%	0.15%	0.34%	-0.01%	0.33%	0.36%	0.25%
Income Tax+	150K	345K	290K	316K	307K	-14K	4.63M	412K	205K	7.67M
Effective Tax Rate %	0.61%	0.99%	1%	1.1%	1%	1%	1.45%	1%	1%	0.98%
Net Income+	154.62M	117.01M	-264.86M	-8.88M	139.97M	412.88M	-14.96M	475.54M	656.41M	495.58M
Net Margin %	0.34%	0.16%	-0.41%	-0.01%	0.15%	0.34%	-0.02%	0.33%	0.36%	0.24%
Net Income Growth %	0.03%	-0.24%	-3.26%	0.97%	16.76%	1.95%	-1.04%	32.79%	0.38%	-0.25%
Net Income (Continuing)	255.39M	117.51M	-264.32M	-8.4M	139.99M	413.01M	-14.96M	475.54M	656.41M	495.58M
Discontinued Operations	-131.01M	0	0	0	0	0	0	0	0	0
Minority Interest	61K	168K	321K	417K	232K	-472K	-472K	-472K	-472K	-472K
EPS (Diluted)+	1.29	0.75	-1.56	-0.05	0.78	2.09	-0.06	2.22	2.95	2.23
EPS Growth %	1.99%	-0.42%	-3.08%	0.97%	16.76%	1.68%	-1.03%	40.64%	0.33%	-0.24%
EPS (Basic)	1.29	0.75	-1.56	-0.05	0.81	2.11	-0.06	2.22	2.95	2.23
Diluted Shares Outstanding	120.08M	156.97M	169.81M	169.81M	179.31M	197.81M	198.97M	214.01M	222.62M	222.62M
Basic Shares Outstanding	120.08M	156.97M	169.78M	169.81M	173.58M	195.64M	198.97M	214.01M	222.62M	222.62M
Dividend Payout Ratio	0.25%	1.41%	-	-	0.14%	0.76%	-	0.07%	0.97%	0.88%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	467.46M	383.63M	321.61M	308.25M	448.49M	378.32M	332.75M	881.05M	727.93M	826.01M
Cash & Short-Term Investments	278.38M	210.83M	123.38M	67.32M	175.35M	177.36M	115.51M	490.81M	315.75M	417.56M
Cash Only	264.52M	202.4M	104.14M	66.48M	174.22M	174.72M	113.07M	254.53M	308.32M	413.53M
Short-Term Investments	13.85M	8.43M	19.23M	836K	1.12M	2.64M	2.44M	236.28M	7.43M	4.03M
Accounts Receivable	96.72M	73.59M	78.12M	89.75M	104.45M	84.9M	83.94M	237.15M	143.94M	151.93M
Days Sales Outstanding	76.93	35.61	44.12	44.13	39.82	25.38	40.89	60.52	29.15	27.05
Inventory	77.95M	83.04M	99.97M	128.2M	138M	92.56M	119.28M	80.79M	245.22M	0
Days Inventory Outstanding	105.35	61.85	65.57	71.75	74.2	49.36	60.29	31.17	87.23	-
Other Current Assets	4.72M	5.74M	4.86M	5.36M	6.53M	15.77M	5.11M	31.73M	7.26M	256.52M
Total Non-Current Assets+	2.42B	2.58B	2.81B	2.77B	3.25B	3.54B	3.78B	3.9B	5.15B	5.39B
Property, Plant & Equipment	2.15B	2.32B	2.67B	2.62B	3.06B	3.42B	3.66B	3.71B	4.64B	5.25B
Fixed Asset Turnover	0.21x	0.32x	0.24x	0.28x	0.31x	0.36x	0.20x	0.39x	0.39x	0.39x
Goodwill	225.27M	225.27M	112.45M	112.45M	112.45M	112.45M	112.45M	112.45M	112.45M	112.45M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	40.66M	30.91M	21.78M	17.23M	15.75M	1.28M	555K	16.3M	51.5M	11.79M
Other Non-Current Assets	417K	4.36M	4.45M	20.23M	9.42M	7.2M	12.73M	56.89M	355.48M	22.42M
Total Assets+	2.89B	2.97B	3.13B	3.08B	3.7B	3.92B	4.12B	4.78B	5.88B	6.22B
Asset Turnover	0.16x	0.25x	0.21x	0.24x	0.26x	0.31x	0.18x	0.30x	0.31x	0.33x
Asset Growth %	2%	0.03%	0.06%	-0.02%	0.2%	0.06%	0.05%	0.16%	0.23%	0.06%
Total Current Liabilities+	242.04M	182.75M	222M	214.22M	848.12M	281.36M	292.68M	391.66M	409.05M	595.65M
Accounts Payable	9.5M	4.33M	11.81M	22.21M	13.04M	7.86M	2.33M	7.99M	7.8M	5.99M
Days Payables Outstanding	12.84	3.22	7.75	12.43	7.01	4.19	1.18	3.08	2.77	1.62
Short-Term Debt	57.58M	67.36M	113.08M	120.48M	438.96M	167.08M	198.66M	277.85M	262M	460.32M
Deferred Revenue (Current)	1000K	1000K	1000K	304K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	61.12M	30.07M	15.73M	23.37M	32.7M	52.2M	82.04M	40.56M	65.23M	76.85M
Current Ratio	1.93x	2.10x	1.45x	1.44x	0.53x	1.34x	1.14x	2.25x	1.78x	1.39x
Quick Ratio	1.61x	1.64x	1.00x	0.84x	0.37x	1.02x	0.73x	2.04x	1.18x	1.39x
Cash Conversion Cycle	169.43	94.24	101.94	103.45	107.02	70.54	100	88.61	113.61	-
Total Non-Current Liabilities+	1.2B	1.28B	1.72B	1.7B	1.34B	2.03B	2.17B	2.12B	3.2B	3.28B
Long-Term Debt	745.7M	914.59M	1.47B	1.61B	1.25B	1.97B	2.13B	2.11B	3.19B	3.28B
Capital Lease Obligations	446.55M	366.1M	255.7M	87.93M	84.01M	52.64M	43.98M	2.37M	1.43M	451K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.84M	3.11M	1.32M	1.18M	1.06M	3.74M	-4.68M	2.05M	472K	452K
Total Liabilities	1.44B	1.47B	1.95B	1.91B	2.19B	2.31B	2.46B	2.51B	3.61B	3.88B
Total Debt+	1.34B	1.4B	1.88B	1.83B	2.07B	2.2B	2.37B	2.37B	3.46B	3.75B
Net Debt	1.08B	1.2B	1.78B	1.76B	1.89B	2.03B	2.26B	2.12B	3.15B	3.33B
Debt / Equity	0.93x	0.94x	1.58x	1.57x	1.37x	1.37x	1.43x	1.05x	1.52x	1.60x
Debt / EBITDA	3.93x	4.38x	-	8.81x	5.71x	3.37x	14.05x	3.89x	3.54x	3.34x
Net Debt / EBITDA	3.16x	3.75x	-	8.49x	5.22x	3.11x	13.38x	3.47x	3.22x	2.97x
Interest Coverage	16.30x	3.13x	-2.81x	0.89x	2.54x	7.04x	0.14x	4.51x	4.18x	2.59x
Total Equity+	1.45B	1.5B	1.19B	1.16B	1.51B	1.61B	1.65B	2.27B	2.28B	2.34B
Equity Growth %	21.47%	0.04%	-0.21%	-0.02%	0.3%	0.07%	0.03%	0.37%	0%	0.03%
Book Value per Share	12.04	9.55	6.99	6.86	8.42	8.15	8.31	10.60	10.23	10.51
Total Shareholders' Equity	1.45B	1.5B	1.19B	1.16B	1.51B	1.61B	1.65B	2.27B	2.28B	2.34B
Common Stock	781.94M	169.81M	169.81M	169.82M	196.89M	197.69M	203.53M	222.62M	222.62M	222.62M
Retained Earnings	81.21M	34.07M	-272.5M	-295.12M	-174.83M	8.02M	-3.13M	436.19M	446M	507.47M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-383K	739K	2.23M	224K	330K	200K	228K	454K	415K	1.78M
Minority Interest	61K	168K	321K	417K	232K	-472K	-472K	-472K	-472K	-472K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	207.35M	286.01M	125.69M	46.17M	280.19M	604.06M	62.93M	370.89M	856.18M	736.41M
Operating CF Margin %	0.45%	0.38%	0.19%	0.06%	0.29%	0.49%	0.08%	0.26%	0.48%	0.36%
Operating CF Growth %	2.88%	0.38%	-0.56%	-0.63%	5.07%	1.16%	-0.9%	4.89%	1.31%	-0.14%
Net Income	255.39M	117.51M	-264.32M	-8.4M	139.99M	413.01M	-11.15M	472.72M	656.41M	495.58M
Depreciation & Amortization	54.52M	143.07M	143.66M	125.04M	122.5M	144.39M	152.98M	156.2M	230.94M	339.03M
Stock-Based Compensation	0	0	2.1M	1M	400K	0	185K	4.7M	10.72M	-2.19M
Deferred Taxes	0	0	0	0	-400K	0	-185K	-4.7M	0	0
Other Non-Cash Items	-98M	40.94M	249.28M	-31.77M	21.64M	1.75M	-43.49M	-126.03M	-33.38M	-92.27M
Working Capital Changes	-4.56M	-15.51M	-2.92M	-38.7M	-3.93M	44.91M	-35.41M	-132M	-8.51M	-3.74M
Change in Receivables	-21.04M	4.29M	-506K	-133K	-13.61M	21.99M	-22.45M	-59.58M	14.82M	-2.8M
Change in Inventory	24.87M	-5.41M	-17M	-48.81M	-9.8M	43.85M	-26.72M	-98.56M	-27.67M	7.52M
Change in Payables	2.83M	-5.17M	7.49M	10.4M	-9.17M	-3.84M	-5.53M	5.67M	10.47M	3.4M
Cash from Investing+	-459.28M	-396.75M	-722.57M	-199.22M	-190.57M	-715.97M	-363.06M	-239.47M	-1.24B	-483.4M
Capital Expenditures	-786.77M	-622.46M	-713.56M	-216.31M	-195.97M	-724.32M	-462.4M	-317.96M	-1.63B	-915.25M
CapEx % of Revenue	1.71%	0.83%	1.1%	0.29%	0.2%	0.59%	0.62%	0.22%	0.91%	0.45%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	240.05M	225.71M	28.37M	5.34M	2.4M	23.24M	80M	80M	1.39M	0
Cash from Financing+	219.51M	48.62M	498.62M	116.06M	19.86M	124.18M	223.55M	10.03M	433.07M	-147.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-39.23M	-164.55M	-51.4M	-386K	-19.69M	-312.39M	0	-33.39M	-638.93M	-434.12M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	141.29M	-9.52M	-3.5M	-386K	-4.39M	-7.46M	52.45M	0	-862K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-579.43M	-336.44M	-587.87M	-170.14M	84.22M	-120.26M	-399.47M	52.93M	-775.24M	-178.84M
FCF Margin %	-1.26%	-0.45%	-0.91%	-0.23%	0.09%	-0.1%	-0.53%	0.04%	-0.43%	-0.09%
FCF Growth %	-69.95%	0.42%	-0.75%	0.71%	1.49%	-2.43%	-2.32%	1.13%	-15.65%	0.77%
FCF per Share	-4.83	-2.14	-3.46	-1.00	0.47	-0.61	-2.01	0.25	-3.48	-0.80
FCF Conversion (FCF/Net Income)	1.34x	2.44x	-0.47x	-5.20x	2.00x	1.46x	-4.21x	0.78x	1.30x	1.49x
Interest Paid	0	53.47M	57.29M	80.89M	90.6M	67.86M	54.65M	0	0	274.69M
Taxes Paid	0	716K	1.22M	329K	324K	27K	4.99M	199K	122K	4.53M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.48%	7.94%	-19.71%	-0.76%	10.47%	26.45%	-0.92%	24.26%	28.89%	21.47%
Return on Invested Capital (ROIC)	12.91%	5.09%	-5.2%	2.11%	5.68%	10.82%	0.17%	8.06%	11.41%	10.56%
Gross Margin	41.16%	35.03%	13.9%	12.13%	29.09%	43.95%	3.63%	33.86%	43.07%	34.42%
Net Margin	33.69%	15.51%	-40.98%	-1.2%	14.62%	33.81%	-2%	33.25%	36.42%	24.17%
Debt / Equity	0.93x	0.94x	1.58x	1.57x	1.37x	1.37x	1.43x	1.05x	1.52x	1.60x
Interest Coverage	16.30x	3.13x	-2.81x	0.89x	2.54x	7.04x	0.14x	4.51x	4.18x	2.59x
FCF Conversion	1.34x	2.44x	-0.47x	-5.20x	2.00x	1.46x	-4.21x	0.78x	1.30x	1.49x
Revenue Growth	89.78%	64.36%	-14.32%	14.84%	28.97%	27.56%	-38.64%	90.85%	26.01%	13.77%

Revenue by Segment

	2012	2019	2020	2021	2022	2023	2024
Voyage Charter	-	887.5M	1.01B	664M	1.35B	1.72B	1.96B
Voyage Charter Growth	-	-	14.15%	-34.46%	102.71%	28.03%	13.45%
Time Charter	-	35.43M	185.79M	71.24M	71.79M	63.77M	85.07M
Time Charter Growth	-	-	424.34%	-61.66%	0.78%	-11.17%	33.40%
Administrative Income	-	-	-	-	12.45M	15.2M	10.28M
Administrative Income Growth	-	-	-	-	-	22.03%	-32.37%
Other Revenue	-	33.7M	22.33M	14.15M	-	-	-
Other Revenue Growth	-	-	-33.74%	-36.64%	-	-	-
Finance lease interest	-	690K	-	-	-	-	-
Finance lease interest Growth	-	-	-	-	-	-	-
Tanker Market	552.58M	-	-	-	-	-	-
Tanker Market Growth	-	-	-	-	-	-	-
Drybulk Carrier Market	89.75M	-	-	-	-	-	-
Drybulk Carrier Market Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Frontline Ltd. (FRO) has a price-to-earnings (P/E) ratio of 11.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Frontline Ltd. (FRO) reported $1.77B in revenue for fiscal year 2024. This represents a 144% increase from $723.5M in 2011.

Frontline Ltd. (FRO) grew revenue by 13.8% over the past year. This is steady growth.

Yes, Frontline Ltd. (FRO) is profitable, generating $217.9M in net income for fiscal year 2024 (24.2% net margin).

Dividend & Returns

Yes, Frontline Ltd. (FRO) pays a dividend with a yield of 7.51%. This makes it attractive for income-focused investors.

Frontline Ltd. (FRO) has a return on equity (ROE) of 21.5%. This is excellent, indicating efficient use of shareholder capital.

Frontline Ltd. (FRO) generated $846.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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