Frontline Ltd. (FRO) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↓
12.95
↑+26% vs avg
5yr avg: 10.27
30Y Low3.8·High21.7
P/FCF
↓
13.60
↓-52% vs avg
5yr avg: 28.17
30Y Low2.3·High186.9
P/B Ratio
↑
3.63
↑+151% vs avg
5yr avg: 1.45
30Y Low0.2·High8.0
ROE
↑
15.6%
-13% vs avg
5yr avg: 17.9%
30Y Low-333%·High121%
Debt/EBITDA
↓
3.33
↓-41% vs avg
5yr avg: 5.63
30Y Low2.9·High14.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FRO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Frontline Ltd. trades at 24.1x earnings, 206% above its 5-year average of 7.9x, sitting at the 100th percentile of its historical range. Compared to the Energy sector median P/E of 15.4x, the stock trades at a premium of 56%. On a free-cash-flow basis, the stock trades at 13.6x P/FCF, 52% below the 5-year average of 28.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.1B | $4.9B | $3.2B | $4.5B | $2.6B | $1.4B | $1.2B | $2.3B | $939M | $779M | $1.1B |
| Enterprise Value | $11.9B | $7.7B | $6.5B | $7.6B | $4.7B | $3.7B | $3.3B | $4.2B | $2.7B | $2.6B | $2.3B |
| P/E Ratio → | 24.08 | 12.84 | 6.36 | 6.80 | 5.47 | — | 2.98 | 16.49 | — | — | 9.48 |
| P/S Ratio | 4.64 | 2.47 | 1.54 | 2.48 | 1.82 | 1.88 | 1.01 | 2.41 | 1.27 | 1.21 | 1.48 |
| P/B Ratio | 3.63 | 1.93 | 1.35 | 1.96 | 1.15 | 0.85 | 0.76 | 1.53 | 0.81 | 0.66 | 0.74 |
| P/FCF | 13.60 | 7.25 | — | — | 49.09 | — | — | 27.38 | — | — | — |
| P/OCF | 13.35 | 7.12 | 4.29 | 5.21 | 7.00 | 22.35 | 2.04 | 8.23 | 20.34 | 6.20 | 3.90 |
P/E links to full P/E history page with 30-year chart
FRO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Frontline Ltd.'s enterprise value stands at 12.9x EBITDA, 26% above its 5-year average of 10.3x. The Energy sector median is 7.8x, placing the stock at a 65% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.91 | 3.17 | 4.23 | 3.30 | 4.89 | 2.67 | 4.38 | 3.64 | 3.95 | 3.07 |
| EV / EBITDA | 12.95 | 8.33 | 5.79 | 7.79 | 7.72 | 21.72 | 4.99 | 11.59 | 13.01 | — | 7.23 |
| EV / EBIT | 20.13 | 12.95 | 8.06 | 9.12 | 8.21 | 71.56 | 6.71 | 17.88 | 31.73 | — | 13.28 |
| EV / FCF | — | 11.46 | — | — | 89.13 | — | — | 49.84 | — | — | — |
FRO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Frontline Ltd. earns an operating margin of 30.2%, significantly above the Energy sector average of 13.8%. Operating margins have compressed from 41.4% to 30.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 15.6% indicates solid capital efficiency, compared to the sector median of 7.2%. ROIC of 8.1% represents adequate returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.8% | 32.8% | 34.4% | 43.1% | 33.9% | 3.6% | 43.9% | 29.1% | 12.1% | 13.9% | 35.0% |
| Operating Margin | 30.2% | 30.2% | 38.1% | 41.4% | 31.2% | 1.1% | 41.6% | 25.0% | 11.1% | -30.4% | 23.5% |
| Net Profit Margin | 19.3% | 19.3% | 24.2% | 36.4% | 33.2% | -2.0% | 33.8% | 14.6% | -1.2% | -41.0% | 15.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.6% | 15.6% | 21.5% | 28.9% | 24.3% | -0.9% | 26.5% | 10.5% | -0.8% | -19.7% | 7.9% |
| ROA | 6.3% | 6.3% | 8.2% | 12.3% | 10.7% | -0.4% | 10.8% | 4.1% | -0.3% | -8.7% | 4.0% |
| ROIC | 8.1% | 8.1% | 10.6% | 11.4% | 8.1% | 0.2% | 10.8% | 5.7% | 2.1% | -5.2% | 5.1% |
| ROCE | 10.9% | 10.9% | 14.1% | 15.1% | 10.9% | 0.2% | 15.7% | 8.4% | 2.9% | -6.9% | 6.5% |
FRO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Frontline Ltd. carries a Debt/EBITDA ratio of 3.3x, which is moderately leveraged (28% above the sector average of 2.6x). Net debt stands at $2.8B ($3.1B total debt minus $251M cash). Interest coverage of just 2.5x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.22 | 1.22 | 1.60 | 1.52 | 1.05 | 1.43 | 1.37 | 1.37 | 1.57 | 1.58 | 0.94 |
| Debt / EBITDA | 3.33 | 3.33 | 3.34 | 3.54 | 3.89 | 14.05 | 3.37 | 5.71 | 8.81 | — | 4.38 |
| Net Debt / Equity | — | 1.12 | 1.42 | 1.38 | 0.93 | 1.37 | 1.26 | 1.25 | 1.52 | 1.49 | 0.80 |
| Net Debt / EBITDA | 3.06 | 3.06 | 2.97 | 3.22 | 3.47 | 13.38 | 3.11 | 5.22 | 8.49 | — | 3.75 |
| Debt / FCF | — | 4.20 | — | — | 40.05 | — | — | 22.46 | — | — | — |
| Interest Coverage | 2.54 | 2.54 | 2.66 | 4.68 | 5.82 | 0.83 | 6.72 | 2.49 | 0.91 | -2.78 | 3.08 |
FRO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.43x means Frontline Ltd. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.78x to 1.43x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 1.39 | 1.78 | 2.25 | 1.14 | 1.34 | 0.53 | 1.44 | 1.45 | 2.10 |
| Quick Ratio | 1.43 | 1.43 | 1.39 | 1.18 | 2.04 | 0.73 | 1.02 | 0.37 | 0.84 | 1.00 | 1.64 |
| Cash Ratio | 0.51 | 0.51 | 0.70 | 0.77 | 1.25 | 0.39 | 0.63 | 0.21 | 0.31 | 0.56 | 1.15 |
| Asset Turnover | — | 0.34 | 0.33 | 0.31 | 0.30 | 0.18 | 0.31 | 0.26 | 0.24 | 0.21 | 0.25 |
| Inventory Turnover | — | — | — | 4.18 | 11.71 | 6.05 | 7.39 | 4.92 | 5.09 | 5.57 | 5.90 |
| Days Sales Outstanding | — | — | 27.05 | 29.15 | 60.52 | 40.89 | 25.38 | 39.82 | 44.13 | 44.12 | 35.61 |
FRO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Frontline Ltd. returns 2.3% to shareholders annually primarily through dividends. A payout ratio of 54.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 4.3% | 13.7% | 14.3% | 1.3% | — | 25.4% | 0.9% | 0.0% | 6.6% | 14.7% |
| Payout Ratio | 54.6% | 54.6% | 87.6% | 97.3% | 7.0% | — | 75.7% | 14.1% | — | — | 140.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 7.8% | 15.7% | 14.7% | 18.3% | — | 33.6% | 6.1% | — | — | 10.5% |
| FCF Yield | 7.4% | 13.8% | — | — | 2.0% | — | — | 3.7% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 4.3% | 13.7% | 14.3% | 1.3% | 0.0% | 25.4% | 0.9% | 0.0% | 6.6% | 14.7% |
| Shares Outstanding | — | $223M | $223M | $223M | $214M | $199M | $198M | $179M | $170M | $170M | $157M |
Peer Comparison
Compare FRO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FROYou | $9B | 24.1 | 12.9 | 13.6 | 32.8% | 30.2% | 15.6% | 8.1% | 3.3 |
 DHT | $3B | 14.4 | 12.3 | — | 38.2% | 34.2% | 19.4% | 8.9% | 1.6 |
 INSW | $4B | 13.6 | 9.9 | 109.7 | 42.3% | 36.3% | 16.0% | 9.4% | 1.2 |
 TEN | $1B | 8.6 | 6.8 | — | 35.3% | 30.0% | 8.9% | 5.4% | 4.7 |
 STNG | $4B | 11.5 | 8.2 | 8.5 | 46.2% | 33.0% | 11.4% | 7.2% | 1.3 |
 NAT | $1B | 100.9 | 18.6 | — | 19.8% | 9.9% | 2.6% | 2.8% | 4.9 |
 ASC | $697M | 19.4 | 6.8 | — | 34.2% | 26.1% | 6.5% | 9.0% | 1.1 |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 TNK | $3B | 7.4 | 6.0 | 22.9 | 27.5% | 22.6% | 18.5% | 12.5% | 0.2 |
 HAFN | $4B | 10.5 | 8.4 | 8.8 | 18.0% | 14.3% | 15.2% | 7.9% | 2.1 |
 TRMD | $3B | 9.9 | 6.7 | 15.2 | 34.1% | 25.6% | 13.9% | 8.8% | 1.7 |
| Energy Median | — | 15.4 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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FRO — Frequently Asked Questions
Quick answers to the most common questions about buying FRO stock.
What is Frontline Ltd.'s P/E ratio?
Frontline Ltd.'s current P/E ratio is 24.1x. The historical average is 7.2x. This places it at the 100th percentile of its historical range.
What is Frontline Ltd.'s EV/EBITDA?
Frontline Ltd.'s current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
What is Frontline Ltd.'s ROE?
Frontline Ltd.'s return on equity (ROE) is 15.6%. The historical average is 5.1%.
Is FRO stock overvalued?
Based on historical data, Frontline Ltd. is trading at a P/E of 24.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Frontline Ltd.'s dividend yield?
Frontline Ltd.'s current dividend yield is 2.27% with a payout ratio of 54.6%.
What are Frontline Ltd.'s profit margins?
Frontline Ltd. has 32.8% gross margin and 30.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Frontline Ltd. have?
Frontline Ltd.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.