FRO (Frontline Ltd.) Stock Financials & Earnings | Market Cap Arena

FRO (Frontline Ltd.) Stock Financials & Earnings | Market Cap Arena

FROFrontline Ltd.

Mkt Cap$8B

Energy·Oil & Gas Midstream·🇧🇲 Bermuda·NYSE

Revenue (TTM)$2.0B

Net Income (TTM)$379M

EPS (TTM)$1.70

Free Cash Flow (TTM)$670M

Gross Margin32.8%

Op. Margin30.5%

Net Margin19.3%

FCF Margin34.1%

P/S Ratio (TTM)4.1x

P/E Ratio (TTM)21.4x

YoY Rev Growth-4.2%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$497M	$239M	$241M
Q2 23	$513M	$255M	$253M
Q3 23	$377M	$130M	$115M
Q4 23	$415M	$152M	$138M
Q1 24	$578M	$223M	$251M
Q2 24	$556M	$217M	$256M
Q3 24	$490M	$152M	$145M
Q4 24	$426M	$114M	$130M
Q1 25	$428M	$106M	$93M
Q2 25	$480M	$144M	$132M
Q3 25	$433M	$105M	$96M
Q4 25	$625M	$289M	$278M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	4.7x	12.5x
Q2 23	4.2x	9.8x
Q3 23	4.2x	10.4x
Q4 23	4.5x	12.3x
Q1 24	4.3x	12.7x
Q2 24	4.2x	13.6x
Q3 24	4.0x	14.8x
Q4 24	3.9x	16.3x
Q1 25	4.3x	23.3x
Q2 25	4.4x	34.0x
Q3 25	4.6x	37.2x
Q4 25	4.1x	21.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$263M	$112M
Q2 23	$283M	$281M
Q3 23	$71M	-$13M
Q4 23	$100M	-$1.4B
Q1 24	$171M	-$728M
Q2 24	$233M	$223M
Q3 24	$165M	$162M
Q4 24	$168M	$164M
Q1 25	$138M	$137M
Q2 25	$154M	$152M
Q3 25	$108M	$104M
Q4 25	$283M	$276M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$151M
Q2 23	$3M
Q3 23	$84M
Q4 23	$1.5B
Q1 24	$899M
Q2 24	$9M
Q3 24	$2M
Q4 24	$4M
Q1 25	$466K
Q2 25	$2M
Q3 25	$3M
Q4 25	$7M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+128.7%	+30.4%
Q2 23	+70.7%	+11.3%
Q3 23	-1.3%	-2.8%
Q4 23	-21.7%	-1.4%
Q1 24	+16.3%	+27.6%
Q2 24	+8.4%	+15.5%
Q3 24	+30.0%	+31.7%
Q4 24	+2.6%	+6.8%
Q1 25	-26.0%	+2.3%
Q2 25	-13.7%	+16.0%
Q3 25	-11.8%	-2.6%
Q4 25	+46.7%	+17.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$11M	2.7%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 23	$13M	—
Q2 23	$12M	—
Q3 23	$15M	—
Q4 23	$14M	—
Q1 24	$15M	—
Q2 24	$13M	—
Q3 24	$7M	—
Q4 24	$2M	—
Q1 25	$13M	—
Q2 25	$12M	—
Q3 25	$15M	—
Q4 25	—	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$225M	$233M	$458M
Q2 23	$307M	$212M	$519M
Q3 23	$285M	$230M	$516M
Q4 23	$308M	$7M	$316M
Q1 24	$297M	$6M	$304M
Q2 24	$359M	$8M	$367M
Q3 24	$321M	$5M	$326M
Q4 24	$414M	$4M	$418M
Q1 25	$437M	$2M	$438M
Q2 25	$477M	$2M	$479M
Q3 25	$189M	$2M	$192M
Q4 25	$251M	$2M	$253M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	223M	+0.2%
Q2 23	223M	-0.0%
Q3 23	223M	+0.0%
Q4 23	223M	-0.0%
Q1 24	223M	+0.0%
Q2 24	223M	+0.0%
Q3 24	223M	+0.0%
Q4 24	223M	+0.0%
Q1 25	223M	+0.0%
Q2 25	223M	+0.0%
Q3 25	223M	+0.0%
Q4 25	223M	-0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$2M	118
FY 15	$4M	123
FY 16	$6M	135
FY 17	$5M	128
FY 18	$5M	145
FY 19	$6M	157
FY 20	$15M	84
FY 21	$9M	79
FY 22	$18M	78
FY 23	$20M	88
FY 24	$24M	85
FY 25	$23M	85