FRO

MKT CAP:$8B

Frontline Ltd.

Market Cap

$8B

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

Energy·Oil & Gas Midstream·🇧🇲·NYSE

Stock Price

$35.59+$15.01 (+72.93%)

Apr 24, 2026

Company Details

Frontline 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 als...

CEO

Lars H. Barstad

IPO Date

Aug 6, 2001

Website

www.frontline.bm

Key Metrics TTM

Revenue

$2.0B

-4.3% YoY

Net Income

$395M

EPS (Diluted)

$1.77

Free Cash Flow

$707M

Revenue / Share

$8.86

Gross Margin

33.4%

Operating Margin

32.9%

Net Margin

20.0%

FCF Margin

35.8%

P/S

4.0x

P/E

19.9x

Earnings Reports

FY 2025

Dec 30, 2025

$2.0B-4.2%EPS $1.70

Q4 2025

Feb 27, 2026

$625M+46.7%EPS $1.02

Q3 2025

Nov 21, 2025

$433M-11.8%EPS $0.18

FY 2024

Apr 7, 2025

$2.1B+13.8%EPS $2.23

Q4 2024

Mar 3, 2025

$426M+2.6%EPS $0.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$387M	$225M	$226M
Q3 20	$247M	$87M	$71M
Q4 20	$175M	$12M	$3M
Q1 21	$194M	$30M	$25M
Q2 21	$170M	-$5M	-$12M
Q3 21	$172M	-$14M	-$19M
Q4 21	$214M	$20M	$18M
Q1 23	$497M	$239M	$241M
Q2 23	$513M	$255M	$253M
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
Q3 25	$433M	$105M	$96M
Q4 25	$625M	$289M	$278M

Valuation

Quarter	P/S	P/E
Q2 20	5.9x	17.0x
Q3 20	5.7x	14.8x
Q4 20	6.4x	19.1x
Q1 21	7.8x	28.5x
Q2 21	10.0x	157.0x
Q3 21	11.1x	—
Q4 21	10.5x	—
Q1 23	7.5x	49.3x
Q2 23	5.6x	18.9x
Q4 23	4.8x	13.8x
Q1 24	3.9x	10.8x
Q2 24	3.8x	11.0x
Q3 24	3.9x	14.4x
Q4 24	3.8x	15.9x
Q3 25	4.1x	22.2x
Q4 25	4.0x	19.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$241M	$115M
Q3 20	$132M	$101M
Q4 20	$26M	$18M
Q1 21	$12M	-$32M
Q2 21	$29M	-$108M
Q3 21	-$4M	-$40M
Q4 21	$25M	-$200M
Q1 23	$263M	$112M
Q2 23	$283M	$281M
Q4 23	$100M	-$1.4B
Q1 24	$171M	-$728M
Q2 24	$233M	$223M
Q3 24	$165M	$162M
Q4 24	$168M	$164M
Q3 25	$108M	$104M
Q4 25	$283M	$276M

Capital Expenditures

Quarter	CapEx
Q2 20	$126M
Q3 20	$31M
Q4 20	$9M
Q1 21	$44M
Q2 21	$138M
Q3 21	$37M
Q4 21	$226M
Q1 23	$151M
Q2 23	$3M
Q4 23	$1.5B
Q1 24	$899M
Q2 24	$9M
Q3 24	$2M
Q4 24	$4M
Q3 25	$3M
Q4 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+100.1%	-3.0%
Q3 20	+31.9%	+0.5%
Q4 20	-48.3%	-16.6%
Q1 21	-52.9%	-16.8%
Q2 21	-56.1%	+12.5%
Q3 21	-30.6%	+8.3%
Q4 21	+22.1%	+13.4%
Q1 23	+156.4%	+51.5%
Q2 23	+201.6%	+43.0%
Q4 23	+141.5%	+45.0%
Q1 24	+170.9%	+67.7%
Q2 24	+11.8%	+17.0%
Q3 24	-4.4%	+33.0%
Q4 24	+2.6%	+6.8%
Q3 25	-25.2%	+2.9%
Q4 25	+12.3%	+15.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$185.0K	0.1%
Q1 23	$0	0.0%
Q2 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%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q2 20	$9M	—
Q3 20	$14M	—
Q4 20	$16M	—
Q1 21	$6M	—
Q2 21	$8M	—
Q3 21	$6M	—
Q4 21	$10M	—
Q1 23	$13M	—
Q2 23	$12M	—
Q4 23	$14M	—
Q1 24	$15M	—
Q2 24	$13M	—
Q3 24	$7M	—
Q4 24	$2M	—
Q3 25	$15M	—
Q4 25	—	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$111M	$3M	$114M
Q2 22	$120M	$166M	$286M
Q3 22	$127M	$213M	$341M
Q4 22	$255M	$236M	$491M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	198M	-0.0%	+19.1%
Q3 20	197M	-0.5%	+18.5%
Q4 20	198M	+0.5%	+16.8%
Q1 21	198M	+0.0%	+0.0%
Q2 21	205M	+3.6%	+3.6%
Q3 21	195M	-4.6%	-0.7%
Q4 21	198M	+1.3%	+0.1%
Q1 23	223M	+12.5%	+12.6%
Q2 23	223M	-0.0%	+8.7%
Q4 23	223M	0.0%	+14.0%
Q1 24	223M	+0.0%	+12.5%
Q2 24	223M	0.0%	0.0%
Q3 24	223M	0.0%	+0.0%
Q4 24	223M	0.0%	+0.0%
Q3 25	223M	0.0%	0.0%
Q4 25	223M	-0.0%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$2M	157
Q3 20	$2M	157
Q4 20	$2M	84
Q1 21	$2M	84
Q2 21	$2M	84
Q3 21	$2M	84
Q4 21	$3M	79
Q1 23	$6M	78
Q2 23	$7M	78
Q4 23	$5M	88
Q1 24	$7M	88
Q2 24	$6M	88
Q3 24	$6M	88
Q4 24	$5M	85
Q3 25	$5M	85
Q4 25	$7M	85

Revenue / Employee