TRMD

MKT CAP:$3B

TORM plc

Market Cap

$3B

Energy·Oil & Gas Midstream·🇬🇧 United Kingdom·NASDAQ

Energy·Oil & Gas Midstream·🇬🇧·NASDAQ

Stock Price

$30.83+$11.04 (+55.79%)

Apr 17, 2026

Company Details

TORM plc, a product tanker company, engages in the transportation of refined oil products and crude oil worldwide. The company transports gasoline, jet fuel, and naphtha. As of March 23, 2022, it operated a fleet of approximately 85 vessels...

CEO

Jacob Balslev Meldgaard

IPO Date

Feb 23, 2018

Website

www.torm.com

Key Metrics TTM

Revenue

$1.3B

-14.8% YoY

Net Income

$287M

EPS (Diluted)

$2.85

Free Cash Flow

$181M

Revenue / Share

$13.45

Gross Margin

43.4%

Operating Margin

26.3%

Net Margin

21.4%

FCF Margin

13.5%

P/S

2.4x

P/E

11.1x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Feb 26, 2026

$1.4BEPS $2.96

Q4 2025

Feb 26, 2026

$355M+16.2%EPS $0.88

Q3 2025

Sep 29, 2025

$343MEPS $0.77

Q2 2025

Aug 14, 2025

$315M-28.0%EPS $0.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$105M	$47M	-$29M
Q3 21	$156M	$58M	-$4M
Q4 21	$189M	$72M	$4M
Q1 22	$209M	$88M	$23M
Q3 22	$448M	$284M	$229M
Q4 22	$447M	$298M	$232M
Q1 23	$390M	$233M	$164M
Q2 23	$384M	$273M	$200M
Q4 23	$388M	$228M	$195M
Q1 24	$444M	$289M	$223M
Q2 24	$438M	$281M	$204M
Q4 24	$305M	$163M	$90M
Q1 25	$329M	$165M	$82M
Q2 25	$315M	$158M	$75M
Q3 25	$343M	$124M	$97M
Q4 25	$355M	$135M	$98M

Valuation

Quarter	P/S	P/E
Q4 20	4.3x	36.1x
Q3 21	4.9x	186.9x
Q4 21	5.2x	—
Q1 22	4.8x	—
Q3 22	3.2x	15.5x
Q4 22	2.5x	7.1x
Q1 23	2.1x	5.2x
Q2 23	1.9x	4.1x
Q4 23	2.0x	4.2x
Q1 24	2.0x	4.3x
Q2 24	1.9x	4.1x
Q4 24	2.0x	4.8x
Q1 25	2.1x	5.8x
Q2 25	2.3x	8.1x
Q3 25	2.5x	11.5x
Q4 25	2.4x	11.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$20M	-$18M
Q3 21	$12M	-$50M
Q4 21	$13M	-$35M
Q1 22	$18M	-$29M
Q3 22	$165M	$118M
Q4 22	$248M	$234M
Q1 23	$215M	-$400.0K
Q2 23	$196M	$75M
Q4 23	$195M	$43M
Q1 24	$187M	-$55M
Q2 24	$282M	$261M
Q4 24	$121M	-$26M
Q1 25	$83M	$55M
Q2 25	$161M	$133M
Q3 25	$114M	$79M
Q4 25	$133M	-$86M

Capital Expenditures

Quarter	CapEx
Q4 20	$38M
Q3 21	$62M
Q4 21	$47M
Q1 22	$47M
Q3 22	$47M
Q4 22	$13M
Q1 23	$215M
Q2 23	$121M
Q4 23	$152M
Q1 24	$242M
Q2 24	$21M
Q4 24	$146M
Q1 25	$28M
Q2 25	$28M
Q3 25	$35M
Q4 25	$219M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-36.8%	-12.0%
Q3 21	-35.9%	-7.7%
Q4 21	-17.0%	+29.5%
Q1 22	+30.3%	+26.0%
Q3 22	+326.1%	+64.0%
Q4 22	+187.7%	+35.6%
Q1 23	+106.3%	+22.6%
Q2 23	+83.5%	-1.2%
Q4 23	-13.5%	-12.3%
Q1 24	-0.7%	+2.6%
Q2 24	+12.2%	+3.0%
Q4 24	-20.5%	+17.0%
Q1 25	-15.1%	+28.2%
Q2 25	-29.0%	+8.7%
Q3 25	-21.6%	+5.3%
Q4 25	+16.2%	+19.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$2M	1.6%
Q3 21	$0	0.0%
Q4 21	$2M	1.2%
Q1 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$3M	0.6%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$23M	5.9%
Q1 24	$0	0.0%
Q2 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
Q4 20	$13M	—
Q3 21	$12M	—
Q4 21	$12M	—
Q1 22	$13M	—
Q3 22	$13M	—
Q4 22	$16M	—
Q1 23	$18M	—
Q2 23	$22M	—
Q4 23	$24M	—
Q1 24	$26M	—
Q2 24	$24M	—
Q4 24	$23M	—
Q1 25	$26M	—
Q2 25	$25M	—
Q3 25	—	$27M
Q4 25	—	$37M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$75M	$0	$75M
Q2 22	$158M	$0	$158M
Q3 22	$239M	$0	$239M
Q4 22	$321M	$0	$321M
Q1 23	$411M	$0	$411M
Q2 23	$269M	$0	$269M
Q3 23	$271M	$0	$271M
Q4 23	$266M	$0	$266M
Q1 24	$560M	$0	$560M
Q2 24	$532M	$0	$532M
Q3 24	$398M	$0	$398M
Q4 24	$272M	$0	$272M
Q1 25	$362M	$0	$362M
Q2 25	$370M	$0	$370M
Q3 25	$219M	$0	$219M
Q4 25	$163M	$0	$163M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	74M	+0.1%	+0.7%
Q3 21	80M	+7.9%	+6.8%
Q4 21	81M	+0.5%	+8.6%
Q1 22	81M	+0.1%	+8.7%
Q3 22	83M	+2.2%	+11.0%
Q4 22	84M	+1.6%	+4.4%
Q1 23	85M	+1.8%	+5.7%
Q2 23	87M	+1.6%	+7.3%
Q4 23	87M	+0.9%	+6.0%
Q1 24	93M	+5.9%	+10.4%
Q2 24	96M	+4.1%	+13.0%
Q4 24	98M	+1.5%	+12.8%
Q1 25	101M	+3.0%	+15.1%
Q2 25	101M	+0.1%	+8.9%
Q3 25	101M	0.0%	+4.6%
Q4 25	100M	-1.0%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$316.7K	332
Q3 21	$468.4K	332
Q4 21	$556.3K	340
Q1 22	$615.9K	340
Q3 22	$1M	340
Q4 22	$1M	355
Q1 23	$1M	355
Q2 23	$1M	355
Q4 23	$1M	370
Q1 24	$1M	370
Q2 24	$1M	370
Q4 24	$637.6K	479
Q1 25	$687.1K	479
Q2 25	$658.0K	479
Q3 25	$716.3K	479
Q4 25	$741.1K	479

Revenue / Employee