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FRO

Frontline Ltd.

FRO

Frontline Ltd. • NYSE
$23.52 ▲ 0.00% (+0.00)
Market Cap $5.24 B
52w High $26.00
52w Low $12.40
Dividend Yield 1.08%
P/E 24
Volume 4.55M
Outstanding Shares 222.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $490.318M ▲ $261.396M ▲ $60.457M ▼ 12.33% ▼ $0.27 ▼ $151.113M ▼
Q2-2025 $480.077M ▲ $11.652M ▼ $77.543M ▲ 16.152% ▲ $0.35 ▲ $221.624M ▲
Q1-2025 $427.866M ▲ $13.121M ▼ $33.287M ▼ 7.78% ▼ $0.15 ▼ $179.348M ▼
Q4-2024 $425.644M ▼ $67.01M ▲ $66.733M ▲ 15.678% ▲ $0.3 ▲ $224.796M ▼
Q3-2024 $490.318M $6.92M $60.457M 12.33% $0.27 $231.848M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $191.65M ▼ $5.71B ▼ $3.385B ▼ $2.326B ▼
Q2-2025 $478.705M ▲ $6.11B ▼ $3.743B ▼ $2.367B ▲
Q1-2025 $438.415M ▲ $6.138B ▼ $3.81B ▼ $2.329B ▼
Q4-2024 $417.559M ▲ $6.221B ▼ $3.881B ▼ $2.341B ▼
Q3-2024 $326.315M $6.284B $3.936B $2.348B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $151.149M ▲ $399.107M ▲ $31.873M ▲ $-655.085M ▼ $-224.105M ▼ $393.469M ▲
Q2-2025 $0 $153.547M ▲ $-1.936M ▼ $-111.432M ▲ $40.179M ▲ $151.611M ▲
Q1-2025 $0 ▼ $137.926M ▼ $-105K ▼ $-114.815M ▲ $23.006M ▼ $137.46M ▼
Q4-2024 $66.733M ▲ $167.848M ▲ $45.179M ▲ $-120.38M ▲ $92.647M ▲ $163.527M ▲
Q3-2024 $60.457M $164.553M $-2.434M $-200.47M $-38.351M $162.119M

Revenue by Products

Product Q2-2021Q4-2021Q2-2022Q4-2022
Voyage Charter
Voyage Charter
 $310.00M ▲$350.00M ▲$460.00M ▲$880.00M ▲
Administrative income
Administrative income
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Time charter
Time charter
 $0 ▲$0 ▲$50.00M ▲$0 ▼
Other Revenue
Other Revenue
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last few years, with a particularly sharp step-up since the early 2020s as freight markets tightened and the fleet scaled up. Profitability has improved even more than revenue, with operating profits showing very healthy margins for a shipping company. Net income, however, peaked earlier in the period and then eased a bit more recently, suggesting that while the core business is strong, one-off items and financing costs can swing bottom-line results. Overall, this is a high-earning, but clearly cyclical, income profile that is heavily tied to tanker rates and oil trade flows.

Balance Sheet

Balance Sheet The balance sheet has expanded noticeably as the fleet and asset base have grown, reflecting a strategy of scaling up capacity. Debt has risen and now sits meaningfully above the company’s equity, which points to a fairly leveraged capital structure typical of shipping but still a key risk to watch in downturns. Equity has also increased over time, which indicates value creation and retained earnings, but not fast enough to fully offset the growing use of debt. Liquidity looks reasonable with cash balances building, yet the company remains dependent on continued access to credit markets and healthy charter markets to comfortably service its obligations.

Cash Flow

Cash Flow Operating cash flow has been robust in strong market years, showing that the business converts a good share of its earnings into cash when freight rates are favorable. Free cash flow, however, has often been negative because the company has been spending heavily on new vessels and fleet upgrades. This pattern suggests a deliberate reinvestment cycle: cash generated from operations is being plowed back into modernizing and expanding the fleet. The main risk is that large capital spending commitments must be supported by inherently volatile future cash flows in a cyclical industry.

Competitive Edge

Competitive Edge Frontline holds a leading position in the crude and product tanker market, helped by its large, modern, and fuel-efficient fleet. Scale gives it cost advantages, better bargaining power with shipyards and suppliers, and more flexibility to serve major oil companies and traders. Its focus on operating efficiency and low breakeven rates helps it stay profitable through weaker market periods relative to less efficient rivals. Longstanding industry relationships and a recognized brand reinforce its standing, though it still cannot escape the broader volatility of global tanker demand and supply.

Innovation and R&D

Innovation and R&D The company’s main innovation edge comes from maintaining a relatively young, “eco” fleet, widespread use of exhaust scrubbers, and readiness for alternative-fuel vessels, all of which support lower emissions and fuel costs. It is using digital tools for fleet management and performance optimization, which can gradually improve reliability and operating efficiency. Frontline is also positioning its newbuilds to be adaptable to future fuels such as LNG or ammonia, a hedge against tightening environmental rules. Early steps into technology for training and safety further signal a willingness to adopt new tools, even if these are still small in overall financial terms.

Summary

Frontline shows the financial profile of a scaled, efficient tanker operator: strong revenue growth, solid operating margins, and powerful cash generation in good years, balanced against the inherent swings of the shipping cycle. The balance sheet reflects heavy investment and meaningful leverage, which amplifies both upside in strong markets and downside risk if rates weaken. Cash flows reveal a company in growth and renewal mode, prioritizing fleet modernization over near-term free cash. Competitively, Frontline benefits from size, a modern fleet, cost efficiency, and industry relationships, while its innovation efforts focus on environmental compliance, fuel flexibility, and digital operations. Overall, it appears positioned as a high-quality but cyclical player, where performance will continue to be driven by global oil trade patterns, freight rates, and capital discipline.

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