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Global crude oil tanker owner-operator, running one of the world's largest independent VLCC/Suezmax fleets.
Global crude oil tanker owner-operator, running one of the world's largest independent VLCC/Suezmax fleets.
Hires out its tankers either voyage by voyage on the spot market or on fixed-period time charters, and keeps most of the fleet on spot rates, so earnings rise and fall with the freight market. It owns and operates ships but does not trade the oil itself. Companies tied to John Fredriksen are its largest shareholder.
Moat: none (scale). Commodity shipping business; scale helps costs but freight rates are set by a cyclical, fragmented spot market.
Headquarters: Limassol, Cyprus · Founded: 1985 · Employees: 85
Size Frontline (FRO) is a United States Energy company (Marine Shipping) with a market value of $10.1B, the 771st largest of 3,117 United States companies the cockpit tracks. Shares closed at $45.42 on 6 Nov 2026.
Performance Over six months the shares gained 15.0%, against +6.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 11 in its peer set.
Growth Revenue grew 48.8% over the last twelve months (peer median +39.5%); the operating margin is 49.1% (peer median 39.9%).
Valuation It trades at 4.2× forward earnings against a peer median of 4.2× (6th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.8 points above its cost of capital (6.2% WACC).
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 30 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.71B | $1.95B | $2.04B | $1.79B | $1.42B |
| Revenue growth | — | -4% | +14% | +26% | — |
| Gross profit | $1.40B | $634M | $696M | $761M | $472M |
| EBITDA | $1.65B | $911M | $998M | $938M | $590M |
| Net income | $1.49B | $379M | $496M | $656M | $476M |
| Free cash flow | $689M | $670M | -$179M | -$775M | $49.5M |
| Capital expenditure | $664M | $12.5M | $915M | $1.63B | $336M |
| Total debt | $2.43B | $3.07B | $3.75B | $3.46B | $2.39B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Frontline FRO | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% |
| Cmb.tech CMBT | $4.83B | +12% | +92% | 30% | 7.2× | n/a |
| International Seaways INSW | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% |
| DHT DHT | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FRO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.3% | -17.2% | 4th lowest of 11 |
| 6-month return | +15.0% | +6.9% | 2nd highest of 11 |
| Distance from 52-week high | -24.0% | -20.9% | 2nd lowest of 11 |
| Revenue growth (TTM) | +48.8% | +39.5% | 4th highest of 11 |
| Operating margin | 49.1% | 39.9% | 4th highest of 11 |
| Forward P/E | 4.2× | 4.2× | 6th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -12.5% | -11.7% | 4th least demanding of 8 |
| Growth delivered (Del g) | +10.3% | +14.9% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -22.8 pp | -29.5 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +13.8 pp | +13.8 pp | 6th highest of 11 |
| EV / EBITDA | 7.4× | 6.5× | 3rd most expensive of 11 |
| Net debt / EBITDA | 1.3× | 0.6× | 2nd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Frontline FRO | United States | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% | +10.3% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |