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Operates a fleet of product tankers transporting refined petroleum products worldwide.
Operates a fleet of product tankers transporting refined petroleum products worldwide.
Hires out product tankers by voyage and on time charters, much of it through pools that share earnings, so results follow freight rates and ship availability. Run from Copenhagen but incorporated in the UK, it came out of a 2015 debt restructuring in which the US investor Oaktree took a large stake.
Moat: none (scale). Operates in a highly cyclical, largely commoditized shipping market with limited pricing power.
Headquarters: Hellerup, Denmark · Founded: 1889 · Employees: 481
Size TORM (TRMD-A.CO) is a Denmark Energy company (Marine Shipping) with a market value of $3.87B, the 24th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 232.40 on 6 Nov 2026.
Performance Over six months the shares gained 8.0%, against +6.5% for the median peer and +8.8% for the Denmark market (cap-weighted) — 7th highest of 18 in its peer set.
Growth Revenue grew 41.3% over the last twelve months (peer median +23.2%); the operating margin is 41.1% (peer median 38.8%).
Valuation It trades at 3.5× forward earnings against a peer median of 5.5× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -30 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.7 points above its cost of capital (5.0% WACC).
Credit TORM has 1 bond outstanding ($200M) and trading like B+ at a weighted spread of 243 bp.
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 12.3B | DKK 8.86B | DKK 10.8B | DKK 10.5B | DKK 10.2B |
| Revenue growth | — | -18% | +3% | +3% | — |
| Gross profit | DKK 5.78B | DKK 3.02B | DKK 4.80B | DKK 4.83B | DKK 4.55B |
| EBITDA | DKK 6.60B | DKK 3.68B | DKK 5.47B | DKK 5.29B | DKK 5.14B |
| Net income | DKK 4.81B | DKK 1.89B | DKK 4.22B | DKK 4.47B | DKK 3.98B |
| Free cash flow | DKK 2.10B | DKK 1.26B | DKK 1.69B | DKK 2.04B | DKK 2.71B |
| Capital expenditure | DKK 3.44B | DKK 2.05B | DKK 4.02B | DKK 3.52B | DKK 849M |
| Total debt | DKK 7.49B | DKK 6.38B | DKK 8.83B | DKK 7.15B | DKK 6.74B |
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 |
|---|---|---|---|---|---|---|
| TORM TRMD-A.CO | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% |
| Scorpio Tankers STNG | $4.13B | -4% | +39% | 49% | 5.6× | n/a |
| Ardmore Shipping ASC | $712M | -11% | +21% | 29% | 4.1× | -14.9% |
| Hafnia HAFNI.OL | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% |
| Frontline FRO | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% |
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 | TRMD-A.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.2% | -17.8% | 3rd highest of 18 |
| 6-month return | +8.0% | +6.5% | 7th highest of 18 |
| Distance from 52-week high | -20.2% | -22.0% | 5th highest of 18 |
| Revenue growth (TTM) | +41.3% | +23.2% | 6th highest of 18 |
| Operating margin | 41.1% | 38.8% | 9th highest of 18 |
| Forward P/E | 3.5× | 5.5× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -17.3% | -6.3% | least demanding of 13 |
| Growth delivered (Del g) | +12.7% | +11.2% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | -30.0 pp | -18.5 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +13.7 pp | +6.3 pp | 7th highest of 18 |
| EV / EBITDA | 4.6× | 7.0× | 3rd cheapest of 17 |
| Net debt / EBITDA | 0.7× | 0.9× | 6th least indebted of 17 |
| Bond spread | 243 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| 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% |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Frontline FRO | United States | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% | +10.3% |
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |
| Navigator NVGS | United States | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% | +12.0% |
| Teekay TK | United States | $1.11B | -10% | +16% | 48% | n/a | n/a | n/a |
TORM has 1 bond outstanding with $200M face value. Weighted yield 6.96%, a spread of 243 bp over government bonds.