Frontline plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Frontline plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	754	646	742	957	1,221	753	1,438	1,826	2,163	1,971
General and administrative	37	37.6	37.3	45	44.2	27.9	47.4	53.5	36.1	51.4
Operating expenses	574	845	670	721	743	743
Operating income	177	-196	82.7	240	508	12.2	446	747	782	599
Interest expense	56.7	69.8	93.3	94.5	72.2	61.4	45.3	171	295	233
Interest income	0.37	0.59	0.84	1.51	0.71	0.12	1.48	18.1	17.1	15.8
Other non-operating income	-59.6	-67.8	-90.8	-99.2	-94.8	-18.7
Pre-tax income						-10.3	476	657	503	385
Income tax	0.35	0.29	0.32	0.31	-0.01	4.63	0.41	0.21	7.67	6.02
Income from continuing operations	117	-265	-8.88
Net income to minority interests	0.5	0.54	0.48	0.01	0.13	0
Net income	117	-265	-8.88	140	413	-11.1	476	656	496	379
EBITDA	319	-54.5	205	357	647	160
EPS, basic	0.75	-1.56	-0.05	0.81	2.11	-0.06	2.22	2.95	2.23	1.70
EPS, diluted	0.75	-1.56	-0.05	0.78	2.09	-0.06	2.22	2.95	2.23	1.70
Shares, basic (weighted)	157	170	170	174	196	199
Shares, diluted (weighted)	157	170	170	179	198	199
Dividend per share	1.05	0.30	0.00	0.10	1.60	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	202	104	66.5	174	175	113	255	308	414	251
Short-term investments					2.64	2.44
Receivables	49.1	49.6	54	63.2	41	63.4	139	125	129	134
Inventory	37.7	61.7	68.8	66.7	57.9	80.8	107	135	137	120
Other current assets	0	0.01	5.36	6.53	2.73	3.85
Total current assets	384	322	308	448	378	333	881	728	826	707
Property, plant and equipment					3,300	3,467	3,651	4,633	5,247	4,912
Lease right-of-use assets			0	12.1	8.43	3.91	3.11	2.24	1.44	0
Goodwill	225	112	112	112	112	112	112	112	112	112
Total assets	2,966	3,134	3,078	3,698	3,918	4,117	4,768	5,883	6,221	5,754
Accounts payable	4.33	11.8	22.2	13	7.86	2.33	81.5	98.2	98.8	143
Accrued liabilities	26.2	38.8	37	75.7	42.5	42.8
Deferred revenue	0
Short-term debt	67.4	113	120	439	167	189
Total current liabilities	183	222	214	848	281	293	392	409	596	495
Long-term debt	915	1,467	1,610	1,254	1,969	2,127
Lease liabilities			0	7.56	4.18	3.11	2.37	1.43	0.45	0
Other non-current liabilities	3.11	1.33	1.18	1.06	3.74	0.99
Total liabilities	1,467	1,946	1,914	2,188	2,307	2,465	2,509	3,605	3,881	3,243
Total debt	993	1,592	1,741	1,701	2,156	2,341	2,390	3,456	3,744	3,068
Paid-in capital	195	197	198	397	402	448
Retained earnings	34.1	-273	-295	-155	8.02	-3.13	429	446	507	680
Other comprehensive income	0.74	2.23	0.22	0.33	0.2	0.23
Shareholders' equity	1,500	1,187	1,164	1,510	1,612	1,653	2,260	2,278	2,341	2,511
Minority interests	0.17	0.32	0.42	0.23	-0.47	-0.47	-0.47	-0.47	-0.47	-0.47
Total equity	1,500	1,188	1,164	1,510	1,612	1,653	2,260	2,277	2,340	2,511
Total liabilities and equity	2,966	3,134	3,078	3,698	3,918	4,117	4,768	5,883	6,221	5,754
Shares outstanding	170	170	170	197	198	204

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	118	-264	-8.4	140	413	-11.1	476	656	496	379
Depreciation and amortization	141	142	123	118	139	148
Change in receivables	4.29	-0.51	-0.13	-13.6	22	-22.4
Change in inventory	-12.2	-24.1	-7.32	2.1	7.22	-22.9
Cash from operations	286	130	46.2	280	604	62.9	385	856	736	682
Capital expenditures						-474	-336	-1,631	-915	-12.5
Purchases of investments					0	-0.36
Sales and maturities of investments				0	0	14.1
Cash from investing	-396	-723	-199	-191	-716	-363	-257	-1,235	-483	25
Debt issued	356	673	299	146	1,377	404	651	1,609	2,167	1,434
Debt repaid	-170	-84	-172	-185	-922	-220	-598	-537	-1,880	-2,096
Stock issued	98.2	0	0.09	98.4	5.83	52.4	0	0
Share buybacks	0
Dividends paid	-165	-51.4	-0.39	-19.7	-312	0	-33.4	-639	-434	-207
Cash from financing	48.6	494	116	19.9	124	224	13.4	433	-148	-870
Net change in cash	-61.8	-98.2	-37	109	12.3	-76.6	141	53.8	105	-162
Free cash flow						-411	49.5	-775	-179	670
Interest paid	53.5	57.3	80.9	90.6	67.9	54.7	83	165	275	230
Income taxes paid	0.72	1.22	0.33	0.32	0.03	4.99	0.2	0.12	4.53	2.74

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $47.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	30.4%	Operating income / revenue.
Pre-tax margin	19.5%	Pre-tax income / revenue.
Net margin	19.2%	Net income / revenue.
FCF margin	34.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.6%	Cash from operations / revenue.
Effective tax rate	1.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	10.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	0.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-23.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-23.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-23.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	138.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	7.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.43x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.51x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.3%	Total debt / total assets.
Liabilities / assets	56.4%	Total liabilities / total assets.
Net debt	$2.82B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.57x	Operating income / interest expense.
Working capital	$212.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.40B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	0.39x	Revenue / average property, plant and equipment.
Receivables turnover	15.0x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
FCF conversion	176.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.70	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.70	Net income per basic share, as reported (split-adjusted).
Payout ratio	54.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.63B	Share price x shares outstanding.
Enterprise value	$13.44B	Market cap + total debt - cash - short-term investments.
P/E	28.0x	Market cap / net income. Only when net income is positive.
P/S	5.39x	Market cap / revenue.
P/B	4.23x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.43x	Market cap / tangible book value, when positive.
P/FCF	15.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
EV/Sales	6.82x	Enterprise value / revenue.
EV/EBIT	22.5x	Enterprise value / operating income, when both are positive.
EV/FCF	20.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was Frontline plc's revenue in fiscal 2025?

Frontline plc reported revenue of $1.97B for fiscal 2025, 8.8% lower than the year before.

Was Frontline plc profitable in fiscal 2025?

Yes. Net income was $379.1M, a net margin of 19.2%.

How much free cash flow did Frontline plc generate in fiscal 2025?

Cash from operations of $682.5M minus capital expenditures of $12.5M left free cash flow of $669.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Frontline plc